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Zambia, Mozambique sign MoU on media cooperation
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Latest data shows major drop in African startup funding in Q1 2023
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Chilanga Cement shareholders approve a final dividend of K1 per share
Story of the Day
Bank of Zambia Press Release on Cryptocurrencies – The Bank of Zambia (Boz) has observed an increasing public interest in cryptocurrencies as evidenced by the growing number of enquiries that BoZ has been receiving on the subject. While cryptocurrencies have some monetary characteristics, such as, being used as a means of payment on a person to person basis, cryptocurrencies are not legal tender in Zambia. In order to safeguard the interests of members of the public and to maintain the integrity of the financial system in Zambia, the BoZ states as follows: Read more
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Zambia and Mozambique have signed a Memorandum of Understanding (MoU) in the area of media cooperation. The MoU seeks to foster cooperation in the field of policy and development between the two countries. The MOU has been signed between the Ministry of Information and Media of Zambia and the Ministry of Cabinet Information of Mozambique. The two countries through the MoU want to cooperate in matters affecting media development such as radio and television, online broadcasting, print media and public relations. Read more: Lusaka Times
The investment portfolio for the Lusaka South Multi-Facility Economic Zone (LS-MFEZ) has hit US$1.176 billion driven by investor confidence in the area. The zone has, therefore, for a second time in 10 years of its operation declared dividend of K2 million to the Industrial Development Corporation (IDC). LS-MFEZ Board Chairperson, Gomeli Litana, said investor confidence coupled with government support had triggered more investment in the zone. Read more: Zambia Monitor
The Zambia Chamber of Commerce and Industry (ZACCI) has called on the business community to promote compliance and improve internal governance instruments. ZACCI president, Chabuka Kawesha, said this follows the swift measures taken by government in reducing the cost of doing business by revising various statutory fees overseen by the Competition and Consumer Protection Commission (CCPC) and Patent and Company Registration Agency (PACRA). Kawesha said there is need for the business community to also provide the needed capacity for the businesses for increase efficiencies and business gains. He said ZACCI has been engaging government through various fora and meetings to visit the regulatory arms and ensure that they effectively play their role in cost reductions. Read more: Zambia Monitor
Airtel Networks Zambia Plc has for the 2nd year running walked away with the most awards at the annual Zambia Institute for Public Relations and Communications (ZIPRC) conference and awards night held recently in Livingstone. Airtel emerged winner in 4 categories that included, the ‘Best Public Relations Campaign’, the ‘Best Digital Platform’, the ‘Best Digital Media Campaign’ and the ‘Best Publication’. The Conference and awards night were graced by Southern Province Minister, Hon. Cornelius Mweetwa who is also Member of Parliament for Choma. Speaking about the awards that were received on behalf of the Company by Head of Corporate Communications Yuyo Nachali-Kambikambi, Airtel Zambia Managing Director Manu Sood said the Company was delighted and humbled to be recognized with the awards. Read more: Zambian Business Times
The Zambia Airports Corporation Limited – ZACL has disclosed that airports across Zambia saw more tourists arriving from various parts of the world especially from within Africa and Europe in 2022 when compared to 2021. The rebound in arrivals however have not yet surpassed the pre-Covid levels. ZACL is however cognizant of major downside risks which include a new COVID-19 variants, high international crude oil prices, higher global inflation and supply chain disruptions from the Russia-Ukraine war. Acting Managing Director of Zambia Airports Corporation Limited, Maggie B. Kaunda said ZACL served over double the numbers, they served about 1.7 million passengers in 2022 compared to about 750,000 passengers in 2021. ZACL served about 550,000 passengers in 2020 and about 1.9 million passengers in 2019. Read more: Zambian Business Times
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 20.3703 | 20.4203 |
GBP | 25.4059 | 25.4764 |
EUR | 22.1853 | 22.2479 |
ZAR | 1.1378 | 1.1415 |
In International Business News
African tech startups raised 57.2% less capital in Q1 of 2023 than in the same period last year. This is a worrying trend, considering the success recorded in 2022, where African startups surpassed the record set in 2021, with venture capital funding in Africa’s tech ecosystem increasing by 8% and totalling $6.5 billion. The unexpected success in 2022 saw African startups soaring while other ecosystems grappled with the effects of the economic downturn that saw VC inflow plummet. However, it appears that 2023 is the year the chickens come home to roost for the ecosystem. Disrupt Africa reports that between January 1st and March 31st, African startups raised $649 million, which is significantly lower than the $1.5 billion raised in the same period last year. In terms of deal volume, while 175 African startups had raised capital in Q1 of 2022, only 87 have been able to do so in 2023, indicating more than a 100% decline. Read more: Business Insider
Men still earn more than women, according to data gathered by the BBC. Despite a continued push for equality, the difference in wage has remained at 9.4%, the same level as in 2017/18, when figures were first published. The BBC looked at a company’s median pay gap – the difference in pay between the middle-ranking woman and the middle-ranking man. This is different to unequal pay – paying women less for the same work – which is illegal. Equality charity The Fawcett Society said employers needed to “do more” to close pay gaps. Read more: BBC News
The crisis facing the US banking system “is not yet over,” the head of America’s biggest bank has warned. Jamie Dimon, chief executive of JPMorgan Chase, made the comments in an annual letter to shareholders just weeks after the dramatic collapse of two major US banks. He said he did not expect the turmoil to lead to a global crisis akin to 2008, noting that it involved “involved fewer players and fewer issues”. But he warned the impact would linger. “While this is nothing like 2008, it is not clear when this current crisis will end,” he said. “Even when it is behind us, there will be repercussions from it for years to come.” Read more: BBC News
Johnson & Johnson has proposed to pay almost $9bn to resolve tens of thousands of lawsuits it faces in North America that claim its baby powder and other talc-based products cause cancer. The healthcare giant said it still believed the claims were “specious” but was hoping the new settlement offer would help conclude its legal battle. The figure marks a big boost over the $2bn it had proposed previously. The new offer has significant support from people tied to the case, it said. Read more: BBC News
European officials are traveling to China in the hope of persuading Beijing to denounce Russia’s invasion of Ukraine and cool its recent kinship with the Kremlin. The 27-member bloc walks a tightrope, looking to develop economic ties with China but also reaffirming a close political and cultural relationship with the United States. This has became particularly difficult with the U.S. administration ramping up its anti-Beijing rhetoric and, even more so, in the wake of Russia’s invasion of its neighbor. “It is clear that our relations have become more distant and more difficult in the last few years,” Ursula von der Leyen, the president of the European Commission, said in a speech Thursday ahead of her trip to Beijing this week. “We have seen a very deliberate hardening of China’s overall strategic posture for some time. And it has now been matched by a ratcheting up of increasingly assertive actions,” she added. Read more: CNBC
China has urged the World Trade Organization to scrutinize U.S.-led technology export restrictions aimed at curbing its ability to make advanced chips, state television said on Wednesday. Chinese representatives told a regular WTO meeting this week that Japan, the Netherlands and the United States should report their plans and subsequent measures to the body, which it urged to step up supervision on the matter, broadcaster CCTV said. On Tuesday, the commerce ministry said Beijing was seriously concerned about Japan’s export curbs on chip-making equipment and called for it to correct its “wrong practice.” The move of the three nations in alignment to curb chip exports to China “violates the fairness and transparency principles of WTO,” CCTV said. Read more: CNBC
The UK data regulator has fined TikTok $15.9 million for a number of breaches of data protection law, including misusing children’s personal data. The Information Commissioner’s Office estimates that, in 2020, TikTok allowed more than 1 million UK children under 13 to use its platform in violation of its own rules. The ICO said Tuesday that TikTok had not done enough to check who was using its platform, failed to take action to remove underage children and hadn’t provided proper information to users about how their data was being collected and used. The fine applies to rule breaches between May 2018 and July 2020. John Edwards, the UK Information Commissioner, said: “There are laws in place to make sure your children are as safe in the digital world as they are in the physical world. TikTok did not abide by those laws.” Read more: CNN
The British pound crashed to a record low last fall as investors rebelled against budget plans by former Prime Minister Liz Truss. Now, it’s enjoying a comeback. Sterling hit its highest level against the US dollar in 10 months on Tuesday, topping $1.25 for the first time since June 2022. The pound, which has advanced about 3.3% versus the greenback since the start of 2023, is the best-performing currency among developed economies this year. The UK currency has been boosted by indications the country’s economy is holding up better than expected. Activity is now thought to have expanded 0.1% in the final three months of last year, up from a previous estimate of no growth at all. Gross domestic product growth in January has been estimated at 0.3% after dropping 0.5% in December. Read more: CNN
At the 31st Annual General Meeting (“AGM”) held both online and physically at Neelkanth Sarovar Premiere on 29 March 2023, a Final Dividend of ZMW 1.00 (One Kwacha) per share for the financial year ended 31 December 2022 was approved by the shareholders of Chilanga Cement PLC (“Chilanga” or the “Company”). Read more
In 93 trades recorded yesterday, 64,843 shares were transacted resulting in a turnover of K247,358.51. A share price gain on K0.01 was recoreded in PUMA. Trading activity was also recorded in Airtel, CEC Zambia, Chilanga Cement, Standard Chartered Bank Limited, Zambia Breweries, Zanaco and Zambia Sugar as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintainted its closed at 7,922.17 points 0.01% up from its previous close of 7,921.02 points. The market closed on a capitalization of K75,415,453,218.77 including Shoprite Holdings and K40,632,767,778.77 excluding Shoprite Holdings.
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