Connect with:
Wednesday / May 21.
logo
mobile-logo
HomeStandard Blog Whole Post (Page 197)
Markets

Zambia has recorded a trade surplus of K147 million (about US$10.5 million) in October 2019 from a trade deficit of K732 million in September 2019, meaning that the country exported more goods that it imported in nominal terms for the month of October.

Announcing the development in Lusaka on November 28, 2019, Zambia Statistics Agency – Zamstats Interim Statistician General Mulenga Musepa has disclosed that although increases were observed in both imports and exports, the increase in exports which mainly comprised of domestic exports increased by 18% from K6,566 million in September 2019 to K7,756 million in October 2019.

Musepa has attributed the increase to the 34% increase in export earnings from intermediate or semi processed goods category. He added that imports increased by 4% from about K7,300 million in September 2019 to K7,609  million in October 2019 and that increase in exports was mainly attributed to the increase in intermediate and consumer goods imports by 14.9% and 7.4% respectively.

Musepa further reviewed that the performance of traditional exports (Copper related exports) earnings increased by 35% from K3,927 million in September 2019 to K5,305 million in October 2019 and in total exports recorded a 68% in revenue earnings in October 2019.

Meanwhile, the non-traditional exports – non copper related exports – NTEs earnings decreased by 7% from K2,639 million in September 2019 to K2,451 million in October 2019 and in total NTE’s recorded a 32% in earnings in October 2019.

And the volume of refined copper exported in October 2019 increased by 34% from 51,586 metric tonnes in September 2019 to about 69,000 metric tonnes in October 2019. “Copper prices on the London Metal Exchange – LME market for the corresponding months decreased from about US$5,746 per metric tonnes in September 2019 to about US$5,743 per metric tonnes in October 2019,” He added.

But Zambia has been running massive trade deficits with South Africa which is the main source of its consumer goods sold in shopping malls and chains stores dotted around the country. The other major import bill for Zambia is from  crude oil imports mostly from Saudi Arabia and the Gulf region.

The ministry of trade is yet to negotiate tangible trade deals with either South Africa and Saudi Arabia/UAE to narrow the trade deficit gap and ensure that these relationships become win win for Zambia. The country is also yet to fully leverage the big export markets to neighboring Democratic Republic of the Congo – DRC and Angola which can be executed by local traders.

1 Comment
0 likes

Zambia has recorded a trade surplus of

Markets

Retail business activity in the city of Lusaka today November 29, 2019 recorded escalated activity and was boosted up as selected stores and supermarkets which have placed from 50 to about 75% discounts and below on selected items to live up to the “Black Friday” sales bonanza.

Black Friday is a name given to the shopping day after Thanksgiving in the United States of America which falls on 28th November this year. Americans originally called it Black Friday because the volume of shoppers created traffic accidents and violence while shopping for items placed on heavy discounts.

Zambian retailers had from about 2010 also adopted Black Friday as a shopping holiday which sees buyers purchase selected items at a heavily discounted prices of 50% or more off depending on the type of product.

A check by the Zambian Business Times –ZBT crew at Manda Hill Shopping Mall found a crowd of people at the mall waiting to buy items selected for discounts in different stores. Some shoppers even reached the mall as early as 04hrs in them morning which resulted in congestion  as consumers scrambled to buy items from the different stores at cheaper prices. Traffic was also jammed in most streets.

At other shopping centers, reports of theft and violence have been reported as shop owners could not control individuals who were squeezing themselves to enter the stoles resulting in some stores being vandalized and looted.

While the long queues and scramble can be interpreted in different ways, some consumers talked to by ZBT at the shopping centers have stated that despite the day being busy, Black Friday has advantaged most individuals to getting items at a cheaper in view of the current hardships the economy is generally going through.

Others have noticed lack of security in most stores which resulted to theft among individuals as places where crowded hence urged shop owners to next year put in place security and other crowd control measures if such promotions are to be put in place smoothly and benefit more customers.

According to world leading online retailer Amazon, Black Friday is also observed in 14 other markets worldwide which include, the United State, Mexico, Canada, Japan, Australia, the UK, Germany, France, Italy, Spain, Brazil, the UAE, India, Singapore, with some African countries like South Africa and Zambia now being active participants.

0 Comments
0 likes

Retail business activity in the city of

Lifestyle

Lafarge Zambia has donated over K190,000 to four charities from the proceeds of the Lafarge Lusaka Marathon as part of its Corporate Social Responsibility (CSR). Speaking at the Media breakfast held in Lusaka on November 15, 2019, attended by Zambian Business Times-ZBT, Lafarge Zambia Board Chairman, Muna Huntuba presented the donation to the charities who received K48, 000 each.

The recipients of the donation were Chilanga Mother of Mercy Hospice, Livingstone Central Hospital, Copperbelt’s Arthur Davison Children’s Hospital and UTH Cancer Disease  in Lusaka.

‘‘I am pleased to see the positive benefits that the event yields, such as the donations we are handing over today, as well as the growing number of runners and participating countries. It shows that we are truly on course with our objectives,’’ said Hantuba.

He also thanked all the sponsors of the Lafarge Lusaka Marathon 2019, and urged them to continue partnering with Lafarge Zambia for a safer and bigger Marathon in 2020. The Chairman further assured the country that as the market leader in the construction industry, Lafarge will strive to make the Lafarge Lusaka Marathon and Lafarge Corporate Golf Day; become major events not only in Lusaka but across te country and the world.

Hantuba reiterated that Health and Safety is a core value for Lafarge and runners were guaranteed total safety as the company had started engaging Government authorities, to have total road closure; so that the safety of the runners is not compromised. He has since encouraged people to start registering for the 2020 Lafarge Lusaka Marathon.

Meanwhile, Lafarge Zambia Chief Executive Officer Jimmy Khan announced that 7th Edition of the Lafarge Lusaka Marathon will take place on May 9th 2020 at Levy Mall. He also officially opened all registrations both online and walk-in at ZAAA head offices in Rhodes park.

‘‘The registration amount remains the same, K350 for 42 km and 21 km, 10km is K200 and 5km is K100. Khan also said the theme for the 2020 Marathon is ‘‘Build for Life’’, adding that for over 70 years, Lafarge Zambia has built dreams and iconic infrastructure across the country, as well as building lives albeit in another way; fitness and well-being.

And Zambia Amateur Athletic Association president Elias Mpondela thanked Lafarge Zambia for supporting Athletics in Zambia.

‘‘From the time we started the Marathon, we are able to help athletes in Zambia and it is through this partnership that we are able to bring a gold medal through Sydney Siame. We will continue to work hard and grow the Lusaka Marathon just like any other city in the world,’’ he said.

Speaking on behalf of other beneficiaries, Sr Jeremia Mrowiec, thanked Lafarge for the continued support to the health institutions in Zambia. She further thanked the Marathon runners who continue to register and support the Marathon because it is through them that these health institutions are supported.

0 Comments
0 likes

Lafarge Zambia has donated over K190,000 to

Tech

Zambia has started receiving the 300 Megawatts power imported from South Africa’s ESKOM. Minister of Energy Mathew Nkhuwa has confirmed this to the the Zambian Business Times – ZBT saying that electricity started flowing into the country after midnight .

Zesco has however, not independently confirmed the commencement of electricity imports from South Africa. Nkhuwa said 27 million dollars has been paid to import power for only a period of one month. He further stated that US$20.5 million is the total cost of the imported power and US$6.5 million was for settlement of the arears. He said the importation of 300 Megawatts of power will help reduce the prevailing load shedding by two hours or more.

The Energy Minister explained that this is because five generating machines at the Kariba have completely been shut down leaving only one that is producing 180 Mega Watts to operate. He said the machines can be destroyed if they allowed to operate under the current low water levels at the Kariba Dam.

Nkhuwa assured Zambians that the normal supply of electricity will gradually improve for the month of December and January if rains stabilize. Zambia is currently experiencing a power deficit of about 872MW with load shedding of over 15 hours on a daily basis in most parts of Lusaka, which houses the biggest retail customer base.

0 Comments
0 likes

Zambia has started receiving the 300 Megawatts

Mining

The Luangwa Establishment has added its voice to the ongoing debates surrounding the proposed copper mining prospects in the Lower Zambezi and has announced its views of supporting the move saying it will contribute significantly to the treasury of this country.

The Luangwa Establishment, a non-governmental organization formed for the purpose of promoting cultural and developmental programmes in Luangwa district has explained that Zambia’s economy is dependent on mining hence the proposed mine will bring employment to youths in the nearby districts and the country as a whole.

Addressing the media in Lusaka on November 21, 2019, Luangwa Establishment Chairperson Joseph Felemenga said despite knowing that mining has a limited lifespan and some noted impact on the environment, its development impact is certainly huge and it cannot be ignored. He has since called on the Zambia Environmental Management Agency – ZEMA to make available necessary guidance and documents for mining to commence at the site.

“In our esteemed opinion, any developmental undertaking must demonstrate that it will benefit the local people first through corporate social amenities, employment, service delivery and other supply contracts. Therefore, we strongly recommend that we take the mining route and we hope that the authorities will cooperate with the investor, who in turn shall actualize our dreams and aspirations,” he said.

Felemenga added that mining is not taking part in the whole of Lower Zambezi as the National Park has a land area of 4,092 Square Kilometers and it is over 40KM from the Zambezi river inwards adding that animals are over 50Km away from the mining sites hence world life still has abundant land to roam and feed from.

Meanwhile, when ZEMA was contacted for a comment, the Agency’s Public Relations Manager Ireen Chipili told the Zambian Business Times – ZBT in an exclusive interview that the agency has not received any revised Environmental Assessment Report – EIA from the developer for review hence has no proper comment on the matter.

She said the developer is in charge of providing an EIA to the agency which contains both positive and negative results on the environment before the project begins and that it has not received any new report on mining in the Lower Zambezi.

Chipili further explained that the Agency had in 2015 reviewed a report from Zambezi resources regarding the matter but that the project was not undertaken for three years hence the permit expired as the low requires that if works don’t begin within the stipulated period of time, the license is automatically withdrawn.

0 Comments
0 likes

The Luangwa Establishment has added its voice

Tech

Zazu Africa Limited – Zazu has announced its partnership with MasterCard to issue prepaid cards linked to the Zazu app in a move that will help to reduce cash dependence and increase financial inclusion in Zambia.

Zazu is a mobile wallet that allows customers – even those without a bank account – to send, receive, pay and save money digitally and currently users can only make payments at selected Zazu merchants in Zambia.

By obtaining a Zazu Mastercard prepaid card, cardholders will be able to withdraw money from ATMs and pay for purchase at millions of merchants that accept MasterCard, both in Zambia and internationally.

According to the statement made available to the Zambian Business Times – ZBT, the ZAZU prepaid card also features the latest contactless technology, providing cardholders with a fast and convenient payment solution with the highest security protection.

For e-commerce payments, Zazu customers can request a MasterCard virtual card directly in the app, providing them with a secure way of transacting online without needing to share their primary card or account information with the merchant.

It further states that Zazu users can opt for a single use virtual card, which will expire immediately once it’s used, or a virtual card that is valid for 30 days and has no limit on how many times it is used.

Perseus Mlambo, Founder and CEO of  Zazu said: “From the get-go”, the comoany has set out to build a wallet that people would be able to use locally, and globally and giving user base a companion card to their wallets means they can use their funds at millions of locations around the world. It also provides our customers with the control and confidence they need to manage their money more smartly.

The initiative has been explained to be aligned with the Bank of Zambia’s National Financial Inclusion Strategy, which aims to increase financial inclusion from 59 percent in 2017 to 80 percent by 2022, by enabling more people and businesses to access digital payments and formal financial services.

“Our programmes are developed to help consumers and businesses meet their daily needs, including the ability to transact more efficiently and safely. We are excited to partner with Zazu and lead the transition to digital payment by enabling access to their customers for online and in-person payments across the globe – without the costs and risks associated with cash.” says Mark Elliott, Division President, MasterCard Southern Africa.

0 Comments
0 likes

Zazu Africa Limited - Zazu has announced

Lifestyle

The adverse effects of load shedding have continued to reflect in the Jesuit Center for Theological Reflection – JCTR Basic Needs and Nutritious Basket which has indicated an increase in the cost of living for a family of 5 in Lusaka by K28.41 from K6, 327.28 in September 2019 to K6,355.69 in October 2019.

JCTR has attributed the upward shift in the cost of living to a rise in the prices of some food items on the market and high production costs in the economy adding that the cost of living for a family of 5 in Lusaka went beyond K5,000 thresholds for the first time in history.

In a statement made available to the Zambian Business Times – ZBT by JCTR Communications Officer Alice Mapulanga, JCTR has observed that the majority of poor households which cannot afford generators, gas cookers and solar panels are now forced to rely on charcoal thereby affecting negatively the already fragile environment.

JCTR states that the power outages and energy costs have meant an increase in production of goods which in turn has led to further increase in the cost of living.

The center has since wondered why the country has failed to learn from the past experiences of low water levels in Lake Kariba and invest in alternative and renewable energy sources adding that although Zambia is blessed with a lot of water, onset of climate change beckons the country to diversify its energy generation capacity.

“The solution to the power deficit does not lie in increasing electricity tariffs by over 100%. Lest we forget that in 2018, electricity tariffs were increased by 75% and the tariffs increment had a major effect on cost of living,” JCTR.

Government has since been urged with other stakeholders to take deliberate measures to vigorously sensitize the populace on the benefits of using gas stoves as opposed to using electricity stoves and further put measures to project the forests and forest reserves as most of them are endangered due to the high demand for charcoal.

The center is also expecting government to share with the nation a workable national policy and plan to expand and diversify the energy generation capacity by aggressively embracing alternative renewable energy sources.

0 Comments
0 likes

The adverse effects of load shedding have

Tech

The newly appointed Engineering Institute of Zambia – EIZ President Eng. Eugene Haazele has stated that the current energy crisis the country experiencing should be looked at as an opportunity for Zambian engineers to look into solar and other energy alternatives.

Haazele has explained that the current power deficit resulting into long hours of load shedding should be used as an advantage by local Engineers to explore ways of looking into alternative energy sources such as solar energy, other than depending of hydro generation which comes with environment complications.

He told the Zambian Business Times – ZBT in an exclusive interview that citizens could as well adapt to using solar panels in their homes as an important step to the country’s diversification process.
Zambia has been plugged into darkness as massive and prolonged power cuts affect the entire country which has been said to be a result of the reluctance by governments, past and present to expand and diversify the energy generation capacity and aggressively embrace alternative and renewable energy sources.

Energy experts talked to by ZBT have indicated that solar, wind, nuclear and bio-fuel are other viable energy alternatives that the country could undertake if the crisis of power shortages is to be solved.

When asked on other experts view that solar energy is actually more expensive than hydro power which may be the reason behind the reluctance to diversify, Eng. Haazele explained that Solar is not expensive than hydro as it only requires the sun which could not attract so much investments compared to hydro which needs dams and other facilities to be built to store water.

“Engineers must take it up for themselves to explore ways in which the country can diversify to solar energy which is actually cheaper to undertake. The country relies too much on hydro power generation and nothing or little has been done to move away from the over reliance on hydro generation, that’s why we get stack when there is no water in lake Kariba”.

“Besides hydro has environmental challenges hence it’s only better to diversify to using solar which only requires the sun to operate,” he said.

Due to a reported power deficit of over 750 MW, the country’s power utility company ZESCO is now subjecting some citizens to 15 plus hours of load shedding a day and this has inconvenienced households as well as reduced production in the economy as electricity is a major factor of production.
With the current power importation agreement by the government of Zambia and Eskom of South Africa, it is only hopeful that the solution to this power problem will soon be arri

0 Comments
0 likes

The newly appointed Engineering Institute of Zambia

Companies

The Zambia Revenue Authority -Z RA has welcomed the initiative by government to empower clearing companies owned and run by Zambians. ZRA corporate communications manager Topsy Sikalinda told the Zambian Business Times – ZBT that the agency has since presented a proposal to the ministry of Finance on legally available options to empower Zambians in the industry.

He said the proposed measures include compelling government institutions to clear goods using indigenous Zambian owned companies. ZRA Commissioner General Kingsley Chanda revealed that currently, there are 821 registered and licensed clearing companies in Zambia with over 80% of the business being done by foreign multinational clearing companies through Zambian proxies.

The Commissioner General has urged local clearing agents to desist from smuggling activities so that they consolidate the support, trust and confidence of the Authority. He has also encouraged local clearing companies to form one association so that they have a strong voice and work together.

‘‘Currently, local clearing companies belong to three different clearing associations. Such fragmentation is not good and may negate government effort to them,’’ said the ZRA commissioner General.

The Authority is optimistic that these measures will not only empower the indigenous clearing companies but also create jobs and boost the economy of the country. President Edgar Lungu last week said that skewed business activities towards a few customs clearing agents needed to be addressed and that the anomaly where 80 percent of the customs clearance was done by a few clearing firms while 800 locally owned clearing firms were fighting for a paltry 20 percent should be corrected immediately.

This measure follows reports that foreign owned and controlled firms have hijacked the customs clearing business at the expense of local firms. Foreign businesses simply externalize their profits but local businesses are globally known to ensure that the money remains within the economy.

0 Comments
0 likes

The Zambia Revenue Authority -Z RA has

Markets

Stanbic Bank Zambia has launched the first ever digital loan platform which enables its customers access online personal loans for those with existing approved facilities, scoring a first on the Zambian market.

This new initiative is the first of its kind on the Zambian market and will allow Stanbic Bank customers access instant pre-approved unsecured personal loans online without having to visit a bank branch.

Speaking at a press briefing in Lusaka on November 20, 2019 attended by the Zambian Business Times – ZBT, Stanbic Head of Personal Business Banking Mwansa Mutati explained that extra funds will be credited or paid into the customer’s account within a minute of making the online application as the bank dials up its digital financial offering.

She further disclosed that the bank has in the last five years invested over K730 Million in technology, providing customers with a superior customer service through its continuous digital innovations.
“Banking on the go is a must for today’s clients. This product allows customers to access loan facility at their convenience and Stanbic’s aim is to make the process much simpler with a quicker online alternative that will see funds credited directly to the customer’s account within a short time of a successful application,” She said.

Mwansa has since rated the bank high in comparison to other banks on the Zambian market saying it has proved its continued commitment in digital innovation which is the easiest way of doing business for customers.

At the same event, Stanbic bank Head of Digital Channels Mbinga Kafunya has stated that the bank has continued to be pioneer of a multitude of market-leading innovations in the financial sector as it shifts from traditional brick-and-mortar banking facilities to a digital marketplace.

He said this has further allowed the bank to focus on improved service delivery that is customer – centric and relationship driven adding that it will remain relevant to its customers through various life stages and the business journey. Kafunya has further revealed that the bank looks forwards to introducing international payments which will enable its customers make payments across the region in the near future.

2 Comments
0 likes

Stanbic Bank Zambia has launched the first