Story of the Day
As an information systems auditor, I have had the privilege of working with multiple organisations both domiciled within the country and some offshore. I have inspected multiple systems that range from simple Service desk applications to complex loan calculation systems run by multinational companies with the most secure controls, but one thing always baffles me. Why is the weakest point of entry, almost always the database?! Read more
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President Hakainde Hichilema says statutory bodies should not make money by killing businesses. President Hichilema says he will soon be meeting the heads of statutory bodies and quasi-Government institutions to address issues that include luxury spending. He said this at the Private Sector Day at Mulungushi International Conference Center in Lusaka. Read more: ZNBC
The World Bank Group investment arm the International Finance Corporation is extending $35 million in debt assistance to Zambia’s largest agribusiness entity towards the $100 million expansion program aimed at doubling its Mpongwe asset. According to a stock exchange news release, Zambeef, announced a K570 million debt facility with the Washington based lender. Read more: The Business Telegraph
Vice President Mutale Nalumango says Zambia is seeking investments that will support the country’s economic transformation agenda through its economic diplomacy. Ms Nalumango said her mission to India is to woo investments and enhance trade between the two countries. Speaking to ZANIS upon arrival at Indira Gandhi International Airport, in New Delhi, The Vice President stressed that India is an important partner to Zambia’s economic transformation crusade Read more: Lusaka Times
DP World today announced the continued expansion of its e-commerce platform Dubuy.com in Africa, with launches in both Ghana and Zambia. The latest roll-out of the wholesale marketplace opens access to global supply chains for even more African businesses. Dubuy.com provides advanced technology and secure transactions for wholesale traders, connecting them safely and efficiently to international markets. Read more: All Africa
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The African Union (AU) intends to establish a pan African Stock Exchange. To this effect, the AU Commission will enter into a Memorandum of Understanding with the African Security Exchange Commission to establish the Stock Exchange. AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals Albert Muchanga says the agreement will be signed in the next few days. Read more: ZNBC
During the prestigious Euromoney Awards, Ecobank won the coveted titles of ‘Africa’s Best Bank,’ ‘Africa’s Best Bank for SMEs,’ and ‘Africa’s Best Digital Bank.’ The Euromoney Awards for Excellence, which have been running for 30 years, are highly regarded by the global banking industry. The award trophies were presented at the Euromoney Awards for Excellence ceremony held in London on Wednesday, 13 July 2022. Read more: African Business
UK interest rates might have to hit 2% or more next year to order to slow soaring price rises, a member of the Bank of of England’s rate setting committee has said. Michael Saunders said rate rises “still have some way to go” in the attempt to control inflation. UK interest rates currently stand at 1.25%, up from 0.1% in December. Read more: BBC News
Goldman Sachs is clearly still the top dog on Wall Street. The investment banking powerhouse reported earnings and revenue Monday morning for the second quarter that easily topped analysts’ forecasts. Goldman Sachs posted a profit of $2.9 billion, or $7.73 a share, during the three months ending in June. Analysts were expecting earnings of $6.61 a share. The bank also generated revenue of $11.9 billion. While that was down 23% from a year ago, it still surpassed consensus estimates of $10.7 billion. Read more: CNN
Capital Markets Report
In 115 trades recorded yesterday, 111,193 shares were transacted resulting in a turnover of K350,747. A share price gain was recorded in Zambeef of K0.11. Trading activity was also recorded in British American Tobacco Zambia, Copperbelt Energy Corporation, Chilanga Cement, National Breweries, Standard Chartered Zambia, ZCCM and Zanaco. The LuSE All Share Index (LASI) closed at 6,875.99 points, 0.11% up from its previous close of 6,868.39 points. The market closed on a capitalization of K70,861,637,079 including Shoprite Holdings and K36,078,951,639 excluding Shoprite Holdings.