Category: Business

Rosatom Hosts Second International Fishing Tournament

The competition was held on September 7-8 in the PRO ANGLERS LEAGUE format – a European tournament for spinning for fish from boats – and brought together athletes from 10 countries (including Russia) at the Gulf of Finland. The event was held close to the Leningrad NPP, Russia’s largest operating nuclear power plant in terms of installed capacity and one of the first in the world to receive cutting-edge Generation III+ VVER-1200 reactors offered by Rosatom globally. The geography of the tournament has expanded greatly. In total, 26 amateur athletes took part in the competition. They are representatives of Russia...

Prods Kelvin Chisanga: “Total fuel subsidies removal, foreseen with destabilized economic growth patterns!”

  By Kelvin Chisanga It is well known that fuel subsidies benefit many at all levels be it from the industrial side or the household level. Still, it has been totally identified as a serious disorder to the domestic economy, especially where budgetary target limits are critically concerned, and this attest to what we basically saw in the 2021 fiscal expenditure, where the column costs for public procurement of works, services and goods were seen to have gone up by a slightly marginal line of about 25%, and fuel was identified as one of the biggest driving factors on the...

REPUBLIC OF ZAMBIA SPEECH for the OFFICIAL OPENING OF THE SECOND SESSION OF THE THIRTEENTH NATIONAL ASSEMBLY by MR. HAKAINDE HICHILEMA PRESIDENT OF THE REPUBLIC OF ZAMBIA FRIDAY, 9TH SEPTEMBER, 2022 theme: ““WORKING TOGETHER TOWARDS SOCIO-ECONOMIC TRANSFORMATION: STIMULATING ECONOMIC GROWTH FOR IMPROVED LIVELIHOODS”.

REPUBLIC OF ZAMBIA SPEECH for the OFFICIAL OPENING OF THE SECOND SESSION OF THE THIRTEENTH NATIONAL ASSEMBLY by MR. HAKAINDE HICHILEMA PRESIDENT OF THE REPUBLIC OF ZAMBIA FRIDAY, 9TH SEPTEMBER, 2022 INTRODUCTION MADAM SPEAKER, WE ARE DELIGHTED TO ADDRESS THIS HONORABLE HOUSE ON THE COMMENCEMENT OF THE SECOND SESSION OF THE THIRTEENTH NATIONAL ASSEMBLY. OUR ADDRESS THIS MORNING COMES OFF THE BACKDROP OF OUR FIRST ANNIVERSARY AS THE NEW DAWN ADMINISTRATION, AND WE ACKNOWLEDGE THE SUPPORT GIVEN TO OUR LEADERSHIP BY THE ZAMBIAN PEOPLE DURING OUR SUCCESSFUL FIRST YEAR IN OFFICE. MADAM SPEAKER, BEFORE WE PROCEED WITH OUR ADDRESS, WE...

A DIRGE for OURSELVES ____________ QUEEN ELIZABETH has died. But British overbearingness, sense of entitlement and advantage has NOT!

A DIRGE for OURSELVES ____________ QUEEN ELIZABETH has died. But British overbearingness, sense of entitlement and advantage has NOT. Rishi SUNAK thought that Britain had changed. Now he knows. Elizabeth was a mother, a grandmother. For that, we salute her. Her empire brutally killed Africans. Unfeelingly, left them without their mothers, a continent desecrated. That people are shocked at her passing is itself shocking. Our tears only flow at the atrocities her monarchy perpetuated. Atrocities that Megan MARKLE continues to grapple with. Prince Harry now viewed mentally deranged by British exceptionalism, lost his Britishness for his mere efforts at being...

CTPD APPLAUDS ZAMBIA’S EXTENDED CREDIT FACILITY APPROVAL OF US$1.3 BILLION

Tuesday, 6th September, 2022 By Issued by: Isaac Mwaipopo (Mr) Executive Director Centre for Trade Policy & Development THE Centre for Trade Policy and Development welcomes the approval of an Extended Credit Facility by the Executive Board of the International Monetary Fund. With the help of this significant achievement, Zambia will be able to restructure its unsustainable debt, regain macroeconomic stability, and ensure the debt’s sustainability—all while freeing up cashflows to be distributed to the social and productive sectors. Additionally, an IMF program will boost the economy’s overall confidence, which will increase budget support, investor confidence, and Zambia’s credit rating. An...

ZATACA host Fund Raising Food Fair to Sponsor Scholarships and Donations …. Tamil Art and Culture Association – Zambia relationship cheers Siddharth Iyer

  ZATACA host Fund Raising Food Fair to Sponsor Scholarships and Donations …. Tamil Art and Culture Association – Zambia relationship cheers Siddharth Iyer By Ashton Kelly Bunda ZAMBIA Tamil Art and Culture Association (ZATACA) Chairperson Siddharth Iyer tags the Indian community as an all weather partner to the Zambian commerce and trade and continues hosting a social corporate responsibility annual event initiated in1972, 50 years ago. Briefing Zambian Media on Sunday, 4th September, 2022 at Rhodes Park private school in Lusaka, Mr. Iyer says the social engagement target is to raise K100, 000 from food sold during a cultural...

Emeralds can finance Zambia’s K173.0 billion ($11.3 billion) 2022 budget,” prays UPPZ’s Charles Chanda By DERRICK SINJELA United Prosperous and Peaceful Zambia (UPPZ) President Charles Chanda says as anticipated the K173 billion (US$11.3billion) 2022 budget is heavily influenced by the changes in the political landscape, evidenced by the reiteration of the policy direction outlined by the New Dawn Administration. Recalling Finance Minister Dr. Situmbeko Musokotwane’s K173. 0 billion budget theme: “Growth, Jobs and Taking Development Closer to the People,” Mr. Chanda urged Zambians to open their eyes as politicians continue to tell half-truths. Chanda implored the Zambian electorate and the UPND Administration led by President Hakainde Hichilema to realise that just 400 kilogrammes of emeralds can finance Zambia’s K173 billion 2022 national budget. “If Kagem Mining Limited sold 5625 carat of emerald at $28 million it then follows that l only need 400kg of good grade emerald to run the whole budget of the country. Is that not amazing that one person can fund the entire budget of seventeen million citizens. This is not a dream but reality that politicians and foreign investors have hidden from us. If Kagem in 2018 harvested seven tons what is four hundred kilograms. With seven tons it will be possible to run the country for six years. Zambians open your eyes,” Chanda advised. Kagem Mining Ltd in Zambia is 75% owned by Gemfields and 25% by the Industrial Development Corporation (IDC) of Zambia. Kagem produced 230,500 carats of premium emerald for the year ended 3st December 2021 and has generated total cumulative auction sales revenue of USD835.3 million since July 2009. Alluding to Deuteronomy 28:12, Chanda reiterated UPPZ’s opposition to borrowing arguing that Zambia is too prosperous to condone debt as a development strategy. “The Lord shall open unto thee his good treasure, the heaven to give the rain unto thy land in his season, and to bless all the work of thine hand: and thou shalt lend unto many nations, and thou shalt not borrow,” Chanda cited Deuteronomy 28:12. Protested Chanda: “Zambia is not poor and not a third world country”. NOTE: In 2007, Gemfields Group Limited (formerly Pallinghurst Resources Limited) (“GGL”) identified the coloured gemstone sector as an “overlooked” industry that offered a unique investment opportunity. Demand for coloured gemstones by the jewellery and fashion sectors was increasing, but supply was constrained and fragmented due to the lack of large, reliable producers able to consistently deliver sufficient quantities of gemstones. Pallinghurst saw an opportunity to unlock value by bringing capital, scale and professionalism to the industry, to which end it assembled a consortium of Pallinghurst Co-Investors, including the Group. Kagem, an emerald mine in the “Copperbelt” region of northern Zambia, currently producing nearly a quarter of the world’s emeralds, was the consortium’s first acquisition in the sector. Kagem had been producing emeralds for nearly 20 years but was performing badly due to a combination of poor management, theft, shareholder conflicts and a lack of capital. Through a series of transactions, the consortium acquired 75% of Kagem, with the balance held by the Government of the Republic of Zambia. In pursuing its vision for consolidating the sector, the consortium acquired majority control of AIM-listed Gemfields plc (“Gemfields”) by selling Kagem to Gemfields in a reverse takeover during 2008. MBUVA-CHIBOLELE The Mbuva-Chibolele licence is located on the Fwaya-Fwaya–Pirala Belt in the NRERA within the Kafubu area of the Copperbelt Province of Zambia, on the southern banks of the Kafubu River. It lies along the west-southwest strike from the nearby Fwaya-Fwaya emerald mining zone adjacent to the Kagem licence area. This pit was kept under care and maintenance from 2007 onwards so as to focus on operations at Kagem. However, following GGL’s acquisition of Gemfields, a decision was made to expand the Group’s emerald footprint and, accordingly, operations at Mbuva- Chibolele were resumed in late 2017. During October 2019, in accordance with the Licence Transfer Agreement between Gemfields Mining Limited and Kagem, the Chibolele, Kamakanga and Arinus licences held by Gemfields Mining Limited were transferred to Kagem. The transfer was approved by the Ministry of Mines and Mineral Development. In February 2020, the remaining eight licences included under the same Licence Transfer Agreement were approved by the Ministry of Mines and Mineral Developments and transferred

By DERRICK SINJELA United Prosperous and Peaceful Zambia (UPPZ) President Charles Chanda says as anticipated the K173 billion (US$11.3billion) 2022 budget is heavily influenced by the changes in the political landscape, evidenced by the reiteration of the policy direction outlined by the New Dawn Administration. Recalling Finance Minister Dr. Situmbeko Musokotwane’s K173. 0 billion budget theme: “Growth, Jobs and Taking Development Closer to the People,” Mr. Chanda urged Zambians to open their eyes as politicians continue to tell half-truths. Chanda implored the Zambian electorate and the UPND Administration led by President Hakainde Hichilema to realise that just 400 kilogrammes of...

OUR NATIONS’s BACKWARDNESS [And MUSOKOTWANE’s Headaches]

  _______________ ANYONE who rejoices at Zambia’s mere contraction of more debt is an idiot. Much needs to be done, much more, both in terms of thought and deed, is required of us all citizens if Zambia’s economy is to recover and become sound. Ebullient, Hakainde HICHILEMA, to me: ‘Dr BANDA, it is wrong to borrow for consumption. It is foolishness itself.’ We were about 15, 000 ft above sea level in a helicopter on a campaign trail, chatting, the lush green of Zambia’s vegetation, full of promise, visible beneath us. Wallace CHAKAWA, Hakainde’s cousin, a Ukwa bag betwee his...

Multichoice Zambia’s 27 year entertainment profile cheers Leah Kooma

By DERRICK SINJELA and Citizen Journalist SAEED SIMON BANDA MULTICHOICE Zambia Managing Director Leah Kooma is elated to serve as Chief Executive Officer (CEO) at a time she describes as exciting in the Multichoice business. Officiating at a Thursday, 1st September, 2022 Multichoice Zambia Showcase, in Lusaka, Mrs. Kooma assured customers of fulfilling every promise made since inception 27 years ago, built on a foundation of delivering exciting entertainment and an exceptional service. And during a colourful event at Rhapsody’s Cafe & Wine Bar, on Lusaka’s Nangwenya Road, Showgrounds, spiced with splendid performances by Victor ‘Kabova’ Chushi and King Buga...

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