Story of the Day
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. Being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money, and send and receive payments. A transaction account serves as a gateway to other financial services, which is why ensuring that people worldwide can have access to a transaction account is the focus of the World Bank Group’s Universal Financial Access 2020 initiative. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Bankers Association of Zambia (BAZ) chief executive officer Leonard Mwanza says the association is working on how to completely digitalize last mile transactions so that citizens can transact using their phones without transferring or withdrawing their money. Read more: News Diggers
Mongu Central Member of Parliament Oliver Amutike has called for an oil exploration in Western Province following the recent discovery of oil in Namibia. Mr. Amutike said that the potential of having gas and oil deposits in the province may be possible as the two countries sit on the same belt. “Namibia just discovered oil deposits. Since Western sits on the same belt there are possibilities of having oil in the region as well”, Mr. Amutike said in an interview. Read more: Lusaka Times
Minister of Commerce, Trade and Industry, Chipoka Mulenga has said government is committed to running a private sector driven economy. Mr. Mulenga said government has put in place a stable policy legislation that allows private sector investment and growth. He said this after touring a number of industries in Luanda in Angola yesterday in an effort to enhance trade and economic relations between Zambia and that country. Read more: Lusaka Times
Emeralds and Semi-Precious Stones Mining Association of Zambia-ESMAZ has disclosed that the mining sector is expected to attract low investment this year due to the high cost of fuel. Association President Victor Kalesha said the increase in fuel prices would reduce the number of investors willing to invest in the mining sector because mining is a high cost venture and an increase in fuel prices will result in the high cost of production. Read more: Zambia Business Times
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
The World Bank disclosed in the latest edition of its Africa Pulse report that the continent’s economic growth will drop by 0.6% to 3.4% in 2022, down from 4% in 2021. A copy of the report which was obtained by Business Insider Africa explained that this is due to macroeconomic shocks being faced by many African economies. Specifically, high inflation and rising cost of living are responsible for the expected decline. Read more: Business Insider
Oil prices rose on Monday as reports of outages in Libya intensified concerns over supply risks. The West Texas Intermediate for May delivery added 1.26 U.S. dollars, or 1.2 percent, to settle at 108.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 1.46 dollars, or 1.3 percent, to close at 113.16 dollars a barrel on the London ICE Futures Exchange. Read more: CGTN
The war in Ukraine will “severely set back” the global economic recovery with the UK hit harder than most, the International Monetary Fund has said. The conflict is driving up prices for food and fuel which the international body expects to slow growth globally. It has cut its global forecast and also downgraded its outlook for the UK. This means the UK will no longer be the fastest growing economy in the G7 group of leading Western nations, and will be the slowest in 2023, it says. The UK’s economy is now predicted to grow by 3.7% this year, down from the previous forecast of 4.7% made in January. Read more: BBC News
Sri Lanka says it officially requested emergency financial help from the International Monetary Fund (IMF) as bailout talks got under way on Monday. The global financial organisation will consider providing the assistance after representations by neighbouring India. Meanwhile, a leading rating agency warned Sri Lanka will see “a series of defaults” on its foreign debts after officials said it would halt payments. It comes as Moody’s downgraded its assessment of bonds sold by Sri Lanka. Read more: BBC News
Capital Markets Report Sponsored By WWF Zambia
In 76 trades recorded yesterday, 36,342 shares were transacted resulting in a turnover of K147,428. Share price losses were recorded in National Breweries of K1.18 and in Zanaco of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, First Quantum Minerals Zambia, Chilanga Cement, Standard Chartered Zambia, ZAMEFA, Zambia Sugar and in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,983.71 points, 0.34% down from its previous close of 7,007.36 points. The market closed on a capitalization of K71,214,820,128 including Shoprite Holdings and K36,432,134,688 excluding Shoprite Holdings.