Archive for the ‘Business’ Category

The Citizens Economic Empowerment Commission (CEEC) approved only 10 per cent of at least 3000 applications it received in the year 2009. CEEC Director of Empowerment, Ricardo Lupenga, said at least 300 projects were approved from over 3000 applicants last year. Mr. Lupenga told ZANIS in an interview in Kabwe today that out of the over 300 approved projects, 202 projects have been funded. He said the commission ... Full story

Zambia’s kwacha will gain 3.1 percent versus the dollar by the end of the first quarter as improved copper prices boost the southern African country’s export revenue, according to Standard Chartered Plc. The U.K.-based bank raised its end of first-quarter kwacha estimate to 4,300 per dollar from a previous forecast of 4,700 according to an e-mailed note to clients ... Full story

(Reuters) - Singapore's Nava Bharat Pte Ltd on Friday took over the running of Zambia's Maamba Collieries, a key coal supplier to Zambia's copper mines, and signed an agreement to build a 300-megawatt thermal power plant. Finance Minister Situmbeko Musokotwane said Nava Bharat, which signed an agreement with Zambia, Africa's largest copper producer, would ... Full story

Zambia, Africa's top copper producer, will maintain existing mining taxes over the long term even after it scrapped development agreements it had with mining companies, Finance Minister Situmbeko Musokotwane said. Musokotwane said at a media briefing in Lusaka on Saturday that Zambia did not intend to reintroduce a 25 percent mining windfall tax because that could force some mining companies to close. The Chamber of Mines of ... Full story

UK' s department for International Development (DFID)  says it provided approximately one million pounds in support of One Stop Border Posts in the SADC region. And DFID says once the single stop becomes operational, delays at Chirundu will fall by 30-50% and that a reduction in waiting times will reduce costs for businesses and increase their competitiveness by ensuring that products reach markets faster.... Full story

The Zambia Competition Commission (ZCC) says the commencement of cement-production by Zambezi Portland in Ndola is welcome. Zambezi Portland recently announced that it has began producing cement at its Ndola plant. "The development will not only provide increased supply of alternative cement but also help create a competitive environment on the Zambian market. A competitive cement market will entail cheaper prices for the commodity and more choice ... Full story

South Africa's First National Bank (FNB), the retail banking unit of FirstRand Ltd, started operating in Zambia on Tuesday in line with its strategy to expand its footprint on the African continent. FNB, which was granted an operating license in November 2008 by the Bank of Zambia, said it had opened three branches in the country, including ... Full story

Major African currencies, except for Angola’s kwanza and Ghana’s cedi, will strengthen against the dollar in 2010 as a rebound in the global economy boosts prices of the region’s commodity exports, according to Absa Capital. Zambia’s kwacha will lead the gains, appreciating 14 percent to 4,095 per dollar by end-2010 on an advance in copper, which ... Full story

Fundamo of South Africa, Uniswitch  of Zimbabwe and the Finmark trust are some of the organisations that will take part in the forthcoming, first ever mobile banking conference in Zambia. According to a press release issued to the Watchdog, other speakers at the conference will represent  Celpay International BV, Zain, MTN Zambia, Net One, The Communications Authority of Zambia, The Bank of Zambia, Multichoice, Stanbic Bank ... Full story