BANK of Zambia (BoZ) governor Dr Denny Kalyalya says the K10 billion Medium-Term Loan Refinancing Facility has a strict eligibility criterion because it is targeted at those who can pay back the money. Meanwhile, Zambia’s international gross reserves have continued falling to record lows of US $1.39 billion, representing just two months of import cover,...

THE Business Coalition Council Emergency Taskforce (BCCET), a group of business interest groups focused on initiatives that will help minimize the COVID-19 pandemic impact in Zambia, has reconstituted its steering board of governors to be headed by economist Professor Oliver Saasa. According to a press release availed by BCCET vice-chair, media, Martin Musunka, Prof Saasa,...

ZAMBEEF Products Plc says it has signed an agreement with Chisamba Ranching and Cropping Limited, a company its former joint-chief executive officer Francis Grogan holds a 50 per cent shareholding, to supply the former approximately 1,480 heads of cattle worth over K7.8 million for 2020. In a statement availed by sponsoring broker Pangaea Securities Limited,...

PHASE one of the Consolidated Gold Company Limited (CGCZ) gold processing project in Rufunsa District has commenced, which will see the establishment of 10 milling plants to produce an average of 7.5Kg of gold per month. In a statement, Wednesday, ZCCM-IH public relations manager Loisa Mbatha-Kakoma announced that the establishment of the CGCZ gold processing...

THE Ministry of Finance has ordered that all government entities must submit income and expenditure returns on all COVID-19 funds received from the Treasury by 5th of every month to the Office of the Accountant General. And Secretary to the Treasury Fredson Yamba has advised all companies, individuals wishing to donate COVID-19-related funds to deposit...

FUEL prices in Zambia will not be reduced despite falling oil prices on the international market because the kwacha’s rapid depreciation against major currency convertibles has negated any potential reduction, says the Energy Regulation Board (ERB). Brent Crude Oil prices on the international market have dropped to a five-year low to reach US $20.37 per...

MINING companies operating in Zambia have increasingly become more desperate because they lack a robust stimulus package to continue functioning sustainably in the country’s deteriorating economy, the Chamber of Mines has warned. And the Chamber has urged government to urgently engage the mining sector to forestall the negative impact that will arise on the health...

PRESIDENT Edgar Lungu has urged Zambians to seriously take up fish farming to help contribute to the country’s food security. Speaking during the State House Open Day on fish growing and pond management, Tuesday, President Lungu urged Zambians to seriously take up fish farming to help enhance the country’s food security. “The exercise we have...

Finance Minister Dr Bwalya Ng’andu has estimated that Zambia's budgeted revenue will fall short of target by at least K14.8 billion, which is 19.7 per cent of the approved 2020 budget. And Ng'andu says Zambia's economy has been revised downwards and projected to grow at -2.6 per cent on account of the COVID-19 impact. The...

PRESIDENT Edgar Lungu has wished British Prime Minister Boris Johnson a speedy recovery after he was diagnosed with COVID-19 and admitted to the Intensive Care Unit (ICU) of St. Thomas’ Hospital, London. In a statement availed by President Lungu’s Special Assistant for Press and Public Relations, Isaac Chipampe, Tuesday, the Head of State expressed sadness...

GOVERNMENT’s Tripartite Agreement between the Food Reserve Agency (FRA) and selected millers to reduce mealie meal prices has failed to yield the desired results, says the Indaba Agricultural Policy Research Institute (IAPRI). And IAPRI says the 2019/2020 agricultural season is the fourth consecutive period in a row where Zambia experienced the Fall Army Worm (FAW)...

ABSA Bank Zambia Plc has re-opened its Centro Mall Branch in Kabulonga following approval received from the Ministry of Health after it earlier closed the outlet as a precautionary measure in response to possible Coronavirus exposure. Last month, Absa Zambia had closed its Centro Mall Branch as a precautionary health measure as a result of...

THE kwacha’s sharp depreciation against major convertible currencies is likely to continue due to Zambia’s weak economic productivity, compounded by diminishing dollar supply, says financial market analyst Maambo Hamaundu. According to market players, the kwacha sharply depreciated to hit an historic K18 per dollar psychological barrier for the first time in Zambia’s history by close...

COPPERBELT Energy Corporation (CEC) Plc says it remains totally committed to continue providing seamless power supply services to all its customers on the Copperbelt, while the pending the Bulk Supply Agreement (BSA) with Zesco Limited remains outstanding. And CEC says government’s demands over the disputed BSA, if accepted, would be injurious to its ability to...

THE World Bank has warned that a “major economic recession” will follow in the aftermath of the deadly COVID-19 outbreak. And the World Bank Group and IFC have approved an unprecedented US $14 billion aid package in response to the deadly Coronavirus pandemic. Meanwhile, the Bank has appealed for debt relief to be extended by...

PRESIDENT Edgar Lungu is this morning expected to address the nation on the deadly Coronavirus pandemic. According to a statement released by President Lungu’s Special Assistant for Press and Public Relations Isaac Chipapme, the Head of State will address the nation on the COVID-19 outbreak live on ZNBC TV1, ZNBC radio stations and Diamond TV...

MULTICHOICE Zambia has hiked its DStv Box Office rental fees to K30 per movie from K19.50, effective April 15, 2020, triggered by the company’s desire to enable it keep delivering top-quality value-added service. According to an SMS circulated to all its subscribers, Monday, Multichoice will be increasing its popular DStv Box Office rental fees to...

SOUTH African Airways (SAA) has scaled down capacity and grounded 162 flights in response to the low demand for air travel, triggered by the Coronavirus outbreak that has engulfed the globe. The effects of the outbreak of COVID-19 have led to travel disruptions and restrictions across the world, leading to the grounding of an unprecedented...

THE Securities and Exchange Commission’s (SEC) temporary possession of Madison Asset Management Company (MAMCo) came as a result of its financial challenges, which emanated from exposure to companies that collapsed, LSA Group chairman Dr Lawrence Sikutwa has disclosed. But MAMCo’s financial challenges, which led to SEC temporarily taking possession earlier this month, are being worked...

THE kwacha’s depreciation to an all-time low of K16.00 per dollar has been proven to be the worst-performing African currency despite Zambia being one of three countries on the continent without confirmed cases of the deadly COVID-19. Last Friday, the kwacha depreciated to breach the K16.00 per dollar psychological barrier for the first time in...

AIRTEL Networks Zambia Plc has posted reduced net profits of only K15.7 million during its 2019 financial year period compared to over K64 million in the prior corresponding period in 2018, partly triggered by the kwacha’s depreciation in the second half of last year. In a statement announcing the company’s audited financial results for the...

THE kwacha has depreciated to hit the K16.00 per dollar psychological barrier for the first time in Zambia’s history, owing to a sustained high demand for the greenback on the local market, compounded with little supply. According to financial market players, the kwacha maintained a weak position, depreciating to breach and crash through the K16.00...

ZCCM-IH chief executive officer Mabvuto Chipata says talks with various companies outside Zambia are at an advanced stage to secure a viable market for the off-take of gold that will be due to be sold. And Chipata has announced that ZCCM-IH will be offering a competitive price for gold from the local market, pegged at...