Story of the Day:
Puma Energy today announced it has 184 solar power generation projects operational across its global network and is on track to hit its target of opening 200 solar projects in 2022. Puma Energy has nearly 2000 retail sites in its network and has assessed how many are suitable for solar installation. The 184 sites now operating across the company’s retail network represent 39% of the 467 company-owned and leased stations where solar installations are commercially and technically feasible. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambia and the Democratic Republic of Congo(DRC) have started actualizing the electric vehicle battery value chain that the two countries agreed to embark on. And President Hakainde Hichilema is today expected to on the sidelines of the ongoing US-Africa summit in Washington DC, witness the signing of a Memorandum of Understanding between Zambia and Congo Dr regarding support for the development of a value chain in the electric vehicle battery sector. Presidential Spokesperson Anthony Bwalya has said in a statement that the signing of the MOU follows the tremendous amount of work and effort President Hichilema and his counterpart Felix Tshisekedi have invested in leveraging local resources to drive the global clean energy transition agenda. Read more: Lusaka Times
Transparency International Zambia (TIZ) Chapter President Sampa Kalungu has said the fight against corruption in Zambia has not been very impressive in the past decade. Commenting on the 2022 International Anti-Corruption Day, Mr. Kalungu said it was unfortunate that Zambia is ranked 117 out of 180 countries on the 2021 Corruption Perceptions Index reported by Transparency International. He said Zambia’s ranking on the 2021 Corruption Perceptions Index reported by Transparency International is not something to be proud of. Mr. Kalungu said Zambia must not be the weak link in the fight against corruption in Africa and the world. Read more: Lusaka Times
Zambia Revenue Authority (ZRA) has disclosed that it has collected K98.1 billion Gross revenue from January to November 2022 compared to K89.02 billion collected in 2021. Speaking during a stakeholder engagement meeting with the Chinese Chamber of Commerce in Zambia (CCCZ), Authority Commissioner General Dingani Banda said this represents 10.2 percent increase of the total gross collections. Mr. Banda further revealed that the Authority paid K15.02 billion in Value Added Tax (VAT) refunds from January to November 2022, compared to K11 billion last year, representing an increase of 37.9 percent. Read more: Money FM
To cement its ambition to increase the uptake of efficient energy, Copperbelt Energy Corporation (CEC) has invested US$100 million in clean energy projects that are earmarked for commissioning next year. And CEC has embarked on modernising its thermal power plant based at Luano in Chingola by migrating to cleaner energy options in its quest to achieve the “zero net” emissions by 2050. Read more: Zambia Daily Mail
International Business and Finance
For months now, Ghana has been trying to secure a $3 billion bailout loan from the International Monetary Fund, and yesterday both parties finally reached an agreement. An IMF team led by Mr. Stéphane Roudet, Mission Chief for Ghana, has been in discussions with the Ghanaian government in Accra since the 1st of this month. A conclusive statement from Mr. Stéphane Roudet, following the 13-day dialogue, reads; “I am pleased to announce that the IMF team reached a staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion.” Read more: Business Insider
President Biden is hosting leaders from across the African continent in Washington, DC, from December 13-15, 2022, for the U.S.-Africa Leaders Summit. The event was hosted in partnership with the Tony Elumelu Foundation, with support from Google. Speakers included Idris Elba, Yvonne Orji, Tony Elumelu, Mayors Bowser and Adams, and Secretary Blinken, with virtual remarks from former President Barack Obama. Read more: Business Insider
Elon Musk, once worth as much as $340 billion, has been displaced as the world’s richest person by Bernard Arnault. Musk, 51, has seen his fortune tumble by more than $100 billion since January to $163.6 billion, according to the Bloomberg Billionaires Index. That’s less than the $170.8 billion net worth of Arnault, 73, whose wealth largely derives from his 48% ownership of fashion giant LVMH. Read more: Bloomberg
Price rises slowed last month but the cost of living remains close to its highest level for 40 years.UK inflation, the rate at which prices rise, fell to 10.7% in the year to November from 11.1% in October. The drop was due to petrol prices falling from record highs, but was offset by price rises for alcohol in restaurants, cafes and pubs. Some analysts said November’s lower figure showed that inflation has peaked and price increases will slow down. Read more: BBC News
The rapid rise in consumer prices is slowing in the US, as the costs of energy, used cars, medical care and airfare fall. US inflation was 7.1% over the 12 months to the end of November, dropping from 7.7% in October, figures from the US Labour department show. That was the slowest pace in nearly a year and better than analysts expected. But though the overall picture is improving, the cost of some items such as housing continues to climb. Read more: BBC News
Capital Markets Report
In 18 trades recorded yesterday, 36,259 shares were transacted resulting in a turnover of K227,537.43. A price loss of K0.07 was recorded in Copperbelt Energy Corporation Zambia. Trading activity was also recorded in British American Tobacco Zambia, Standard Chartered Bank Limited, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 7,310.46 points, 0.36% points down from it’s previous close at 7,336.59 points. The market closed on a capitalization of 72,752,783,126.86 including Shoprite Holdings and K37,970,097,686.86 excluding Shoprite Holdings.