Story of the Day:
To support universal and affordable broadband access in Africa, IFC has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable on the continent. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
President Hakainde Hichilema says Zambia is not a landlocked country, but land linked state, which should use its position to promote trade. The President says Zambia should see itself as strategically located and turn itself into a hub of production, value addition and food distribution. The Head of State says the country has a huge market from neighbouring countries like the Democratic Republic of Congo (DRC) and Angola. Read more: ZNBC
Zambia zoomed into town today and did all it could to sweep investors off their feet with pledges to be private-sector driven, surge into green energy, and do everything it can to regain top spot in global copper at a time when the metal is set to play such a key role in the fight against climate change. Read more: Mining Weekly
Six Zambian companies are among several businesses from across the globe that are participating at this year’s Intra-Africa Trade Fair being held in Durban, South Africa. President Haikainde Hichilema attended the official opening ceremony graced by South African President Cyril Ramaphosa and was also one of the guest speakers at the event. Read more: Zambia Reports
Copperbelt Energy Corporation (CEC) that supplies electricity to mines has paid ZESCO US$16 million following an arbitration. ZESCO from which CEC buys power for redistribution had claimed that CEC had not fully paid money due to it for electricity supplied under the Bulk Supply Agreement (BSA). Read more: ZNBC
International Business and Finance
Airtel Africa said it has finalised the second phase of its minority investment transactions with TPG’s The Rise Fund, Qatar Investment Authority (QIA) and Mastercard, thereby raising additional $125 million through the sale of shares in its mobile money venture —Airtel Mobile Commerce (AMC) BV. Read more: Business Insider
The government has announced plans to boost the UK’s annual exports to £1 trillion by the end of the decade. The Made in the UK, Sold To The World plan is intended to help firms seize new opportunities in global markets. Last year, the UK exported about £600bn in goods and services. But only one in 10 British firms trades overseas. Read more: BBC News
Amazon has reached a legal settlement in California over claims it failed to adequately inform its warehouse workers about Covid-19 cases in the workplace. California’s attorney general said workers had been left “terrified and powerless”. The delivery giant will pay $500,000, but did not admit wrongdoing in agreeing the settlement. Read more: BBC News
The stock market is booming, and despite uncertainty about the economy, Wall Street is confident it can keep pressing ahead. But as inflation surges, there’s also an undercurrent of anxiety about what the future holds. Gold prices are back above $1,870 per troy ounce, their highest level in five months. The US dollar, meanwhile, is the strongest it’s been since July 2020. Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 175 trades recorded yesterday, 33,061 shares were transacted resulting in a turnover of K67,553.37. Trading activity was recorded in, Airtel, British American Tobacco Zambia, Copperbelt Energy Corporation, Investrust, Lafarge, Pamodzi, Puma, Standard Chartered Zambia, Shoprite, ZCCM, Zambeef, Zambia Sugar and Zanaco. The LuSE All Share Index (LASI) remained at 5,540.27 with a percentage change of -0.67.
Chart of the Day:
