Category: Business

ZAMBIA SUGAR LOCAL SALES UP BY 12PC

By BUSINESS REPORTER DOMESTIC sugar sales by Zambia Sugar Plc went up by 12 percent during the financial year ended August 2018, says company finance director Faith Mukutu. Ms. Mukutu said that was a significant improvement in the wake of highly subsidised and smuggled sugar from competitive firms into Zambia from other regions. She said…

ZAMBIA DATES GEORGIAN BUSINESS COMMUNITY

By BUSINESS REPORTER THE Georgian Chamber of Commerce and Industry (GCCI) has called for a structured framework for implementing the signed memorandum of understanding (MoU) with the Zambia Association of Chambers of Commerce and Industry (ZACCI) to promote business and trade between the private sectors of the two countries. GCCI president Nino Chikovani said it…

KWACHA HOLDS FIRM AGAINST THE US DOLLAR

By BUSINESS REPORTER THE Zambian Kwacha was largely unchanged against the U.S dollar on Tuesday having opened at K11.900 / K11.95 compared to its closing level of K11.87 / K11.92 on Monday and going on to close at K11.93 / K11.98. Market activity from most corporates was still flat though most interbank players were protective…

KAGEM PLANS AHEAD

By BUSINESS REPORTER KAGEM Emerald Mine has moved a massive 3.5 million tonnes of rock over 7 months in order to relocate a key entry ramp into its Chama pit. The company said the move reinforced Kagem’s determination to keep Zambia at the forefront of the coloured gemstone industry worldwide ensuring its responsible mining practices…

CONSULT WIDELY ON SALES TAX GOVT URGED

By BUSINESS REPORTER GOVERNMENT should extensively consult on the issue of sales tax as tax regimes are being implemented, Livingstone Chamber of Commerce and Industry (LCCI) president, Namakau Siyanga has said. Ms Siyanga noted that the Government must be commended for tirelessly working hard to engage cooperating partners for economic recovery. She said the State…

‘EXPLORE LUCRATIVE FISH-FARMING’

By BUSINESS REPORTER ZAMBIANS should take advantage of the high demand for fish by engaging in fish farming at a small, medium and large scales, Capital Fisheries chairman, Chance Kabaghe has said. Mr Kabaghe said there was urgent need to reduce an annual import of 75, 000 tonnes of fish in Zambia. He said Capital…

ENVOY WANTS STABLE MINING REGIME

By BUSINESS REPORTER AUSTRALIA has called for a stable business environment in Zambia to ensure mining investors continue to contribute to the economic development of the country. Australian High Commissioner to Zambia Bronte Moules said there was need for Zambia to ensure a stable business environment. “For any productive direct investment, the operating environment has…

WE WON’T COMPROMISE OUR SOVEREIGNTY, LUNGU TELLS IDA-WORLD BANK GROUP MEETING

From  ANDREW MUKOMA in Livingstone ZAMBIA will remain steadfast to ensure that the country’s debt remains sustainable and does not compromise the country’s sovereignty in anyway, President Lungu said yesterday when he officially opened the International Development Association (IDA) World Bank Group mid-term review meeting. The President stressed that Zambia would remain committed to creating…

IMF HAIL CONSTRUCTIVE TALKS

By NATION REPORTER WE are grateful to the Zambian authorities and the various stakeholders for the constructive spirit in which all discussions were held on economic developments and prospects, International Monetary Fund (IMF) has said. An IMF staff team led by Dhaneshwar Ghura visited Lusaka from November 5th to 9th, 2018 to discuss recent economic…

KWACHA MAINTAINS STABILITY

By BUSINESS REPORTER THE Kwacha was largely unchanged against the U.S dollar as it continued trading at K11.800 / K11.850 compared to Friday last week. The local unit seems to have maintained a bearish tone after a dwindle in corporate inflows late last week. This is according to Cavmont Bank market report. The Kwacha’s movement…

‘FARMERS NEED ATTRACTIVE FINANCIAL PACKAGES’

By BUSINESS REPORTER BANKs and other financial institutions should package attractive products that will enable small-scale farmers to engage in business oriented farming, says Agriculture Minister Michael Katambo. Mr Katambo said limited access to financial services by small-scale farmers was a challenge. The minister said Government desired small-scale farmers to have easy access to loans…

SUNBIRD CASSAVA PROJECT KICK-STARTS

By BUSINESS REPORTER SUNBIRD Bioenergy Africa has hit the ground running with the plantation of 100 hectares of the first cassava nursery in Kawambwa, according to Luapula Province Minister Nickson Chilangwa. The company has acquired 20, 000 hectares in the Luena Farm Bloc and the project development is already underway. “The US$ 800 million is…

ZAMBIA RANKED HIGH

By BUSINESS REPORTER  ZAMBIA has been ranked as one of the top five countries in Africa with more accommodating foreign exchange environment. According to the 2018 Absa Africa Financial Markets Index, Zambia has improved and indications were that the country could maintain the status quo. The report indicated that changes in foreign exchange regulations in…

EMIRATES STAKES SPECIAL PACKAGE FOR ZAMBIANS

By BUSINESS REPORTER EMIRATES will offer customers from Zambia special holiday menus across all classes on flights between Dubai and the US and in the respective airport lounges. This is part of the airline’s Thanksgiving celebrations on board and on the ground. Emirates announced the development in a statement. “The Thanksgiving menu would be available…

LOCAL UNIT STEADIES

By BUSINESS REPORTER THE US$/ZMW currency pair was seen to be trading slightly on the back-foot against the U.S dollar as the local unit opened at K11.630/ K11.680 compared to levels of K11.600 / K11.650 seen on Wednesday. Market activity was still flat as most corporates were cautious during the trading session. This is according…

LOCAL UNIT ON THE MEND

By BUSINESS REPORTER THE Kwacha was largely range bound against the U.S dollar though it oscillated between gains and losses owing to mismatches in demand and supply on the interbank. On Tuesday, the local unit began the day trading at K11.60 / K11.65 but later touched an intraday high of K11.45 / K11.50 before reverting…

PMRC BACKS PUBLIC FINANCE MANAGEMENT ACT

By BUSINESS REPORTER EFFECTIVE enforcement of the Public Finance Management (PFM) Act will tremendously improve transparency and accountability in public finance management in Zambia, the Policy Monitoring Research Centre (PMRC) has observed. PMRC executive director Bernadette Deka noted that with the Act in place, incidences of misuse and theft of public resources would be eliminated.…

IMF DEAL WILL INSPIRE CONFIDENCE – MWAIPOPO

By BUSINESS REPORTER THE International Monetary Fund (IMF) package will stabilise Zambia’s macroeconomic situation through boosting investor confidence and introducing sound macroeconomic policies under IMF oversight. Centre for Trade Policy and Development (CTPD), Executive Director Isaac Mwaipopo said the IMF would provide balance of payment support and technical support on financial and debt management which…

‘PROVIDE INSURANCE FOR LOW-INCOME HOUSEHOLDS’

By BUSINESS REPORTER THERE is need for experts to provide a legal framework that facilitates the development of sustainable micro-insurance products for poor households which still lack access to good-value products, Finance Minister Margaret Mwanakatwe has said. Ms Mwanakatwe said challenges such as lack of proper policies, product development and marketing and premium collection, were…

SLOVENIA EYES ZAMBIA’S ENERGY SECTOR

By BUSINESS REPORTER THE International Export Bank of Slovenia (SID Banka) has expressed interest to explore Zambia’s energy and infrastructure sectors. To achieve this, SID Banka has started to engage stakeholders in Zambia. This is according to a statement issued by Kellys Kaunda, First Secretary Press and Public Relations at Zambia’s Embassy in Germany yesterday.…

WE’LL TACKLE DAIRY SECTOR, SAYS MINISTER

By BUSINESS REPORTER GOVERNMENT will address challenges affecting the dairy subsector in an effort to maximise its contribution towards the growth of Zambia’s economy, says Commerce, Trade and Industry Minister, Christopher Yaluma. Mr Yaluma said the dairy subsector was faced with various challenges such as lack of reference laboratory services, high cost of production, and…

KWACHA GAINS

By BUSINESS REPORTER TRADING session saw the Kwacha touch another intra-day high of K11.600 / K11.650 on inter-bank bid and offer respectively from the levels of K11.850 / K11.900 which it had opened at. In its market report, Cavmont Bank said the local unit’s gain were supported by increased dollar supply from sellers, coupled with…

KWACHA PROMISES BUOYANCE

By BUSINESS REPORTER THE Zambian Kwacha is this week likely to see a recovery with support from anticipated increase on the supply side as mid-month conversations start. The past week saw the Kwacha depreciate by K0.33 or 2.85 percent. This is according to Cavmont Bank market report. The Kwacha was still unchanged against the U.S…

ZAMTEL ENHANCES SECURITY ON DIGITAL SERVICES

By PRINCE CHIBAWAH OUR newly launched biometric customer information management system will provide a more secure foundation for new innovative digital services, says Zamtel Acting Corporate Communications Manager, Changwe Kabwe. Zamtel is now urging its existing customers to go to any of its outlets and have their biometrics data captured. In an interview yesterday, Mr…

ZAFFICO TO BE LISTED ON LUSE

By BUSINESS REPORTER PLANS are underway to list ZAFFICO on the Lusaka Securities Exchange (LuSE) and all Zambians will have an opportunity to buy shares, says State House special assistant for press and public relations, Amos Chanda. ZAFFICO has not been sold. It is still within the group of the IDC (Industrial Development Corporation). The…

STANBIC CALLS FOR UP-SCALED INSURANCE SECTOR

By BUSINESS REPORTER REGARDLESS of its low penetration in Zambia, the insurance sector plays a vital role in the financial wellbeing of many people, says Stanbic Insurance Brokers Zambia Chief Executive Officer Chilufya Nyirenda. Insurance, he said, was important because it guaranteed financial security when needed most. Ms Nyirenda said despite having more than 30…

TOBACCO HUGE FORTUNE FOR ZAMBIA

By BUSINESS REPORTER IT is high time Zambian farmers started concentrating on growing tobacco because the market for the commodity is readily available locally and abroad, says Roland Imperial Tobacco Company general manager – manufacturing  Aliport Ngoma. Mr Ngoma said there was high demand for tobacco in the Southern African Development Community (SADC) region and…

STATE URGED TO ‘CLIP’ ILLICIT ALCOHOL PRODUCTION

By BUSINESS REPORTER GOVERNMENT must introduce more strategies aimed at addressing illicit production and consumption of alcohol in the country. Government must also in particular enforce rigorous quality standard regulations with minimum selling price for packaged spirits and devolve more regulatory powers at the local government level to tackle illicit alcohol. These are some of…