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Proflight Zambia has announced that it is giving the nation’s youngsters an opportunity to fly high with 75 percent discounts to mark this year’s women’s and youth day holidays for the children and youth between the ages of 2 and 17.
With discounted flights available from March 7-13, the airline’s special discount empowers the youth to save for their futures while broadening their minds with travel at the lowest cost, said Proflight director of government and industry affairs Capt. Philip Lemba
“We want to encourage and motivate young stars to spend time with family and explore the country especially during the long holidays.” he said.
Those wanting to fly must book by March 12 to qualify for the special discount which is available to all accompanied children and youth aged 2-17 years travelling between March 7 and 13 on Proflight between Lusaka and Mfuwe or Livingstone, and between Ndola and Livingstone or Mfuwe.
“I also believe such holidays are the best times to getaway for some fun and adventure with friends. The 75% discount is a huge saving on the side of the youths and I urge them to use this opportunity and fly,” said Capt. Lemba.
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he Securities and Exchange Commission – SEC has clarified that it can only regulate cryptocurrency and other related digital assets that meet the definition of a security as defined by the Act.
SEC Chief Executive Officer – CEO Philip Chitalu in a statement availed to the Zambian Business Times – ZBT stated that “whether any digital assets or products fit the description of a financial security in accordance with the Securities Act No. 41 of 2016, it will be assessed on a case by case basis focusing primarily on each product’s characteristics, features and uses”.
Chitalu stated that crypto currencies are numerous with their ever broadening form spanning from the famous Bitcoin, alternative coins, Initial Coin Offerings – ICOs to other products that are emanating from block-chain technology. Their market has grown rapidly with more and more people opting to use or invest in them.
The SEC CEO confirmed that his commission has received queries on whether these crypto currencies are safe to invest in and if they fall under the Commission’s ambit. Chitalu stated that currently these products are not regulated by the Commission unless they meet the definition of a security as defined by the Act and this, as indicated will be considered on a case by case basis.
Chitalu stated that the Commission would also like to advise investors, both current and potential, to observe extreme caution when dealing with self-proclaimed cryptocurrency educators, trainers and advisors as the credibility and accurateness of their teachings and advice are unverified.
He further cautioned those that are operating any systems and platforms within Zambia that effect or facilitate transactions for the various crypto currencies to ensure that they are not in any way abrogating any part of the Act and that those that meet the description of securities in accordance with the Act are registered with SEC.
Last month, the Bank of Zambia – BOZ issued a press statement on the regulatory winding down of local crypto currency company, Heritagecoin Resources Limited (HRL) which had accumulated deposits of the K15.3 million (about US$1.3 million). The Anti Corruption Commission – ACC ceased the deposits from the company in various bank accounts.
BOZ in 2018 declared that cryptocurrencies such as Bitcoin are not legal tender, warning that those conducting transactions in the cryptocurrency would have nobody to turn to or blame in the event of market failure. However, some international critics of the institution and promoters of crypto currency Bitcoin accused the central bank of issuing the decree solely because it wants to promote its consistently depreciating fiat currency, the kwacha.
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Your premium business paper, the Zambian Business Times – ZBT Newspaper print edition is out today!
In this edition, get to understand why the copper price surge to over US$6,500 per ton has cheered the private sector and how it affects you and your business decisions, an analysis of why a dividend if K10million dividend from IDC, a business with a portfolio of over 34 companies exposes underperformance of some SOEs.
Also read about how Kagem raised US$10.8 million in a lusaka auction, why the Under 23 soccer team under Beston Chambeshi is Zambia’s best bet and read our editorial on the urgent need to attend to the cost of borrowing by BOZ and Ministry of Finance.
Get your copy of your premier business newspaper with well researched and analyzed business, companies, financial markets, mining, technology, lifestyle, agribusiness and sports.
Get your copy from all leading Pick n Pay, Choppies and selected convenience countrywide.
If you are Newspaper distributor and wish to stock ZBT, an Individual, SME, or a Corporate wishing to subscribe, kindly inbox us. Enjoy your business and financially rewarding read!
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The recent exit of two top directors within one month is raising questions on what is really happening at Zambia’s top Agri business company, Zambeef. The company within the month of February has just lost two key directors, who between them were the erstwhile key staff leading the management team.
Effective February 4, the company announced that its long serving Executive Director and Board Member, Yusuf Koya had resigned from all Group Companies. Koya had served the integrated Agro company for over 13 years, having joined Zambeef as Group General Manager in May 2005.
A few days later, on 12 February, the company announced the resignation of Craig Harris as Chief Financial Officer – CFO, of Zambeef Products PLC and all Group Companies, this time with with immediate effect. On Koya’s announcement, the board chairman, Dr. Jacob Mwanza who is former Bank of Zambia Governor had stated that he would remain and serve the company, without specifying the exact role he would play
In a stock market brief seen by the Zambian Business Times – ZBT, the Zambeef Board announced the appointment of Walter Roodt to the Board of Zambeef. Walter is currently the Deputy Managing Director the CEO designated once the incumbent (Francis Grogan) retires at the end of 2019.
Zambeef Chairman, Dr Jacob Mwanza stated that Koya has been a valued member of Zambeef for many years, “I would like to thank him for the tremendous contribution that he has made to Zambeef since he joined the Company almost 14 years ago. Koya has played and continues to play a valuable role in supporting the growth of Zambeef through his vast knowledge and experience of banking and corporate finance.”
Koya is credited for his work ethic and having contributed to the growth and development of the Company. He is also credited with overseeing the stock exchange listing in London and that he was instrumental in successfully implementing a significant number of corporate transactions as well as successfully raising debt finance of over USD100 million over the last 14 years.
On Harris, Dr. Mwanza stated that “the Board wishes to thank Craig for his dedication and contribution to the company since his appointment in 2012 and wishes well in his future endeavours.”
Zambeef Group is one of the largest integrated cold chain food producers in Zambia. The company is involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stock feed.
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Kansanshi & Kalumbila-Trident copper mines have raked in US$3 billion in 2018. Canadian listed First Quantum Minerals (FQM) group with operations at Kansanshi and Kalumbila-Sentinel in North Western province of Zambia in 2018 produced a total of 606,000 tonnes in total production with the two Zambian based operations contributing 79% (about 80%) of the global copper mining giants total production.
In a conference call attended by the Zambian Business Times – ZBT analysts, FQM president, Clive Newell presentation stated that the group recorded improved copper production, up 6% from 2017. Kansanshi contributed 252,000 tonnes while Kalumbila-Trident contributed 224,000 tonnes. The two Zambian mines together delivered 476,000 tonnes in 2018 alone.
In terms of capital expenditure, FQM spent about US$1.3 billion in 2018 investing in its Copre Panama project. This is perhaps the groups diversification drive to water down the 80% copper production concentration coming from Zambia. However, the new Panama mine is projected to produce about 175,000 tonnes at most in 2019.
The projected copper production for FQM group in 2019 700,000 to 735,000 tonnes and the two Zambian operations are expected to contribute about 560,000 tonnes which would be about 76% of the groups overall copper production.
FQM projects 18% growth in Copper Production from Zambia
This projection for Zambian operations is a growth from 476,000 tonnes in 2018, an upsurge of about 18%, a show of confidence in the Zambian mining industry and its production capacity. Since the projection is that its copper production will jump up to 560,000 tonnes from non-panama copper production, it signals confidence in the Zambian operations.
However, Newall stated that the Zambian government is yet to advise the Goods and Sales Tax – GST rate which is expected to come into place by 1 April 2019. The impact of GST which replaces the erstwhile Value Added Tax, which the mines were zero rated and hence a net claimer of VAT has not yet been included, perhaps a signal that FQM expects to negotiate exemption.
Zambian mines rake in US$3 billion in 2018
Taking the London Metal Exchange – LME average 3 months copper price of US$6,123 per tonne, FQM generated average revenues of about US$2.9 billion (about US$3 billion) in 2018. The company posted total group revenue of US$3.966 billion, meaning that Zambian mines on copper alone excluding other by-products like Gold contributed about 74% (2.9/3.9) to overall revenue for the FQM group.
The Zambian government recently revised upwards its tiered mineral royalty tax band rates for copper mining companies by 1.5% and introduced another tier that would see a mineral royalty tax rate of 10% when global copper prices as depicted by the benchmark LME crosses US$7,500 per tonne price tag.
The revised tax bands for mineral loyalty on Copper produced in Zambia for 2019 will be: If international copper prices are less than US$4,500 per tonne – 5.5%, if between US$4,500 – US$6,000 – 6.5%, US$6,000 – US$7,500 – 7.5% and a new upper band introduced for 2019 of greater than US$7,500 at 10%.
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Zambia’s inflation rate for February 2019 has recorded a decline of 0.1% for the first time in three months after recording a two months flat inflationary rate at 7.8% from December last year to January this year.
The year on year inflation rate as measured by the all items Consumer Price Index (CPI) for February 2019 decreased to 7.8% down from the 7.9% recorded in January 2019 and December 2018. This inflation rates means that on average, prices of goods and services increased by 7.8% between February 2018 and February 2019.
The year on year (Annual) food inflation rate for February 2019 has also recorded a decrease of 0.5 percentage points, this is the greatest decrease in four months and has been attributed to price changes in bread, cereal , meat products and vegetables. These decreases are as a result from early harvest that have started to hit the market.
Acting Director of Census and Statistics Ivan Sikanyiti stated during the monthly bulleting presentation on Thursday morning attended by the Zambian Business Times – ZBT that on the other hand, that the annual non-food inflation rate for February 2019 has recorded an increase of 0.2 percentage point from 7.7 recorded in January 2019 to 7.9 recorded this month.
The Acting Director attributed the increase in this non-food inflation to the price changes of items in the transport CPI main group. Following the last increase of fuel pump prices effected by the Energy Regulation Board – ERB, there has been a rise in transport costs especially in the major cities by commuter bus services.
The increases seen in bus commuter services in major cities of Lusaka, Kitwe and Ndola is expected to see some reversal in March following ERB’s announce fuel price cuts following relative stability of the Kwacha at the new elevated levels and reduction in internal crude oil prices.
Meanwhile the month on month inflation rate for February 2019 was recorded at 0.7% indicating a decrease of 0.4 percentage point compared to 1.1% recorded in January 2019. This month on month reduction means that on average, the price of goods and services decreased by 0.7 percent between January and February this year.
The decrease in the month on month inflation rate is mainly attributed to the price change in the transport main CPI group such as prices of Toyota Hilux, Toyota corolla and Nissan Sentra, based on relative stability of the Kwacha at the new elevated levels. There is also stiff competition among car companies which is currently playing out.
Fresh vegetables and fruit products helps cool off inflation
Zambia’s inflation rate for February 2019 has
