By Nawa Mutumweno – The Zambia-China Trade and Economic Cooperation Zone (ZCCZ) is to attract 15 companies with a total investment of $2 billion to operate in the Chambishi Multi-facility Economic Zone (MFEZ) on the Zambian Copperbelt in the next five years. In order to entice investors to plough money into the zone, ZCCZ plans to invest another $50 million in the MFEZ in the next five years to further develop infrastructure in the area. So far 21 firms have invested over $1 billion since the establishment of the zone five years ago. Companies that have already pledged investment in... Continue Reading
Publish Date: Thursday, January 24th 2013 |
By Nawa Mutumweno – The mining sector is expected to account for 3.8% of the gross domestic product (GDP) in 2012 despite a slump in output, the World Bank has revealed. According to the Zambia’s Economic Brief produced by the Bretton Woods institution, although there was a decline in mining output, revenues from the sector were expected to hit 3.8% of GDP partly due to increase in royalty taxes. Launched on December 10, 2012 in Lusaka, the report states that from 2008 to 2011, mining revenues averaged around 2.6% of GDP, a sharp increase from the previous range of 1.0... Continue Reading
Publish Date: Thursday, January 10th 2013 |
By Nawa Mutumweno – The new Zambia currency, Kwacha and Ngwee, has been launched with the Minister of Finance Alexander Chikwanda calling on the business community not to increase goods and services prices. The new currency was launched at a colourful ceremony held at the New Government Complex in Lusaka on December 31, 2012. Six notes with features such as the African Fish Eagle, Coat of Arms, Freedom Statue, trees and animals and four coins minted with a Coat of Arms, a bird, and animals depicting the country’s abundant wildlife and tourism potential make up the new currency, which became... Continue Reading
Publish Date: Wednesday, January 9th 2013 |
By Nawa Mutumweno – The Zambia Consolidated Copper Mines – Investments Holdings posted an operating profit of ZMK530 billion in 2011 from ZMK47 billion in 2010 as a result of a favourable economic environment and high commodity prices. The group also recorded a profit before tax of ZMK1 530 billion during the same year as opposed to ZMK855 billion in 2010. According to the group executive chairman Wila Mung’omba, the company’s performance benefitted from a stable business environment and a favourable business condition in China and globally, thus influencing commodity prices. “For the group, the increase in copper prices encouraged... Continue Reading
Publish Date: Wednesday, January 9th 2013 |
By Nawa Mutumweno – The Lusaka Stock Exchange (LuSE) has launched a bond trading tier which targets commercial banks in the country. The Zambian bourse’s chairperson Friday Ndhlovu has disclosed that the newly-launched bond tier targeted commercial banks and other institutional investors wishing to trade in Government bonds on the secondary market. The bond would contribute to the development of the market for Government bonds. LuSE would ensure that it establishes a transparent and orderly market for bonds trading to take effect and achieve price discovery. “The process has not been easy, but it is worth noting that all parties... Continue Reading
Publish Date: Tuesday, January 8th 2013 |
