Africa’s second largest hot spot, Zambia, produced 6.38% more copper in Q1-Q3: 18 (YTD) in comparison to the same period in 2017. Zambia’s January to October output rose to 696,526 metric tons compared with 654,743 metric tons the previous year, The MinFin carried in a preliminary review note of the economy in 2018 released on 31 Dec. Quarter on quarter (QoQ) growth marginally edged higher by 0.3% to 210,445 mt in Q3 compared to 2019,756 mt in Q2 from 199,915 mt in Q1:18. This, the note attributed to the the fairly higher than average red metal prices at USD6,598/mt. The…
Author: The Editor
“K100 in Zambia will buy you 6.82 litres of petrol from 7.5 liters 2-3 months ago. This has caused motorists to incur more in transport costs. As a consequence of the energy regulator (ERB) hiking pump prices by a 16.8% – 21.8% quantum Oct. inflation jumped to 8.3% as the local transport association hiked bus fares by 22% to reflect international crude prices. Private sector pulse on the manufacturing end has slowed for the last 4 months as a result of higher inflationary input cost. The ERB hike was triggered by international oil prices nearing USD80/bbl. in Oct.18.” Global weakness…
China’s Zhejiang Huayou Cobalt Co will invest $147.2 million to build a copper project in Democratic Republic of Congo (DRC), as it extends the exploration of its mining assets in the country, the company said in a filing to the Shanghai stock exchange on Tuesday. The project will be located in the Lukuni region in the south of DRC, and will have annual electro-deposited copper production capacity of 30,000 tonnes. Electro-deposited copper is a raw material widely used in the electrical equipment and machine manufacturing sectors. Huayou has built two cobalt refineries in the Luiswishi region of DRC after buying…
Africa’s second largest copper producer, Zambia, growth momentum for Q3 rallied to 5% from 3.9% in Q2:18. This was contained in a statement central statistics office (CSO) in the capital Lusaka. This growth pulse reflects a 50bps higher figure than Q3:17. Drivers of growth were the financial and insurance (FI) sectors contributing 36.6%, technology (31.6%) and the arts, entertainment and recreation industry accounting for 21%, Acting Director Census and Statistics Goodson Sinyenga said. Zambia’s annual growth target for 2018 is 4.1%, however the world bank had revised its forecast to 3.4% factoring in headwinds experienced in the year. December consumer…
The Central Bank of Nigeria (CBN) reached a settlement truce with the claim reducing to USD53mn from USD8.1bn. The CBN had improperly levelled claims on MTN for repatriating $8.1bn to SA. These allegations resulted in over 33% in MTN market capitalization erosion on the Johannesburg Stock Exchange (JSE) and an asset sell-off. MTN’s share price rallied 8.8% to USD6 per share after stock markets priced in information around a settlement with the CBN. “MTN Nigeria and the Central Bank of Nigeria have agreed that they will resolve the matter on the basis that MTN Nigeria will pay the notional reversal amount…
The Central Bank of Nigeria (CBN) has reached a truce with MTN on the alleged illegal repatriation of funds from Nigeria. MTN is clearly a winner in this instance. CBN wrote in correspondence citing that MTN “supplied additional material, not previously offered to the Bank, satisfactorily clarifying its remittances.” This has left analysts guessing if MTN will sue CBN for triggering unnecessary confusion which severely affected its market value through share price plummets when the allegations were leveled. The Central Bank of Nigeria (CBN) on Wednesday 25 Dec wielded the big stick on mobile telecom firm, MTN Nigeria Communications Limited, and four…
High operating costs and tight customer budgets have left US coffee giant Starbucks needing a caffeine hit after it abandoned ambitious expansion plans in South Africa – seen as a foothold for the continent. Starbucks looked set to take the country by storm when the opening of its first store in the Rosebank district of Johannesburg in April 2016 attracted big crowds who queued for hours to taste their famous coffee and enjoy the cafe experience. “We thought they were going to run out of coffee before we could get a chance to taste it,” Irshaan Mohammed, who is still a…
They say all work and no play makes jack a dull boy. The local accounting body in Africa’s tourism hub, Zambia, has defied the odds by going all out to invest USD210million in a real estate project in Livingstone. This investment will not only add to the accounting bodies inventory of real estate assets but will boost its bottom line in a self sustainable fashion. Shungu Namutitima – the smoke that thunders The convention center will be called Shungu Namutitima. The word ‘Shungu Namutitima’ is Tonga for the smoke that thunders, the mosi-o-tunya falls. One other institution that has been…
Visa released a report that has sent global stock markets in a buying frenzy on 27 Dec. Visa reported a (6) year high in US festivity spend of USD850billion, a 5.1% high compared to 2017. This report then defied concerns around slowing down in US economy. Market indicators out of blood bath zone The dow jones index was up over 1,026 points (4.98%) while the S&P 500 rallied 4.96% and Nasdaq rose 5.84%. Asia was able to catch this contagious rally reflecting in a 1% bullish MSCI broadest index of Asian shares excluding Japan index as the Japanese Nikkei rose…
Local accounting body in Africa’s copper producer, the Zambia Institute of Chartered Accountants (ZICA) on 24 Dec signed an agreement with the world’s largest construction company, China State Engineering Corporation for the erection of a USD210million 5,000 seater international convention center in Livingstone. This construction center will be called the Shungu Namutitima, named after the mosi -o-tunya falls. Shungu Namutitima in Tonga, one of Zambia’s local languages, means the ‘smoke that thunders.’ The signing was flagged by ZICA President Jason Kazilimani in the company of dignitaries to include Hapenga Kabeta (outgoing CEO), Bona Kashinga (CEO designate), Contract manager for Zambia…