By Nawa Mutumweno – Konkola Copper Mines (KCM) has signed a memorandum of understanding (MoU) to provide 8 000 tonnes of copper cathode annually to an Egyptian company, Giza Cable Industries, which is to set up a cable manufacturing plant in Zambia. This comes on the backdrop of President Rupiah Banda’s recent visit to Egypt where the two countries sealed business transactions involving investments totaling over $70 million. KCM corporate affairs manager Jacqueline Kabeta disclosed this in a statement issued in Kitwe on January 8, 2011. “KCM has undertaken to provide 8 000 metric tonnes of the copper cathodes to... Continue Reading
By Nawa Mutumweno – The United States’ foreign direct investment (FDI) flows into Zambia over the past ten years totalled $3.1 billion. The investment configurations covers mining, agriculture and services with over 4 000 jobs generated for the locals. And speaking at the AGOA stakeholders’ preparatory meeting in Lusaka recently, Zambia Development Agency (ZDA) export and marketing promotion director Glyne Michelo said Zambia’s exports to the US under AGOA amounted to $116 million since its inception in 2000. Exports to the US have grown from $7.9 million in 2001 to over $25 million in 2008, declining to $5.3 million on... Continue Reading
Airline To Fly Delegates From Across The Globe To Premier Clean Energy Industry Event In Abu Dhabi – By Novell Zwange – Abu Dhabi, UNITED ARAB EMIRATES – Qatar Airways, the national airline of the State of Qatar, has been named Official Carrier of the 2011 World Future Energy Summit in Abu Dhabi this month. The fourth annual summit, which takes place between 17 – 20 January, is held under the patronage of H.H. General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and hosted by Masdar –... Continue Reading
By Own Correspondent – Clients of Oceanic Bank (Gambia) Limited have been told to withdraw their deposits from the bank, as it has failed to augment its capital to the new requirement established by the Central Bank of The Gambia (CBG). As a result of its failure to meet the new CBG capital requirement of D150 million by 31 December 2010, Oceanic Bank (Gambia) Limited will not be operational within the jurisdiction of the Republic of The Gambia. However, it “is sufficiently liquid to meet its obligations with depositors, other creditors and persons entitled to any fund or property” of the... Continue Reading
By Nawa Mutumweno – The Food Reserve Agency (FRA) in Zambia has signed contracts with three neighbouring countries to export maize worth $11 million. According to FRA assistant public relations officer Michael Mazakaza, 272 263 tonnes of maize will be exported to Namibia, the Democratic Republic of Congo (DRC) and Zimbabwe. Out of the consignment, 76 117 tonnes have already been paid for, Mazakaza added. The delay in the export of the maize has been caused by logistical challenges such as few trucks on the Lusaka-Harare route. The high export transport cost is the other limiting factor.
