When the Business Telegraph team visited Mrs. Mukwandi Chibesakunda at her office in Lusaka last year, her words were “I have already identified low hanging fruit which will be quick wins as we transform the governance of Natsave, we have alot of work to do but we will get there.” A year later in her role as Chief Executive Officer, Mukwandi’ s efforts are being noticed on the continent. Mukwandi Chibesakunda is not new to global banking as she has vast experience having worked for international banks such as Standard Chartered and Standard Bank holding very senior positions. Setting out…
Author: The Editor
Zambia’s largest bank by asset size, Stanbic, will on 07 March under its Anakazi product unit be celebrating and rewarding exceptional women. The bank will be presenting the Anakazi Banking Zambian Women of the Year Awards to deserving women for hard work in the fields of agriculture, digital, education, community, mining and many more. In the month of February when the nomination window opened, the Anakazi banking team have received nominations in excess of 180 of which the winners will be announced in the first week of March. Women in Zambia face many challenges, despite women being an incredible untapped…
Ngorongoro, hapa kazi tu means just work in the Ngorongoro. Kenneth Kaunda International Airport (KKIA) on 22 February welcomed the wings of Kilimanjaro when the Boeing 737 made its debut flight into Lusaka. Newly incorporated national airline Air Tanzania will now fly into Africa’s second largest copper producer Zambia as the southern African nation re-calibrates itself as southern Africa’s transport hub. Air Tanzania seemed to have done an aggressive relaunch when it simultaneously launched the Dar-es – salaam – Harare route in addition to the Dar-es- salaam – Lusaka route. Read also: Regional Airlines point to Zambia as it re-calibrates…
State owned mining investment vehicle ZCCM-Investment Holdings PLC on 22 February capitalized its Kariba amethyst mine with mining equipment worth K6 million. The equipment included two tipper trucks, one excavator and one front end loader. Kariba is Zambia’s largest amethyst mine located in Mapatyizya district of its southern province. The mine has been operational for 60 years. The amethyst from the mine has so far set the standard for amethyst excellence internationally, due to its unparalleled deep purple hue, combined with exceptional lustre.Mabvuto Chipata The company’s market share has been estimated at over 90% of the amethyst originating from Zambia, with production reaching as much as…
The Bank of Zambia for the fifth time in a row kept its benchmark rate unchanged at 9.75%. This was established in a press briefing at the BOZ offices by Governor Dr. Denny Kalylya on 20 February. This outcome was in line with analysts’ forecasts given the global growth slowdown from US-China trade impasse and Brexit uncertainty. The monetary policy committee resolved to keep the interest rate unchanged factoring inflation within the targeted band, currency stability and the need to stimulate economic growth. Read also: Bank of Zambia likely to hold policy rate next week However the central bank has…
London Metal Exchange red metal prices rose for a sixth consecutive session today 20 February as market prices in daring hopes of a trade truce deal between Sino – United States. Trump assured that talks progressed well and that the 01 March deadline was not a magical date as he is willing to extend beyond this date as the two super powers address structural issues. At stake is USD$200billion worth of Chinese imports are scheduled to rise to 25% from 10% should no agreement not be reached. Metal analysts expect that a no deal agreement would weigh on copper demand…
It is a very difficult prediction to make but given the ‘stochastic yet probabilistic’ nature of markets, risk averse players especially offshores are expected to bid high. Global macro backdrop has fueled uncertainty which by default is making emerging markets sentiment levitate as offshores demand more and more of risker assets. Zambia, Africa’s second largest copper hotspot will have its first fixed income government debt sale with K1,650million on offer. Price discovery in the secondary market reveals a repricing of the previous term structure of interest rates at spreads of 400-600bps below last Decembers levels. Will the curve reprice? The…
Africa’s copper producer Zambia is re-calibrating itself as a regional transport hub, the Economics Association of Zambia told MoneyFM in a telephone interview. National Secretary Mutisunge Zulu said the uptick in regional flights into Kenneth Kaunda International Airport (KKIA) reflects a re-calibration of Zambia as southern Africa’s transport hub well ahead of completion of the airport upgrade. Zulu cited resumption of Air Botswana and Tanzanian Airline as barometers of interest in Zambia as not only an investment destination but a tourism hub of the region. The copper producing nation is currently developing new infrastructure to the tune of USD$0.88billion in…
The 5 star luxury InterContinental Hotel Nairobi is financially distressed with a Sh700million (USD$7.14million) debt owed to lender. The strategically located five-star hotel overlooking the mausoleum of founding President Jomo Kenyatta and Parliament buildings is in the red with debt as at 31 Dec 2018. The 389-bed hotel is now at risk of being auctioned by creditors. A letter dated February 7, 2019 from Mr Jonah Orumoi, the chief executive of Tourism Finance Corporation (TFC), to his Privatisation Commission counterpart Joseph Kosgey, lifted the lid on the sorry state of affairs at the top hotel. Intercontinental Hotels Corporation Ltd and…
Market capitalization on Zimbabwe Stock Exchange (ZSE) rallied 33% in 2018 to USD$926.3 million, as resurgent inflationary pressures forced investors to seek haven in equities the Business Telegraph established in a mail from bourse acting chief executive officer Martin Matanda. This compares with US$695million in 2017. The value of shares traded on the ZSE in 2018 was $926.3million, a 33% increase compared to $695million in 2017, while the volume of shares traded in 2018 was 2.5billion compared to 3.5billion in 2017. ZSE Chief Executive – Martin Mutanda The value of shares traded on the ZSE in 2018 was $926.3million, a…