Good morning. Here’s what you need to know
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Zambia signs carbon credit agreement with Singapore, Norway, Sweden at COP29
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Japanese company, Mitsui said to be highest bidder for FQM Zambia stake
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Bitcoin breaches $94,000 for the first time
In Local Business and Finance News
Japanese trading house Mitsui & Co. has emerged as the highest bidder for a stake in First Quantum Minerals’ Zambian copper mines, according to people familiar with the matter. Mitsui submitted an offer that’s higher than a rival proposal from Saudi Arabia’s state-backed Manara Minerals Investment Co, the people said, asking not to be identified because the information is private. The Japanese company is considering buying a roughly 20% interest in First Quantum’s Sentinel and Kansanshi mines for about $2-billion, according to the people. Tokyo-based Mitsui is now seeking to negotiate terms of a deal with First Quantum, according to the people. There’s no certainty the deliberations will lead to a transaction, and First Quantum could sell a stake to another party or decide against pursuing a deal, the people said. Shares of First Quantum have gained about 67% in Toronto trading this year, giving it a market value of about C$15.1-billion ($10.8-billion). Zambia accounted for about half of First Quantum’s copper output and revenue last year and delivered more than $450-million in operating profit. Read more: Mining Weekly
Zambia has signed bilateral agreements with Singapore, Norway and Sweden at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, strengthening its engagement in international carbon markets under Article 6 of the Paris Agreement. The agreements were signed on Monday by Norwegian Minister of Climate and Environment Tore Onshuus Sandvik and Zambian Minister of Green Economy and Environment Mike Mposha. Zambia also formalised its collaboration with the Swedish Energy Agency through an agreement signed by Permanent Secretary Dr. Douty Chibamba. Article 6 of the Paris Agreement establishes global carbon market mechanisms, enabling countries to reduce greenhouse gas emissions while advancing sustainable development. Under the MOU, Zambia and Singapore will work towards a legally binding carbon credit transfer agreement aligned with Article 6.2 of the Paris Agreement, which governs bilateral trading of carbon credits. Read more: Zambia Monitor & Business Times
Finance and National Planning Minister, Situmbeko Musokotwane, has called on the newly appointed board of the Zambia Statistics Agency (ZamStats) to provide accurate and timely data crucial for the country’s development. Musokotwane, speaking in Lusaka on Tuesday at the swearing-in ceremony of the new board members, stated the importance of stabilising the institution and ensuring the continued delivery of reliable data that plays a vital role in the country’s growth. “We have huge expectations from this board, and we acknowledge the immense pressures the agency has faced in the past. Your job is to rise above these challenges and ensure that ZamStats remains a key pillar in our development efforts,” Musokotwane stated. The new ZamStats board consists of Oliver Chinganya as Chairperson, with Eustarkio Kazonga, Versper Chisumpa, Peter Zgambo, Bwalya Salamu, Jeremiah Banda, Chitalu Chiliba, and Shilamwe Mwaanga as board members. Read more: Zambia Monitor
Chinese Vice Premier Ding Xuexiang met on Tuesday with Vice President of Zambia Mutale Nalumango in Zhejiang Province. Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said that China and Zambia are comprehensive strategic cooperative partners with traditional friendship, adding that the two sides have set a good example of China-Africa cooperation and solid coordination among Global South countries. China is willing to work with Zambia to implement the important consensus reached by the two heads of state and the outcomes of the Beijing Summit of the Forum on China-Africa Cooperation, deepen cooperation on infrastructure, agriculture, minerals and other fields, to advance China-Zambia relations to a higher level. Read more: People’s Daily
Proflight Zambia has announced an interline ticketing agreement with Turkish Airlines, marking its first partnership with a European carrier. Effective from November 2024, this collaboration enables seamless travel for passengers connecting Proflight’s domestic and regional routes with Turkish Airlines’ extensive global network of 346 destinations across 130 countries. The partnership simplifies international travel, allowing passengers to explore Zambia’s renowned attractions, such as South Luangwa National Park and Victoria Falls, with a single ticket. Captain Josias Walubita, Proflight Zambia’s Director of Flight Operations, emphasised shared priorities of connectivity, safety, and exceptional service as key drivers of this alliance. The agreement is expected to boost Zambia’s tourism industry, attracting international visitors and stimulating economic growth. With Turkish Airlines’ strong presence across Africa, this enhanced connectivity positions Zambia as a regional hub for air travel. Proflight Zambia is preparing to upgrade its fleet and infrastructure to meet the anticipated surge in demand, while both airlines work towards integrating their services smoothly. Read more: ATTA Travel
In International News
The United Nations Economic Commission for Africa (UNECA) has revealed that Africa requires an estimated US$200 billion to US$1.3 trillion annually to achieve the Sustainable Development Goals (SDGs) by 2030. UNECA Executive-Secretary and Under-Secretary-General, Clever Gatete, stated the urgency of reforming the global financial architecture to bridge this gap. Speaking at the opening of the Regional Consultation for the Fourth International Conference on Financing for Development in Africa in Addis Ababa, Ethiopia, Gatete stressed that these reforms are crucial for Africa’s progress. “The annual financing gap required to achieve the Sustainable Development Goals (SDGs) in Africa ranges from US$200 billion to US$1.3 trillion,” he said, according to a press statement issued in Lusaka on Tuesday by Inutu Mwanza, Zambia’s First Secretary for Press and Tourism at the Zambian Mission in Addis Ababa. Gatete urged African nations to re-evaluate the effectiveness of tax incentives granted to investors, ensuring they yield benefits for the broader population rather than select sectors. Read more: Zambia Monitor
Brazil’s President Luiz Inácio Lula da Silva closed the Group of 20 summit on Tuesday and handed over the presidency to South Africa. “After the South African presidency, all the G20 countries will have exercised leadership of the group at least once. It will be a good time to evaluate the role we have played so far and how we should act from now on,” said Lula da Silva. Leaders of the world’s 20 major economies gathered once again on Tuesday with a lighter schedule after they issued a joint declaration the night before. The document, which includes calls for a global pact to combat hunger, more aid for Gaza and the end of the war in Ukraine, was heavy on generalities and short on specifics. The joint statement was endorsed by group members but fell short of complete unanimity. It also called for a future global tax on billionaires and for reforms allowing the eventual expansion of the U.N. Security Council beyond its five permanent members. Read more: Africa News
U.K. inflation picked up sharply to a higher-than-expected 2.3% in October, data from the British Office for National Statistics showed Wednesday, tempering expectations of a December interest rate cut from the Bank of England. The hike marks a sharp increase from the 1.7% rise recorded in September and exceeds the 2.2% forecast of economists polled by Reuters. The latest print once again brings inflation above the Bank of England’s 2% target, potentially dampening the prospects of a final interest rate cut this year. Sterling ticked up marginally following the latest inflation print, trading 0.1% higher at $1.2692 at 8:03 a.m. London time. The British pound was up 0.4% against the euro at 1.20 euros. Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.3% for the month, up slightly from 3.2% in September. Read more: CNBC
Bitcoin rose to a record high above $94,000 as a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration. Bitcoin , the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session. The Financial Times, citing two people with knowledge, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange. Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF. Read more: Reuters
Finally, Capital Markets News
In 130 trades recorded yesterday 77,430 shares were transacted resulting in a turnover of K1,755,673.97. The following price changes were recorded yesterday: -K0.23 in CEC Zambia, +K4.50 in Chilanga Cement, -K0.01 in Standard Chartered Bank Limited and +K0.01 in ZAMEFA. Trading activity was also recorded in AECI, Airtel, Chilanga Cement, FARM, Madison Financial Services, Zambia Breweries, ZAFFICO, Zambeef, ZANACO, Zambia Sugar as well as CEC Africa on the quoted tier.
The LuSE All Share Index (LASI) closed at 15,867.30 points 0.73% higher than the previous trading day close. The market closed on a capitalization of K205,996,210,820.10 including Shoprite Holdings and K80,995,935,020.10 excluding Shoprite Holdings.
A total of 18 Govt Bond trades with a total quantity of K198,349,170 and turnover K200,003,930 were processed yesterday.
