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Finance Minister Leads Delegation to African Development Bank Annual Meetings for Economic Diplomacy and Investment Opportunities
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Africa’s largest oil refinery commissioned in Lagos Nigeria
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In the third week of May, the bond market completely dominated the equity market recorded a 100% score
Story of the Day
We believe that education is a great equalizer. I believe access to energy follows as a greater equalizer. Without access to energy, access to opportunities and services is limiting the atainament of SDG by 2030 for many. Zambia has 2,800 MW of installed electricity generation capacity, of which 85% is hydro based. National access to electricity averages 70.6% of the urban and 8.1% of the rural population. The Government of Zambia (GRZ) set a goal for universal electricity access for all Zambians by 2030. This year Zambia goes through an independent SDG self review. Can solar power help to reach the SDG goal to provide electricity to all Zambians by 2030? Read more
In Local Business News Sponsored by
The Finance and National Planning Minister of Zambia, Dr. Situmbeko Musokotwane, is leading a high-level delegation to the 2023 Annual Meetings of the African Development Bank (AfDB) Group, taking place in Sharm El Sheikh, Egypt, from May 22nd to May 26th, 2023. The delegation aims to strengthen development cooperation with the AfDB, Egypt, and other partners while leveraging the platform to highlight Zambia’s development priorities. The 58th Annual Assembly of the African Development Bank and the 49th meeting of the African Development Fund are being held under the approved theme, “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.” The meetings provide a valuable opportunity for knowledge sharing among high-level decision-makers, development agencies, academics, NGOs, civil society representatives, and the private sector. Read more: Lusaka Times
The Zambia Revenue Authority -ZRA- has launched the tax on phone platform which enables tax payers to meet tax obligations on phone without the use of internet. ZRA Commissioner General Dingani Banda says the authority seeks to have a well knowledgeable and satisfied taxpayer population through provision of top notch customer centric services and business platforms. Speaking during the launch, Mr. Banda said ZRA has enhanced the platform with the inclusion of the payment module for both domestic taxes and customs duties. Read more: ZNBC
Government has disbursed K922, 726,127.99 for Constituency Development Fund (CDF) and K3 million towards the completion of Chisekesi Main Market in Monze District, Southern Province. Ministry of Local Government and Rural Development Permanent Secretary for Administration Maambo Haamaundu revealed that of the over K922 million CDF disbursement, K503, 534,433.48, million has been released specifically to go towards women, youth and community empowerment loans with the rest of the money being available to finance other activities within the scope of CDF. Mr. Haamaundu said this brings the total amount of the loan empowerment fund made available to each Constituency to K3, 227,784.83, reiterating that the empowerment loans are a cheap source of funding at 5% simple interest per annum. Read more: Money FM
The Energy Regulation Board (ERB) has refuted claims that the TAZAMA pipeline is transporting compromised Low Sulphur Diesel. The board has since challenged Bowman Lusambo to provide them with specific information about the claims and indicate where the contamination is. During his press briefing on Saturday, Lusambo challenged ERB to come out clean on reports that the quality of Low Sulphur Diesel being transported in the country was compromised. Read more: News Diggers
Bank of Zambia Exchange Rates
| Currency | Buying | Selling |
|---|---|---|
| USD | 18.8774 | 18.9232 |
| GBP | 23.4911 | 23.5707 |
| EUR | 20.4159 | 20.4711 |
| ZAR | 0.9800 | 0.9830 |
In International Business News
Nigeria’s President Muhammadu Buhari on Monday commissioned an oil plant billed as Africa’s largest oil refinery, after years of delays and a week before stepping down from office. Built by Africa’s richest person Aliko Dangote in the commercial hub of Lagos, the refinery should begin operations in June with the first products expected on the market by August though some analysts said it could be later. Once at full capacity, it will have the ability to process 650,000 barrels a day, according to the company. Buhari — who steps down on May 29 after eight years in office — described the project as “a notable milestone” and “a game changer for the downstream petroleum products market, not only in Nigeria but for the entire African continent.” Read more: Africa News
US President Joe Biden and top Republican Kevin McCarthy have called their latest talks on the debt ceiling productive but no deal has yet been reached. “I believe we can get a deal done,” House Speaker McCarthy told reporters. While acknowledging areas of disagreement, Mr Biden said a default was “off the table”. The debt ceiling is a spending limit set by Congress which determines how much money the government can borrow. Failure to raise it beyond the current cap of roughly $31.4tn (£25.2tn) by June could result in the US defaulting on its debt. Read more: BBC News
Felix Tshisekedi, the president of the Democratic Republic of the Congo, will go to China from May 24 to May 29 and is scheduled to meet with President Xi Jinping to discuss and sign a number of significant economic agreements. A meeting would allow the two nations to formally revise and sign a $6 billion infrastructure-for-minerals agreement with Chinese investors. The Chinese foreign ministry confirmed the trip on Monday. The president informed the cabinet that a task committee reviewing the agreement had turned in its findings, allowing talks with Chinese partners to start soon. The two presidents will meet while in China and take part in a ceremony to sign cooperation agreements jointly, according to the Chinese foreign ministry. Read more: Business Insider
TikTok on Monday filed a suit against Montana over a bill that would ban the popular short-form video app in the state starting early next year. TikTok alleges that the ban violates the US Constitution, including the First Amendment, as well as other federal laws, according to a complaint filed in Montana District Court. The company also claims concerns that the Chinese government could access the data of US TikTok users — which are a key motivation behind the ban — are “unfounded.” Read more: CNN
Meta has been fined a record-breaking €1.2 billion ($1.3 billion) by European Union regulators for violating EU privacy laws by transferring the personal data of Facebook users to servers in the United States. The European Data Protection Board announced the fine in a statement Monday, saying it followed an inquiry into Facebook by the Irish Data Protection Commission, the chief regulator overseeing Meta’s operations in Europe. The move highlights ongoing uncertainty about how global businesses may legally transfer EU users’ data to servers overseas. Read more: CNN
Three weeks into the month of May 2023, trading on the Lusaka Securities Exchange. The Bond market completely dominated the equity market recorded a 100% score which was the same performance in the third week of May 2022. Regarding the equity market Copperbelt Energy Corporation recorded the highest turnover during the week. Read more
In 67 trades recorded yesterday, 79,537 shares were transacted resulting in a turnover of K138,310.09. Share price losses of K0.01 and K0.05 were recorded in Standard Chartered Bank Limited and Zanaco respectively. Trading activity was also recorded in CEC Zambia, PUMA and Zambeef. The LuSE All Share Index (LASI) closed at 8,150.79 points, 0.25% lower than its close previous at 8,171.21 points. The market closed on a capitalization of K76,410,598,978.90 including Shoprite Holdings and K41,627,913,538.90 excluding Shoprite Holdings.
Picture of the Day
