Daily FiZ – Wednesday 26/01
Economy

Story of the Day

The Rural Electrification Authority has announced the appointment of former Engineering Institute of Zambia Registrar and Chief Executive Officer as its new CEO, according to a press release by the Authority. “The Board of Directors wishes to announce the appointment of Eng. Linus Chanda as Chief Executive Officer of the Rural Electrification Authority (REA)”, read a statement published by the Public Relations Department of REA on behalf of the Board. Read more

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Transparency International Zambia says Zambia has maintained its score of 33 on the 2021 Corruption Perception Index. The Corruption Perception Index, is a Report which aggregates data from a number of different sources that provide perceptions by business people and country experts on the level of corruption in the public sector. Read more: News Diggers

Minister of Science and Technology Felix Mutati says government will implement policies which will stimulate growth for startups in the tech space. And Mutati says Zambia will use its unique position of having eight neighbouring countries to become the digital hub of Southern Africa. Read more: News Diggers

Over 62,400 individuals and business houses have benefited from the K9.23 billion disbursed by the Bank of Zambia (BoZ) as at December 31 last year under the K10 billion stimulus package. In April last year, the central bank announced a K10 billion targeted medium-term refinancing facility to assist with liquidity to organisations and individuals to cushion the adverse impact of coronavirus on their businesses. Read more: Zambia Daily Mail

The Financial Intelligence Centre (FIC) has sanctioned Stanbic Bank Zambia Limited a financial penalty amounting to over K400,000. FIC Acting Director General Liya Tembo says Stanbic Bank Zambia limited breached the FIC Act of 2010 by failing to report suspicious transactions in 2020 within three working days upon forming a suspicion. Read more: ZNBC

International Business and Finance

Dangote Industries Limited has said its integrated refinery project, owned by Africa’s richest man Aliko Dangote, will start processing crude oil refining in the third quarter of this year. According to Bloomberg, Dangote, a Nigerian billionaire worth more than $20.4 billion, said the plant would start with a processing capacity of 540,000 barrels per day in the first phase of its operational stage and subsequently move up to 650,000 barrels per day. Read more: Business Insider

In December 2021, Ethiopia’s inflation rate jumped to 35.1% up from 33% in November, marking the highest level in almost a decade. This is bad news for the war-ravaged Horn of Africa country which was recently delisted by the US from AGOA. Meanwhile, the months-long war in the country had also contributed to the surge in inflation. Read more: Business Insider

Microsoft reported better-than-expected earnings and revenue for the fiscal second quarter. The stock initially dropped in extended trading but turned positive after the company issued a sales forecast that also exceeded estimates. Revenue increased by 20% from a year earlier, according to a statement, compared with almost 22% growth in the previous quarter. Microsoft’s net income swelled by 21% to $18.77 billion. Read more: CNBC

The Federal Reserve’s move to raise interest rates and tighten policy aggressively will hamper the economic recovery in Asia, according to the International Monetary Fund. Read more: CNBC

Capital Markets Report Sponsored By ZCCM-IH

In 118 trades recorded yesterday, 52,589 shares were transacted resulting in a turnover of K68,153. A share price gain of K0.03  was recorded in British American Tobacco Zambia, and in CEC of K0.04. A share price loss of K0.01 was recorded in CCAF on the quoted tier. Trading activity was also recorded in Airtel, CHIL, National Breweries, PUMA, Zambia Breweries, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,100.22 points, 0.27% up from its previous close of 6,083.86 points. The market closed on a capitalization of K67,359,706,400 including Shoprite Holdings and K32,577,020,960 excluding Shoprite Holdings.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

 

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