French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Reporter,

The Central Statistics Office (CSO) on Thursday announced that Zambia managed to close the year with a single digit inflation recorded at 9.9%.

According to CSO data, the country’s annual inflation rate declined by 1.6% from 11.5% recorded in November. And preliminary data is indicating a 6.3% economic growth rate while poverty reduction recorded a marginal decline.

Buoyed by the recovery in mining, construction and agriculture sector, the country’s Gross Domestic Product (G.D.P) was expected to grow by 6.3% during which the year under review recorded a bumper harvest in maize.

Meanwhile, Zambia National Farmers Union (ZNFU) President Jervis Zimba has expressed concern at the prolonged drought in some parts of the country.

The Zambia Meteorological Department said there would be rain fall activities in most parts of the country that had not been receiving any rainfall. This will be due to the moist Congo air that will start flowing over the country.

In an interview, Zimba said the current weather pattern in Southern Province, Central Province and the Southern Half of Eastern Province is worrying as farmers were at the stage of putting top dressing fertilizer on their maize. Mr. Zimba said he was hopeful that the coming days would bring about some good rains to sustain the country’s food security. He was however sceptical as what normally happens after a dry spell is flooding.

Mr Zimba said the union would by the end of January release results of an assessment which would determine the impact of the prolonged drought in some areas.

Earlier, the World Meteorological Organisation, had observed that the weak to moderate El Nino weather system in the Tropical Pacific Ocean had strengthened considerably and could create droughts and floods around the world until May.WMO representative Rupa Kumar Kolli said it was difficult to predict specific impacts in different regions because Ell Nino was not the only factor that determined the weather.

Copyright © 2007 -2010 Zambian Chronicle. All Rights Reserved

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Reporter

Zambia Postal Services (ZAMPOST) is for the first time since its incorporation expected to make a profit following the company’s good performance.

Zampost postmaster general Paul Simfukwe could not, however, disclose how much profit the company will make but said it will be made known by March 31, 2010.

Mr Simfukwe attributed the company’s good performance to financial services such as money transfer and the Bureau de Change.

He said the express mail and the Zampost bus were equally performing very well.

He said Zampost currently has 12 buses servicing provinces.

“We are modernising our fleet to double the number of our buses. The transport sector is doing very well in not only ferrying mails but also carrying passengers,” he said.

Mr Simfukwe said the future of Zampost was bright as opportunities were immense.

He said there are plans to open a Post Bank that will service the huge clientele in all the areas where the company has a presence.

Zampost has about 120 branches countrywide.

He said the company has also embarked on automation of all postal offices linking the branches to each other by the end of March 2010.

He said a lot of money is being invested in the automation of Zampost to transform and modernise the postal services as well as ensure the company’s survival in the rapid changing environment.

Mr Simfukwe said resources have been invested in installation of wide area networks, computerisation and automation of systems and processes.

“The postal sector makes significant contribution to the social and economic development of a country and to poverty reduction by enabling the exchange of information, goods and money,” he said.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Reporter

Professional Insurance described 2009 as a successful year despite the global economy crisis.

Professional Insurance Deputy General Manager Geoffrey Chirwa said this when he was speaking after a media briefing to announce the insurance company’s new products.

Mr. Chirwa said the global economic crisis did not have any significant negative impact on the company’s business.

He said due to the support mainly from the company’s clients, the year 2009 has been extremely good.

Mr. Chirwa further stated that his company has instituted measures to counter the impact of global financial crisis through means of expense reduction. This was done in order to avoid deficits.

He also stressed hope that 2010’s financial year’s performance would surplus that of 2009 as the company continues to come up with additional products for growth.

And in closing he named the new products that the company launched as, Premium Holiday Package, Senior Citizens Package, Pay as You Drive and Lady Drivers Insurance Package.

Copyright © 2009 Zambian Chronicle. All Rights Reserved

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

The Development Bank of Zambia (DBZ) managing director, Abraham Mwenda, has revealed that negotiations have reached an advanced stage and the deal would be finalised soon in which the bank is negotiating for a US$5 million credit line with the Industrial Development Corporation of South Africa that will enable the bank provide funding to Zambian firms.

Dr Mwenda stated that the US$ 5 million credit line would target mainly the Zambian firms which were in the business of exporting agriculture and manufactured products.

Speaking in Lusaka, he said lack of finance was undermining the bank’s effort of providing funding to various firms. But the bank was commited to ensure that firms wishing to access funding were funded.

Dr Mwenda said the bank had in the recent years signed various credit lines, which have enabled it to increase its loan providing funding in various sectors of the economy.

 “DBZ wants to add value to the economy by providing funding to various business ventures,” he said.

 He bemoaned the low capitalisation and institutional capacity of micro-finance institutions in Zambia saying this undermined the availability of finance.

 Dr Mwenda noted that the available credit was not affordable. Most financial institutions were not willing to provide long term finance.

 “The country is also characterised by unequal access to economic opportunities, for instance some SMEs are unable to access funding,” he said.

 There was need for more players in the financial sector to come on board to transform the sector and further create competition.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

Mazabuka District Business Association (DBA) has acquired US$220,200 approximately (K1 billion) from the Citizens Economic Empowerment Commission (CEEC) for various projects.

The Mazabuka DBA says it will use the money to buy the office complex it is currently renting, set up a training centre, tourist house and acquire equipment.

According to the latest monthly publication of the Zambia Chamber of Small and Medium Business Associations (ZCSMBA), the funds will also be used to build a modern conference facility and house.

ZCSMBA has expressed joy at the CEEC’s decision to approve the Mazabuka DBA application.

Mazabuka DBA is one of the three associations that have been successful in the bid for a telecentre funded by Communications Authority of Zambia (CAZ).

Other DBA’s that were sucessful are those in Serenje and Mumbwa.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

The Zambia Development Agency (ZDA) has told the business community and small and medium enterprises (SMEs) to exploit potential economic generating ventures in Western Province.

ZDA director general Andrew Chipwende said the local community should abandon the notion that Government alone should develop the country and Western Province in particular but work together with the private sector to unlock opportunities in the area.

Mr Chipwende said this during a ZDA Investment and Trade Sensitisation workshop on Friday at Mongu’s Country Lodge.

He said there is need to identify opportunities and challenges to achieve investment needed to create public private partnerships (PPP).

“Unless we realise the aspects that hamper business, such as registration and infrastructure, under the PPP framework, Government in partnership with the private sector should endeavour to undertake developmental projects in various economic sectors,” he said.

Mr Chipwende said one such opportunity will be the growing of rice on a large-scale where value-addition through polishing can be done, thereby creating employment and generating income.

He also said the mango business is another venture that has not been fully exploited, although the Barotse Royal Establishment has indicated it will consider citrus fruits production in Senanga.

Other projects to be considered include a sugar plantation, Irish potatoes and cashew nuts growing because of the suitable soil and climate.

He said a feasibility study was undertaken by a South African firm that recommended that the soil and climate in Sesheke district was conducive for growing high quality sugarcanes likely to surpass the Caribbean tonnage per hectare.

“A team from South African firm PGI was contracted to do a feasibility study in this province and revelations were that sugarcane grown in Sesheke area could yield about 120,000 tonnes per hectare compared to 40,000 in the Caribbean,” he said.

He said with the sugar free quotas granted to member states by the European Union (EU), Zambia can significantly benefit in foreign exchange earnings, adding that ethanol can be used to co-generate power to minimise the current power deficit.

Mr Chipwende also called for business linkages and initiative for projects to succeed and have an economic spiral effect on the welfare of the locals.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

Equinox Minerals, the owners of Lumwana Mine in Solwezi, president and chief executive officer Craig Williams has said his company has continued to assess the possibility of expanding mining operations beyond the current mine.

He said there were significant opportunities at the Lumwana Mine following the completion of ramp up to further expand and optimise the concentrator and mine current production rate. 

Mr Williams said on Friday, when presenting the company’s financial and operational results for the third quarter,  that the mine management had continued to assess and evaluate the additional near mine deposits discovered to date.

“Equinox will continue to assess these opportunities for expansion and organic growth at the Lumwana Mine,” he said.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

The Economics Association of Zambia (EAZ) has welcomed Government’s intention to float its newly acquired 50 percent Total International shares in Indeni Petroleum Refinery to a private equity partner.

EAZ president Mwilola Imakando said yesterday that Government should withdraw from doing business and concentrate on regulation, monitoring and policy formulation.

“Government should not be in business; it should only step in when there are problems to try and resolve any impasse,” he said.

Dr Imakando said Government should now find a strategic partner to buy the 50 percent shares.

He said Government’s withdrawal from public business should be in line with the privatisation programme.

Dr Imakando said it is pointless to own a company that will only result in carrying on liabilities.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

The Zambian Breweries (ZB) group has commended President Banda and Vice-President George Kunda for speaking out against abuse of alcohol in the country.

ZB corporate affairs director Chibamba Kanyama said in a statement over the weekend that it is gratifying to get such messages from the highest offices in the land.

He said this is in line with his company’s policy on alcoholic usage.

Mr Kanyama said ZB shares President Banda and Mr Kunda’s concerns about the abuse of alcohol, especially about underage drinking.

He said ZB has in the past consistently noted with dismay and condemns the indiscriminate sale of alcoholic drinks at open markets and by several unlicensed traders, because the company realises that this gives access to people below the drinking age.

“Zambian Breweries has an alcohol policy framework which strictly guides the company in the way it conducts its business particularly around commercial communication and it is very encouraging to get support in this cause from President Banda and Mr Kunda,” he said.

He said ZB has always emphasised to its business partners such as outlet owners to ensure that they do not allow minors on their premises, and also not to allow highly intoxicated patrons to drive in their drunken state.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”

French Version German Version Russian Version Spanish Version

Portuguese Version Chinese Version Arabic Version

By ZamChro Correspondent

Chambeshi Metals, which was closed early this year will resume operations this week and immediately re-employ at least 300 workers, chief executive officer Derek Webbstock has said.

Mr Webbstock said on Tuesday that the copper and cobalt processing plant had received enough raw materials for it to resume partial operations.

He said the plant would start processing cobalt concentrates this week after accumulating sufficient stocks at the plant.

“We have received enough cobalt concentrates from the Democratic Republic of Congo (DRC) so we should resume operations this week,” he said.

Mr Webbstock could not however reveal the quantity of the concentrates but insisted that that the amounts were sufficient to sustain commencement of production.

He said the company would soon start processing copper concentrates as well depending on the availability of supply from mining companies.

Mr Webbstock did not give a time frame on the commencement of processing copper concentrates, saying the company would look at availability of supply of the concentrates.

He said apart from expecting copper concentrates from the DRC, the company would also see how production at Luanshya Mine goes and whether the mine would be willing to enter into a contract to supply concentrates.

“We initially expect about 300 workers to resume working and more will probably be engaged as production increases,” he said.

“Copyright © 2009 Zambian Chronicle. All Rights Reserved.”