Global lender Citi just poached Martin Mugambi from Commercial Bank of Africa to oversee its operations in Zambia, Kenya, Tanzania and Uganda. In a statement, the firm said Mr Mugambi, who was CBA’s group executive director in charge of subsidiary businesses and digital banking, will take over as Citi Country Officer Kenya and the East Africa cluster, a position earlier held by Joyce-Ann Wainaina, who has been appointed as Citi’s Global Subsidiaries Group sub-Saharan Africa head. Mr Mugambi took up the position at CBA in November 2016. As the group executive director, he provided oversight over subsidiary countries the lender…
Author: The Editor
The Board of South Africa’s state-owned airline, South African Airways (SAA) have resolved to restructure the airline into three business units with the aim of improving profitability. SAA last made a profit in 2011 and has since then been loss making and a drain on state resources requiring perpetual capitalization reducing resource allocation to other key sectors of Africa’s most industrialized economy. Chief Executive Vuyani Jarana said during a briefing that part of a revamp plan for the airline could also involve the partial sale of its catering unit. SAA will organise itself into domestic, regional and international business units…
Africa’s youngest billionaire Ashish Thakkar, celebrated valentines by showing he is in love with mother Africa, when he gave her an android phone produced on the continents soil. The Mara phone was launched and first sold on the 14 February, marking valentine’s day. The west brag about iphone’s while the east rave about Huawei and Sony technology to mention but a few but Africa will now boast about the Mara phone which will compete with these global brands. Thakkar gave a snippet of the product offering at Akinwumi Adesina’s brain child, the Africa Investment forum last year in Johannesburg at…
Dr. Haabazoka proposes a 24-hr Zambian economy, creation of national youth service, creation of jobs through local authorities and other government institutions for street kids, school drop outs and other interested citizens. Zambia like many countries in the world is faced with high unemployment levels especially among the youths. For any country to develop, most of its economically active citizens should be engaged in some form of employment. This article outlines the characteristics of the Zambian labor market as well as study the various job creation programs that are being implemented by government. The article also looks at the challenges…
Kwacha liquidity on 15 February, capped appetite for government securities to K752million, a 56% decline from demand seen in the previous treasury debt sale at K1,730million. Bank of Zambia (BOZ) the central bank in Africa’s copper producer, absorbed the entire appetite with 78% of the government debt securities totaling K585.5million housed in the 1- year tenor yielding 23.5%, while the next attractive tenor, the 9-month absorbed K151.4million accounting for 20.1% of the auction allocation. Interest yields were unchanged. Market liquidity in part, due to the BOZ’s absence in open market operations (OMO), was the key driver of the capped demand…
Asset management globally is becoming ferociously competitive with offerings in unit trusts, money and hedge fund management evolving at paces close to the speed of light. Product offerings are becoming more and more complex which with processing speeds at the center. Traders are now using algorithms to capture and detect pricing quick. Its as though there is a thin line between asset management and technology because after all pricing and risk data now resides in the cloud. Artificial Intelligence Artificial intelligence is said to be the way to go. AI will differentiate firms through the innovative speeds at which trading…
Central Bank in Africa’s second largest copper producer, Zambia, will have on offer K950million worth of short dated government risk in the third auction of the year 2019. Expectations are that with a cash flush market, all assets on offer will be absorbed at minimum. The last two debt sales have been healthy in maturity cover. One year paper has been attractively priced at 23.5%, a 50bps haircut from 24% at start of the year. We expect very little change in the term structure of interest rates especially on the long end of the kwacha treasury bill curve. Swap and…
Expectations are that the monetary policy committee will implore a ‘wait and see approach’ in light of dented global growth as a consequence of uncertainty from Sino – US trade impasse and Brexit. These factors continue to impact commodities market such as crude and copper which impact Southern African nation. GDP growth target for 2019 is another determinant of supportive monetary policy in lien of the fiscal pressures from debt service which is expected to be higher this year. The Bank of Zambia will on 18 – 19 February commence rate decision meeting deliberations for monetary policy for first quarter…
The Economic Association of Zambia have welcomed the forecast target by Zambia’s Minister of Finance to conclude the bailout package deal with the IMF by year end. Speaking in an interview with Diamond Television, Association National Secretary, Mutisunge Zulu welcomed the move citing that it would serve as a defacto guarantor for investment flows especially for players that have been sitting on the fence. “An IMF package gives investors some level of comfort to allow flows into a nation they give assistance,” Zulu said. The delay in closing the deal caused asset sell off pressure and has caused some pockets…
The Gulf has opened its market for Zambian domestic workers, Finance Minister confirmed on 10 February in an interview. Honorable Mwanakatwe informed the meeting that the Gulf had a domestic workers deficit and has opened its doors to Zambians seeking employment to earn a living. The Minister urged those interested to arrange K15,000 (US$1,255) to serve as processing fee and that they should uphold the highest levels on integrity lest risk the wrath of the laws of that land. Uko kwamene muyenda, ngati simumvela, bazaku jubani manja. (If you do not uphold the highest integrity levels where you are going,…