Zambia’s celebrated airline Proflight Zambia Ltd has announced the appointment of veteran Boeing 737 Pilot Captain Philip Lemba with over 20,000 hours in his 24 year career as Chairman of its Board of Directors effective 26 June 2020. Capt. Lemba will replace Vincent Malambo, who served in the same capacity since 2011. Prior to the appointment, Captain Lemba served as Proflight’s Director of Government and Industry Affairs, bringing almost four decades of experience in the aviation sector in Zambia. The genesis of Capt. Lemba’s flying career was in 1965 when he was 24 years, as one of the country’s first…
Author: The Editor
At a cabinet meeting held on 22 June, the Zambian authorities approved issuance of K8bln ($432mln equivalent) worth of disease pandemic bonds whose proceeds would go towards paying suppliers, retirees and contractors. Cabinet approved in principle the establishment of a K8 billion economic stimulus package that will be financed through the issuance of the COVID-19 Bond and its allocation will go towards the needy areas including payment to retirees, contractors and suppliers. Cabinet resolved that it is necessary to provide an economic stimulus through the issuance of the COVID-19 Bond in order to improve the liquidity levels in the economy…
Digitization has bee dubbed as a transact ability solution in disease pandemic era as not only a health safety protocol but for operational resilience purposes in these unfortunate times. Absa Bank Zambia PLC today officially launches NovoFX, a new mobile application with an intuitive interface that allows its internet banking registered users to seamlessly and safely send money to anyone with a bank account anywhere in the world, buy forex or make cross-border payments in over 13 different currencies from a mobile phone. The launch comes barely a week after the newly rebranded bank bagged 5 awards by Global Banking…
According to the International Copper Study Group – ICSG report for copper supply and demand dated 19 June 2020, world refined copper production remained essentially unchanged in 1Q20 with primary production (electrolytic and electrowinning) up by 1.5% and secondary production (from scrap) down by 7.5%. DRIVERS OF GLOBAL REFINED COPPER OUTPUT Chile. Electrolytic refined output increased by 30% as in the comparative month of 2019 production was negatively affected by temporary smelter shutdowns whilst undergoing upgrades to comply with new environmental regulations. Total Chilean refined production (including Electrowinning) increased by 12%. China. Chinese refined production was negatively impacted by temporary…
Escondida copper mine in Chile.
With liquidity in excess of K3.3bln into Thursday 18 June treasury bill sale, the central bank in Africa’s second largest copper producer sold K2bln worth of government securities. Appetite observed was in excess of K3.3bln of which 61.2% was absorbed with K1.3bln housed in the 1year tenor paying 28.0%. This is the fifth oversubscription with the Bank of Zambia borrowing over and above its 40% threshold. Funding costs climbing down? Yields rallied 75bps to 28.0% in the 1year while the 3months decreased 50bps to 17.0% as the other tenors namely 6months and 9months climbed down 25bps and 33bps respectively. This…
Reference is made to the article earlier published on 18 June 2020 citing NAPSA and Metalinvest’s purchase of Barrick Golds stake in Lumwana Mine. The Editorial Team of ‘The Business Telegraph’ would like to inform its readership and the public at large that it has retracted the said article. The editorial team regrets that the article was sent out prematurely and not subjected to comprehensive due diligence and verification standards prescribed by our internal governance protocols. This article was in no way issued with malicious intent. The Business Telegraph wishes to offer an apology to NAPSA (The Pension Fund), Metalinvest…
Absa Zambia’s head Mizinga Melu has been named 2020 Zambia’s Banking Chief Executive Officer of the year according to Global Banking and Finance Review. This was in addition to Absa being voted best Corporate Bank and best Corporate Socially Responsible Bank among the list of accolades the rebranded bank received this week. Absa just completed a unique Africanacity rebranding whose icing was metamorphosis of legal persona from Barclays Plc to Absa Zambia Plc in February. Mizinga has driven performance of the Zambian unit harder growing its balance sheet aggressively as the credit book expanded over 60% from the time she was…
Once upon Limestone giant in Africa’s second largest copper producer, Ndola Lime Company, has undergone drastic metamorphosis in the quest to rally back to profitability. After grappling with insolvency and financial woes amassed over close to a decade on the back of hard core debtors, the limestone producer and once pillar of Ndola is coming back to life. This follows efforts to capitalize, resuscitate and inject back operational resilience into the Copperbelt’s city. Ndola Lime will now operate under a new name, Limestone Resources Limited – LRL fully owned by Lusaka Securities Exchange mining investment vehicle ZCCM-IH Plc. Due to…
Replacing Phumele Mbiyo, Standard Bank has named Jibran Fauz Qureishi to head its Africa Research unit based in Johannesburg. Until his appointment, Qureishi was Regional and Senior Economist for the East African space for over 6 years. He is popular for his economic commentary on the Stanbic Purchasing Managers Index – PMI for Kenya. Qureishi is a graduate from University of Kent in London where he obtained both his Bachelors and Masters of science degrees in Economics and Finance. Prior to joining Stanbic CFC he served as a credit analyst for Habib Bank AG in Zurich. The Kwacha Arbitrageur