By Nawa Mutumweno – MTN Zambia has unveiled a $1, 652, 000 (ZMK7.6 billion) football sponsorship programme for the country. Speaking at a press briefing in Lusaka on Thursday, December 16, 2010, MTN Zambia chief executive officer Farhad Khan disclosed that the Zambian football league will get $875, 000 over a period of three years while the national team would benefit to a tune of $825, 000 over four years effective January 2011. “For the Zambia Super League sponsorship, MTN Zambia will enter into a three-year partnership effective 1st January 2011 to December 2013. For the Zambia national football team... Continue Reading
Publish Date: Friday, December 17th 2010 |
By Nawa Mutumweno – There is a revolution in the Zambian banking circles with cellphones being an integral tool in accessing one’s account anywhere anytime, something that was a dream a few years ago. Now mobile banking is no longer a fleeting illusion but a stark reality. Gone are the days when one had to stand in a line for hours on end just to get a bank statement or balance. Today, banking flows like clockwork and service is only a click of a computer mouse away. Mobile banking services have made banking a pleasure by reducing transaction costs, improving... Continue Reading
Publish Date: Friday, December 17th 2010 |
By Nawa Mutumweno – The fifth review of Zambia’s economic performance under a programme supported by the Extended Credit Facility (ECF) has been completed by the International Monetary Fund (IMF) executive board. This finalization facilitates the immediate disbursement of an amount equivalent to SDR 18.395 million (about $28.3 million), bringing the total disbursements under the arrangement to SDR 201.7 million (about $310.3 million). SDRs are international foreign exchange reserve assets In completing the review, the executive board also granted a waiver for the non-observance of a performance criterion on non-concessional external debt at end-December 2009 and approved the modification of... Continue Reading
Publish Date: Wednesday, December 15th 2010 |
By Nawa Mutumweno – The Bank of Zambia (BoZ) has taken over Finance Bank Zambia Limited (FBZL) with effect from Friday, December 10, 2010. According to the central bank governor Caleb Fundanga, a new management has since been appointed to run the affairs of the bank with customers and staff being assured that the bank would continue to operate normally. Speaking at a press briefing, Dr Fundanga said the takeover was with the full approval of the BoZ board of directors based on the inspection findings at Finance Bank and aimed at protecting the interests of depositors and other creditors... Continue Reading
Publish Date: Wednesday, December 15th 2010 |
By Nawa Mutumweno – Zambia expects to earn about $5 million from the export of 1 200 tonnes of honey to the United States and the European Union (EU) this year. Projections are that growth will reach 5 000 tonnes of beeswax and other products. According to the chairperson of the Zambia Honey Partnership (ZHP) Munshimbwe Chitalu, the country is expected to raise $5 million through honey exports, which provide for over 30 000 beekeeping households, accounting for 25% of their earnings. “Besides food and income, bee products have a diversity of application including among them honey, beeswax, propolis, a... Continue Reading
Publish Date: Tuesday, November 23rd 2010 |
