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Stoppila Sunzu’s first day of Zambia training on Wednesday ended on a bad note after he suffered an injury that has left him battling to be fit for Saturday’s 2017 Africa Cup qualifying clash against Guinea Bissau.
Sunzu suffered a serious right knee injury after a stomp on him by Kapota Kayawe in a challenge for the ball during morning practice at Arthur Davies Stadium in Kitwe.
The defender , who joined camp on Tuesday evening, had to be helped off the pitch by medics and onto the team bus.
Team physician Doctor Joseph Kabungo said they will only know on Thursday the full extent of the China-based defender’s injury.
“For now he’s in pain of course we will reassess his knee again if he will be available for the next training session or not but from look of things for the afternoon he is definitely out then we will see if he is ready for tomorrow,” Dr Kabungo said.
Sunzu was not the only player on the sidelines for Zambia.
Striker Evans Kangwa missed the entire Wednesday with a thigh injury he sustained on Tuesday.
Evans didn’t train we took precautions he had a strain in the adductor muscle on the left side so we rested him,” Dr Kabungo said.
“He will do light training hopefully he should be back in training on Thursday.”
FILE: Then Finance Deputy Minister Miles Sampa launching Zambia’s US$750million-worth bond at Deutsche Bank’s Fixed Income Trading Floor on Wall Street in New York, USA, on Thursday 13 September, 2012. This was after his telephone call with Finance Minister Alexander Chikwanda, who endorsed the transaction. photo by Chibaula D. Silwamba GRZ
A cautionary tale of Zambia’s international sovereign bond issuance report shows that the country may experience difficulties in repaying the face values of Euro-bond at maturity.
The report states that this will be so if the money is either not spent on activities with high economic returns or if there are adverse changes in exchange rate or international market conditions.
The Zambian government has since 2012 issued two ten-year sovereign bonds amounting to US$ 1.75 billion to mainly finance infrastructure projects in transport, energy and health sectors.
The report contends that despite the high interest payments of over US$125 million annually, the bullet structure of the two bonds may have significant repayment risks as the country was expected to pay out the US$1.75 billion within a two-year period between 20th September 2022 and 14th April 2024.
The report, which has been produced by the Zambia Institute for Policy Analysis and Research (ZIPAR), was launched in Lusaka today by Ministry of Finance Permanent Secretary in charge of Budget and Economic Affairs Pamela Kabamba.
Mrs. Kabamba said government was willing to work with various stakeholders to ensure that risks that may arise from the issuance of the two sovereign Euro-bonds were minimised and that the credibility and integrity of Zambia is upheld.
She acknowledged that even though the two Euro-bonds were successfully issued on the international capital market, Zambia was still on the learning curve from concessional and non-concessional borrowing to a more market based financing.
And ZIPAR Executive Director Pamela Kabaso stressed that the bonds were not without risks as they increase the country’s external debts and require strict fiscal management to ensure that the government is able to repay the loans.
Dr. Kabaso noted that the report, which was launched today, looks at how Euro-bond risks can be managed and what Zambia needs to do to ensure it does not default on the loans.
She said defaulting could be highly detrimental to the economy.
The report has recommended that government should consider setting up a joint fund for the two Euro-bonds to insulate against future adverse macroeconomic conditions.
The two bonds were issued in 2012 and 2014 respectively and amounted to 37 per cent of Zambia’s external debt in 2014.
Police in Isoka District of Muchinga province have launched a man hunt for two suspected foreigners who abandoned a truck loaded with Mukula logs.
The police carried an operation on June 5, 2015 around 02:00 hours to stop the illegal Mukula harvest from Katyetye’s chiefdom .
The police explained that Illegal Mukula harvesting and trading is on an increase in Isoka district and later transported to foreign countries such as Tanzania.
They told ZANIS that heavy cutting down of Mukula tree is taking place in chief Katyetye’s area where people use axes and sharp blade machinery to harvest the logs.
Police further revealed that a truck load carrying a foreign number plate T 288 BSJ and trailer number T533 Bsc was abandoned in the bush between Chilanga and Ntipo areas .
And a ZANIS news crew survey carried out in Katyetye chiefdom revealed that about 1000x 2.5 meters of Mukula logs that were packed in various loading bays in the area have gone missing in unclear circumstances.
Mukula tree has become very marketable to reach a status of a Green Gold in Zambia and is harvested from mountainous places. But Why Mukula?
The Mukula tree, whose scientific name is Pterocarpus chrysothrix, is not popular among the common species like the Pine, Neem Tree, Mukwa or Rosewood but it is believed to be most valuable due to the huge properties it has, some which are silent
The leaves are edible, and contain large amounts of vitamin C; they are eaten as a leaf vegetable.Bark extracts are used in herbal medicine to treat skin parasites and fungal infections.The wood is valuable; it is very durable, red at first, becoming purplish-brown on exposure to light, with a density of 0.79 g/cm³.It is resistant to termites. It is valued for making drums in Africa due to its tonal resonance.The wood is also favored for its use in stringed instruments (namely acoustic and electric guitars) for its tonal attributes and durability.Dust from the wood produced during wood processing can cause dermatitis in some people.
Meanwhile, police managed to drive the abandoned Tanzanian truck to Isoka police station
The Lusaka City Council has so far closed about 30 schools in Kanyama coumpound due to an outbreak of Typhoid in the area.
The Council’s Public Health Department has closed the schools which are both government and private due to unsanitary conditions.The council has since intensified inspections in schools and eating outlets in Kanyama compound following the outbreak of typhoid last week.
The closure of the schools is in accordance with the provisions of Regulation 20 of the Public Health Act Cap 295 of the laws of Zambia.
Among other schools closed include, Blue Bird School, Grace Community School, World Wide Community School, Bhungu Education Centre, Good Shepherd Community School, Titandize Community School, Membe Community School, Glory to Glory Community School and Gift Tech School.
Others are Silver Sand School, Sante Education Centre, Parles School, Ben Ten Day Care School, Remegel Academy, Faith Foundation Community School and Arise and Shine Day Care.
Meanwhile three schools in the same area have been warned namely Legacy Academy, Malpher Education Centre and True Gospel community Schools.
Council Spokesman Habeenzu Mulunda said in view of the development, the council urges members of the general public, schools and eating outlets especially in the affected area to take preventive measures by ensuring that they maintain a good hygiene and sanitation standards in order to avoid further outbreaks of the diseases.
It has emerged that the UPND cadre who was shot and reported to have mysteriously disappeared from his Livingstone General hospital bed has in fact been arrested by Police and charged with threatening violence.
Home Affairs Minister Davis Mwila has disclosed that the UNPD cadre Mushaukwa Mushaukwa, who is alleged to have been short by PF Secretary General Davis Chama in Mulobezi, was arrested and charged shortly after being discharged from Hospital.
Mr. Mwila further disclosed to Qfm News by telephone that Mr. Mushaukwa has however been released on Police bond.He said the Police want the UPND cadre to help with investigations into the recent violence that took place in Mulobezi.
And Mr. Mwila said he found the opposition UPND, which earlier disclosed in a statement that Mr. Mushaukwa had mysteriously disappeared from his hospital bed, to be a party of jokers.
Power Dynamos have moved in fourth place on the FAZ Super Division table after edging National Assembly 1-0 in a midweek rescheduled Week 11 match at Woodlands Stadium in Lusaka.
Striker Jimmy Ndhlovu converted a 78th minute penalty that propelled Power to their sixth victory of the season.
Lusaka referee Wellington Kaoma awarded a penalty to the Kitwe side after winger Kelvin Mubanga was fouled in the Assembly box.
Power have now amassed 19 points from 9 games with three unplayed matches.
Meanwhile, Assembly remain in 13th place with 11 points from 12 games.
In another delayed midweek match, Lusaka Dynamos came from a goal down to draw 1-1 with Red Arrows in the Lusaka derby.
Festus Mbewe scored for Arrows in the 16th minute before Luka Chamanga equalised for Lusaka Dynamos seven minutes from fulltime.
Dynamos moves to 17 points but remain in seventh place while Arrows maintain 12th position with 13 points.
Some members of the Jehovah’s Witness Church have condemned calls by some opposition political parties to deregister the organisation for not participating in politics.
The members, who spoke on condition of anonymity, told ZANIS that it is unfair for leaders of political parties to start condemning their church.They said such remarks should be condemned by all well-meaning religious members as they are likely to bring confusion and hatred in the nation.
The church members added that politicians calling for the deregistering of their church are infringing on people’s rights of association.The further explained that Zambia is a Christian Nation and the Jehovah’s witnesses believe in their church doctrine and values.
They have since advised politicians spearheading such calls to concentrate on bringing positive development to the people rather than creating division among religious groups.
Recently National Revolution Party (NRP) leader, Cosmo Mumba, appealed to the Registrar of Societies to force Jehovah’s Witnesses to start singing the national anthem and participate in political elections alleging that they were contributing to voter apathy in the country.
Government has warned political parties taking part in the three forthcoming parliamentary by-elections in Mulobezi, Malambo and Petauke against ferrying party cadres from other parts of the country to the constituencies.
Acting Chief Government Spokesperson Ngosa Simbyakula,
Minister of Justice and Acting Chief Government Spokesperson, Ngosa Simbyakula
who is also Minister of Justice, said reports that some political parties were planning to ferry their supporters to the three constituencies especially Mulobezi were disturbing.
Dr. Simbyakula said in a statement to ZANIS that political parties should note that imported cadres were known for instigating political violence.He said it was unfair for any outsider to disrupt the most cherished peace and tranquillity the people of Mulobezi hold so dear to their hearts.
Dr. Simbyakula has since urged political parties to allow the people of Mulobezi to exercise their free will and judgement in the choosing of a candidate of their choice to be their representative without influence of outsiders.He has also reminded all political parties that the culture of violence was not only archaic but unZambian and unacceptable.
He said Zambia was known for peace and tranquillity which the people have enjoyed for the past 50 years.Dr. Simbyakula has further stated that it was the desire of government as well as every well-meaning Zambian that this status quo continues.
Meanwhile, Western Province Police Commissioner Standwell Lungu has said the situation in Mulobezi constituency was calm and peaceful.
Mr. Lungu said there were enough police officers on the ground to curtail any violence that may occur ahead of the June 30, 2015 parliamentary by-elections.
He told the Zambia News and Information Services (ZANIS) in a telephone interview from Mulobezi that there has been no other violence in the area from the time the first shooting incident happened at the weekend.
He also disclosed that the three people who were arrested following the violence will appear in court soon after the Director of Public Prosecutor gives a fiat to go ahead with the case.
Mr. Lungu said once a go ahead is given to the Zambia police, then criminal proceedings will commence against the suspects in the courts of law.
And Mr. Lungu has disclosed that the person who was shot in Mulobezi is recovering adding that he will be discharged today according to the doctor’s statement to the Zambia Police Service.
Mr. Lungu also said the bullet has been extracted from the victim’s buttocks and that his condition was good to facilitate his discharge from the hospital where he has been recovering.
And Mr. Lungu has warned the would- be perpetrators of violence in Mulobezi, constituency that they will be dealt severely by the police.
Mr. Lungu said there was enough manpower in the constituency to deal ruthlessly with any law breakers.
He said those contemplating to cause violence in the constituency were doing so at their own risk.
President Edgar Lungu signing the book of condolences for the 200 Ghanians who died at a gas station fire in Accra Ghana.Looking on his right is the Ghanaian High commissioner to Zambia and Malawi Elizabeth Afua Benneh
President Edgar Lungu has expressed his sincere condolences over the death of about 200 Ghanaians who died at a filling station in Accra Ghana last week.Floods had shut down the capital of Ghana and caused a fire that killed more than 150 people, as Accra’s colonial-era sewers struggled to clear water from a city that has doubled in size over recent decades.
A moderate rain last Wednesday afternoon turned into a citywide disaster that evening, as roads, including the main boulevard that encircles the city of four million people, pooled with water, residents said.Dozens of people had sought shelter at the gas station and in nearby shops in central Accra to escape the torrential rains at the time of Wednesday night’s blast. Flooding swept fuel being stored at the station into a nearby fire, triggering the explosion that also set ablaze neighboring buildings, officials said. Ghana’s President John Dramani Mahama said as many as 150 people are thought to have died.
In his message of condolence to Ghanaian President John Dlamani Mahama, President Lungu said Zambia joins the people of Ghana in mourning the death of many people in that peaceful country.
Mr. Lungu said this today when he signed a book of condolences at the Ghanaian Embassy in Lusaka.The head of state, who arrived at the Ghanaian Embassy at about 11:12 hours, said the people of Zambia received the death of over 200 Ghanaian citizens with shock and deep sorrow.
He stated that the people of Zambia and Ghana were one people and as such, the loss of many lives was saddening to Zambians as well.He said this was a trying moment for the people of Ghana and Zambia which need God’s guidance and strength during the period of national mourning.
And Ghana’s High Commissioner for Zambia and Malawi Elizabeth Afua Benneh thanked President Lungu for joining the people of Ghana in mourning the deceased.Ms. Benneh said this underscored the love the people of Zambia have to the people of Ghana.She added that this further consolidates the bilateral relations which have existed between the two countries for many years.She said this was the first time the incidence of that nature has happened in Ghana after many years of political independence.Ms. Benneh further said the President Mahama declared three days of national mourning following the death of over 200 people.The national mourning period ends today, Wednesday June 10, 2015.
She said currently, the people of Ghana are holding interdenominational prayers to seek God’s guidance and strength during the dark moment that has befallen the country.
Flooding in Ghana’s capital swept stored fuel into a nearby fire, setting off a huge explosion at a gas station, authorities said Thursday. PHOTO: CHRISTIAN THOMPSON/ASSOCIATED PRESS
Zambeef Products Plc has reported a 56 percent rise in profit for the first half of its financial year, boosted by increased sales in its core meat business.
The agribusiness conglomerate made a profit of K75 million before interest, tax, depreciation and amortisation (EBITA) in the six months to March 31, 2015, up 56 percent compared with the same period of last year.
Zambeef attributed the rise in earnings to strong sales of its cold chain meat and dairy products and continued tight control of administrative costs. The rise in profit was despite a 22 percent depreciation of the kwacha against the US$ dollar during the period.
“Zambeef has taken a number of large steps forward. The financial performance is significantly up on the same period in the previous financial period while Zambeef also concluded the sale of its subsidiary company, Zamanita Ltd, in line with the strategic aim of unlocking value and capital gains from within the Group and reducing the dollar gearing of the business,” said chairman Dr Jacob Mwanza.
The company also reiterated its strategic priorities: to expand the production, processing, distribution and retailing of meat and dairy products in Zambia; unlock value and capital gains from within the group and reduce dollar debt and gearing; to forge strategic alliances and partnerships with acknowledged industry leaders; and to develop the business into a regional food supplier.
“With Zambeef operating in some of the fastest growing parts of the world where both populations are increasing and real incomes growing, the demand for food will continue to show strong growth.
Zambeef has a clear intention to be an important player in meeting this increased demand for food products. With the disposal of Zamanita, we are pleased that management will be able to pay increased focus on driving the core business of Zambeef, which is the production, processing, and distribution of cold chain meat and dairy products. In addition the disposal of Zamanita will reduce dollar gearing and hence make our earnings less susceptible to rapid exchange rate movements,” said Dr Mwanza.
Joint chief executive officers Carl Irwin and Francis Grogan told shareholders: “Increased focus on Zambeef’s core business, which is the processing, distribution and retailing of cold chain meat and dairy products, has seen strong growth in these business units. Looking at beef, chicken, pork, milk, eggs and fish combined the gross profit has increased by 48% (US$29%). This part of the business will remain a priority in terms of capital expenditure and management focus. New projects being worked on include a new processing and distribution hub in Kitwe as well as wholesale depots in Solwezi, Mongu, and Lusaka.
Zambeef also reported that the business was strongly cash generating with net cash inflow before financing increasing by 171 percent to ZMK61 million.
The new hatchery, breeder farm and stock feed plant being erected at Mpongwe Farm, as a joint venture with RCL Foods Ltd of South Africa, is progressing well. The first day old chicks will come on line in September 2015 and start at around 220,000 chicks per week increasing to 320,000 chicks per week over a 12 month period. The new stock feed plant should be operational before the end of the financial year. This project will take Zambeef’s chicken operations to a new level and the benefits from this will start flowing through during the 2016 financial year.
We wish to announce to the nation that the UPND supporter Mushaukwa Mushaukwa,who was shot by PF Secretary General Davies Chama has mysteriously gone missing from his Livingstone General Hospital bed where he was receiving treatment.
This is a serious concern to us in the UPND and the nation because party President Hakainde Hichilema and his entourage yesterday visited the victim Mushaukwa Mushaukwa on his hospital bed, and he revealed on camera that he was shot by the PF Secretary General Davies Chama and not the driver.
Strangely, Mushaukwa has now gone missing from his hospital bed and to us in the UPND, the Zambia Police and the PF regime will be held responsible for whatever happens to our party member whose whereabouts are currently not known.
Zambian violinist Caitlin De Ville relesed the video for her electric violin original song “Crowe”
Composed by Caitlin & Vaughan De Ville |Filmed by Vaughan De Ville Tim Wecke | Edited by Caitlin |Music Produced by: Vaughan De Ville
She had this to say about the video “Thousands of hectares of Cape Town’s National parks were recently ravaged by massive fires, we happened upon a scarred location to do a short shoot in, visually surreal – Tim Wecke Photography took some amazing photos & as he said on his page ‘despite the death and decay, there is hope, there is new life, and amongst it all beauty remains..”
“Born and bred on the Copperbelt, today Caitlin de Ville travels the world performing with her electric violin. Her music videos have millions of views on YouTube and she performs in sold out arenas. Her shows are spectacular theatrical performances that have included laser light shows, aerial trapeze and on one occasion even jumping between moving train carriages whilst playing.”
The Jail is a terrible place for criminals but a great place of inspiration for those that stand up for the dignity of humanity. It must be learnt that peace is not the absence of war but the haven of tolerance. I wish to thank everyone who has supported and wished me freedom.”- Pilato
FILE: Then Finance Deputy Minister Miles Sampa launching Zambia’s US$750million-worth bond at Deutsche Bank’s Fixed Income Trading Floor on Wall Street in New York, USA, on Thursday 13 September, 2012. This was after his telephone call with Finance Minister Alexander Chikwanda, who endorsed the transaction. photo by Chibaula D. Silwamba GRZ
A local think tank has warned that Zambia risks defaulting on repayments of existing Eurobond loans.
In a report published today titled “A Cautionary Tale of Zambia’s International Sovereign Bond Issuances”, ZIPAR Executive Director Pamela Nakamba-Kabaso says action must be taken now to avoid the risk of defaulting on the Eurobonds, which would have a very detrimental impact on the economy and affect Zambia’s standing among international investors.
Dr Kabaso pointed out the challenge of having to repay the loans in full within a very tight two year period between2022-2024 when the respective ten-year bonds mature.
She observed that significant repayment risks will arise if there are adverse changes in the domestic or international market conditions before these dates.
‘ZIPAR argue that borrowing from international markets can be beneficial if invested wisely, and are important to plugging the financial gap now that Zambia, as a lower middle income country, is less able to access low interest loans from the donors,’ Dr Kabaso said.
She continued, ‘Eurobonds strengthen transparency and macroeconomic discipline because Zambia now faces scrutiny from international investors and credit rating agencies. However ZIPAR feels that significant repayment risks will arise especially that Zambia’s exposure to currency volatility is high because of its heavy reliance on copper for foreign exchange and recently the price of copper on the international market has declined owing to weak demand from major consumers such as China.’
Dr Kabaso said the report draws attention to the fact that, because the bonds are denominated in US dollars, the recent depreciation of the Kwacha has made the interest payments even more expensive.
‘The recent depreciation of the Kwacha against major international currencies has increased debt servicing costs, which may crowd out social sector spending. The reverberations of the recently-reversed mining tax regime are still being felt by various stakeholders and has affected mining output during the first half of the year,’ she observed.
‘The fiscal deficit as a result of the reversal of the 2015 mining tax regime may be a lot higher than the projected K2.3 billion due to the forward and backward linkages of the mining sector. The country may have to borrow further to plug this deficit,’ she stated.
The Zambian government borrowed US$750 million in 2012 and US$1 billion in 2014 from the international financial markets. Each year, interest payments on existing Eurobonds will gobble up in excess of US$125 million.
The report further points out that Zambia is on a learning curve and has only limited experience in managing Eurobonds, a market-based form of financing.
Dr Kabaso said ZIPAR has since recommended achievement of fiscal discipline aimed at reducing the need to borrow more and broadening its tax base, strengthen revenue collection and contain expenditure.
She said ZIPAR has also recommended that government considers setting up a Sinking Fund to help repay bonds in 2022 and 2024 saying putting aside funding each year into a sinking fund for the two Eurobonds will insulate against future adverse macroeconomic conditions.
Dr Kabaso said refinancing the second Eurobond, but only at the right time especially that the second bond was obtained on relatively unfavourable terms and could be replaced with another bond with lower interest rate and longer maturity but noted that this is only likely to be possible once the overall fiscal position improves.
‘Improve existing institutional and legal bottlenecks in debt management including the finalisation of the Medium Term Debt Management Strategy and the reorganisation of the debt office to enhance its risk portfolio monitoring and analysis,’ she said.
And ZIPAR Research Fellow Shebo Nalishebo said, ‘the Zambian government’s use of Eurobonds has some advantages. The borrowed funds have mainly been invested in the energy and transport sectors.’
‘These are infrastructure projects that, it is hoped, will help increase economic growth, job creation and increase government tax revenues in the future. However, Zambia also needs to manage the risks of greater borrowing,’ Mr Nalishebo said.
‘Looking at countries around the world which have defaulted on their sovereign debt shows just how damaging this can be. Tough decisions will need to be taken to ensure that Zambia manages the risks. These include measures to reduce the high fiscal deficit, setting up a sinking fund and looking at the case for refinancing the second Eurobond.”
