Story of the Day
On 26 July, 2022, ZCCM-IH announced through a statement issued by the Company Secretary that it has agreed to provide Corporate Guarantees to Atlas Mara amounting to US $15 million for Mopani Copper Mines. Read more
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Workers Compensation Fund Control Board, Commissioner and Chief Executive Officer, Priscilla Bwembyahas been fired. Board Chairperson, Emmanuel Mbambiko has confirmed in a statement to ZNBC News that Ms Bwembya was summarily dismissed on July 21st, 2022. Mr. Mbambiko says this follows disciplinary charges levelled against the Commissioner on grounds of gross negligence of duty. He says this resulted in the loss of Board Funds and failure to protect Board investment in Emporium partners limited. Read more: ZNBC
Tanzania and Zambia have agreed to revamp the Tanzania – Zambia Railways (TAZARA) through a joint financing project. The two countries have also agreed to expand the TAZAMA- Pipeline following change in objectives from transportation of crude oil to finished products. The Tanzanian President also stated the need for Ministers of Commerce from the two counties to engage on non tariff and tariff barriers that are affecting trade especially among cross border traders. Meanwhile, President Hichilema said Zambia wants to learn how Tanzania has managed to organize its artisanal miners following increased Gold mining among Small and Medium Enterprises- SMEs. Read more: ZNBC
The Zambia Revenue Authority says it has in the first half of the year collected 48 billion kwacha worth of revenue. ZRA Acting Corporate Communications Manager Oliver Nzala says due to improved technology the first half revenue collection exceeded the institution’s target by K 2 billion. On the sidelines of Agriculture and Commercial show in Lusaka, Mr Nzala has cited improved technology and different compliance initiatives the institution has incorporated. Read more: Lusaka Times
Speaking on the sidelines of the recently held agricultural and commercial show, Zesco CEO Victor Mapani hinted that the entity was at the verge of rolling out power charging ports across the nation to allow for electric vehicles to restore charge. Read more: The Business Telegraph
First Quantum Minerals has revealed that it has recorded a 2,180 tonnes decrease in copper production at its Kansanshi Mine in Solwezi during the second quarter of 2022. And FQM says it has commenced repayment of the outstanding VAT claims based on offsets against future corporate income tax and mineral royalty tax payments. Read more: News Diggers
The Ministry of Science and Technology has disclosed that the commencement of operation for Zambia’s 4th mobile network operator which had been extended to 30th June 2022 as earlier announced by ZICTA for Beeline Telecoms has been further extended to January 2023. This is a follows an earlier article published by the Zambian Business Times –ZBT, where the Zambia Consumer Association – ZACA expressed concern over the continued delay and soft stance by state ICT regulator ZICTA to give Zambian consumers a 4th mobile phone operator which has now by passed the expected timelines. Read more: Zambian Business Times
International Business and Finance
A Bill & Melinda Gates Foundation-backed think tank is seeking 50 billion U.S. dollars in backing to help African nations with distressed debt to re-enter capital markets and to protect against future defaults. The amount is the “median estimate” of what’s needed, said Daniel Cohen, chairman of the Paris-based Finance For Development Lab, which was launched last month. The money would be used to “enhance” the quality of debt by providing guarantees, and may also be employed to help African commodity exporters and importers hedge against price fluctuation. Read more: CGTN
Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia’s military operation in Ukraine, but the economy still managed better-than-expected, if meager, growth in the second quarter. Annual inflation in the eurozone’s 19 countries rose to 8.9 percent in July, an increase from 8.6 percent in June, according to numbers published Friday by the European Union statistics agency. Read more: CGTN
Demand for Airbnb bookings continues to soar even as high gas prices and inflation weigh on consumers and the economy. Airbnb said Tuesday that it had 103.7 million bookings on its platform during the three months ended in June, a new quarterly high for the company and a 24% increase from the same period in 2019, before its business was devastated by the pandemic. With that jump in bookings, Airbnb posted revenue of $2.1 billion, up 58% compared to the year prior. The company also reported a net income of $379 million, marking its most profitable June quarter ever. Read more: CNN
Ukraine on Monday sent out its first shipment of grain since Russia invaded the country five months ago, sending wheat prices lower and raising hopes the move will help bring down global food prices. Wheat prices have largely been moving lower since the United Nations, Turkey and Ukraine reached an agreement on July 22 to reopen three ports in Ukraine whose grain has been waiting to be shipped. September wheat futures on Monday fell 2.4% to $788.50 a bushel on the Chicago Board of Trade. Read more: Business Insider
Emirates said it would reduce flights to Nigeria due to the ongoing dollar shortage crisis which has made it difficult for foreign airlines to repatriate their earnings. In a letter addressed to Nigeria’s Aviation Minister Hadi Sirika, Emirates explained it would reduce the number of flights from 11 to 7 starting from the middle of this month. Read more: Business Insider
Capital Markets Report
In 19 trades recorded yesterday, 14,134 shares were transacted resulting in a turnover of K21,623. A share price gain of K0.01 was recorded in Zanaco. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation, Standard Chartered Zambia and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,892.98 points, 0.05% up from its previous close of 6,889.66 points. The market closed on a capitalization of K70,935,587,445 including Shoprite Holdings and K36,152,902,005 excluding Shoprite Holdings.
