Story of the Day:
Good corporate governance is a key factor underpinning the integrity and efficiency of any organization. For those entrusted with the management and administration of wealth on behalf of others, such as pension funds, effective corporate governance is even more crucial. Read more
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Africa-focused energy firm Chariot Ltd and French power producer Total Eren have struck a deal with First Quantum Minerals that will facilitate the construction of a 430-MW renewable power complex for its operations in Zambia. The partnership will see the mining and metals company receive electricity from locally-based wind and solar power capacity, Chariot said on Monday. Read more: Lusaka Times
Zambia’s Mopani Copper Mines (MCM) has suspended operations at one of its shafts following an accident in which one person was killed, the company said in a statement on Monday. “All operations at SOB (South Ore Body mine shaft) have been suspended until further notice,” the statement said, adding that the accident occurred on Sunday as workers were conducting weekly maintenance. Read more: Mining
Zambia has cancelled a $1.2bn contract awarded to a Chinese company for the expansion of part of a key road linking the capital Lusaka to the copper-rich regions and Southern Africa’s sole access corridor to Democratic Republic of Congo, citing “overpricing” of the project signed under the previous Patriotic Front regime. Read more: The Africa Report
The Bank of Zambia (BoZ) plans to undertake a survey on micro,small and medium-sized enterprises that will enhance financial services and policy intervention for the sub-sector. Read more: Zambia Daily Mail
Federal Reserve Chairman Jerome Powell on Monday vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery. “The labor market is very strong, and inflation is much too high,” the central bank leader said in prepared remarks for the National Association for Business Economics. Read more: CNBC
The Moscow stock exchange has partially reopened after a nearly month-long suspension over the war in Ukraine. Only bonds issued by the Russian government can be traded as part of a phased re-opening of the market. The exchange closed hours after Russian President Vladimir Putin sent thousands of troops into Ukraine on 24 February. Read more: BBC News
The state-owned oil giant Saudi Aramco plans to sharply increase the amount it invests in energy production, after it reported a doubling of profits in 2021. The firm aims to boost output significantly over the next five years. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 77 trades recorded yesterday, 3,443,195 shares were transacted resulting in a turnover of K4,285,460. A share price gain was recorded in Zambia Sugar of K1.15. Trading activity was also recorded in AECI, British American Tobacco Zambia, Copperbelt Energy Corporation, Chilanga Cement, PUMA, Standard Chartered Zambia and ZMBF. The LuSE All Share Index (LASI) closed at 6,734.62 points, 1.24% up from its previous close of 6,651.19 points. The market closed on a capitalization of K70,144,627,838 including Shoprite Holdings and K35,361,942,398 excluding Shoprite Holdings.