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ZAMBIA Development Agency (ZDA) Regional Entrepreneurship Development Officer Shental Siajunza has called on Small and Medium Entrepreneur (SME ) business organisations to develop interest in learning new techniques in running their businesses.
ZDA Regional Entrepreneurship Development Officer made his call at a one day workshop organised by COMESA at Kasama Lodge on Monday this week.
Mr. Siajunza said SMEs should take advantage of the workshop and advance in running their business profitably and effectively through joining relevant trade organisations.
He pointed out that by linking with relevant organisations like COMESA they could avoid paying trade taxes to councils and exorbitant border charges.
Mr. Siajunza thanked Zambia national Commercial bank for sponsoring the workshop to expose the SMEs in Kasama to modern trade techniques and enhance the development of the district.
He further praised COMESA for offering free a free training kit to SMEs in Kasama which would go a long way in enhancing smooth business operations.
Mr. Siajunza pointed out that SMEs should making joint trips when importing items abroad to cut down on costs which could result into economic growth of their businesses.
Meanwhile Zambia National Commercial Bank (ZANACO) Head Business Banking SME Manager at Head office Chibamba Lopa said his Bank is proud to sponsor SME workshop to empower local businesses in national.
Mr. Lopa said ZANACO is aiming at promoting and empowering Small and Medium Business Entrepreneurship by providing conducive business climate to it clients and achieve economic growth.
The Head Business Banking SME Manager disclosed that his bank has reduced Bank interest rate to 20 Per cent from 32 with effect from May 1 this year.
Mr. Lopa added that ZANACO is also geared in offering short tern loans, credit facilities in overdrafts and make their customers comfortable by spending shorter times at their branches national wide.
Commerce,Trade and Industry Minister Felix Mutati has urged Zambians not to frustrate investors coming into the country
Mr. Mutati said government has worked hard to bring investors in the country warning that if frustrated investors can leave the country for other countries.
He also noted that there is need to address the bureaucracy that seems to be having a negative impact on investment.
Mr. Mutati pointed out that certain government ministries should ensure that bureaucratic tendencies that surround investment are well sorted out.
Speaking in Lusaka this morning when he met a Japanese business delegation, Mr. Mutati states that government would keep on working hard to attract more investment into the country for the benefit of the Zambians.
Mr. Mutati has since thanked Japan for choosing Zambia to explore investment opportunities in the various sectors.
He said Japanese investment would further attract other countries to invest in Zambia because of its global dominance.
Mr Mutati said government welcomes such investment because it is aimed at creating jobs for Zambians
And Japanese ambassador to Zambia Hideto Mitamura has praised Zambia’s steady progress in economic growth.
Mr. Mitamura said Japan remains committed to help Zambia to attract investment from Japan.
He has further praised Zambia for the way it managed the effects of the global economic downturn last year.
And Japanese business delegation leader George Hara said the team is in the country to help contribute to infrastructure development.
He noted that once settled, the business delegation will help the country achieve economic growth.
[QFM]
A Lusaka magistrate Court has convicted former Finance Minister Katele Kalumba together with six of his co-accused on corruption charges.
Lusaka High Court deputy director of court operations Edward Musona sitting as magistrate convicted Dr Kalumba together with his co-accused today when he delivered judgment in the long running corruption trial.
Those convicted together with the MMD national secretary are former finance permanent secretary Stella Chibanda, former finance chief economist Bede Mphande, former finance director of budget Boniface Nonde, former secretary to the treasury Professor Benjamin Mweene, former Access Financial Services Limited (AFSL) directors Faustin Kabwe and Aaron Chungu.
The corruption charges relate to the payments made to US security companies Systems Innovation and Wilbain Incorporation involving US$20 million during the time he served as Finance minister in former president Fredrick Chiluba’s Government.
[ QFM ]
Duda Yankovich has said she had little to say about how much she rates Esther Phiri in their looming World title clash showdown set for Lusaka this Saturday.
WIBA light welterweight champion Yankovich and Esther will battle on Saturday at Mulunsughi Conference Centre for the world title.
“I have seen Esther Phiri’s fights but it will be ridiculous for me to tell you how I rate her,” The Serbian-born Brazilian boxer said on Wednesday in Lusaka upon arrival.
“All will be seen in the ring. I’m a boxer my job is to fight.”
Yankovich has lost only once from 12 professional fights with her first loss incidentally in her last bout, and first fight outside Brazil, after suffering fourth-round technical knockout to America Holly Holms in WIBA welterweight title fight on June 5 last year.
George Lwandamina has drafted three more players to his CHAN team ahead of next weekend’s CHAN qualifier against South Africa.
The trio includes the Zanaco duo of striker Ignatius Lwipa and goalkeeper Racha Kola.
Lwandamina has also called Red Arrows defender Jimmy Chisenga.
The team regroups in Lusaka on Thursday at the Faz Technical Centre ahead of Zambia’s must-win match on June 5.
Zambia lost the match 1-0 away in South Africa last Sunday and must beat the latter 2-0 in a week’s time to book their place at the second edition of the CHAN finals in Sudan next year.
Division 1
Week 5
North
Konkola Mine Police 1-Mufulira Blackpool 0
Mufulira Wanderers 0-Kitwe United 0
Mining Rangers 0-Mufulira Police 0
Chambishi 1-Ndola United 1
Indeni 1-Chingola Leopards 1
Kalulushi Modern Stars 3 -Prison Leopards 0
Mansa Health Stars 0 -Lime Hotspurs 0
Chindwin 2 -Medical Stars 0
Kalewa-Zamtel (Not played)
South
Communite 2 -Mazabuka United 1
Nakambala Leopards 2 -Young Green Eagles 1
Kafue Celtic 1 -Green Eagles 1
Nampundwe 0- Profund Warriors 0
Riflemen 1 -Kalomo Jetters 1
TP Rangers 0- Paramilitary 1
Lusaka City Council 2 -Lusaka Tigers 2
Zesco Shockers-Livingstone Pirates (Not played)
Kum’mawa Vs Luena (Not played)
Bank of Zambia of Zambia governor Caleb fundanga and his deputy Denny Kalyalya
Zambia’s economy may grow faster than the government forecast this year on higher copper prices and a bumper grain crop, putting the country in a good position to seek its first credit rating, central bank Governor Caleb Fundanga said.
The government may sign an agreement with JPMorgan Chase & Co. as early as this week to advise it on proceeding with the credit rating, Fundanga said in an interview yesterday in Abidjan, the commercial capital of Ivory Coast.
Zambia, Africa’s biggest copper producer, shelved plans for a credit rating in the second half of 2008 after the global financial crisis hit. Copper prices have more than doubled since the beginning of last year, while the government estimated a 42 percent surge in grain output in 2010. That could push economic growth to between 7 percent and 8 percent in 2010, compared with 6.3 percent forecast in December, Fundanga said.
“There are reasons why one should be optimistic,” the governor said. “I don’t see why in a year when we have fewer problems we should do less than a year when we had more problems.”
Zambia will probably produce a grain surplus of 1 million metric tons this year, which will be exported, boosting foreign currency earnings, Fundanga said.
Credit Rating
A credit rating will allow local companies to borrow at more favorable rates abroad, the governor said. The government hasn’t decided whether it will also use the rating to sell an international bond, he said.
“If there’s an opportunity for the government to borrow to finance critical investment in infrastructure, for example hydropower generation, roads and so forth, there’s no reason why the government can’t borrow,” Fundanga said. “Debt sustainability ratios are good right now, and our capacity to repay is very good.” Still the primary purpose of the rating is to “assist our private sector,” he said.
Angola, which vies with Nigeria as Africa’s biggest oil producer, was awarded its first credit rating of B+ by Standard & Poors and Fitch Ratings last week, paving the way for the sale of an international bond. Ghana, the world’s second-biggest cocoa producer, is also considering selling its second dollar bond next year, Deputy Finance Minister Fifi Kwetey said in an interview yesterday.
China and Copper
Zambia’s economy is benefiting from Chinese investment in its copper industry. China Development Bank Corp. will provide $5 billion of loans to companies involved in Zambia’s mining sector under an accord signed this month, the official Zambia News & Information Services reported on May 13.
Copper production is forecast to reach 1 million metric tons in 2012 from 700,000 tons this year, Fundanga said. Output was 697,860 tons last year.
[pullquote]“If there’s an opportunity for the government to borrow to finance critical investment in infrastructure, for example hydropower generation, roads and so forth, there’s no reason why the government can’t borrow,” Fundanga said. “Debt sustainability ratios are good right now, and our capacity to repay is very good.” Still the primary purpose of the rating is to “assist our private sector,” he said.[/pullquote]
The price of copper climbed to as high as $7,960.25 a ton in April, compared with $2,809.50 in December 2008.
“The key to maintaining a high price depends on growth in the key copper-consuming countries, such as China,” Fundanga said. “If China continues to grow, if India continues to grow, and countries in the euro zone can sort out their problems and start growing, that will help. They are also major consumers of our copper.”
Zambia’s Kwacha has slumped 6.6 percent this month as investors sold riskier, emerging market assets on concern the European debt crisis may stall the global recovery. The currency was trading at 5,065 per dollar late yesterday.
The inflation impact from the Kwacha’s depreciation may be limited, while exports may benefit, Fundanga said. The government is still on track to meet its goal of bringing inflation rate down to 8 percent by the end of the year, from 9.2 percent in April, he added.
“With a food surplus like that, prices will come down,” the governor said. “The trend is towards lower levels of inflation. Our target can easily be attained.”
[Bloomberg BusinessWeek]
==================================================================
–Editors: Philip Sanders, Heather Langan
To contact the reporters on this story: Nasreen Seria in Abidjan at [email protected].
To contact the editor responsible for this story: Peter Hirschberg at [email protected].
Zambia makes their first visit to the America’s in 11 years when they face hosts Chile in Calama in a friendly match.
The match is part of Chiles 2010 World Cup warm-up ahead of next months tournament in South Africa.
On Zambia’s last visit to the continent in 1999, they lost 7-1 to Honduras in another friendly match.
This evening match against Chile will mark caretaker trainers Wedson Nyirenda and Honor Janza’s first senior match in charge for Zambia and also the two teams first ever meeting at senior level.
Meanwhile, missing from the side will be key goalkeeper Kennedy Mweene due to a shin injury and so his longtime number two Kalililo Kakonje of Amazulu in South Africa will step in for the friendly.
Midfielder Rainford Kalaba who has been club-less since returning from the Africa Cup is set to return to high profile action since last playing for Zambia in Angola.
Jonas Sakuwaha will also play his first match for Zambia this year after pulling out of the Africa Cup to concentrate on cementing a place at French club Lorient.
In attack, Given Singuluma and Christopher Katongo should lead in attack while Hichani Himoonde, Francis Kasonde and Stophila Sunzu will be in defence.
The National Revolution Party (NRP) has called on President Rupiah Banda to set up a tribunal to investigate the death of late President Levy Mwanawasa.
Party Secretary General Kelly Walubita Jr told Q fm that Zambians would be interested in knowing the circumstances that led to the death of the late President.
Mr. Walubita was backing former first lady Maureen Mwanawasa that there is need to investigate the death of her husband. He said there are a lot of speculations concerning the death of Dr. Mwanawasa, adding it is incumbent upon the government to help respond to these speculations.
Mr. Walubita said there have been a lot of suspicious deaths of prominent politicians in the history of the country. He named some politicians whom he says died suspiciously as late Paul Tembo, Ronald Penza, Peter Lishika, Major Wezi Kaunda, among others who died during the Chiluba regime.
He said the death of the late President also might have been a planned one, urging the government to take seriously, the former first lady’s concerns.
[Q fm]
President Rupiah Banda cuts the African Freedom Day cake
THE Government has criticised some opposition political parties who have continued to stay away from national celebrations even after being invited to the events.
Chief Government spokesperson Ronnie Shikapwasha said it was sad that some opposition leaders had continued to stay away and called on them to separate their differences from national activities.
Lieutenant-General Shikapwasha, who is Information and Broadcasting Services Minister, was speaking in an interview during the Africa Freedom Day celebrations held at the showgrounds in Lusaka yesterday.
Gen Shikapwasha wondered why some opposition leaders who were so vocal had failed to differentiate between political functions and national events.
“We are not bothered by the opposition staying away from national events but if they claim to be popular why have they continued to ignore such important gatherings and what assurance is there that they are not capable of cancelling such important events given a chance to govern the affairs of the nation,” he asked?
[pullquote]
Gen Shikapwasha wondered why some opposition leaders who were so vocal had failed to differentiate between political functions and national events.[/pullquote]
He said it was clear that some opposition leaders were ignorant and did not understand events such as the Africa Freedom Day, which had brought about freedom not only in Zambia but Africa as a whole.
The minister urged the opposition leaders to reflect on their action and that the MMD Government remained committed to dialogue with every person despite their status or political affiliation.
The Government would continue to embrace the peace and unity which the country had enjoyed over the years.
Tribute was also paid to political parties in the country which had showed leadership and continued to attend such events each time they were invited.
Among some notable people who attended the celebrations were former secretary-general of UNIP Grey Zulu, freedom fighter Sikota Wina and his wife Princess Nakatindi.
The Citizen’s Forum has challenged the ruling Movement for Multi party Democracy (MMD) it would be democratically incorrect to force president Rupiah Banda on the MMD members as their representative for the next tripartite election set for 2011.
Forum executive director, Simon Kabanda said that the MMD has a responsibility to ensure that democratic values are advocated for at every level of governance.
He urged MMD to take the leading role in upholding democracy and tolerance in Zambian politics.
Mr. Kabanda noted that ruling MMD currently has no choice but to enhance democracy in the country in oto create sanity in national politics.
He has challenged the MMD national executive committee NEC to give Zambians a chance to elect a person of their own liking rather than to impose President Banda as the party’s sole candidature for the 2011 elections.
Mr Kabanda has also noted that there is need to ensure that the ruling party takes on board observations of those holding divergent views by giving them the space to express themselves.
He has therefore called on the MMD leadership to ensure that the national convention goes on as requested by the party members and that people chose a party representative of their own.
Former Republican president Frederick Chiluba has said the increased level of investment in the country is a result of the international community’s confidence in Zambia’s economic management and political leadership.
And veteran politician and freedom fighter Sikota Wina says Ghana’s founding president Kwame Nkrumah has been vindicated that Africans can manage and govern themselves given the development on the continent.
In an interview in Lusaka yesterday, during the commemoration of the Africa Freedom Day, Dr Chiluba said Zambia’s economy had continued to grow.
“The economy has continued to grow. I took a casual walk this morning at Manda Hill and I was impressed with what is happening there because that will change the face of Lusaka.
“What it means is that the economic policies that were launched in 1991 are very good and now the investors and the international community are expressing their confidence in our economy by coming to invest more and more,” he said.
[pullquote]“They are enjoying the freedoms we introduced in our new Constitution, the freedom of conscience and association. When they like to celebrate they do, when they don’t want they stay away,” he said.[/pullquote]
Dr Chiluba commended President Rupiah Banda for uniting Zambians.
He said the construction works and new shops being built were a sign of progress in the economy.
Asked to comment on the political parties that boycotted the celebrations, Dr Chiluba jokingly said the opposition leaders were enjoying the fruits of democracy.
“They are enjoying the freedoms we introduced in our new Constitution, the freedom of conscience and association. When they like to celebrate they do, when they don’t want they stay away,” he said.
Mr Wina said the achievements in the country and on the continent were testimony to the fact that Africans could govern themselves.
“The white man said Africans couldn’t govern themselves. The achievements in this country and all over the continent despite the few mishaps proved that Nkrumah (Kwame) was right when he said Africans could govern themselves,” he said.
He said the struggle for independence was worthwhile.
Mr Wina commended President Banda for undertaking various initiatives to grow the economy.
LOSING MMD candidate in the Mufumbwe Constituency by-election Mulondwe Muzungu has petitioned the election result of United Party for National Development (UPND)’s Eliot Kamondo, arguing that the polls were marred by violence.
According to the petition lodged in the Lusaka High Court on Monday, Mr Muzungu stated that it was his prayer that it should be determined that Mr Kamondo was not duly elected and that the election was null and void.
In the affidavit verifying the election petition obtained by the Times of Zambia, Mr Muzungu said the elections were characterised by undue influence that resulted from violence and threats to life and property.
He further stated that there were rampant physical attacks on the members of the MMD and members of the general public, resulting in severe injuries to people and damage to property.
“I verily believe that as a result of the acts of violence that characterised the parliamentary by-election, members of the MMD and the general public feared for their safety while others chose to leave their residences and fled the area without participating in the said elections,” he said.
He said at a rally held on April 30, 2010, UPND president Hakainde Hichilema offered and promised to deliver 20 head of cattle to the voters in Mufumbwe as an earlier promise made to them that he would deliver the said animals if they voted for Mr Kamondo.
He said the said promise was designed to unlawfully induce the members of the public to vote for Mr Kamondo and alter their independent and voluntary decision at the polls.
Mr Muzungu in his petition also stated that on April 14, this year, Vice-President George Kunda was addressing a rally at Matushi area when a riot broke out in the area and that a 10km stretch of the Mutanda-Chavuma Road was blocked with stones and logs by UPND cadres.
Mr Muzungu said UPND cadres who were throwing stones at motor vehicles surrounded several MMD members and threatened people who were to attend the vice-president’s rally.
During the polls, Mr Kamondo polled 5,313 votes; Mr Muzungu got 5,009 votes while Steven Kamwendo of UNIP got 180 votes.
President Barack Obama on Tuesday announced more individuals to key administration posts including ambassadorial assignments to Zambia and Azerbaijan.
Obama also announced his intent to appoint Melissa Savage and C. Kenneth Smith to serve as members on the Board of Directors of the Valles Caldera Trust.
Obama nominated Mark C. Storella for Ambassador to the Republic of Zambia, Department of State and Matthew J. Bryza, for Ambassador to the Republic of Azerbaijan, Department of State.
President Obama said, “These talented and dedicated individuals will be valued additions to my Administration. I look forward to working with them in the months and years ahead.”
Mark C. Storella a career member of the Senior Foreign Service, currently serves as the Senior Coordinator for Iraqi Refugees and Internally Displaced Persons at the U.S. Embassy in Baghdad while Matthew J. Bryza another career member of the Senior Foreign Service is serving as the Deputy Assistant Secretary of European and Eurasian Affairs.
Melissa Savage, Appointee for Member, Board of Directors of the Valles Caldera Trust, is currently the director of the Four Corners Institute, a nonprofit organization that provides scientific advice to communities restoring their natural environments. She is also a forest geographer with a specialty in fire ecology and the southwestern conifer ecosystems.
C. Kenneth Smith, Appointee for Member, Board of Directors of the Valles Caldera Trust is an associate professor of Forestry and Geology at the University of the South in Tennessee
First Quantum MineralsInvestors fled copper miner First Quantum Minerals Ltd. (FM-T55.36-7.43-11.83%) Tuesday amid worries it could lose control over more of its operations in Democratic Republic of the Congo.
The 12-per-cent drop in First Quantum’s shares was compounded by another drop in base metal prices, including a 3-per-cent drop in copper, as investors continue to seek out safe investments such as gold.
While First Quantum expected its share price to fall on news that a Congo court annulled mining rights for its Frontier and Lonshi mines, company president Clive Newall said the drop was deeper than expected because of the volatile markets.
“There was already clearly a flight today from the perceived high-risk companies,” Mr. Newall said in an interview.
First Quantum said this week the ruling was an “obvious retaliation” for its decision to go to international arbitration over Congo’s decision to stop construction of its Kolwezi copper-and-cobalt project last fall.
Chairman Philip Pascall called the move an “orchestrated attack” for the company’s “refusal to resolve this dispute by agreeing to submit to arrangements with unspecified third parties.”
“The legal challenges facing First Quantum in the DRC appear to be moving from bad to worse,” TD Newcrest analyst Greg Barnes said in a research note. “This latest news with respect to Frontier and Lonshi only seems to reflect a further escalation of (First Quantum’s) challenges in the DRC.”
About 25 per cent of Vancouver-based First Quantum’s operations are in Congo, and Mr. Newall said it plans to stay there despite the political and legal issues in recent months.
”We still have faith in the future of the DRC,” Mr. Newall said. “We are very reluctant to be driven out of this environment that we put a lot into.”
The company has been in Congo since 1997, and operating mines there since 2000. It also has operations in Zambia, Mauritania, Australia and Finland.
The latest news out of Congo caused BMO Nesbitt Burns to cut First Quantum’s stock rating to “market perform” from “outperform” and its share price target to $65 from $110. “It introduces uncertainty into the company,” BMO analyst David Radclyffe said in an interview.
The worst-case scenario for First Quantum is that Frontier production could be cut. However, he noted that hasn’t happened and about 75 per cent of the company’s cash flow comes from outside Congo.
The company’s largest operation is the Kansanshi mine in Zambia. It also runs the Guelb Moghrein mine in Mauritania and the Bwana Mkubwa processing plant in Zambia, which processes stockpiled ore from the Lonshi mine.
He said the Frontier mine was still operating as of late Tuesday, but the threat of closing is there. The Lonshi mine is not currently in production, but the company is doing exploration work at the site.
The Congolese court ruled the Lonshi and Frontier copper mines were awarded illegally and should revert to state-owned Sodimico.
