Good morning. Here’s what you need to know to start your day.
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- President Hichilema expected on the Copperbelt Province for a two- day working visit
- US inflation stays high as housing costs bite
- China firmly opposed to U.S. blacklist on Chinese entities, will take countermeasures
Story of the Day
In the final week of the month of January and first week of February 2023 bond trading, there was a full week of trades of which Monday’s bond trading was the best performing day of the week. Bonds of total face value of K1,311,380,000 were transacted in 58 trades, resulting in a market value sales of K801,313,330. Bonds are a low-risk investment issued when the government borrows money from its people. You can purchase bonds using the Lusaka Securities Exchange Application online. Read more
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President Hakainde Hichilema is tomorrow expected on the Copperbelt Province for a two- day working visit. Copperbelt Province Minister, Elisha Matambo says President Hichilema is expected to commission a 33 megawatts solar power plant for Copperbelt Energy Corporation (CEC) and 10 million US dollar manufacturing plant for Unit Garments in Ndola. Mr Matambo said President Hichilema will also engage the people in the province on a number of issues and challenges affecting them. Read more: Lusaka Times
The Zambia Revenue Authority (ZRA) has collected K1.5 billion between October and December 2022 as part of the tax amnesty. ZRA Corporate Communications Manager Oliver Nzala says the collection is out of the 14.8-billion kwacha liability principle value whose interest and penalties stand at 6.1 billion kwacha. Mr. Nzala adds that the authority has so far received 6,801 tax amnesty applications. He has urged tax payers owing ZRA to take advantage of the amnesty and clear their dues without paying interest and penalties before its deadline of March 31st. Read more: ZNBC
The Zambian Mission in South Africa is engaging private sector players in that country interested in importing various products from Zambia. Zambia’s Acting High Commissioner to South Africa Inonge Mwenya says some companies in that country are interested in Non Traditional Exports. Mrs. Mwenya says the mission has seen a rise in demand for Zambian products through increased interest expressed by various companies. Read more: ZNBC
The Bank of Zambia (BoZ) has warned members of the public to cease from participating in illegal money circulation schemes, failure to which they risk imprisonment. Ponzi and pyramid schemes are some of the illegal money circulation schemes cited by the Central Bank. Section 157 of the Banking and Financial Services Act states that, a person who conducts or participates in a money circulation scheme commits an offence and shall be liable to prosecution. This is according to a joint statement issued by the Central bank and Drug Enforcement Commission (DEC) in Lusaka on Tuesday. Read more: Zambia Monitor
The Finnish companies are expected next week in Zambia for business engagements and to explore investment opportunities. According to Finland Ambassador to Zambia Saana Halinen, that the Finnish companies are expected in the country for business networking and engagement. Halinen said on Tuesday in Lusaka that the Finland Business week was scheduled to take place on February 23 and February 24, 2023. She said the annual gathering was aimed at improving Finland-Zambia business and trade relations and enhance private sector cooperation between the two nations. Read more: Zambia Monitor
An initiative to drive efficient technology solution for payment processing in Africa, including Zambia has been unveiled by the United Bank for Africa (UBA). The initiative called Mastercard Payment Gateway (MPGS) will also be used to drive financial inclusion and e-commerce services across the continent. The MPGS services provides acquiring banks and partners with latest and efficient technology solution for payment processing, bank Managing Director, Chinedu Obeta said. Read more: Zambia Monitor
Zambia Tourism Agency (ZTA) Board Chairman Daan Brink says the agency’s Board of Directors has appointed Matongo Matamwandi as its CEO. In a statement, Brink says the appointment is effective February 8, 2023. Brink said Matamwandi brought to the table a wealth of strategic leadership experience in private and public sector management, spanning over 30 years. Read more: News Diggers
In International Business News
Price rises in the UK slowed for a third month in a row but inflation remains near a 40-year high, official figures show. Inflation, which measures the increase in the price of something over time, fell to 10.1% in the year to January from 10.5% in December. The drop was largely due to the price of fuel and cost of restaurants and hotels slowing. But this was offset by rising prices of alcohol and tobacco. Food inflation also remained high at 16.7% in the year to January and is one of the main drivers fuelling overall inflation, along with energy bills, according to the Office for National Statistics (ONS), which published the data. Read more: BBC News
Inflation in the US has cooled for a seventh month in a row, but prices continue to rise far more quickly than is considered healthy. Inflation, the rate at which prices rise, was 6.4% in the 12 months to January, driven higher by jumps in housing, food and energy costs. That was down just slightly from 6.5% in December. Officials have warned that it will take time to stabilise prices, despite recent signs of improvement. Read more: BBC News
China said it will take countermeasures against U.S. entities that undermine Chinese sovereignty, its foreign ministry said at a press conference on Wednesday. China foreign ministry spokesperson Wang Wenbin made the announcement at the start of a regular press briefing, after the United States shot down a Chinese balloon and said it would sanction six companies linked to China’s suspected surveillance balloon programme. “The U.S. has abused force, overreacted, escalated the situation, and used this as a pretext to illegally sanction Chinese companies and institutions,” Wenbin said. “China is firmly opposed to this and will take countermeasures against relevant U.S. entities that undermine China’s sovereignty and security in accordance with the law. Read more: Yahoo Finance
India is drafting a proposal for G20 countries to help debtor nations badly hit by the economic fallout from the pandemic and Ukraine war, by asking lenders including China, the world’s largest sovereign creditor, to take a large haircut on loans. Two Indian government sources told Reuters of the proposal as finance ministers and central bank chiefs from the Group of 20 prepared to meet in Bengaluru next week. The gathering will be the first major event of India’s one-year presidency of the G20, a bloc composed of the world’s biggest economies. The International Monetary Fund (IMF) said on Tuesday it would hold a virtual meeting with the World Bank, India, China, Saudi Arabia, the United States and other wealthy Group of Seven (G7) democracies on Friday to try to reach understandings on common standards, principles and definitions for how to restructure distressed country debts. Read more: Yahoo Finance
Shares of Airbnb rose about 9% in extended trading Tuesday after the company released fourth-quarter earnings that beat analysts’ estimates on top and bottom lines. Revenue for the fourth quarter was up 24% year over year. Airbnb reported $319 million in net income for the quarter, up from $55 million a year earlier, and adjusted earnings before interest, taxes, depreciation, and amortization of $506 million, surpassing the $432 million expected by analysts, according to StreetAccount. Read more: CNBC
Finally, Capital Markets News
In 35 trades recorded yesterday, 7,330 shares were transacted resulting in a turnover of K25,444.00. Trading activity was recorded in CEC Zambia, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 7,201.12 points. The market closed on a capitalization of K72,276,851,485.86 including Shoprite Holdings and K37,494,166,045.86 excluding Shoprite Holdings.
Picture of the Day