Saturday 25 November 2017
(Xinhuanet 09/16/17)
Zambian President Edgar Lungu on Friday opened the second session of the 12th National Assembly with a pledge that his government has resolved to reduce poverty to 20 percent from the current high levels. The Zambian leader said it was unfortunate that poverty levels have remained unacceptably high at 54.4 percent despite rapid economic development over the years. He said poverty in the country was mainly a rural phenomenon, almost three times high compared to the level in urban areas. According to him, more than half of the rural population, at about 55 percent, was affected by poverty while in urban areas extreme poverty currently stood at 13 percent. In his words, the Zambian leader said climate change had remained...
(Reuters (Eng) 09/15/17)
LUSAKA (Reuters) - The Zambian kwacha is expected to remain under pressure next week on the back of low hard currency supply while the Ugandan shilling is likely to strengthen as demand for cash from imports subsides. ZAMBIA The kwacha is expected to remain under pressure against the dollar next week due to scant supply of hard currency in the market. At 1100 GMT on Thursday, commercial banks quoted the currency of Africa’s No.2 copper producer at 9.3700 per dollar from 9.1000 a week ago. “It is likely to remain under pressure because there is very limited supply of dollars,” independent financial analyst Maambo Hamaundu said. UGANDA The Ugandan shilling is seen trading on a firm footing, mainly underpinned by...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way and they’ve gotten ahead,” Alexandre Maymat, who oversees Societe Generale’s operations in French-speaking Africa, said at a press briefing. “We’re catching up” by redefining the retail strategy and providing a broader offering than telephone companies. Chief Executive Officer Frederic Oudea...
(Lusaka Times 09/13/17)
President Edgar Lungu wants to create more jobs and slash poverty levels through a deliberate creation of an efficient communication network that reduces the cost of doing regional business especially in the railway sector said Mr Amos Chanda, the Presidential Spokesman. Mr Chanda was speaking when he met in his office, a delegation of influential business from Sweden targeting the railway sector for fresh investment that could open Zambia to ‘new’ western money markets and broaden its business reach in the sub-region as a key ‘land-linked’ country player. Zambia’s Charge d’ Affaires to Sweden Mr Anthony Mukwita who brought a high-powered delegation of TEAM SWEDEN for a series of consultative meetings in Lusaka with Finance Minister hon. Felix Mutati last...
(Lusaka Times 09/13/17)
Zambia’s copper production is expected to inch lower to 753 992 tones this year from 774 290 tones in 2016 mainly due to lower output from Konkola Copper Mines. Ministry of Mines Permanent Secretary Paul Chanda told reporters that production at Konkola Copper Mines is expected to decline by 40% this year. Mr Chanda added that production at Konkola Copper Mine will fall by 40% while output at Lumwana Mine, owned by Barrick Gold, should decline by 15%. “Konkola Copper Mines appear to be more experienced in processing than mining and as for Lumwana it is because of declining ore grades,” Mr. Chanda told Reuters. The government had said in June that copper production was expected to rise to 850...
(Xinhuanet 09/13/17)
In an effort to promote economic development and solve complex conservation challenges facing world heritage sites, the African World Heritage Fund Patron and former President of Namibia Hifikepunye Pohamba will host a business leader's breakfast event in Namibian Capital, Windhoek on Thursday. The African World Heritage Fund is an initiative of the African Member States of the African Union and UNESCO, launched in 2006. Webber Ndoro, executive director of the African World Heritage Fund, at a media briefing on Tuesday in Windhoek said that the aim of the event is to promote a holistic private sector engagement, raise a sense of ownership and accountability for heritage protection as well as transmission of World Heritage sites in Namibia and Africa. "To...
(Reuters (Eng) 09/12/17)
Olympic boxing’s governing body, AIBA, has banned African confederation head Kelani Bayor for three years for allegedly provoking the crowd at the continental championships in Brazzaville last June. Bayor is an AIBA vice-president and executive committee member as well as chairman of Togo’s national Olympic committee. “The Disciplinary Commission found that a hostile and threatening reaction to AIBA officials by spectators after the result of a bout on the last day of the competition was exacerbated by comments from Mr Bayor,” AIBA said in a statement on Monday. It found Bayor had “committed serious and unacceptable violations of the AIBA Disciplinary Code” at the tournament in Congo Republic. AIBA said the ban was from all boxing activities and responsibilities and...
(Reuters (Eng) 09/11/17)
Zambia’s copper production is expected to inch lower this year mainly due to lower output from Konkola Copper Mines, a subsidiary of London-listed Vedanta Resource, the mines ministry said on Monday. Total copper production is forecast to fall to 753,992 tonnes from 774,290 in 2016, Ministry of Mines Permanent Secretary Paul Chanda told reporters. Production at Konkola Copper Mines will fall by 40 percent while output at Lumwana Mine, owned by Barrick Gold, should decline by 15 percent, Chanda added. “Konkola Copper Mines appear to be more experienced in processing than mining and as for Lumwana it is because of declining ore grades,” Chanda told Reuters. The government had said in June that copper production was expected to rise to...
(Lusaka Times 09/11/17)
Lusaka Mayor Wilson Kalumba has revealed that China Railway is exploring possibilities of constructing a tram service in Lusaka. A tram is a rail vehicle which runs on tracks along public urban streets and sometimes on a segregated right of way. Mr Kalumba said he recently met officials from China Railway who are currently in the country on investigations for feasibility study related to construction of light railway and operation of tram service in Lusaka. He said the tram service will run from Chongwe through Lusaka with interconnections to some areas in Lusaka to Kafue. The Lusaka Mayor said China Railway has already delivered a similar project in Addis Ababa, Ethiopia which is already in operation. Mr Kalumba said China...
(Lusaka Times 09/11/17)
The Zambia Development Agency’s performance during the first half of the year 2017 has recorded an increase in both value of Investment Certificates of Registration issued and projected jobs compared to the same period in 2016. The Agency issued 192 investment certificates in the first half of the year worth USD 12.581 billion and 28792 projected employment. The agriculture sector recorded the highest pledged investment worth 7,024.6 and projected employment of 4,584 followed by the energy sector with 4,376.4 and projected employment of 14,555 thousand. This is according to a statement issued by ZDA Public Relations Officer Russel Haamubbi. The other sectors that contributed are the manufacturing, mining, tourism, transport, real estate, construction, energy, health, agriculture and Information Technology and...
(Reuters (Eng) 09/11/17)
Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank said on Monday. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia said in a report surveying the first half of 2017.
(Lusaka Times 09/11/17)
Minister of Transport Brian Mushimba says Zambia’s soon-to-be-revamped National airline will maintain its old name Zambia Airways. Mr Mushimba says plans to revamp the airline have reached an advanced stage, with an expected launch to take place next year. He says his ministry has already compiled a document presenting three scenarios over the national airline that is currently being vetted by the Ministry of Finance before it is pushed for cabinet review. Mr Mushimba was speaking during TV2’s Morning Live News and Current Affairs Segment. Mr Mushimba emphasized that Zambia is economically stable for the much anticipated development.
(Xinhuanet 09/11/17)
The Zambian government has unveiled a Green Paper that outlines its expenditure framework from 2018 to 2020, with a focus on restoring fiscal fitness for sustained inclusive growth, a senior official said on Monday. The 2018-2020 Medium Term Expenditure Framework (MTEF) was aimed at linking government's medium term development goals to their budgetary implications within the current fiscal environment and was the first time in seven years that a green paper was being unveiled to the public for scrutiny, commentary and refinement. "The MTEF will focus on restoring fiscal fitness for sustained inclusive growth and development. This will be done by realigning spending and enhancing domestic resource mobilization," Secretary to the Treasury Fredson Yamba said, according to a statement released...
(Bloomberg 09/11/17)
The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical expenses, a trend that’s giving at least one industry the scope to look past Brexit turmoil. “Even if I hadn’t had the money put aside, I would have found a way to pay for it,” said Corrie, 50, who estimates the business she runs with her husband would have lost 10,000...
(Xinhuanet 09/09/17)
Zambia on Friday launched construction of a China-funded mega-road project that connects the southern and central parts of the country to the mining towns in the Copperbelt province. The construction of the 321-kilometer Lusaka-Ndola dual carriageway, including the bypass roads in Kabwe and Kapiri Mposhi, and 45 kilometers of the Luanshya-Fisenge-Masangano Road will be done by China Jiangxi Corporation for International Economic and Technical Cooperation (CJIC) at a cost of 1.2 billion U.S. dollars, a loan from China's Exim Bank. The road, to be constructed in four years, will create over 3,000 jobs for local people.
(Reuters (Eng) 09/09/17)
Zambia has awarded a Chinese firm a $1.2 billion contract to expand part of a key road linking Zambia to the Democratic Republic of Congo and southern African neighbors, President Edgar Lungu said on Friday. China Jiangxi Corporation for International Economic and Technical Cooperation (CJIC) will build the 321 km (200 mile) Lusaka-Ndola dual carriageway over four years, Lungu said during the launch. Zambia is Africa’s second biggest copper producer and Ndola is the capital of the nation’s copperbelt region. Chinese investment in Zambia already includes roads, agriculture, mining and energy projects such as a 750 megawatt-hydro-power station in the south of the country.
(Xinhuanet 09/08/17)
Communication ministers from the Southern Development Community (SADC) countries vowed on Thursday to turn the region into an information and knowledge-based economy. This emerged from a ICT (information and communication technology) meeting taking place in Durban, a coastal city in southeastern South Africa. Communication ministers from 15 SADC countries have been meeting in Durban since Monday to discuss the region's ICT infrastructure. The meeting, also attended by policy regulators, implementing agencies and ICT industry players, was designed to help create a more integrated region and help move its communication systems forward. "An accessible, affordable and reliable telecommunications is essential for us to benefit from the Fourth Industrial Revolution which has the potential to leapfrog SADC region economically and socially as...
(APA 09/08/17)
Deprivation and marginalization, underpinned by weak governance, are primary forces driving young Africans into violent extremism, according to a comprehensive new study by the United Nations Development Programme (UNDP), the first study of its kind. Based on interviews with 495 voluntary recruits to extremist organizations such as Al-Shabaab and Boko Haram, the new study also found that it is often perceived state violence or abuse of power that provides the final tipping point for the decision to join an extremist group. “Journey to Extremism in Africa: Drivers, Incentives and the Tipping Point for Recruitment” presents the results of a two-year UNDP Africa study on recruitment in the most prominent extremist groups in Africa. The study reveals a picture of a...
(Bloomberg 09/07/17)
African Rainbow Minerals Ltd., the miner chaired by South Africa’s richest black businessman, will pay a record dividend this year as rising iron-ore and manganese prices boosted earnings at its ferrous unit. ARM will pay investors 6.50 rand a share, almost triple that of the previous year, and its 11th consecutive dividend, the Johannesburg-based company said in a statement Thursday. The company benefited from a 45 percent increase in prices received for exported iron ore and 93 percent more for its manganese. While ARM is “confident in the long-term outlook for commodities,” the company said prices will “remain volatile” this year. The rand, in which ARM pays most of its costs, has strengthened against the dollar this year, reducing earnings...
(Xinhuanet 09/06/17)
Zambian President Edgar Lungu on Tuesday said he will not succumb to pressure from civil society to revoke the order that gave police extra powers to curb lawlessness in the country. On July 5, the Zambian leader declared a Threatened State of Public Emergency which gave police extra powers to control the tension escalated in the country following the arrest of leading opposition leader Hakainde Hichilema who was charged with treason. The declaration was approved by the parliament to run for three months. However, 28 civil society organizations resolved to petition the parliament to revoke the decree on Friday

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