Thursday, 13 September 2012
Media in Conflict Seminar 2012 Video
http://www.youtube.com/watch?v=1hBSlLxNl18&list=HL1347484432&feature=mh_lolz
Thursday, 13 September 2012 : SCB DAILY BRIEF
EXCHANGE RATES (Indicative)
Currency Pair
BID OFFER
USD/ZMK
4,990.00
5090.00
ZAR/ZMK
604.78
616.86
EUR/USD
1.2828
1.3030
GBP/USD
1.6012
1.6213
GBP/ZMK
8,040.39
8,201.52 LIBOR RATES
COMMODITIES
CURRENT/PREVIOUS
COPPER($/ton)
8080.25/8090.00
BRENT($/barrel)
GOLD ($/ozs)
115.34
1,730.00
114.60
1,736.90
Z
AMBIA ECONOMIC INDICATORS
CURRENT/PREVIOUS
Inflation (%)
6.2/6.7
GDP (%)
7.6/6.5
FX Rsrvs (bn.$)
2.43/2.34
GLOBAL EQUITIES
CURREN/PREVIOUS
LUSE
3,900.00
3,829.78
FTSE 100
5,670.30
5,662.30
S&P 500
1,360.60
1,362.75
DOW 13,060.40 12,878.88
LOCAL AND INTERNATIONAL NEWS
ZMK
Increased local corporate demand mainly from the energy and telecoms sectors saw local unit surge to 5050 late in the afternoon. The move higher was further boosted by lack of significant inflows on the market. The Kwacha retracement is imminent after broad dollar losses on the international market following Germany parliament ratification of a permanent rescue package for the euro zone that saw the Euro currency rally to a four months high of 1.2929. The correlation is expected to filter through to emerging market currencies. Focus range to day 4970-5070.
Energy
Markets remained quiet with APPEC in the backdrop, trading in a narrow band of less than $1/bbl.
Oil rose for a fifth day on speculation that the Fed will announce additional measures to stimulate the economy, increasing fuel demand. Prices headed for the longest streak of gains since July before a two-day Fed meeting starting today.
The DOE report showed Crude inventories climbed by 1.99 million barrels last week, against expectations of 2.9 million barrels build.
EXCHANGE RATES (Indicative)
Currency Pair
BID OFFER
USD/ZMK
4,990.00
5090.00
ZAR/ZMK
604.78
616.86
EUR/USD
1.2828
1.3030
GBP/USD
1.6012
1.6213
GBP/ZMK
8,040.39
8,201.52 LIBOR RATES
COMMODITIES
CURRENT/PREVIOUS
COPPER($/ton)
8080.25/8090.00
BRENT($/barrel)
GOLD ($/ozs)
115.34
1,730.00
114.60
1,736.90
Z
AMBIA ECONOMIC INDICATORS
CURRENT/PREVIOUS
Inflation (%)
6.2/6.7
GDP (%)
7.6/6.5
FX Rsrvs (bn.$)
2.43/2.34
GLOBAL EQUITIES
CURREN/PREVIOUS
LUSE
3,900.00
3,829.78
FTSE 100
5,670.30
5,662.30
S&P 500
1,360.60
1,362.75
DOW 13,060.40 12,878.88
LOCAL AND INTERNATIONAL NEWS
ZMK
Increased local corporate demand mainly from the energy and telecoms sectors saw local unit surge to 5050 late in the afternoon. The move higher was further boosted by lack of significant inflows on the market. The Kwacha retracement is imminent after broad dollar losses on the international market following Germany parliament ratification of a permanent rescue package for the euro zone that saw the Euro currency rally to a four months high of 1.2929. The correlation is expected to filter through to emerging market currencies. Focus range to day 4970-5070.
Energy
Markets remained quiet with APPEC in the backdrop, trading in a narrow band of less than $1/bbl.
Oil rose for a fifth day on speculation that the Fed will announce additional measures to stimulate the economy, increasing fuel demand. Prices headed for the longest streak of gains since July before a two-day Fed meeting starting today.
The DOE report showed Crude inventories climbed by 1.99 million barrels last week, against expectations of 2.9 million barrels build.
Tuesday, 11 September 2012
Saturday, 26 May 2012
The Rebased Kwacha Will Raise Inflation
During the UNIP rule, Zambia had very few millionaires; in fact, people almost worshiped anyone who crossed the million kwacha mark. Today, a million means nothing more than a shopping fling at Arcades or Manda Hill and usually it’s not enough to cater for the needs of the normally large Zambian families.
Next month, the country will again have very few millionaires when the government rebases the Kwacha. Millionaires will be very rare when three zeros bid farewell to our currency. The biggest note will be K50, the equivalent to what we now know as the 50 pin.
To make a million, one will need the equivalent of a billion kwacha. The million as will know it will be reduced to a mayor one pin. But don’t despair, that one pin will definitely take you shopping and pay for your expenses as its value will still correspond to K1, 000, 000.
Actually worrying about having three zero figures in one’s account is misplaced. The worry should be more on what the rebasing of the currency will do to the economy, in particular its effect on inflation.
The Jesuit Centre for Theological Reflections (JCTR) addressed that concern in its position paper on the topic.
“It should be noted that rebasing is not an end in itself and will not bring about the meaningful development that Zambian’s need,” JCTR stated.
JCTR notes that while currency rebasing is an acceptable economic exercise for countries, it is largely neutral on the quality of life of people as it doesn’t change the buying power of the currency.
“Rebasing may enhance confidence in the currency in the short run, but it is important to realize that it may fuel inflation especially in the absence of other initiatives to tame inflation. People always have an illusionary feeling that they have lost buying power and thus tend to increase price of goods and services. The transition must therefore be managed to maintain people’s confidence in the currency by widely disseminating information on the rebasing exercise.”
And reacting to information that the exercise of rebasing the kwacha was not budgeted for in the current fiscal year, JCTR. is demanding an explanation from the government on the total cost of the project and also to advise the country on the source of funding.
“If the country fails to instill discipline in the way we spend public resources, the three zeros that we are knocking off from the currency now will soon resurface,” JCTR warned.
Next month, the country will again have very few millionaires when the government rebases the Kwacha. Millionaires will be very rare when three zeros bid farewell to our currency. The biggest note will be K50, the equivalent to what we now know as the 50 pin.
To make a million, one will need the equivalent of a billion kwacha. The million as will know it will be reduced to a mayor one pin. But don’t despair, that one pin will definitely take you shopping and pay for your expenses as its value will still correspond to K1, 000, 000.
Actually worrying about having three zero figures in one’s account is misplaced. The worry should be more on what the rebasing of the currency will do to the economy, in particular its effect on inflation.
The Jesuit Centre for Theological Reflections (JCTR) addressed that concern in its position paper on the topic.
“It should be noted that rebasing is not an end in itself and will not bring about the meaningful development that Zambian’s need,” JCTR stated.
JCTR notes that while currency rebasing is an acceptable economic exercise for countries, it is largely neutral on the quality of life of people as it doesn’t change the buying power of the currency.
“Rebasing may enhance confidence in the currency in the short run, but it is important to realize that it may fuel inflation especially in the absence of other initiatives to tame inflation. People always have an illusionary feeling that they have lost buying power and thus tend to increase price of goods and services. The transition must therefore be managed to maintain people’s confidence in the currency by widely disseminating information on the rebasing exercise.”
And reacting to information that the exercise of rebasing the kwacha was not budgeted for in the current fiscal year, JCTR. is demanding an explanation from the government on the total cost of the project and also to advise the country on the source of funding.
“If the country fails to instill discipline in the way we spend public resources, the three zeros that we are knocking off from the currency now will soon resurface,” JCTR warned.
Wednesday, 4 April 2012
World Bank Needs Its Own
American Dr Jim Yong Kim will be the new president of the World Bank.
While America has the last say on who leads the World Bank, it can no longer be ignored that the balance of economic power in the world has shifted to emerging market countries that are contributing more to global growth and therefore have earned a right to decide who leads the Bank.
At this point in history, it is no longer one’s nationality which should determine the leader of the World Bank but a financier with experience and understanding of how the bank works.
World Bank and International Monetary Fund statistics show that in the last five year, emerging market economies have contributed more than 50% to global growth.
Under an informal agreement between the U.S. and its allies in Europe, only an American can claim the top job at the World Bank, while a European has always led the International Monetary Fund.
As of Friday, three candidates were successfully nominated to succeed Bob Zoellick but the interviews will just be a formality and Kim will definitely be given the top job.
The World Bank board of directors announced that “Dr Jim Yong Kim, a U.S. national and President of Dartmouth College, José Antonio Ocampo, a Colombian national and Professor at Columbia University and Ngozi Okonjo-Iweala, a Nigerian national and Coordinating Minister of the Economy and Minister of Finance,” were the three successful nominees.
While we cannot ignore the fact that, Kim, a physician by profession, has been very successful in the health field, the World Bank needs its “‘own”’ for its transition from the Zoellick era to be smooth.
For those who may not be aware, Dr Kim formerly chaired the department of global health and social medicine at Harvard Medical School and was a co-founder and executive director of Partners in Health.
The organization began with radical; community- focused health care programs in Haiti, and quickly expanded to Peru. The program executed treatments based on local needs and by training community members to implement them.
By 1998, extremely successful results curing both common and serious ailments prompted the World Health Organization to embrace the Partners in Health Program model, and support the adaptation of community-based care to impoverished communities around the world, particularly success in treating tuberculosis and putting three million people in developing countries on treatment by the end of 2005.
In saying that the World Bank needs its “own” to take over from Bob Zoellick, I mean Ngozi Okonjo-Iweala, who told journalists in Johannesburg at the weekend that if the U.S, the nation with the largest World Bank voting bloc, and Europe hold together in the wider vote, her candidacy would be doomed.
Okonjo-Iweala, a respected economist and diplomat is a former World Bank managing director who says her hands-on experience running one of Africa’s largest economies, as well as a proven track record at the bank helping nations in Asia, Africa, and the Middle East tap financial markets to fund development is enough to make her the best candidate for the job.
“We’re not asking the US not to compete, we’re just asking for a level playing field where candidates can be evaluated on their merits,” she said. “I don’t have a learning curve because I know how the institution works and I know what needs to be done to make it work better and faster for developing countries. I know what its strengths are its weaknesses and importantly I know what policymakers need. I’ve actually done it.”
Okonjo-Iweala is banking on the World Bank’s 187 member nations to hold true to their pledge for an open, merit-based process.
“My biggest hope is that this will be a fair contest. We are not just going into this saying to ourselves we are already defeated,” she said. “We are hoping that the Bretton Woods institutions and their shareholders will keep their word.
While America has the last say on who leads the World Bank, it can no longer be ignored that the balance of economic power in the world has shifted to emerging market countries that are contributing more to global growth and therefore have earned a right to decide who leads the Bank.
At this point in history, it is no longer one’s nationality which should determine the leader of the World Bank but a financier with experience and understanding of how the bank works.
World Bank and International Monetary Fund statistics show that in the last five year, emerging market economies have contributed more than 50% to global growth.
Under an informal agreement between the U.S. and its allies in Europe, only an American can claim the top job at the World Bank, while a European has always led the International Monetary Fund.
As of Friday, three candidates were successfully nominated to succeed Bob Zoellick but the interviews will just be a formality and Kim will definitely be given the top job.
The World Bank board of directors announced that “Dr Jim Yong Kim, a U.S. national and President of Dartmouth College, José Antonio Ocampo, a Colombian national and Professor at Columbia University and Ngozi Okonjo-Iweala, a Nigerian national and Coordinating Minister of the Economy and Minister of Finance,” were the three successful nominees.
While we cannot ignore the fact that, Kim, a physician by profession, has been very successful in the health field, the World Bank needs its “‘own”’ for its transition from the Zoellick era to be smooth.
For those who may not be aware, Dr Kim formerly chaired the department of global health and social medicine at Harvard Medical School and was a co-founder and executive director of Partners in Health.
The organization began with radical; community- focused health care programs in Haiti, and quickly expanded to Peru. The program executed treatments based on local needs and by training community members to implement them.
By 1998, extremely successful results curing both common and serious ailments prompted the World Health Organization to embrace the Partners in Health Program model, and support the adaptation of community-based care to impoverished communities around the world, particularly success in treating tuberculosis and putting three million people in developing countries on treatment by the end of 2005.
In saying that the World Bank needs its “own” to take over from Bob Zoellick, I mean Ngozi Okonjo-Iweala, who told journalists in Johannesburg at the weekend that if the U.S, the nation with the largest World Bank voting bloc, and Europe hold together in the wider vote, her candidacy would be doomed.
Okonjo-Iweala, a respected economist and diplomat is a former World Bank managing director who says her hands-on experience running one of Africa’s largest economies, as well as a proven track record at the bank helping nations in Asia, Africa, and the Middle East tap financial markets to fund development is enough to make her the best candidate for the job.
“We’re not asking the US not to compete, we’re just asking for a level playing field where candidates can be evaluated on their merits,” she said. “I don’t have a learning curve because I know how the institution works and I know what needs to be done to make it work better and faster for developing countries. I know what its strengths are its weaknesses and importantly I know what policymakers need. I’ve actually done it.”
Okonjo-Iweala is banking on the World Bank’s 187 member nations to hold true to their pledge for an open, merit-based process.
“My biggest hope is that this will be a fair contest. We are not just going into this saying to ourselves we are already defeated,” she said. “We are hoping that the Bretton Woods institutions and their shareholders will keep their word.
Tuesday, 27 March 2012
StandChart
Johannesburg, 27 March 2012 - Grindrod Limitedhas appointed Standard Chartered Bank as the Sole Financial Advisor on theexpansion project of the Maputo Coal Terminal (TCM) in Mozambique, estimated atUS$800 million. The expansion project will increase the capacity of the port’scoal terminal from an existing output level of 6 million tonnes per annum to 20million over a period of 6 years.
Monday, 17 October 2011
Insects are yummy!
One of the most delicious traditional Zambian meals that I have ever tasted is that of the nshima (maize meal cake), the country’s staple, served with roasted or pan fried insects.
One of the most common insects that are edible in Zambia are flying ants locally known as inswa.
Caterpillars which we call finkubala, are also on the list of the most delicious and nutritious treats. Other delicious insects include mafulufute, shongonono (green grasshoppers), nyenje and chenje (cicadas).
All these edible insects are seasonal and therefore have enabled people to tak advantage of what is provided in the natural environment.
The edible insects are available either during the rainy season between November and April or during the dry season from May to October.
One of the most anticipated seasons of the year in rural Zambia is that of the rainy season. After six months of cold, dry, and then finally scorching dry October heat, the first torrential rains are welcome in November. By this time of the year, most rural Zambians will have depleted over half of the stocks of crops that had been harvested and stored away in a nkhokwe traditional storage structure six months earlier. The rains are always a relief from the heat and constitute a strong symbolic renewal of life as people plant their crops for the new growing season.
One of the most fascinating changes in the natural environment after the first rains is a sudden explosion of green vegetation and the emergence of myriad insects from their hibernation or seasonal synchronized hatching cycles. Among the thousands of insects that suddenly emerge after the first rains are several edible ones including the inswa (flying ants) and mafulufute. The inswa breed and establish large colonies in large anthills of the savannah that often dot the grasslands. The breeding cycle of the inswa is such that they come out of and fly in massive numbers during several nights after the first rains.
Zambians who live near urban areas will often sell surplus caterpillars in the city markets at affordable prices particularly for the urban poor.
The insects provide a very important source of food supplement especially for rural Zambians. The insects have been endorsed as a very important source of protein in the diet of Zambians.
As described by Professor Mwizenge S. Tembo
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