Story of the Day
In the African context, it is always a hard moment to witness the last days of a close friend or workmate retiring from active work. After a period of 15 years, Godfrey Msiska, the former Kansanshi Mine ‘image creator’ retired at the end of July 2022. Msiska’s career began on 13th July, 2007 at Kansanshi Mine, where he served as the first Public Relations Manager after leaving the banking sector where he had worked for 32 years, culminating in his last position as Chief Executive Officer of New Capital Bank Plc, which was later to merge with Cavmont Bank. The Kansanshi Mine Communications Officer shared notes with the outspoken ‘man of the people’ whose role as Public Relations Manager enhanced the visibility and reputation of FQM-Kansanshi. Read more
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President of Ukraine Volodymyr Zelensky held the first-ever conversation in the history of Ukraine–Zambia bilateral relations with President Hakainde Hichilema, declaring his determination to enhance interaction with the African region. Read more: Ukrinform
Arc Minerals Ltd. said Monday that due diligence progress is being made on its planned joint venture with a subsidiary of Anglo American PLC over Arc’s copper-cobalt project in Zambia. However, the London-listed mining group said that the process has been delayed due to the recent temporary closures of the Mining Cadastre by the Zambian Ministry of Mines. A second 90-day exclusivity period has therefore been agreed to allow time for the due diligence process to be undertaken, it added. Read more: Market Watch
Savenda Capital has identified a business opportunity in this inefficient and unfair system and is currently in the process of establishing a modern, purpose-built fresh produce market in Zambia’s capital Lusaka. The 6,400m2 ZAMBIAFresh Lusaka Market will feature cold storage and ripening rooms to reduce losses and ensure produce is fresh when it reaches end consumers. Through transparent market rules and the use of a trading software system, ZAMBIAFresh aims to offer both buyers and sellers fair prices for fresh produce. Read more: How We Made It In Africa
Bankers Association of Zambia chairperson Mizinga Melu has attributed the reduction in lending rates by some banks to the positive downward trend in inflation, kwacha appreciation and the stable macro-economic environment. Standard Chartered Bank Zambia Plc recently announced a drop in interest rates on personal loans to 23 percent from 29 percent and that it would be offering a maximum of K450,000 with a tenor of up to 60 months. Read more: News Diggers
International Business and Finance
Prices are continuing to rise at their fastest rate for more than 40 years, with UK inflation passing double digits for the first time since 1982. Inflation hit 10.1% in the 12 months to July, up from 9.4% in June, the Office for National Statistics (ONS) said. The Bank of England has said inflation – the rate at which prices rise – could peak at more than 13%. Read more: BBC News
American Airlines is placing a bet on a future in which supersonic jets might return to the skies, shuttling passengers on some routes at speeds roughly twice as fast as current commercial aircraft. Exactly how big that bet is, however, remains unclear. American, which said it put down a deposit for up to 20 supersonic jets with the option to buy up to 20 more, declined to share the financial terms of the deal, which was announced Tuesday. Read more: CNN
China’s central bank cut interest rates on Monday as new data showed the economy losing steam last month because of renewed Covid lockdowns and a deepening property downturn. The People’s Bank of China reduced the main rate at which it provides short-term liquidity to banks, from 2.1% to 2%. The central bank also cut the rate of its one-year lending facility from 2.85% to 2.75% in order to “maintain reasonable and sufficient liquidity in the banking system,” it said in a statement. Read more: CNN
Africa is seizing the opportunities offered by space technology. More than 20 African countries have established space programmes and at least 13 have developed satellites, according to the consultancy Space in Africa. But Africa’s burgeoning space industry is viewed with suspicion in some quarters. Read more: African Business
Japanese private companies have traditionally taken a cautious approach to investment in Africa, balancing the continent’s strategic importance with a careful approach to risk. But the wary attitude of the Japanese private sector means that Japanese investors lag far behind their Western and Asian counterparts when it comes to the African market. In recent years, Japanese investment stock in sub-Saharan Africa has been declining, falling from $12bn in 2013 to less than $6bn in 2021, with South Africa accounting for 70% of it. The Japanese government hopes to change that. Read more: African Business
Capital Markets Report
In the week ended 12th August 2022, a total of 1,349,457 shares were transacted in 549 trades, yielding a market turnover of K10,416,155. Trading activity was recorded in AECI, Airtel, Bata, Copperbelt Energy Corporation, Investrust, Chilanga Cement, Madison Financial Services, Zambia Reinsurance, Standard Chartered Zambia, SHOP, Zambeef, ZAMEFA, Zanaco, ZCCM, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,960.46 points. The market closed on a capitalization of K71,229,315,747 including Shoprite Holdings and K36,446,630,307 excluding Shoprite Holdings.