Story of the Day
The relationship between the ecosystem and economy has proved that economic solutions cannot be derived in isolation from nature. Economic benefits are directly deduced from nature, agricultural produce, minerals, water, livestock, and forests thus, positioning nature at the core of economic growth. However, over the years the rapid deterioration of the natural environment has produced adverse effects to the climate and weather patterns leading to a rise in natural disasters such as floods, droughts, change in rainfall and extreme temperatures. Read more
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Chinese President Xi Jinping says his government is eager to address Zambia’s debt issue. President XI says he is committed to working together within the G20 common framework in order to resolve the debt issue. Speaking when President Hakainde Hichilema conferred with him via telephone, the Chinese Leader further underpinned Zambia’s potential to become a leading destination for Chinese investment. President Xi said Zambia and China have an opportunity for greater cooperation between the two countries in areas of mutual interest. Read more: ZNBC
The Energy Regulation Board (ERB) has adjusted upward the prices of Petrol by 80 Ngwee per litre. ERB Board Chairpwerson Raynolds Bowa says the prices of Diesel and Kerosine will remain the same at 25 kwacha 64 ngwee and 18 kwacha and 76 Ngwee respectively. Mr. Bowa says the rise in petrol prices is due to the rise in season demand for the commodity in Europe. He says the appreciating of the Kwacha by 2 percent against the United States dollar also had an effect. Read more: ZNBC
United Arab Emirates (UAE) investor Blue Star Resources Ltd has pledged to invest over US$300 Million into Copper and cobalt processing plant in Mufulira. Blue Star Resources has expressed interest to develop dump number one and two at the historical copper slag dumpsite at Mopani Copper Mines (MCM) in Mufulira. Mufulira Mayor Tanaeli Kamanga has announced that Blue Star Resources Ltd who has already engaged his council is expected to create 300 pensionable jobs in the district. Read more: Lusaka Times
Energy Minister Peter Kapala says there is a possibility that the country might experience load shedding. In an interview, Kapala said being a shared facility, it was impossible to have full control over water usage at the Kariba Dam. He argued that in an event that Zimbabwe went beyond its water allocation, there would definitely be a deficit in Zambia which could result in load shedding. Read more: News Diggers
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Sterling is in danger of becoming an “emerging market” currency as falling growth and growing risks cause investors to flee the pound, according to Bank of America. As of Tuesday afternoon in Europe, sterling was down 7% against the dollar year-to-date, trading just below $1.26 having been as low as $1.22 earlier this month. Short positions have been mounting against the currency as the global economic challenges of the war in Ukraine, inflation, supply chain bottlenecks and slowing growth converge with domestic risks stemming from the Bank of England’s unique predicament and the fallout from Brexit. Read more: CNBC
Australia’s economy held up better than expected in the first quarter as strong domestic demand offset the drag from dismal weather and a flood of imports, setting the scene for more inflation-fighting hikes in interest rates. Data from the Australian Bureau of Statistics out on Wednesday showed gross domestic product (GDP) rose 0.8% in the March quarter from the previous quarter, topping market forecasts of a 0.5% gain. Read more: CNBC
Oil prices have hit fresh highs after European Union leaders agreed on a plan to block more than two-thirds of Russian oil imports. Brent crude rose above $123 a barrel on Tuesday, the highest it has been for two months. Prices for oil and gas have soared in recent months, fuelled by the lifting of lockdowns and the Ukraine war. Read more: BBC News
The Central Bank of Kenya on Monday raised its key interest rate by 50 basis points to 7.5 percent in a bid to contain rising inflation and stabilise the country’s currency, the Shilling. The interest rate increase is the first such move in close to seven years. Read more: CGTN
Capital Markets Report Sponsored By WWF Zambia
In 75 trades recorded yesterday, 88,282 shares were transacted resulting in a turnover of K243,456. Trading activity was recorded in AECI, British American Tobacco Zambia, Copperbelt Energy Corporation, Investrust, Chilanga Cement, Zambeef and Zanaco. The LuSE All Share Index (LASI) maintained its close at 6,799.03 points, as there were no share price movements. The market closed on a capitalization of K70,526,639,805 including Shoprite Holdings and K35,743,954,365 excluding Shoprite Holdings.
