Connect with:
Wednesday / May 21.
logo
mobile-logo
HomeStandard Blog Whole Post (Page 165)
Sport

First Quantum Minerals (FQM) says the company has agreed to be the main sponsor of the 2019 Elephant Epic mountain bike race which seeks to raise funds for wildlife conservation in Zambia.

Around 200 riders are expected in this year’s race on June 22 and proceeds will go towards supporting the raising of orphaned elephants in the care of GRI’s Elephant Orphanage Project.

The Elephant Epic event organised by Game Rangers International (GRI) has grown significantly from 16 riders in 2012 to 137 riders in 2018 when participants took to the tracks and raised US$17,500 for wildlife conservation.

Commenting on the sponsorship, FQ Kalumbila Minerals public relations coordinator Mirriam Harmon said the mining firm believed that effective environmental management is a corporate priority and its efforts in conservation are aimed at leaving a positive legacy.

“One of the company’s conservation projects is supporting government in the restoration and management of the West Lunga Management Area for the next five years at a cost of K91.7 million,” said Harmon.

The mountain bike race will follow a rugged route from Lusaka to the Lower Zambezi, down the escarpment, covering a distance of approximately 75km.
The race aims to create awareness for the realities faced by wildlife and wild spaces and highlight the current worldwide plight of the African Elephant.

GRI’s approach is rooted in the belief that the key to sustainable long-term use of Zambia’s natural wealth is best achieved by the full participation of all stakeholders in managing the country’s eco-systems.

The mine is also conducting capacity-building for communities in and around the West Lunga Management Area (WLMA) to venture into conservation activities that are key to the survival of national wildlife and parks, which can be a source of revenue generated from local and international tourism.

The WLMA once supported large numbers of wildlife species including elephant, buffalo, sable, roan, Lichtenstein’s hartebeest, lion, leopard and wild dog. It was also once the stronghold of yellow-backed and blue duiker in Zambia.

0 Comments
0 likes

First Quantum Minerals (FQM) says the company

Companies

The Board of Directors of BATA Shoe Company Zambia Plc announced the retirement of its long serving Managing Director, Prosper Bachi effective 1 April 2019.

Company secretary, Nicholas Mudaly stated that “Bachi who served as managing director for more than 15 years is greatly appreciated due to the experience and support he had contributed to the development of the Company and wish him well in his future endeavors”.

Mudaly further stated that “the Board wishes to further announce the appointment of Sin Kee Lee as new managing director. Sin Kee Lee, has served in the Bata organization with over 30 years of experience in Malaysia and recently as Retail Manager in Bata Bangladesh”.

The Bata shoe company Zambia Limited had for the first time in 2019 posted a double digit growth of 43% in dividends which should please its shareholders in Zambia and from the holding company. “ The board has recommended a dividend payment of K0.10 on each ordinary share (K 0.07 in 2017) held at close of business on 19 April 2019 being the record date. This represents an increase of 43% over last year, which for the first time, has now reached double digits”.

The company turnover for the year was K154 million (about US$12.8 million) which is an increase of 9% against K141 million which was achieved the previous year. Profit before tax achieved was K25 million, which is an increase of 49% against K16.7 million achieved in 2017. 

Mudaly stated that these impressive figures really means that the Zambian public are appreciating Bata Shoe product range. He announced that the company will be opening 3 new stores and renovate 10 stores.

In the company’s outlook for 2019, Bata is hopeful that the macroeconomic stability will be sustained, aided by continued implementation of reforms towards the country’s economic growth. Downside risks envisaged are the recent trend in kwacha devaluation and raising oil prices. 

The company also stated that the effects of the proposed sales tax (Goods and Services Tax – GST) and its impacts at the moment are too soon to tell. Bata has enjoyed dominance of the traditional school shoes range in Zambia. 

The company is however yet to open a local manufacturing facility to fully leverage the locally available leather and cut off some import duties and other import costs.

Bata Zambia is part of the group that was founded in 1894. The Bata company is the world’s leading shoemaker by volume, designing stylish and comfortable footwear at affordable prices. Bata is a family-owned business serving more than 1 million consumers a day in our 5,300 stores, and producing locally in their 23 Bata-owned manufacturing facilities across five continents.

0 Comments
0 likes

The Board of Directors of BATA Shoe

Markets

The Consumer Unity and Trust Society – CUTS has applauded government’s commitment of creating an adequate policy space for the promotion of domestic and international trade, that will ensure full participation of local industries.

On April 2nd, 2019, government through the Ministry Trade launched the National Trade Policy – NTP and the National Export Policy – NEP aimed at streamlining tariffs in order to increase the export of high value products and support the growth of local infant industries.

CUTS center coordinator Chenai Mukumba told the Zambian Business Times – ZBT in an interview that the NTP and NEP will promote safety and fair trading in the economy, safeguard local industry from the adverse effects of unfair trading practices and increase the participation of local businesses in the economy through preferential procurement.

She said this will have a great impact for the consumers who are ultimate beneficiaries of trade agreements and that it will improve the welfare of Zambian consumers by providing them with access to a wide variety of more affordable goods.

Makumba stated that the institution supports policies that work in the best interest of consumers hence the trade policy is a positive move which should be executed in ways that benefit stakeholders.

“On February 10th 2019, President Lungu signed the African Continental Free Trade Area Agreement-AfCFTA, an agreement that envisions the liberation of both trade in goods and services in the first phase of negotiations and will extend to investment, competition policy and intellectual property in the second phase. In light of Zambia signing this agreement, the importance of the NTP and NEP launch cannot be over emphasized,” she said

She added that international trade between different countries is an important factor in raising people’s living standards, providing employment and enabling consumers to enjoy a great variety and options of goods and services.

She however cautioned consumers to expect a wide variety of affordable good and services to be available on the market and that the institution is available to support domestic production and consumption of local goods and services.

0 Comments
0 likes

The Consumer Unity and Trust Society -

Agribusiness

Hybrid Poultry Farm Zambia says it is losing an estimated US$500,000 monthly due to refusal by the Tanzanian governments to grant the poultry breeding company a transit permit for Hatching Eggs from Zambia to Kenya through Tanzania.

In an exclusive interview with the Zambia Business Times-ZBT, Hybrid Poultry Farm Production Controller Aaron Banda said the breeding company had on 16th February 2019 written to the Tanzanian government for transit permit to transport hatching eggs to Kenya through Tanzania but that the Tanzanian government denied the breeding company permit.

This was due to the fact that Tanzanian government had in 2006 imposed a quarantine for any kind of importation of poultry products from around the global to safeguard the country against the deadly highly Pathogenic Avian Influenza Diseases and that the quarantine is not yet waived to date.

“We are a breeding company and we export much of the product around Southern and Eastern Africa. Depending on the volume of the products exported, we move our products by air or by road. So the denied transit permit has enabled us not meet the required order by our customers in Kenya but instead deliver half of the orders causing us to lose on direct foreign earnings,” he said.

Banda also said the breeding company is losing customers in Kenya as is unable to deliver the required order focusing the customers to source for other suppliers.
“We are a COMASE region and transiting of products should be done freely without restriction. The excuse by the Tanzanian Authority is an justifiable as Zambia has never reported any Pathogenic Avian Influenza Diseases and that Tanzania is only being used as a transit point and not the destination,” he said.

The Production Controller says the Tanzanian government should be putting truckers on vehicles carrying poultry products transiting through their country to other destinations and remove the truckers at exiting points rather than completely denying exporters transit permits.

Meanwhile, Ministry Commerce Trade and industry is expected to hold a meeting with the affected parties over this matter next week

0 Comments
0 likes

Hybrid Poultry Farm Zambia says it is

Companies

Fly Emirates has been awarded Best First Class airline in the world at the 2019 TripAdvisor Travelers’ Choice® awards for Airlines.

The airline also clinched several other awards including Best Regional Business Class Middle East, Best First Class Middle East and nabbed the overall Travelers’ Choice Major Airline honour for the Middle East.

TripAdvisor has awarded the world’s top carriers based on the quantity and quality of reviews and ratings for airlines by TripAdvisor flyers gathered over a 12-month period.

“Emirates’ First Class product is an end-to-end experience. It begins before the flight takes off – from the chauffeur drive airport transfer to exclusive check-in counters, use of our dedicated Emirates Lounges, and all the onboard comforts and services. We set the bar a long time ago defining what First Class travel should look like and we continuously invest in product and innovation so we are very pleased that our customers have recognised our unparalleled First class experience with this award.” Sir Tim Clark, President, Emirates Airline said.

Emirates’ First Class experience has defined premium travel introducing product innovations like private suites, the in-flight Shower Spa, the Onboard Lounge and many other industry firsts.

The airline’s latest First Class cabin features the game-changing, fully enclosed private suites inspired by Mercedes-Benz that have floor to ceiling sliding doors, sleek design features, soft leather seating, high-tech control panels and mood lighting.

0 Comments
0 likes

Fly Emirates has been awarded Best First

Mining

The Zambia chamber of mines has disclosed that the majority of mines are impacted by the new tax regime which has affected the import duties for concentrate imported from the Democratic Republic of Congo-DRC and that a lot of mines would be adversely effected because of circumstances surrounding the new tax bands.

Chamber of mines Chief executive officer Sokwani Chilembo said the new tax regime that was presented by minister of finance during the presentation of the 2019 budget in parliament will break the back of Zambia’s economy by shrinking productions in the mining industry and impact on work force hence result to less resources in the government’s revenue accounts.

Chilembo told Zambia Business Times-ZBT in March 2019 in an interview the tax regime has negatively effected the mining industry and those who rely on it success by negatively affecting their operations.

“We made submission to government to engage us and consider some proposals on import duties, Mineral Royalty Tax- MRT and the non-deductibility of MRT, however, we hope that government will engage us soon and find a positive way forward, “ he said.

He added that the Mineral Royalty Tax-MRT which has increased by between 25% and 67% across the different tax bands will double the taxation and takes no account of the need for re-investment in exploration and expansion.

Chilembo further said government has made a good decision to postponed the implementation of the sale tax adding that the bill should this time clearly state its rates and how it will be implemented.

0 Comments
0 likes

The Zambia chamber of mines has disclosed

Tech

The National Biosafety Authority (NBA) says it has not yet fined any chain store or person with regards to illegal importation of products containing Genetically Modified Organist (GMOs) considering the fact that the operations of NBA are relatively new and awareness is still being conducted with regards to the fine and court process to would be offenders.

NBA Act No. 10 of 2007 of the laws of Zambia provides that any person that commits an offence who researches, develops, imports, releases, places on the market or makes contained use of any genetically modified organism or product of a GMO without the written approval of the authority will attract a fine of 500,000 penalty units or 15 years imprisonment or both.

In an exclusive interview with the Zambian Business Times (ZBT), NBA said the authority will continue with its surveillance, spot and compliance checks to ensure that it continues to protect the humans, animals and the environment.

But when asked if the three chain stores that illegally imported GMO containing products have been fined by the authority, NBA said it had not yet fined the stores but the products were seized and destroyed to safeguard humans (safety).

“The chain stores have since started the permit application process for the products that they did not have permits for. As for those that they get from other distributors they have got the permits and have them in their shops. Since the operations of the NBA are relatively new we are still conducting awareness with regards the fine and court process to would be offenders,” NBA said.

The authority adds that it has intensified the public awareness, sensitization and education programmes to ensure that the public is well informed on the NBA and its mandate. A number of programmes have been scheduled to ensure that the Authority captures a large number of people in the awareness and education exercise.

0 Comments
0 likes

The National Biosafety Authority (NBA) says it

Companies

Stanbic Bank Zambia says the financing of the Pinnacle Shopping Mall in Kabulonga that opened this week has brought the total value of the bank’s investment in the Zambian real estate sector to over K2 billion.

The 10,000 square metre Pinnacle Shopping Mall was developed by Vertigo Properties Ltd a subsidiary of Novare African Real Estate Fund with funding from Stanbic bank, says
Head of Corporate and Investment Banking Helen Lubamba In a statement made available to the Zambia Business Times-ZBT.

“We have aligned our business to support key economic sectors like mining, agriculture, energy and real estate and contribute to Zambia’s growth agenda. Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in funding important growth sectors of the economy not only in Zambia but on the continent.”

Pinnacle Mall is the eighth shopping mall in Zambia to be funded by Stanbic Bank.

Speaking during the official opening ceremony, Ministry of Commerce Trade and Industry Permanent Secretary Kayula Siame said Government was excited to partner with an investor like Novare due to the benefits their investment would bring to local communities and the economy.

“We realise that in the investment that Novare has made, we have a lot of backward and forward linkages that enable inclusion of local producers in the economy while also creating employment for locals,” she said.

And Novare Real Estate Holdings Chief Executive Officer Olaotse Leepile said the benefits of the mall go much wider than a mere shopping experience as it creates a market for local producers and businesses to participate and sell their products creating more job opportunities in the local goods and services value chain.

The public will also benefit from infrastructure like clean water and a modern sewer system installed at the facility, from which the surrounding communities and neighbouring schools can tap into, he said.

while Shoprite Zambia General Manager Charles Bota said
Shoprite Kabulonga, which is Pinnacle’s anchor store has employed 200 Zambians bringing the total number of people employed by Shoprite Zambia – both direct and indirectly – to 5,900 making it one of the biggest employers in Zambia.

0 Comments
0 likes

Stanbic Bank Zambia says the financing of

Markets

Zambia Congress of Trade Union-ZCTU says Illicit Financial Flow is a thorn in the flesh of the Zambian people and cannot be allowed to continue.

Speaking during the ZCTU/ Friedrich Ebert Stiftung – FES illicit financial flow (IFF) workshop on 27 March 2019, ZCTU Secretary General Cosmas Mukuka said the current economic challenges arising from the huge debt burden are indicative of government’s failure to collect potential revenue due to tax manipulation practice by multinational companies.

Mukuka alleged that a well-researched evidence by the Financial Intelligent Centre reports showed that Zambia is losing US$3 billion annually through illicit financial flows.

The High Level Panel of Africa Union chaired by former president of South Africa Thobo. Mbeki also compared a report in which it was reported that Africa was losing close to US$50 billion dollars through illicit financial flow.

“Comrades this is a battle we cannot afford to lose. The workers of this country have suffered for way too long, the burden of paying tax has been-pressed on our shoulders and yet the big multinational companies continue to dodge taxes through illicit financial flows. The mining companies in particular are the biggest culprits in this regards,” he said.

The secretary General added that it is in public domain that the country is losing huge sums of revenue from the extractive industry through tax manipulation practices. It is for this reason that congress has stepped up the fight by coming up with activities to raise awareness on the negative impacts of illicit financial flows.

ZCTU is stepping up efforts and collaborating with other like-minded organization such as the Friedrich Ebert Stiftung (FES), Extractive Industry Transparent Initiative (EITI)-Zambia, the Center for Trade Policy and Development (CTPD), CSOs and other government agencies to pressure decision makers to put in place corrective measures to stop illicit financial flows.

And FES representative Cathy Shorty says a lot of illicit financial flows take place in the mines while 80 percent of the country’s GDP is derived from these mines. She says illicit financial flow deals disadvantages countries like Zambia and there is need for social justice to be seen in this area.

0 Comments
0 likes

Zambia Congress of Trade Union-ZCTU says Illicit

Markets

Zambia has record a trade deficit of K309 million in the month of February 2019 from a trade surplus of K938 million recorded in January 2019 which means that the country imported more than it exported in normal terms.

Central Statistics Office (CSO) Acting Director of Census and Statistics Goodson Sinyenga says exports decreased notably by 16.6 percent from K8, 373.6 million in January to K6,985.8 million in February this year.

The decrease in the value of exports is mainly attributed to the decrease in exports of intermediate goods by 22 percent and the net effect of these dynamics in trade was the trade deficit.

The Countries major export destination in February was Switzerland (home of Glencore, the parent company to Mopani Copper Mines) which accounted for 40.7 percent of the total export earnings while China was the second main export destination accounting for 17 percent.

The countries major source of import in February was South Africa accounting for 29.8 percent while China was second accounting for 18.6 percent.

Meanwhile, the year on year quarterly percentage growth at constant 2010 price shows that the economy grew by 2.5 percent in the fourth quarter of 2018 compared to 3.3 percent in the fourth quarter of 2017.

The information and communications industry recorded the highest growth of 75.2 percent while the agriculture , forest and fishing industry has continued to record negative growth at -31.9 percent.

0 Comments
0 likes

Zambia has record a trade deficit of