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Zambia set to strengthen ties with Japan and South Korea
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Nigeria emerges as Africa’s investment hub with 30% of all of Africa’s FDIs
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In the third week of May, Tuesday’s bond trading was the best performing day of the week
Story of the Day
First National Bank (FNB) Zambia has announced that, it is the platinum sponsor of Ukusefya Pa Ng’wena Traditional Ceremony which will take place in Kasama, Northern Province from 17 to 19 August 2023. Speaking on the press briefing held at FNB Head office training centre today, First National Bank, Chief Executive Office Bydon Longwe said, “Zambia has a rich history and a large diversity of traditional ceremonies performed in various parts of the country on an annual basis”. Ukusefya Pa Ng’wena is one of the many traditional Ceremonies celebrated by the Bemba tribe in Zambia. Aba Bemba trace their origin from Kola (modern-day Angola) in the 17th Century. From Kola, they went to Luba. From Luba, they crossed Luapula, Chambeshi, and Kalungu Rivers. When they reached the banks of Milando, they came across a dead crocodile. Since Bemba rulers belong to the Crocodile Clan, the discovery, earmarked Bemba-land. A village was set up at this very spot -and it was named Ng’wena Village. Read more
In Local Business News Sponsored by
Minister of Infrastructure and Urban Development, Charles Milupi has reiterated government’s commitment to further strengthen the bilateral relations between Zambia and Japan to spur economic development. Mr. Milupi says Zambia has benefited immensely from Japan in the area of Infrastructure development among others. ZANIS reports that Mr Milupi was speaking when Japanise Ambassador to Zambia Kazuyuki Takeuchi paid a courtesy call on him at his office today. Mr Milupi commended Japan for the technical support and capacity building programme during the construction of Kazungula bridge. Read more: Lusaka Times
Minister of Commerce Trade and Industry Chipoka Mulenga, says Zambia is poised to become a good investment destination and attraction centre given its geographical position. Speaking when South Korea special Envoy to Zambia, Kim Byongjoon and his delegation, paid a courtesy call on him in Lusaka, Mr. Mulenga said Zambia and South Korea share strong bilateral relations. Mr. Mulenga explained that the South Korean delegation is in the country following President Hakainde Hichilema‘s visit to England where he met with Korea’s Prime Minister, Han Duck-soo. Read more: Lusaka Times
An agreement for collaboration on to prevent various tax evasion schemes and influence voluntary tax compliance among the business community has been sealed between the Zambia Revenue Authority (ZRA) and the Zambia Institute of Chartered Accountants (ZiCA). ZRA has identified accountants as its ambassador in the prevention of various tax evasion schemes and in influencing voluntary tax compliance among the business community. This is according to the ZRA Commissioner General, Dingani Banda at the signing ceremony of the agreement in Lusaka on Tuesday. Banda pointed out that ZiCA was strategic partner to ZRA as it represented the interests of the business community through their role as the accreditors and regulators of accountants and finance professionals in Zambia. He said ZRA desired to ensure that ZiCA was updated and was on board, on all tax related developments. Read more: Zambia Monitor
Vice President Mutale Nalumango has called for integration of Climate Change and Disaster Risk institutions in order to effectively manage disasters. Mrs. Nalumango says Climate Change is the main cause of disasters adding that institutions which deal with the phenomenon should therefore not exist in isolation. She said this at the Kenneth Kaunda International Airport in Lusaka upon arrival from the United States of America -USA- where she was attending disaster risk meetings at the United Nations (UN) Headquarters in New York City. Read more: ZNBC
Bank of Zambia Exchange Rates
| Currency | Buying | Selling |
|---|---|---|
| USD | 19.0475 | 19.0952 |
| GBP | 23.5941 | 23.6590 |
| EUR | 20.5065 | 20.5655 |
| ZAR | 0.9888 | 0.9916 |
In International Business News Sponsored By
Nearly 30% of Africa’s foreign direct investment, according to Kashifu Inuwa, Nigeria’s Director General of the National Information Technology Development Agency, goes to Nigeria. He claims that the Nigerian tech sector drew $4.4 billion in investments in 2015, 2019, and 2020 combined and that ICT made up around 18.5% of the nation’s GDP. Inuwa made this statement at the 2023 Leaders Without Borders Annual Business Summit and International Honours, which had the theme “Business Beyond Borders, Global Partnerships and Sustainable Investments” and was held in London. Read more: Business Insider
According to a report released on Monday by Uganda’s Ministry of Finance, Planning, and Economic Development, the nation exported goods worth $674.54 million in March 2023, a 93.0 percent increase over the $349.44 million shipped in February 2023. Additionally, the macroeconomic policy department’s monthly report on the performance of the economy in April 2023, which was issued today, showed that the increase was mostly due to greater export profits from mineral goods, tobacco, maize, and cotton that were reported throughout the month. Read more: Business Insider
U.K. inflation dropped sharply in April, as energy prices retreated and the impact of Russia’s invasion of Ukraine began to drop out of the annual consumer price comparison. Headline CPI inflation came in at 8.7% year-on-year, the Office for National Statistics said Wednesday, down from 10.1% in March but above a consensus estimate of 8.2% from a Reuters poll of economists. “Electricity and gas prices contributed 1.42 percentage points to the fall in annual inflation in April as last April’s rise dropped out of the annual comparison, but this component still contributed 1.01 percentage points to annual inflation,” the ONS said in its report. Read more: CNBC
U.S. business activity increased to a 13-month high in May, lifted by strong growth in the services sector, the latest indication that the economy regained momentum early in the second quarter despite rising risks of a recession. S&P Global said on Tuesday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to a reading of 54.5 this month. That was the highest level since April 2022 and followed a final reading of 53.4 in April. It was the fourth straight month that the PMI remained above 50, indicating growth in the private sector. Read more: Reuters
The International Monetary Fund no longer expects a recession in Britain this year, it said on Tuesday, praising steps taken by the government to stabilise the economy and fight inflation and warning against pre-election tax cuts. The IMF said gross domestic product now looks set to grow by 0.4% in 2023 rather than contracting by 0.3% as it had predicted in April. The earlier forecast was the weakest for any major economy this year but the new growth projection would see Britain edge ahead of some rich world peers including Germany. Read more: Reuters
In the third week of May 2023 bond trading, there was a full week of trades of which Tuesday’s bond trading was the best performing day of the week. Bonds of total face value of K1,673,200,000 were transacted in 42 trades, resulting in a market value of K1,001,998,370.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
In 117 trades recorded yesterday, 84,896 shares were transacted resulting in a turnover of K162,471.68. Trading activity was recorded in CEC Zambia, Chilanga Cement, Zambia Reinsurance, Standard Chartered Bank Limited, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 8,150.79 points. The market closed on a capitalization of K76,410,598,978.90 including Shoprite Holdings and K41,627,913,538.90 excluding Shoprite Holdings.
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