Good morning. Here’s what you need to know to start your day.
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HH To Launch National Decentralization Policy
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Kenya & Russia set to sign a trade pact
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AFEX Commodities Exchange begins its venture into Zambia and other countries
Story of the Day
The 2023 ACCA Business Leaders Conference (BLC) will be hosted by ACCA Zambia community at Avani Hotel, Livingstone from the 7th – 8th June 2023. Speaking in an interview recently held in Lusaka, Zambia, Janice Matwi Africa Lead – Employer Relationships & Zambia Country Head, stated that, the theme for the year 2023 conference is around trends shaping business strategy and the world of work. In explaining the current trends shaping business strategy in Zambia, Mrs. Matwi said, “the pandemic demonstrated the importance of resilience and adaptability in the face of unforeseen challenges. This year, we choose to focus on 4 key areas that have the most impact, which are: the evolved role of leadership, digital transformation, the rise of big Data and the rise of environmental, social and governance”. Read more
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President Hakainde Hichilema will tomorrow May 30,2023, officially launch the National Decentralisation Policy and the Zambia Devolution Support programme. Lusaka Province Permanent Secretary, Robert Kamalata has disclosed that the double launch is expected to take place at Chalimbana Local Government Training Institute in Chongwe District, Lusaka Province. Mr. Kamalata says the National Decentralisation Policy is in line with Cabinet Circular number 2 of 2023, which provides for smooth transfer of functions from central government to local authorities country wide. He says the Policy will see a lot of transformation in service delivery with transfer of human resource across all government departments in order to strengthen structures at local level. Read more: ZNBC
All is set for this year’s 63rd Copperbelt Agriculture Mining Industrial Networking Enterprise CAMINEX in Kitwe which opens its gates today.vAnd, President Hakainde Hichilema is expected to officiate at the show on Wednesday. CAMINEX Board Chairperson London Mwafulilwa told ZNBC News that about 90 foreign and local exhibitors are participating in this year’s show which comes after a three year absence due to the COVID 19 pandemic. Mr. Mwafulilwa is hopeful that the show brings about a lot of renewed hope for the Copper belt. Read more: ZNBC
The World Health Organisation (WHO) has noted the need for the Zambian government and other countries to stop subsidizing tobacco farming and support more sustainable crops that could feed millions. The WHO, the Food and Agriculture Organization and the World Food Programme is supporting the Tobacco Free Farms initiative that will provide help to more than 5000 farmers in Kenya and Zambia to grow sustainable food crops instead of tobacco. The WHO report, “Grow food, not tobacco,” highlights the ills of tobacco growing and the benefits of switching to more sustainable food crops for farmers, communities, economies, the environment, and the world at large. It also exposes the tobacco industry for trapping farmers in a vicious cycle of debt, propagating tobacco growing by exaggerating its economic benefits and lobbying through farming front groups. Read more: Zambia Monitor
The Word Bank has recognised Zambia as one of the countries determined to implement carbon removal projects following an agreement the country recently signed with a United Arab Emirates based company, Blue Carbon, to reduce greenhouse gas emissions. In the “State and Trends of Carbon Pricing 2023” report released this month by the bank, it pointed out that Liberia, Tanzania, and Zambia had made headways to cooperate under Article 6 of the 2015 Paris Agreement by reached bilateral pacts. Zambia this year, through Green Economy and Environment Minister, Collins Nzovu, and in the presence of President, Hakainde Hichilema, signed a strategic Memorandum of Understanding (MoU) to implement carbon removal projects in forest sector under Article 6 of the 2015 Paris Agreement. As part of the agreement, Blue Carbon will identify and implement strategies for Zambia’s forest landscapes to generate carbon credits. Read more: Zambia Monitor
Bank of Zambia Exchange Rates
| Currency | Buying | Selling |
|---|---|---|
| USD | 19.3119 | 19.3605 |
| GBP | 23.8405 | 23.9083 |
| EUR | 20.6907 | 20.7506 |
| ZAR | 0.9833 | 0.9861 |
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Kenya will sign a trade pact with Russia aimed at boosting cooperation between businesses, President William Ruto’s office said on Monday, after hosting Russian Foreign Minister Sergei Lavrov in Nairobi. Russia has stepped up its drive to boost economic ties with Africa to help offset a big chill in relations with the West prompted by its invasion of Ukraine, and plans to hold an Africa-Russia summit in St Petersburg in July. Kenya’s presidency said in a statement that bilateral trade with Russia was still low despite the potential and the pact would give business the “necessary impetus”. It did not say when the pact might be sealed or give details on what it might encompass. Russia currently sells mostly grain and fertilisers to Kenya. Read more: Reuters
South Africa’s central bank has warned of risks to the country’s financial stability, due to capital outflows and the possibility of sanctions following a U.S. diplomat’s accusation of supplying weapons to Russia to aid its campaign in Ukraine. These risks, along with the threat of a grid failure due to repeated power cuts and persistent high inflation, have increased the systemic risks to the financial system, the South African Reserve Bank (SARB) said in its biannual health check on Monday. The South African economy has been pummeled by a host of negative factors this year, with the continent’s most advanced economy facing its worst-ever power cuts, adding billions of rand to the cost of doing business and household expenses. Read more: Reuters
China’s first domestically produced passenger jet has completed its maiden commercial flight, marking a milestone in the nation’s decades-long effort to compete with Western rivals in the air. China Eastern Airlines Flight MU9191 from Shanghai “arrived smoothly” in Beijing just after 12:30pm (04:30 GMT) on Sunday, about 40 minutes ahead of schedule, according to China’s state-owned broadcaster CCTV. Beijing hopes the C919 commercial plane will challenge foreign models like the Boeing 737 MAX and the Airbus A320. Its first homegrown jetliner with mass commercial potential would also cut the country’s reliance on foreign technology as ties with the West deteriorate. However, many of its parts are still sourced from abroad. President Xi Jinping hailed the project as a triumph of Chinese innovation while state media trumpeted the plane as a symbol of industrial prowess and national pride. “In the future, most passengers will be able to choose to travel by large, domestically produced aircraft,” CCTV said. Read more: Al Jazeera
Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. What happened? Two key pieces of economic data came in hotter than expected last week, raising investors’ hackles about what the Fed’s interest rate trajectory could look like: Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 1.3% in the first three months of the year, up from an initial estimate of 1.1% reported in April. And the Personal Consumption Expenditures price index increased 4.4% for the 12 months ended in April, up from a 4.2% increase in March, according to fresh data from the Commerce Department. Read more: CNN
AFEX Commodities Exchange Ltd., Nigeria’s first private licensed commodities bourse, is planning to expand its operations to seven additional African markets. The company intends to open offices in Ivory Coast this year and Ghana in 2024, followed by expansion into Benin, Togo, Tanzania, Ethiopia, and Zambia, its CEO, Ayodeji Balogun told Reuters news agency. AFEX, which was founded in 2014, currently trades in nine commodities in Nigeria, Kenya, and Uganda, including corn, wheat, sorghum, and cocoa. Read more
In 83 trades recorded yesterday, 62,976 shares were transacted resulting in a turnover of K340,101.36. Trading activity was recorded in AECI, CEC Zambia, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambeef, ZAMFEA and Zanaco. The LuSE All Share Index (LASI) maintained its close at 8,147.06 points. The market closed on a capitalization of K76,394,348,972.93 including Shoprite Holdings and K41,611,663,532.93 excluding Shoprite Holdings.
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