Story of the Day:
Airtel Annual Report (2020). Airtel Africa is a leading provider of telecommunications and mobile money services, with a presences in 14 countries in Africa. Airtel Africa offers an integrated suite of telecommunication solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. The group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys. Read more
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Small and Medium Enterprises Development Minister Elias Mubanga has assured the business community that government is committed to addressing challenges that hinder industries. Mr. Mubanga says the private sector is the country’s biggest economic driver that requires support in order to remain productive. He notes that industries have over the years gone down and government intends to revive industries to ensure that the country is able to make its own money and create employment opportunities. Read more: ZNBC
Government has announced the appointment of a new Board of Directors for the ZESCO. Energy Minister Peter Kapala announced the new ZESCO Board at a press briefing in Lusaka. Mr Kapala disclosed that the new board is composed of professionals who will be expected to provide a different approach in addressing the challenges faced by the power utility. The new ZESCO board will comprise six members who will be chaired by Vickson N’Cube. Read more: ZNBC
The continued suspension of the Kasenseli gold mine operating licence and therefore mining activities by the new Mines Minister Paul Kabuswe from late October 2021 is putting the central bank’s gold reserve build up target for 2021 in jeopardy. Bank of Zambia (BoZ) has disclosed to the Zambian Business Times – ZBT that’s the Central bank has so far spent about US$37 million on buying up refined gold from First Quantum’s Kansanshi mine since the gold-buying programme commenced in January, this year. Read more: Zambian Business Times
Zambia Consumer Association (ZACA) is worried that Beeline Telecoms Limited is yet to hit the ground running and has implored Government to readvertise the process. In February this year, the Zambia Information and Communications Technology Authority (ZICTA) issued a licence to Beeline to be the fourth mobile service provider. Read more: Zambia Daily Mail
International Business and Finance
The emergence of Omicron raises the uncertainty around inflation, the chair of the Federal Reserve has warned. Rising rates of Covid, plus the new variant, pose new risks to the US economy, Jerome Powell told a Congressional committee. He also said the Fed should consider tapering its bond-buying stimulus more quickly. Read more: BBC News
European consumer prices are rising at their fastest pace since 1997. Annual inflation across the 19 countries that use the euro, including Europe’s largest economies Germany, France, Italy and Spain, hit 4.9% in November, driven mainly by soaring energy prices, that’s the highest rate since 1997. Read more: CNN
OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand. Oil prices fell to near $70 a barrel on Tuesday from as high as $86 in October, posting their biggest monthly decline since the outset of the pandemic, as the new variant raised fears of a supply glut. Read more: Reuters
China’s factory activity fell back into contraction in November as subdued demand, shrinking employment and elevated prices weighed on manufacturers, a business survey showed on Wednesday. Read more: Reuters
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In 20 trades recorded yesterday, 150,033,182 shares were transacted resulting in a turnover of K1,974,365,335.21. Trading activity was recorded in CEC Africa, Copperbelt Energy Corporation, Lafarge, National Breweries, Zambeef and Zanaco. The LuSE All Share Index (LASI) remained at 5,356.41 with a percentage change of 0.07.