Story of the Day
Mining investment house ZCCM IH has named Tisa Reuben Chama as its choice temporary steward following the mutual separation of Chief Executive Officer Mabvuto Chipata, according to a statement from the Board. According to the ZCCM IH website, Tisa is a Mining Engineer with over 25 years of working experience in the mining industry, having worked in various technical and operational roles. He has worked at operating mines in Zambia, Namibia, East Africa, and West Africa. He has worked for ZCCM, KCM, Rio Tinto, AGA, and Barrick as Planning Manager. Read more
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Zambia could lose up to US$500 million annually due to Illicit Financial Flows (IFFs) if transparency and accountability are not promoted in the mining sector, Consumer Unity and Trust Society (CUTS) has said. And a trade expert from Stanbic Bank Plc has urged mining houses to expand production in view of high copper prices on the international market. On Friday, the price of copper on the London Metal Exchange (LME) was trading around US$10,288 a tonne. As of 2020, Zambia’s total IFFs were reported to amount to about K3 billion. Read more: Zambia Daily Mail
First National Bank (FNB) Zambia has in the last 13 years spent over K1.6 billion in financing projects aimed at stimulating growth in the agriculture and commercial property sectors. Last Friday, the financial institution, a wholly-owned subsidiary of First Rand Group South Africa, marked 13 years of operating in Zambia. Read more: Zambia Daily Mail
The World Bank working together with the Zambian government is this year expected to mobilize resources to renovate the Manyinga-Mwinilunga and the Mundanya-Litoya Roads. Improved Rural Connectivity Project Coordinator, under the Ministry of Housing and Infrastructure Development, Mwata Sekeseke disclosed this in an interview with ZANIS in Manyinga today. Mr Sekeseke said the objective of these projects includes, to improve productivity among local farmers, improve trade and delivery of goods and services in rural communities. Read more: Lusaka Times
The new Zambia Revenue Authority (ZRA) board has elected Former Bank of Zambia Governor Caleb Fundanga as Board Chairperson. The Board, at its first seating, also elected Nana Mudenda from the Law Association of Zambia (LAZ) as Vice Chairperson. And Finance Minister Situmbeko Musokotwane has asked the Board to strengthen the measures being administered by ZRA in domestic resource mobilization, through enhanced usage of electronic platforms and increased compliance surveillance – to curb smuggling ad tax related fraud. Read more: ZNBC
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The Biden administration on Wednesday is set to announce additional sanctions targeting Russian financial institutions, as well as Kremlin officials and their family members, three people familiar with the matter told NBC News. The fresh sanctions package, taken in lockstep with European Union allies and the Group of 7 nations, will also ban new investment in Russia and state-owned enterprises, sources told NBC. Read more: CNBC
Global sovereign debt is expected to climb by 9.5% to a record $71.6 trillion in 2022, according to a new report, while fresh borrowing is also broadly set to remain elevated. In its second annual Sovereign Debt Index, published Wednesday, British asset manager Janus Henderson projected a 9.5% rise in global government debt, driven primarily by the U.S., Japan and China but with the vast majority of countries expected to increase borrowing. Read more: CNBC
European leaders have planned to phase out Russian coal imports in response to harrowing scenes in Bucha, a suburb of Kyiv. On Tuesday, the European Commission proposed a phased ban of €4 billion ($4.3 billion) worth of Russian coal imports per year as part of a fifth package of sanctions designed to further diminish Russian President Vladimir Putin’s war chest. Other proposals target Russian technology and manufacturing imports, worth another €10 billion ($10.9 billion). Read more: CNN
The Federal Reserve’s fight against inflation will spark a recession in the United States that begins late next year, Deutsche Bank warned on Tuesday. The recession call — the first from a major bank — reflects growing concern that the Fed will hit the brakes on the economy so hard that it will inadvertently end the recovery that began just two years ago. “We no longer see the Fed achieving a soft landing. Instead, we anticipate that a more aggressive tightening of monetary policy will push the economy into a recession,” Deutsche Bank economists led by Matthew Luzzetti wrote in the report. Read more: CNN
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In 69 trades recorded yesterday, 17,742 shares were transacted resulting in a turnover of K91,744. Share price gains were recorded in AECI of K1.75, in Zambeef of K0.02, in Zanaco of K0.10 and in CEC Africa on the quoted tier of 0.01. AECI of K5.60, First Quantum Minerals Zambia of K0.04 and in CCAF on the quoted tier of K0.05. Trading activity was also recorded in Copperbelt Energy Corporation, Chilanga Cement, Standard Chartered Zambia, Zambeef and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,912.98 points, 0.62% up from its previous close of 6,870.33 points. The market closed on a capitalization of K70,906,230,630 including Shoprite Holdings and K36,123,545,190 excluding Shoprite Holdings.