Story of the Day
Focusing on the ways Africa can optimise the opportunity to increase the supply of green metals for global energy demands while creating meaningful value for communities will be the emphasis of Investing in African Mining Indaba 2023 which takes place at the CTICC, Cape Town, 6 – 9 February 2023. Green Metals Day, running over two mornings of the event will cover the impact of COP27 outcomes on green metal demand and supply; battery metals and carbon neutrality; green metals outlooks; Africa’s hydrogen potential; as well as ways to build domestic manufacturing industries as part of mineral value addition. African mining and metals are critical to tackling the global climate emergency. Home to 30% of the world’s mineral deposits, including the critical minerals needed in green technologies and renewable energy, the continent is positioning itself to benefit from the green energy transition. Read more
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Germany has given Zambia 77 million Euros for technical cooperation for the year 2023 to 2024 period. The agreement was signed on November 25, 2022 by Secretary to the Treasury Felix Nkulukusa on behalf of Zambia. The funding comprises 41 million Euros for financial cooperation projects and 36 million Euros for technical cooperation projects. Read more: Lusaka Times
The Bank of Zambia has called on countries in the African region to come up with sustainable Long-Term Finance (LTF) for financing productive medium- and long-term investments. Bank of Zambia Governor, Denny Kalyalya, has observed that this is because LTM has proved to be key in growing and building countries’ gross fixed capital formation and long-term investments which are vital to social economic sectors. Dr. Kalyalya noted that LTF promotes the growth of companies and results in proper allocation of funds to right sectors such as accommodation to support the urbanisation drive in Africa. Read more: Lusaka Times
Minister of Technology and Science, Felix Mutati, says government intends to achieve 80 percent digital inclusion by the end of this year. Mr Mutati says government is confident that it will reach this target through the digital payment platform strategy which it is implementing.vHe says government deliberately devised electronic payment systems such as electronic payments for social cash transfer and the Farmer Input Support Programme to increase the digital inclusion as well as maximise efficiency and minimise fraud. Read more: Lusaka Times
Zambia Chamber of Commerce and Industry -ZACCI has signed a Memorandum of Understanding with the Chinese Chamber of Commerce aimed at boosting trade between the two countries. Acting Minister of Commerce, Trade and Industry, Situmbeko Musokotwane says Zambia is still facing a number of challenges in the commerce industry especially in the supply chain. Dr. Musokotwane says the cooperation between the two organizations will help enhance Zambia’s performance in the manufacturing sector. Read more: ZNBC
Zambia has started working on a policy which will guide the nation towards the adoption of electric cars. Acting Zambia Environmental Management Agency (ZEMA) Director General Maxwell Nkoya says the Global Environmental Facility has provided two million dollars for the pilot project. Mr. Nkoya says several countries have already prepared their roadmaps towards the full adoption of electric cars and Zambia is also about to prepare for the same. Read more: ZNBC
Bank of Zambia (BoZ) has disclosed that it has so far purchased 1, 400 kilograms of Gold at a value of about US$82.8 million. Bank Deputy Governor Operations, Dr. Francis Chipimo told Money FM News that the Central Bank has continued to purchase Gold from the market and it is currently buying the commodity from major mining companies. Dr. Chipimo said the Bank was also initially purchasing some gold from Kasenseli gold mine, in Mwinilunga district before operations were halted, adding that it has now set up a mechanism by which it can purchase gold from the local economy. Read more: Money FM
International Business and Finance
Meta has been fined roughly $275 million by Ireland’s data privacy regulator for failing to prevent hackers from siphoning off personal information from more than 500 million Facebook users in a 2019 data leak. Monday’s announcement marked the fourth time in about a year that Facebook’s parent company has been penalized by the Irish Data Protection Commission, the chief privacy regulator overseeing Meta’s operations in Europe. The decision to impose the fine was made last Friday, the commission said. Read more: CNN
U.S. stock futures were higher on Tuesday morning after the major averages came under pressure from Covid protests in China, and as investors anticipated more economic data and commentary from Federal Reserve leaders this week. Dow Jones Industrial Average futures added 72 points, or 0.21%. S&P 500 and Nasdaq 100 futures climbed 0.35% and 0.51%, respectively. The Dow Jones Industrial Average lost 497.57 points, or 1.45%, during the regular session Monday. The S&P 500 slid 1.54%, while the Nasdaq Composite closed down 1.58%. Read more: CNBC
European Union governments failed to agree on Monday on a price cap on Russian seaborne crude oil, as Poland insisted that the cap had to be set lower than proposed by the G7 to cut Moscow’s ability to finance its invasion of Ukraine, diplomats said. “There is no deal. The legal texts have now been agreed, but Poland still can’t agree to the price,” one diplomat said. No new date for talks has been set yet, diplomats said, even though the price cap mechanism is to enter into force on Dec. 5.Read more: Reuters
A group of Tanzanian villagers is suing Canadian mining giant Barrick Gold over alleged police killings, torture and other abuses at a gold mine in northwestern Tanzania. The claim, filed in the Superior Court of Justice in Ontario, Canada on Wednesday, accuses the world’s second-biggest gold miner of being complicit in extrajudicial killings by police guarding its North Mara facility, located about 30km (18 miles) from the border with Kenya. Read more: Al Jazeera
Capital Markets Report
In 98 trades recorded yesterday, 39,456 shares were transacted resulting in a turnover of K137,234.98. A share price loss of K0.19 was recorded in Copperbelt Energy Corporation Zambi. A share price loss of K0.01 was recorded in Zanaco. Trading activity was also recorded in British American Tobacco Zambia, PUMA, Standard Chartered Bank Limited, Zameef and Zambia Sugar. The LuSE All Share Index (LASI) closed at 7,098.57 points, 1.04% down from it’s previous close at 7,172.82 points. The market closed on a capitalization of K71,830,506,346.33 including Shoprite Holdings and K37,047,820,906.33 excluding Shoprite Holdings.
