NAPSA US$ 98 Million Deal Justified

NAPSA US$ 98 Million Deal Justified

The National Pension Scheme Authority has projected a profit of more than 200 million dollars from its investment in the Building Society house re-development. NAPSA Director-General, Stanley Phiri made the disclosure today when he appeared before the commission of inquiry on the respective transaction. The transaction involves the 98 million dollars the Lusaka’s central business […]

Zambia’s Timber Industry To Grow – Chibamba

Zambia’s Timber Industry is poised for growth, with the looming shortage in South Africa. Economist Chibamba Kanyama says the projected timber shortfall in South Africa provides an opportunity for other countries to meet the shortfall. Mr. Kanyama says annual demand for timber is projected to grow at about 4.5-percent with a projected supply deficit of […]

Bank of Zambia Officially Reverses The Sale Of Finance Bank

The Bank of Zambia has officially reversed the $5.4 million sale of Finance Bank to South Africa’s FirstRand on today, returning the bank to its previous shareholders. The move was expected after newly elected President Michael Sata said this week he would stop the sale of Finance Bank to South Africa’s second-largest lender, in his […]

FNB In The Dark Over Reversed Sale Of Finance Bank

South Africa’s FirstRand Bank says it has not received any formal notification that its $5.4 million purchase of Finance Bank Zambia Limited has been reversed. FirstRand’s chief executive Sizwe Nxasana told Reuters that they will continue to liaise with the Bank of Zambia which was the counterparty responsible for the transaction. He promised to give […]

Commercial Banks Admit Cost Of Borrowing Is High

COMMERCIAL banks in the country have admitted that the cost of borrowing money is high and against the spirit of empowering citizens. Last week, Finance and National Planning Minister, Alexander Chikwanda raised concerns about the high cost of borrowing money soon after he was sworn in. Mr Chikwanda said the Government would press for pro-growth […]

New Minister To Review Energy Tariffs

NEWLY appointed Lands, Energy and Water Development minister, Christopher Yaluma has said his first task will be to conduct a review of the energy tariff structure to ensure sustainable power and fuel supply in the country. Noting that energy was the engine of the national economy, Mr Yaluma said in an interview after being appointed […]

Cost Of Borrowing Too High – Chikwanda

Finance Minister Alexander Chikwanda says the cost of borrowing money in Zambia is too high and inconsistent with the low level of inflation in the country. Mr Chikwanda says the current scenario is against the spirit of empowerment. The Minister was speaking when he met the top Management officials in the Ministry of Finance in […]

BAZ Speaks on Kwacha Performance

Bankers Association of Zambia Chairperson, Mizinga Melu has described as normal the recent depreciation of the kwacha prior to the 20th September general elections. Mrs Melu, who is also Standard Chartered Bank Managing Director, has further noted that Zambia has sound economic policies capable of maintaining quality investment. She has also cited the peaceful political […]

Sale Of Finance Bank To FNB Set To Be Reversed

The sale of Finance Bank Zambia Limited is poised to be reversed. Highly placed sources have disclosed this to Tumfweko. The new Patriotic Front (PF) Zambian government under the leadership of President Micheal Sata is set and poised to reverse the sale of Finance Bank Zambia to FirstRand of South Africa. However, New PF Matero […]

Finance Bank Sold To FirstRand Of South Africa

JOHANNESBURG (Reuters) – South Africa’s FirstRand has agreed to pay $5.4 million for Zambia’s Finance Bank, the central bank said on Monday, giving South Africa’s second-largest lender a big boost in the continent’s top copper producer. The central bank seized Finance Bank from its shareholders in 2010 for for violating the law through unsound practices, […]