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, […]

Copper Prices To Remain High In Next 12 Months

The price of copper is likely to remain high over the next 12 months even as commodity prices fall on worries of a global economic slowdown, First Quantum Minerals president Clive Newall has said. Newall told Reuters by email that due to a fragile world economy, all commodity prices would be volatile over the next […]

Government Signs $650 Million Power Project Deal

The Ministry of Energy and Water Development has signed a 650 million dollars project agreement with Lunzua Power Authority (LPA) to carry out the development of hydro-power projects in the country. The project will involve the construction of a 93 Mega Watts Power plant at Kabwelume, a 151 Mega watts Power plant at Kundabwika and […]

Chinese Firm To Set Up Plastic Recycling Plant In Zambia

A Chinese Firm is to set up a Plastic recycling plant in Zambia. H.Y Investments Director, Huang Xianggao says his firm expects to produce 100 tonnes of recycled plastics per month. Meanwhile, some small and medium entrepreneurs are set to capitalise on this venture by sourcing used plastic materials at no cost. Theresa Kalebaila, a […]