Wednesday 28 June 2017
(Lusaka Times 06/23/17)
Mineral Economist Professor Mathias Mpande says Zambia has the capacity to investment in nuclear energy. Professor Mpande says this is because the country has relevant skilled manpower, minerals and chemicals used in processing nuclear energy in Africa. He says Zambia has the second highest reserves of Uranium used in Nuclear production after Niger. Professor Mphande says Uranium is present in Luwamana, Kansanshi , along the Zambezi valley, Eastern province and Northern province respectively. In an interview with ZNBC News, Professor Mpande said the use of Nuclear energy is a worthwhile investment adding that it is cheaper than other sources of energy. He has called on government to ensure that its industrialisation agenda is realised by...
(Agence Ecofin 06/13/17)
The International Monetary Fund (IMF) could grant Zambia an Enlarged Credit Facility of more than $1.3 billion, according to Tsidi Tsikata, head of the institution’s mission. The news was revealed last Saturday during a joint press briefing with the Zambian minister of finances. The IMF representative said the three-year programme aims at overcoming the country’s budget deficit which is about 7% of GDP, which the minister said he would bring down to 4% by 2019. Africa’s second copper producer, Zambia has been affected since 2015 by the significant slump in the prices of the commodity. This caused budget deficit to widen more. In order to reverse the situation, IMF recommends concrete measures under the 2017...
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Reuters (Eng) 06/10/17)
The International Monetary Fund (IMF) may grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent, the lender's mission chief said on Saturday. A decision will be made by the IMF board in August, Tsidi Tsikata told a joint news conference with the Zambian finance ministry, which pledged to halve the deficit to around 4 percent of gross national product by 2019. Africa's second-biggest copper producer has suffered from...
(Bloomberg 06/07/17)
Zambia’s copper output will climb by about 4 percent to a record this year as operators near a resolution with government over power prices, according to the Chamber of Mines in Africa’s second-biggest producer of the metal. Production will increase to about 800,000 metric tons, said Nathan Chishimba, president of the lobby group. That would be higher than the 770,600 tons mined last year, and exceed a previous record of about 790,000 tons in 2013. The forecast is less optimistic...
(Bloomberg 06/02/17)
Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines. Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga, managing director Leviev’s Namibian unit, said by phone. The operation has been renamed Gemcanton Investments Holdings. A spokesperson for Africa Israel Investments Ltd., a listed company controlled in which Leviev is the biggest shareholder, didn’t return phone...
(Lusaka Times 06/02/17)
Windhoek –Zambian authorities are detaining 70 drivers and have impounded 200 Namibian trucks that were carrying timber from the Democratic Republic of Congo. The trucks have been impounded for about five months and this has so far cost the trucks owners about R100 million, according to the Namibian Chamber of Commerce and Industry (NCCI), which is demanding the immediate release of the trucks. The trucks were impounded because Zambian laws prohibits the harvesting of Mukula timber in the country. The...
(Zambia Daily mail 06/02/17)
Zambia and Malawi have signed a memorandum of understanding (MoU) to promote bilateral co-operation in telecommunications and broadcast services on cross- border frequency co-ordination. Under the MoU, the Zambia Information and Communications Technology Authority (ZICTA) and Malawi Communications and Regulatory Authority (MACRA) will focus on key and diverse issues involving telecommunication and broadcasting such as promotion of expansion of roaming agreements to all operators in both countries. ZICTA acting director general Patrick Mutimushi and MACRA director general Godfrey Itaye signed...
(Lusaka Times 05/29/17)
Malawi and Zambia has signed a bilateral agreement on One Stop Border Post (OSBP) at Mwami- Mchinji Border whose main objective is to enhance trade facilitation through efficient movement of goods and people within the COMESA and SADC regions. Malawi’s Minister of Industry, Trade and Tourism, Joseph Mwanamveka speaking during the signing ceremony in Lilongwe, said the signing of the Bilateral Agreement will take the two nations a step forward in a bilateral economic relationship. “I am convinced that a...
(Xinhuanet 05/24/17)
Entrepreneurs from East Africa on Tuesday called for increased investments in the power generation so as to develop a strong value-added manufacturing base in the region. Delegates participating in the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda's capital city Kigali, said that heavy investments by both private and the public in the energy sector will enhance the production capacity of manufacturing industries in the region. Rwanda hosts the forum from May 23 to 25...
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to...
(Bloomberg 05/18/17)
The Bank of Zambia reduced its benchmark rate for the second straight time since its introduction five years ago as good rains improve prospects for lower food prices in coming months. The central bank cut the rate to 12.5 percent, the lowest since 2015, from 14 percent, Governor Denny Kalyalya told reporters Wednesday in Lusaka, the capital. Consumer inflation was unchanged at 6.7 percent in April, the lowest since 2013, after peaking at 22.9 percent in February last year. While...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much...
(Bloomberg 05/16/17)
When the impoverished West African nation of Niger imposed a ban on donkey exports last year, a small community of traders just over the border in Nigeria was devastated. “Before the ban, you could see thousands of donkeys here,” said Mohammed Sani, a 45-year-old trader in the Nigerian town of Jibiya, as he wiped the sweat off his brow. “Now look at them: there’s no more than 50, crippling the business.” Donkeys are being slaughtered at an alarming pace to...
(Bloomberg 05/11/17)
Zambia will conclude a deal with the International Monetary Fund for as much as $1.6 billion by the end of June, Finance Minister Felix Mutati said. “We will conclude by the end of the second quarter,” Mutati said in an interview Wednesday in Nairobi, the Kenyan capital. “There is no question on whether the deal comes through or not. The deal is coming through.” The country has been talking about getting IMF aid since 2014 but an agreement has been...
(Xinhuanet 05/10/17)
Zambia has been elected the first African nation to head the International Consumer Protection and Enforcement Network (ICPEN) since it was founded, said the Zambian government in a statement on Tuesday. Zambia's consumer watchdog, the Competition and Consumer Protection Commission (CCPC), was elected chair of the ICPEN for 2018/2019 tenure during the body's annual conference held in Germany about two weeks ago, according to the statement released by the Ministry of Commerce, Trade and Industry. Kayula Siame, the permanent secretary...
(Voice of America 05/05/17)
As Africa grapples with a severe drought, and famine threatens millions of people, experts at the World Economic Forum on Africa this week in the South African city of Durban say food security needs to be a major part of discussions on advancing the continent economically. The annual World Economic Forum in Switzerland is usually a high-powered event, but at this week’s Africa meeting of the international organization, the continent’s big players are welcoming the humble farmer, now known as...
(Xinhuanet 05/04/17)
The World Economic Forum (WEF) Africa Competitiveness Report 2017 released in Durban Thursday called for urgent policy reforms if the continent intends to create more jobs for its growing young population. According to the report issued at the 27th WEF on Africa, fewer than one-quarter of the 450 million new jobs required in the next 20 years will be created if current policies remain unchanged. The report called for structural reforms in the economies to create more jobs for the...
(Bloomberg 05/02/17)
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa. Aramco, as Saudi Arabian Oil Co. is known, is building refineries in the kingdom and in Asia to help it increase sales and purchases of gasoline, diesel and other products to more than 2 million barrels a day, said Ibrahim Al-Buainain, chief...

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