K10 BusinessThe Post (6 X 2)/1May /1/4/JS - 31 Dec The Right To Do Business

Vol:1 Issue #021 E-mail:[email protected] www.businessweekly.co.zm 30 SEP - 6 OCT 2019 GOV’T CLIMBS DOWN ON PROPOSED SALES ….VAT maintained amid fears of GDP drop, job losses TAX overnment’s his 2020 budget speech that stakeholders, which in- proposal to re- in the face of wide-ranging cluded the cascading ef- introduce Sales concerns from several key fect, negative impact on Tax next year to sectors, government will GDP growth and job losses Greplace the current Value maintain the current VAT through elimination of in- Added Tax (VAT) to boost and address its compliance termediaries in the supply domestic revenue mobiliza- and administrative chal- chain,” he said of the pro- tion has been reversed. lenges. posed Sales Tax. Minister of Finance Dr. “A number of concerns Ng’andu told parliament in were raised by various Page 2 2020 budget weighs in at K106 bn By Prudence Chota he 2020 national and external financing. undersubscriptions on gov- Budget has in- The minister has proposed ernment securities auc- creased by K19.2 to spend K44.1 billion for tions and the depreciation billion represent- General Public Services of the Kwacha against the Ting, 32.4% of Gross Do- with notable expenditures United States dollar which mestic Product (GDP). under this category being contributed to higher than The 2020 national budget K33.7 billion for debt ob- programmed external debt Chamber of Mines calls for has increased to K106.0 bil- ligations and K2.3 billion service payments. lion compared to 86.8 bil- for dismantling of arrears “For this Budget to lionannounced in the 2019 to unlock the much needed achieve its objectives, it new tariff blueprint national budget by former liquidity in the market. will require us to deliver on By Staff Writer Finance Minister Margaret He has however admitted our commitments with dis- Mwanakatwe. that budget implementation cipline, determination and he Chamber of needs a joint approach to elements of making Finance minister Bwalya has faced various chal- dedication,” he said. Mines has pro- growing the mining indus- competitive was stability in Ng’andu said of the total lenges despite the positive Further, Dr Ng’andu said posed that energy try, based upon a shared the tax and royalty regime; budget, K72.0 billion repre- performance of revenues Government will reduce tariffs be inflation understanding that through stability in major costs such senting 22.0% of GDP, will and grants at K42.8 billion borrowing from the domes- Tlinked for the next 3 years growth – and only through as electricity or fuel; and come from domestic reve- exceeding their target by tic market to 1.1 percent of until the cost of service growth and industrial devel- stability in labour. nues while the balance will 9.1%. GDP from 1.4 percent of study completes, Chamber opment – can we be raised through domestic The challenges include GDP in 2019. Page 2 President Goodwell Mateyo deliver more,” said when sharing proposals said Mr Mateyo. made to the 2020 budget. Commenting Mr. Mateyo called for a on the Chamber’s Trade deficit scales up tariff evolution roadmap to submissions, be agreed with the full par- First Quantum ticipation of industry and Minerals’ head 42% for August ZESCO to understand its of government ambia’s trade August, meaning the coun- Central Statistical Office working capital, restructur- affairs John deficit has de- try imported more than it (CSO) Interim Statistician ing and financing needs. Gladston said the creased by 42.5% exported in normal terms General Mulenga Musepa. “Ultimately, Zambia most important Zfor the month of despite the decrease, says Page 3 The right to do business Business & Finance30 SEP - 6OCT 2019 The Business Post Gov’t climbs down on proposed Sales Tax By Prudence Chota

overnment’s pro- interfacing it with the customs of the Government Service posal to reintroduce system so that claims of refund Bus and Payment Gateway to Sales Tax next year for import VAT paid to Cus- ensure interface with ZRA; to replace the cur- toms Services during import of -Ensure timely audits of Grent Value Added Tax (VAT) to goods are verified; VAT claims, including out- boost domestic revenue mobi- -Enforce the use of Elec- sourcing services of external lization has been reversed. tronic Fiscal Devices (EFD) forensic auditors. Minister of Finance Dr. for VAT and other tax types Among a raft of other Ng’andu told parliament in and facilitate accreditation of changes, Dr Ng’andu said cap- his 2020 budget speech that in additional EFD distributors ital equipment and machinery the face of wide-ranging con- and Virtual EFD software sup- for the mining sector would be cerns from several key sectors, pliers; zero rated. government will maintain the -Ensure the capture and Also, claims of VAT on con- current VAT and address its electronic transmission to sumables such as stationery, compliance and administrative ZRA of the Taxpayer Iden- lubricants and spare parts will challenges. tification Number and name be disallowed. However, this “A number of concerns were of both buyers and sellers will not apply to businesses for raised by various stakeholders, of goods and services in all which these consumables are which included the cascading business-to-business and busi- stock in trade. effect, negative impact on GDP ness-to-Government transac- The finance minister also growth and job losses through tions; proposed to limit input VAT elimination of intermediaries -Improve data analysis and claims by mining companies in the supply chain,” he said of streamline bulk data matching on diesel to 70% from 90% the proposed Sales Tax. with institutions such as the and input VAT claims by min- On the heels of this reversal, Patents and Company Reg- ing companies on electricity to the finance minister spelt out istration Agency, Ministry of 80% from 100%. the following measures to bol- Lands and Natural Resourc- Earlier, the Zambia Cham- ster enforcement and efficien- es, NAPSA, ZESCO and the ber of Mines had warned that cy of VAT: Zambia Public Procurement introduction of sales tax to re- -Upgrade the tax online Authority. place the current Value Added Minister of Finance Dr. Ng’andu system for domestic taxes and -Accelerate implementation Tax (VAT) would severely af- fect the mining sector. 2020 budget weighs in at K106bn Ng’andu pencils in K2.3bn By Prudence Chota for reducing arrears By Staff Writer he 2020 national undersubscriptions on gov- allocated K636.0 million Dr Ng’andu has allocated Budget has in- ernment securities auc- towards redemption of the K1.1 billion for investment overnment has loans,” he said. creased by K19.2 tions and the depreciation Eurobond, K135.0 million in energy power infrastruc- increased fund- Dr. Ng’andu also said in billion represent- of the Kwacha against the towards voter registration ture to diversify and boost ing for disman- order to address the chal- Ting, 32.4% of Gross Do- United States dollar which and other election related the electricity generation tling of arrears lenge of domestic arrears, mestic Product (GDP). contributed to higher than expenditures and K100.6 capacity and to increase Gby about K2.2 billion, the government will increase The 2020 national budget programmed external debt million for any unforeseen access to electricity in ru- highest increase in the his- the allocation of funds to has increased to K106.0 bil- service payments. and unavoidable expendi- ral areas, he has allocated tory of the nation. reduce the stock of do- The allocation increased mestic arrears; use of debt lion compared to 86.8 bil- “For this Budget to tures while K100.0 million K166.3 million to the Rural to K2.3 billion in the 2020 swaps to liquidate part of lionannounced in the 2019 achieve its objectives, it has been allocated to the Electrification Fund. budget from K437 million the outstanding arrears en- national budget by former will require us to deliver on compensation Fund. In the education sector he in 2019 while K33.7 billion hance commitment control Finance Minister Margaret our commitments with dis- On Economic Affairs, has proposed to spend total has been allocated for debt systems to curb further ac- Mwanakatwe. cipline, determination and the Minister has proposed of K13.1 billion in 2020 in- obligations. cumulation. Finance minister Bwalya dedication,” he said. propose to spend K21.8 crease access and improve Further, government will “The external debt stock Ng’andu said of the total Further, Dr Ng’andu said billion under Economic the quality of education and reduce borrowing from the as at end-June 2019 in- budget, K72.0 billion repre- Government will reduce Affairs function of which skills training at all levels domestic market to 1.1% of creased to US$ 10.23 bil- senting 22.0% of GDP, will borrowing from the domes- K10.6 billion is for road out of which K7.0 billion GDP from 1.4% of GDP in lion from US$ 10.05 billion come from domestic reve- tic market to 1.1 percent of infrastructure, K1.1 bil- has been allocated to pri- 2019. at the close of 2018,” he nues while the balance will GDP from 1.4 percent of lion for the Farmer Input mary education and K2.2 Fiscal deficit is projected said. to reduce to 5.5% of GDP in “This was mainly on ac- be raised through domestic GDP in 2019. Support Programme and billion to secondary edu- 2020 from 6.5% in 2019. count of disbursements on cation while for university and external financing. He said Fiscal deficit is K660.0 million towards the Minister of Finance existing loans. The rate of education, he proposed to The minister has pro- projected to reduce to 5.5 purchase of strategic food Bwalya Ng’anda told Par- debt accumulation at 1.9 spend K2.0 billion out of posed to spend K44.1 bil- percent of GDP in 2020 reserves. liament during the presenta- percent was lower than the which K557.0 million is for lion for General Public from 6.5 percent in 2019, To enhance livestock and tion of the 2020 national 7.6 percent recorded in the student loans. Services with notable ex- a clear demonstration of fisheries production and budget that prudent man- corresponding period in The Finance Minister penditures under this cat- Government’s resolve to productivity, the Minis- agement of debt remains a 2018.” has also allocated a total of key priority to ensuring that Meanwhile, domestic egory being K33.7 billion restore fiscal health and sta- ter has proposed to spend K9.4 billion to the health debt is maintained within arrears, excluding VAT re- for debt obligations and bilize the economy. K225.6 million which will function representing an sustainable levels. funds as at end of June 2019 K2.3 billion for disman- To empower our local au- facilitate enhanced animal increase of 16 percent from Therefore, government amounted to K20.2 billion tling of arrears to unlock thorities; he has allocated and fisheries breeding and the 2019 allocation. will develop a 2020 to 2022 from K15.6 billion in De- the much needed liquidity K1.2 billion for the Local stock improvement, disease He said of this amount, he Medium Term Debt Strat- cember 2018. has propose to spend K5.0 in the market. Government Equalization control measures, as well as egy to ensure that govern- Dr Ng’andu said the 2020 billion for primary health He has however admitted Fund with K249.6 million research and development ment’s financing needs are Budget will focus on stim- service delivery which in- that budget implementation allocated for the Constit- among others. met at the lowest possible ulating the domestic econo- cludes health promotion, has faced various chal- uency Development Fund He said to support the cost consistent with a pru- my by reducing the budget disease prevention and lenges despite the positive for the implementation of adoption of climate smart dent degree of risk. deficit, rationalising debt treatment, K2.9 billion has performance of revenues projects identified by local agricultural technologies; “Government will slow- contraction and dismantling been allocated for hospital down external debt con- of domestic arrears while and grants at K42.8 billion communities to address K97.9 million has been al- services such as curative, traction; Postpone or cancel protecting social sector al- exceeding their target by their immediate develop- located for extension ser- rehabilitative and palliative some pipeline loans; cease locations. 9.1%. ment needs. vices for crop, livestock care services. The challenges include Dr. Ng’andu has further and fish production. the issuance of guaran- tees; and refinance existing

The right to do business PAGE 2 Business & Finance30 SEP - 6OCT 2019 The Business Post Zambia at risk of $24 bn debt, warns JCTR

By Prudence Chota he Jesuit Center is stressful on a coun- Mr. Mwaipopa said for Theologi- try with a GDP of less there is dire need of a cal Reflection than US$30 billion, and credible debt manage- (JCTR) has which is struggling to ment plan, prioritization Tforecast that Zambia’s keep the economy grow- regulatory reforms to total debt would by 2021 ing and reduce poverty,” increase oversight and reach US$24.46 billion she said. improve effectiveness of at the current borrowing Meanwhile, the Center debt contraction, and im- trends. for Trade Policy and De- plementation of genuine JCTR Programme Of- velopment (CTPD) says austerity measures which ficer for Social Econom- the attainment of fiscal need to start with prudent ic Welfare Muchimba consolidation is an illu- management of finances Siamachoka said gov- sion in the face of con- ernment has been bor- tinued debt contraction by government. rowing at a rate of US$ and the subsequent debt Debt servicing expend- 2.46 billion per annum, service payments, even iture is expected to ex- meaning within a space when the current budget ceed 30% of the entire of 5 years, an equivalent is running on the theme 2019 national budget be- of US$12.29 billion has “delivering fiscal con- yond the planned 26%. been contracted. solidation for sustainable “High debt levels have For the 2019 national and inclusive growth”. negatively hit the pri- CTPD Executive Director Isaac Mwaipopa budget alone, K23.6 bil- CTPD Executive Direc- vate sector – the engine lion will go to debt ser- tor Isaac Mwaipopa, told of growth. Government vicing almost equivalent The Business Post that arrears of K15.1 billion to the total budget allo- government needs to at- Chamber of Mines calls for have reduced liquidity cated to 3 vital sectors tend to the debt situation throughout the private divided at K13.3 billion with urgency because for the education sector, debt is squeezing out sector, while government new tariff blueprint borrowing on the domes- K8.1billion for the health other government spend- By Staff Writer sector and K2.1 billion ing and severely limiting tic market has crowded he Chamber of shared understanding isation. When the global for Social Protection to- government’s ability to out the necessary access Mines has pro- that through growth – economy presents chal- taling to K23.5 billion. respond to shocks, pro- to finance for businesses posed that ener- and only through growth lenges, whether as part of “An external debt stock tect the currency or stim- to expand,” he said. gy tariffs be in- and industrial develop- a global financial crisis of US$10.23 billion ulate growth. Tflation linked for the next ment – can we deliver or through the so-called 3 years until the cost of more,” said Mr Mateyo. commodity super-cycle, service study completes, Commenting on the it falls to governments Trade deficit scales up 42% Chamber President Chamber’s submissions, to make their jurisdic- Goodwell Mateyo said First Quantum Minerals’ tions the most attractive when sharing proposals head of government af- in which to place invest- for August made to the 2020 budget. fairs John Gladston said ments – this means low By Staff Writer Mr. Mateyo called for a the most important ele- taxation to encourage ambia’s trade million in July 2019 to counting for 29.8%. The tariff evolution roadmap ments of making Zambia further investment,” he deficit has de- K7, 903.6 million in major imports product to be agreed with the full competitive was stability said. creased by August 2019. was sulphur of all kinds participation of industry in the tax and royalty re- For the long term, said 42.5% for the This increase was accounting for 6% of the import bill from that and ZESCO to under- gime; stability in major Mr. Gladston, knowing Zmonth of August, mean- mainly attributed to the stand its working capital, costs such as electricity the costs for a lifetime ing the country import- 10.1% and 36.2% in- country. The second main restructuring and financ- or fuel; and stability in investment will be cru- ed more than it exported crease in exports earn- source of imports was ing needs. labour. cial for private sector in- in normal terms despite ings of intermediate China accounting for the decrease, says Cen- goods and consumer “Ultimately, Zambia “Mines across the vestment. 14.2% of the total im- needs a joint approach world need constant in- He said First Quantum tral Statistical Office goods categories re- ports and that the ma- (CSO) Interim Statisti- spectively. jor imports products to growing the mining vestment; in hardware, had paid over US$1 bil- cian General Mulenga Imports increased by where road tractors for industry, based upon a exploration, and modern- lion in tariffs to ZESCO Musepa. 10.2% from K7, 581.6 semi-trailers which ac- This trade deficit million in July 2019 to counted for 5.8% of the points to an in imbal- K8, 355.5 million in import bill from that ance in the economy August 2019. country. due to lack of manufac- This outturn was United Arab Emir- ates was the third main turing industries, com- mainly attributed to the source of Zambia’s im- pelling the country to increase in imports of ports and the products import products that can intermediate goods and imported included pe- even be sourced locally; consumer good by 22.9 troleum oils and oils in effect the country’s percent and 12.4% re- obtained from bitumi- wealth remains in other spectively. nous minerals and crude countries. Therefore the net effect accounting for 52.9% Although an increase of these dynamics in import bill from that was observed in both trade was the decrease country. imports and exports, the in the trade deficit. Other sources of Zam- increase in exports out- Mr. Musepa explained bia’s imports were In- weighed that of imports. that the major source of dia and Tanzania which Exports increased by imports in August 2019 collectively accounted 16.3% from K6, 795.4 was ac- for 9.2% of Zambia’s imports. Chamber President Goodwell Mateyo

The right to do business PAGE 3 30 SEP - 6OCT 2019 Local News The Business Post September inflation soars to 10.5%

By Prudence Chota

ith a tight- band of 6-8%. erally edged up in the first only normalize towards the On the other hand, the an- ed goods and services in an ened li- The rise has mainly been half of 2019, reflecting the end of the forecast period of nual food inflation rate rose economy increases over a quidity attributed to the increase in upward adjustment in the two years. from 10.3% recorded last period of time. In Zambia, and high food items price movement, Policy Rate in May 2019, Mr. Mulenga also said the month to 12.4% recorded the consumer price basket Wexchange rate scenario, especially maize products. high yield rates on Govern- annual food inflation rate this month while the annual consists of 440 items which Zambia’s inflation has con- Central Statistical Office ment securities, and tight for the month of Septem- non-food inflation for Sep- are spread across selected tinued to soar above the (CSO) Interim Statistician liquidity conditions. ber increased by 2.1% and tember remain at 8.3% as outlets in all the districts targeted band with Septem- General Mulenga Musepa According to the Cen- this was attributed to price that of September 2018. in Zambia. Over 23,000 ber’s 2019 annual inflation told this reporter in an inter- tral Bank Monitory Policy movements in food items Inflation is a quantita- price quotations are collect- increasing by 1.2 percent- view that the high exchange Committee, inflation is ex- such as breakfast and roller tive measure of the rate at ed from the outlets every age points. rate has to a greater extent pected to remain overhead mealie meal, maize grain, which the average price month to measure the infla- Inflation rose to 10.5% negatively contributed to throughout the year and will samp and imported rice. level of a basket of select- tion of the country. this month, the highest in 3 the rise in inflation com- years compared to 9.3% re- bined with high prices of corded last month, keeping commodities on the market. the rate above the targeted Market interest rates gen- Lufwanyama farmers cheered by K150 maize- bag price By Staff Writer

armers in Lufwan- cause we feel we were be- yama district have ing exploited. In some parts received a warm- of the country, farmers are ing reward follow- selling their commodity Fing the decision by Nyimba above K150 per 50 kg bag Investments and Mpongwe while farmers in our district Milling to increase the buy- where selling at K110 or ing price of maize by 0.80 per 50 kg bag which does ngwee per kg following a not add up,” said Benjamin boycott last month. Katindi a Lufwanyama res- The two companies have ident. increased the buying price Meanwhile, a total of 104 for maize to K3 per kg civil Servants have been from the previous K2.20 ejected from the FISP list of per kg, enabling a 50kg bag beneficiaries in Kazungula of maize to fetch at K150 District. compared to K110 before The DAC meeting that the boycott. met at the DACO’s office on Farmers in the district had 17th September 2019 learnt started hoarding their maize that 104 Civil Servants had on the back of poor prices erroneously been placed on prevailing on the market, the FISP list as beneficiar- but have now resumed off- ies for the 2019/2020 farm- loading their grain follow- ing season. ing improvement in com- DACO instructed the rel- modity prices. evant officers to remove the “We are excited by the Civil Servants as they do decision made by the two not qualify to benefit from companies to increase the the FISP programme. buying price of maize be-

The right to do business PAGE 4 30 SEP - 6OCT 2019 Agriculture The Business Post UNZA researcher gets grant for African Korean company unveils $250m swine fever control plan for making bio fuel By Prudence Chota By Staff Writer

lecturer at the Uni- risk of African Swine Fever Vi- coz-Bio Limited a in the country. versity of Zambia rus (ASFV) transmission. Korean based compa- Additionally, US$130 mil- (UNZA) working According to Dr. Simulun- ny says it is investing lion will be allocated towards with two other re- du, African Swine Fever (ASF) US$250 million in raw material production for bio Asearchers from the region is a severe and contagious viral Ean Eco-Bio Project in Zambia fuel such as waste cooking oil, have been awarded a grant disease in pigs for which there meant to convert waste cook- micro-algae and farming while of K764,000.00 to develop a currently is no vaccine or cure. ing oil, soy-bean and sugar a sum of US$30 million will diagnostic test kit for detect- The disease is widespread in cane into bio fuel. be channeled towards the con- ing anti-tick antibodies in the sub-Saharan Africa including The bio fuel will be in the struction of a bio-fuel produc- blood of domestic pigs. Zambia and causes mortalities form of bio diesel, bio-ethanol tion infra. This will help in the control of up to 100% in susceptible and bio-heavy-oil while glyc- And US$10 million will go of African swine fever. pig populations. erin will be a byproduct of the towards the construction and Dr. Edgar Simulundu Meanwhile, UNZA Vice bio-diesel. operations of Bio R&B center through the National Sci- Chancellor Prof. Luke Evuta Eco Solution Zambia’s Pres- while a sum of US$20 million ence and Technology Coun- Mumba, has congratulated Dr. ident Sungmoon Han said his will go towards other operation cil (Zambia) was awarded Simulundu for showing com- company would execute the expenses for storage, distribu- ZMW K224,900.00, while mitment to the fight against project budget step by step, tion and transportation. his counterpart from South the ASFV which is caused by according to the state of coop- “This project will help miti- Africa through the National exposure of domestic pigs to eration between the Zambian gate carbon dioxide emissions Research Foundation received infected ticks. Government and its citizens caused by fossil fuel which in SAR297,000.00. The third re- He said, the ASFV impacts which is essential for the pro- its way will help mitigate cli- searcher from Mozambique re- negatively on the economy, ject. mate change. Additionally the ceived MZM 1,300,000.00 food security, and livelihood “The sooner Eco solutions project will create jobs on a The grant is from a trilateral of livestock farmers in affected Dr. Edgar Simulundu has received the grant gets the proper situation be- large scale and help transform joint Science and Technology countries and the research un- through the National Science and Technology Council tween the Zambian govern- the agriculture sector while Research collaboration initia- dertaking is a huge milestone (Zambia) ment and its citizens, the more cultivating Zambian leaders tive that is composed of grant to containing the disease. speedy the budget execution,” through training and educa- agencies in Zambia, South Af- “UNZA is proud of you. stock movement restrictions Dr Simulundu is a Virologist he said. tion,” Mr. Han added. rica and Mozambique. We are convinced that your and slaughtering of infected and Senior Lecturer in the De- Of the total US$250 million Meanwhile, Ecoz-solutions This will see Dr. Simulundu research will raise the flag herds. partment of Disease Control, budget, US$10 million has chairman Hyuk Il Kwon said join other experts in the region of UNZA and Zambia as a Therefore, the test kit will School of Veterinary Medi- been allocated to the develop- Zambia has vast land which to develop the kit that would be whole,” Prof. Mumba said. help in detecting domestic cine, at the University of Zam- ment of human resource which can be used for investment and used to guide tick control and The control of the ASFV is pigs’ exposure to ASFV tick bia (UNZA). will include sending of 20 spe- that the country is one of the biosecurity measures needed to based on implementation of vectors so as to implement the cialists majored in chemistry to most peaceful in Africa, which be implemented to reduce the strict measures such as live- control measures. South Korea for training and makes it a suitable destination education in bio-fuel as well as for investment. training of all staff members on Ministry of Youth Sports and how to run the business, among Child Development and Ecoz other things. Solutions have signed a mem- A sum of US$50 million has orandum of understanding to ZNFU supports Eco-Bio project been allocated towards Coop- allow Ecoz sign forwards con- erative Union and Micro-fi- tracts with soy-bean producers By Staff Writer nancing which will include so as to control the price of the equipping 200 selected farmers commodity without exploiting he Zambia National production of soya beans in the Korea into Zambia in order to for them. with agriculture training and the farmers. Farmers Union says country. equip 200 selected farmers in Meanwhile, Ministry of education by a group of Korean the country has the Sungmoon Han, president of the country with agriculture Youths, Sports and Child De- experts who will be dispatched capacity to produce the Eco-Bio project in Zambia training and education. velopment Permanent Secre- Tover 600 thousand metric tons said his company has budget- “We are hopeful that the tary Joe Kapembwa said Ecoz- of soy-beans every year but ed a total of US$250 million farmer out grower schemes bio Zambia should come up that lack of a market has lim- investment in Zambia for the that Eco-Bio Project in Zambia with policies that will allow ited the production capacity to production of bio fuel using brings will enable the increase farmers sign forward contracts between 250 thousand to 300 soy-beans, sugar canes and in the production of soya beans with Eco-bio to control the thousand metric tons. waste cooking oil as raw ma- in the country as well as pro- price of the commodity. ZNFU Public Relations Of- terials. vide market for the local farm- “We do not want a situation ficer Kelvin Kaleyi told this Mr. Han said his company ers to sell their produce,” Mr. where when soyabeans is in reporter that Ecoz Bio Limit- will buy soya beans and sugar Kaleyi said. excess, our farmers are told ed decision to budget US$130 cane from local farmers which Mr. Kaleyi also added farm- to sell the product at a cheap million for acquiring soya will be used in the production ers have for a long time desired price. We want to see long beans, sugar cane and waste of the bio-fuel. a market for their produce and term contracts which will pro- cooking oil for the production The company will further that initiatives such as Eco-bio tect and local farmers from ex- of Bio-fuel will help step up dispatch experts from South projects are a break-through ploitations,” he said.

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The right to do business PAGE 5 Opinion/Comment & Analysis30 SEP - 6OCT 2019 The Business Post

Ng’andu’s blueprint: Devil is in Global economy hinges on 4 the detail geo-political games here are now sev- ness confidence already with both Saudi Arabia and Finance minister Dr. The private sector will spend time comb- eral geo-economic depressed as a result of Israel egging on the Trump Bwalya Ng’andu pre- and other market par- ing Ng’andu’s blue- playing out across Sino-American trade ten- administration – the risk of sented a K106 billion ticipants were root- print for all it is worth. the globe. In each sions, a chaotic Brexit an accident is rising. budget on Friday, ing for a budget with Certainly, the finance Tcase, failure to compromise would be the last straw. Just Having perhaps been in- weighed down by huge a pro-business slant. minister gave positive would lead to a collision, imagine thousands of trucks spired by Trump, Johnson expectations of a stim- Large businesses and signals in spelling out most likely followed by a and cars lining up to fill out naively thought that he ulus from the private SMEs have been gasp- his approach to imple- global recession and finan- new customs paperwork in could use the threat of a sector which has been ing for access to liquid- mentation: “For this cial crisis. Dover and Calais. Moreo- hard Brexit to bully the EU buffeted by economic ity. Budget to achieve its The first and most impor- ver, a European recession into offering a better exit headwinds. Indeed the last 11 objectives, it will re- tant contest is between the would have knock-on ef- deal than what his predeces- With Zambia’s ex- months have been US and China over trade fects, undercutting growth sor had secured. But now ternal debt now at tough for the sup- quire us to deliver on our commitments with and technology. The sec- globally and possibly trig- that parliament has passed US$10.23 billion and pressed private sector. ond is the brewing dispute gering a risk-off episode. It legislation to prevent a hard discipline, determina- domestic debt at K58.8 Costs of fuel, tight li- between the US and Iran. In could even lead to new cur- Brexit, Johnson is playing billion with rising ar- quidity and weak de- tion and dedication.” Europe, there is the escalat- rency wars, if the value of two games of chicken at rears of K16.7 billion, mand, among other He spelt out the mac- ing brinkmanship between the euro and pound were to once. A compromise with some 90% of govern- things, have made it roeconomic targets for Boris Johnson and the EU fall too sharply against oth- the EU on the Irish back- ment spend already tough to do business. 2020 as follows: over Brexit. er currencies (not least the stop is still possible before goes to the wage bill Even as the finance -Achieve a real GDP Finally, there is Argen- US dollar). the 31 October deadline, and to debt repay- minister indicated in growth rate of at least tina, which could end up A crisis in Argentina but the probability of de ments, according to the preliminaries of 3%. But our concern on a collision course with could also have global con- facto hard Brexit scenario is one estimate. Friday’s budget speech, is that unless the issues the International Monetary sequences. If Fernández also increasing. Presenting his maid- initial data shows that that have been talked Fund after the likely victo- defeats Mauricio Macri and In Argentina, both sides en budget on Friday, growth for 2019, fore- ry of the Peronist Alberto then scuttles the country’s are posturing. Fernández Dr Ng’andu was con- cast from the get-go at about ad infinitum (like reining in spend- Fernández in next month’s $57bn IMF program, Ar- wants a clear electoral man- fronted with the task 4%, will slow down to presidential election. gentina could suffer a repeat date, and is campaigning on ing and putting some of allocating meagre 2% compared to 3.7% In the first case, a full- of its 2001 currency crisis the message that Macri and resources while at the in 2018. Therefore, it brakes on borrowing scale trade, currency, tech, and default. That could lead the IMF are to blame for all same time trying to will get worse before it are actioned) this will and cold war between the to capital flight from emerg- the country’s problems. The raise revenues from the gets better. be a tall order. As it US and China would push ing markets more generally, IMF’s leverage is obvious: key copper mining sec- Over the first half of is, preliminary figures the current downturn in possibly triggering crises if it withholds permanently tor without throttling 2019, the current ac- show growth will con- manufacturing, trade, and in highly indebted Turkey, the next $5.4bn tranche of it. count deficit narrowed strict to 2% for 2019. capital spending into ser- Venezuela, Pakistan and funding and ends the bail- His climb down on to US$ 414.4 million or -Achieve and main- vices and private consump- Lebanon, and further com- out, Argentina will suffer the proposed Sales Tax 1.7% of GDP from US$ tain inflation within the tion, tipping the US and plicating matters for India, another financial collapse. will bring a huge sigh of 586.1 million or 2.2% target range of 6-8%. global economies into a South Africa, China, Brazil, But Fernández has leverage, relief to a mining sector of GDP during the severe recession. Similarly, Mexico and Ecuador. too, because a $5bn7 debt is fretting at the potential same period in 2018 However, September a problem for any creditor; has already printed a military conflict between In all four scenarios, both negative impact of the – a result of a larger the US and Iran would drive sides want to save face. the IMF’s ability to help double digit inflation other distressed economies proposed tax. decline in imports rela- oil prices above $100 per U Donald Trump wants a would be constrained by an The finance minister tive to exports and the inflationary barrel, triggering stagflation deal with China, in order presented the budget Meantime, export ripple effects of a pro- Argentinean collapse. As in (a recession with rising in- to stabilise the economy the other cases, a face-sav- in the face of an econo- earnings, at US$ 4 bil- posed 75% tariff hike flation). and markets before his my currently grappling lion, were 14.7% low- ing compromise is better will play havoc with That, after all, is what re-election bid in 2020; Xi for all, but a collision and with a 700MW ener- er than US$ 4.6 billion the central banks infla- happened in 1973 during Jinping also wants a deal financial meltdown cannot gy deficit, suppressed realised over the same tion targeting. the Yom Kippur war, in to halt his country’s slow- be ruled out. growth and rising in- period in 2018. Copper -Increase interna- 1979 following the Iranian down. But neither wants to The problem is that while flationary pressures, export earnings de- tional reserves to at Revolution, and in 1990 be the “chicken”, because compromise requires both worsened by drought clined by 22% to US$ parties to de-escalate, the least 2.5 months of after Iraq’s invasion of Ku- that would undermine their effects and rising fuel 2.8 billion from US$ wait. domestic political stand- tactical logic of chicken re- import cover. That is wards crazy behaviour. If I prices. 3.5 billion, following a A blowup over Brexit ing and empower the other feasible again if the can make it look like I have With a 75% tariff decline in both export might not by itself cause side. Still, without a deal by hike on the horizon to volumes and copper discipline on debt con- removed my steering wheel, a global recession, but it year’s end, a collision will the other side will have no help fund 300MW en- prices. traction is maintained. would certainly trigger a become likely. As the clock ergy imports aimed at The theme of his -Reduce the fiscal choice but to swerve. But if European one, which would ticks down, a bad outcome both sides throw out their plugging the 700MW budget, ‘Focusing na- deficit to 5.5% of GDP then spill over to other becomes more likely. steering wheels, a collision deficit, inflation re- tional priorities to- -Increase domestic economies. Similarly, Trump thought becomes unavoidable. mains a risk. wards stimulating the revenue mobilization The conventional wisdom he could bully Iran by The good news is that in Ahead of the budget domestic economy’ will to at least 22% of GDP. is that a hard Brexit would abandoning the Joint Com- the four scenarios above, speech, the Central at first glance soothe Again, this can only lead to a severe recession in prehensive Plan of Ac- each side is still talking to Statistical Office an- the unease of business- the other, or may be open happen if, for starters, the United Kingdom but not tion and imposing severe nounced that inflation es crying out for stim- in Europe, because the UK sanctions. But the Iranians to dialogue under some if the compliance and face-saving conditions. The for September had ris- ulus. is more reliant on trade with have responded by esca- en to 10.5% from 9.3% But the devil is in administration chal- bad news is that all sides lenges of VAT are taken the EU than vice versa. This lating their regional provo- are still very far from any in August, the highest the detail, and over the is naive. cations, knowing full well rise in 3 years. days ahead, analysts care of. kind of agreement. Worse, The eurozone is already that Trump cannot afford there are big egos in the suffering a sharp slowdown a full-scale war and the mix, some of whom might Send your comments and and is in the grip of a manu- oil-price spike that would prefer to crash than be per- facturing recession; and the result from it. Moreover, ceived as a chicken. The fu- articles to the editor Netherlands, Belgium, Ire- Iran does not want to en- ture of the global economy land, and Germany – which ter negotiations that would thus hinges on four games Contact No: +260 950 303 728 The Business Post is nearing a recession – do give Trump a photo oppor- of dare that could go either +260 962 414 043 Plot No: 5485 Msanzala in fact rely heavily on the tunity until some sanctions way. – Commentary by Road, Kalundu,Lusaka +260 956 037 334 Prof Nouriel Roubini (The E-mail:[email protected] UK export market. are lifted. With both sides With eurozone busi- reluctant to blink first – and Guardian).

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The right to do business PAGE 7 30 SEP - 6OCT 2019 Money & Capital Markets The Business Post LATEST TRADING ON LUSE In 29 trade recorded on Tuesday September LuSE All Share Index (LASI) maintained its Shoprite Holdings and K22,759,467,710.57 24th, some 1,910 shares were transacted, previous close of 4,371.04 point as there were excluding Shoprite Holdings. yielding a market turnover of K2,524. Trading no price movements. The market remained on a activity was recorded in CEC and SCBL. The capitalization of K56,998,673,690.57 including Closing Prices - Last Updated on Wed. 18, Sep, 2019 Symbols Price (k) Change (%) Symbols Price (k) Change (%) AFRICAN INDICES BRVM-CI 144.02 -0.80% 24-Sep AELZ 20.00 0.00 REIZ 5.80 0.00 BSE DCI 7,442.22 +0.04% 24-Sep ATEL 31.50 0.00 SCBL 1.64 0.00 DSE ASI 1,925.74 -0.61% 24-Sep SHOP 63.00 0.00 BATA 2.65 0.00 EGX 30 13,170.20 -4.24% 24-Sep BATZ 1.90 0.00 ZABR 7.99 0.00 GSE-CI 2,214.54 -0.44% 24-Sep CCAF 1.90 0.00 ZCCM 28.48 0.00 JSE ASI 55,622.80 -1.39% 23-Sep CCHZ 2.00 0.00 ZMBF 1.00 0.00 LuSE ASI 4,371.04 - 24-Sep CEC 1.32 0.00 MASI 11,466.62 -0.08% 24-Sep INVE 12.00 0.00 ZMFA 4.80 0.00 MSE ASI 29,142.42 +0.38% 24-Sep NGSE ASI 27,352.24 -1.10% 24-Sep LAFA 1.97 0.00 ZNCO 0.65 0.00 NSE ASI 145.72 +0.29% 24-Sep MAFS 3.00 0.00 NSX OI 1,257.15 -0.85% 23-Sep ZSUG 2.50 0.00 NATB 9.22 0.00 RSE ASI 124.73 -0.20% 24-Sep SEM ASI 1,953.47 -0.03% 24-Sep PMDZ 0.62 0.00 TUNINDEX 7,041.77 -0.48% 24-Sep PRIM 2.80 0.00 USE ASI 1,552.04 -0.13% 24-Sep PUMA 0.99 0.00 ZSE Ind. 783.93 +8.18% 24-Sep

MONEY MARKETS & EXCHANGEDaily Commercial RATESBanks Exchange (BOZ) Rates Market Rate Daily Commercial Banks Exchange Rates

Daily ZMW/USD Exchange Rates : 25-09-2019 25-09-2019 09:30 12:30 15:30 Time Buying Selling Bank Name Interbank Rates Retail Rates Interbank Rates Retail Rates Interbank Rates Retail Rates

09:30 13.0965 13.1465 Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell 12:30 ACCESS BANK ZAMBIA 13.0750 13.1250 12.9760 13.2310 15:30 ATLAS MARA BANK 13.1250 13.1750 12.9443 13.2058 Average Exchange rates: 24-09-2019

Currency Buying Selling BANK OF CHINA (ZAMBIA) 13.1200 13.1700 13.0300 13.2550

USD 13.0179 13.0679 BARCLAYS BANK ZAMBIA 13.1000 13.1500 12.8974 13.1526 GBP 16.2386 16.3036 CAVMONT BANK 13.1200 13.1700 13.0200 13.2100 EUR 14.3184 14.3773

ZAR 0.8744 0.8781 CITIBANK ZAMBIA 13.0800 13.1300 12.9690 13.2310

Bank of Zambia Policy Rate ECOBANK ZAMBIA 13.1000 13.1500 12.9938 13.2563 25-09-2019 10.2500 FIRST ALLIANCE BANK ZAMBIA 13.0800 13.1300 12.9608 13.2200 Featured LME prices US$: 24 SEPTEMBER 2019 FIRST CAPITAL BANK ZAMBIA 13.0850 13.1350 12.9724 13.2319 LME Aluminium 1,751.50 LME Copper 5,761.00 FIRST NATIONAL BANK ZAMBIA 13.1000 13.1500 13.0450 13.3050

LME Zinc 2,314.00 INDO-ZAMBIA BANK 13.1000 13.1500 12.9750 13.2300 LME Nickel 17,270.00 INVESTRUST BANK 13.1300 13.1800 12.9543 13.1962 LME Lead 2,054.50 13.1000 13.1500 12.9462 13.2038 LME Tin 16,500.00 STANBIC BANK ZAMBIA

LME Aluminium Alloy 1,220.00 STANDARD CHARTERED BANK 13.0750 13.1250 12.9750 13.2330

LME NASAAC 1,076.00 UNITED BANK FOR AFRICA ZAMBIA 13.0500 13.1000 12.9492 13.2107 LME Cobalt 37,500.00 ZAMBIA INDUSTRIAL COMMERCIAL BANK 13.1000 13.1500 13.0003 13.2497 LME Gold* 1,532.40

LME Silver* 18.570 ZAMBIA NATIONAL COMMERCIAL BANK 13.1000 13.1500 12.9767 13.2233

LME Steel Scrap** 242.50 Market Average 13.0965 13.1465 12.9756 13.2262 LME Steel Rebar** 408.00

The right to do business PAGE 8 The Business Post 30 SEP - 6 OCT 2019 Classifieds

FOR SALE. PROPERTY LOCATION: Ngwezi FOR SALE. 5 acres land Road, Roma Residential. near Maria Zaloumis farm or BEDROOMS: 4 HOUSE FOR SALE. In Zamseed farm. It comes with a REST ROOMS: 2 self- 2 piggery house and 2 roomed Kafue Kalundu View Area. contained rooms and one workers house. Located on a 25 by 15 plot communal bathroom Location: 9 miles on title deed and it’s on land record. SWIMMING POOL: Yes 3 km from Great North Road Everything else is pure and AMENITIES: Very close to K600,000 open for negotiation. clean. malls, schools and restaurants Call/text/WhatsApp SURROUNDINGS: Very Contact No: +260 962 414 +260971064798 well kept lawn on a spacious 043 yard. Enough space for BBQ +260 956 037 334 functions and kids playing. SECURITY: Boundary wall and electric fencing CAR SLOT: 2 car slot WORKERS QUARTERS: Available Plot Size: 3600 sqm REDUCED TO GO. QUICK ASKING PRICE: US$ SALE. IN LILAYI ESTATE 700,000. LUSAKA Prime area. 2 Call/text/WhatsApp flats 2 bedrooms MSC each. +260971064798 Plot size 20 x 35. On title deed. From K400,000 to SALE SALE SALE. HOUSE K370,000. Call/text/Whatsapp. ON SALE IN STATE LODGE +260975842979 4 bedroomed, 2 self-contained, big sitting room, dinning, tv room, laundry, study, 2 carport, borehole, tank, tarmac frontage, street lights, insured and very secure place. Plot size 50 by 40. K1,500,000 (K1.5 SALE SALE SALE. 3 SALE SALE SALE. NEW milion kwacha). OPEN FOR KASAMA. INSTALMENTS bedroom standalone house for NEGOTIATIONS. Call/text/ ARE WELCOME. WITHIN 4 sale near the traffic lights in MONTHS. Whatsapp. +260971064798. Chalala along Ring Road. Plot 2 bedrooms Flats by 4 units. size 30x40 with a borehole. Borehole, modern fittings, FARM FOR SALE. 5 hectares K750.000 NEGOTIABLE. wall fence. K300,000 each Kafue virgin land. 7 kms from Call/text/Whatsapp. negotiable. Call/text/Whatsapp Kafue Estates, near the Kafue +260971064798 +260971064798 River. Selling at K55/hectare

CLASSIFIEDS FOR PROPERTIES FARM FOR SALE AND CARS Contact No: +260 962 414 043 +260 956 037 334 THE FOLLOWING TERMS AND CONDITIONS APPLY 1. It’s K2 per word minimum or K30 per advert 2. If you add a Standard small Picture it is K10 3. Advert will run one week 4. You will also pay us an AGENCY fee of 4% of the sale price 5. Before we advertise you must produce proof of ownership/appoint- ment by the owner as an Authorized Agent for the property or Car.*

The right to do business PAGE 9 30 SEP - 6OCT 2019 International Business The Business Post Global economy in for downturn ulgaria’s Kristali- said the IMF’s long term na Georgieva has objectives included “deal- said the global ing with issues like inequal- economy needs ities, climate risks and rapid Bto be ready to cope with a technological change.” fresh economic downturn Georgieva, previously after being chosen to head number two at the World the International Monetary Bank, begins her five-year Fund (IMF). term next week, in time for The economist said she the IMF’s annual meeting was taking charge of the later in the month. Washington-based organ- The gathering of finance isation at a time when ministers and central bank growth was slowing, trade governors will be dominat- tensions growing and with ed by the need to head off debt at record levels. the threat of a global reces- Despite criticism of the sion, ease the trade tensions way in which the top jobs between China and the US, at the IMF, which lends to and minimise the risks of countries in distress, and a no-deal Brexit and the its sister organisation, the threat to oil supplies from World Bank, which seeks tension in the Middle East. to alleviate poverty, remain The IMF is also likely to the fiefdoms of Europe and be questioned over the de- the US, Georgieva was cision by her predecessor, In a statement, Georgieva who is soon to become the said: “The IMF is a unique head of the European Cen- institution with a great his- tral bank, to grant a record tory and a world-class staff. $56bn loan to Argentina, I come as a firm believer in which is teetering on the its mandate to help ensure brink of debt default. Kristalina Georgieva begins her five-year term at the organisation next week. Photograph: Eric Baradat/AFP/ the stability of the global Under a tacit agreement Getty Images economic and financial sys- that stretches back to the tem through international creation of the two or- economy than they did at Nadia Daar, the head of poverty, require strong po- it ‘open, merit-based and cooperation. Indeed, in my ganisations at the Bretton the end of the second world Oxfam’s Washington DC litical leadership from the transparent’, but it is too view, the Fund’s role has Woods conference in 1944, war, the tradition has never office said: “We congrat- IMF now, more than ever.” politicised for a non-Euro- never been more import- America has chosen the been broken. Europe raised ulate Kristalina Georgie- However, raising concerns pean candidate to be nom- ant.” head of the World Bank no objections when Donald va and trust she will be a over the lack of a non-Eu- inated or succeed. Georgieva added that she while Europe picks the per- Trump nominated David strong voice in the fight ropean candidate, Daar “The status quo under- had a “huge responsibility” son to lead the IMF. Malpass to run the World against inequality and an added: “We can’t overstate mines the legitimacy of taking on the job at a time of Despite growing criticism Bank earlier this year and advocate for climate action the importance of improv- multilateralism at a time faltering economic growth, from developing countries, the US returned the favour and gender equality. These ing the selection process when we should be demon- trade tensions and histori- which account for a much by giving Europe a free run issues, which impact heav- for IMF managing direc- strating its strength.”—The cally high debt levels. She bigger share of the global at the IMF. ily on growth, stability and tor. The IMF’s board calls Guardian Global recession a serious danger - UN eaker growth in contraction next year. earnings and investor confi- framing the immediate policy cuts in an attempt to stimulate tural challenges that predate both advanced The UN said warning lights dence” and instead focus on challenge.” activity but the UN report was the global financial crisis and and developing were flashing around trade job creation, boosting wages It said the global economy re- pessimistic about the chances have gone largely unattended countries means wars, currency gyrations, the and increasing public invest- mained fragile even though the of success. since then,” the report said. Wthe possibility of a global re- possibility of a no-deal Brexit ment. financial crisis ended a decade “The slowdown in growth It added that four issues stood cession in 2020 is a clear and and movements in long-term The Unctad report said: “A ago, and called for a funda- in all the major developed out due to their high degree of present danger, the UN has interest rates but there was lit- spluttering north, a general mental rethink of a “business economies, including the US, interdependence: the smaller warned. tle sign that policymakers were slowdown in the south and ris- as usual” model that had sad- confirms that relying on easy share of the economy’s pro- In a flagship report, the UN’s prepared for the coming storm. ing levels of debt everywhere dled the developing world with monetary policy and asset ceeds going to labour; the ero- trade and development body, The annual trade and devel- are hanging over the global record levels of debt. price rises to stimulate demand sion of public spending; the Unctad, said 2019 will endure opment report said finance economy: these combined with The report also said: “The produces, at best, ephemeral weakening of investment; and the weakest expansion in a de- ministries and central banks increased market volatility, a macro-economic policy stance growth, while tax cuts for cor- the unsustainable increases in cade and there was a risk of the should end their “obsession fractured multilateral system adopted to date has been lop- porations and wealthy individ- carbon dioxide in the atmo- slowdown turning into outright with stock prices, quarterly and mounting uncertainty, are sided and insufficiently co-or- uals fail to trigger productive sphere. dinated to give a sustained investment.” It continued: “Climate pro- boost to aggregate demand, Unconventional monetary tection requires a massive with adjustments left to the va- measures – such as negative in- new wave of investment, re- garies of the market through a terest rates and creating money inventing energy and other mixture of cost-cutting and lib- through quantitative easing – carbon-emitting sectors. New eralisation measures. Ephem- remained the go-to policies for low-carbon technologies must eral growth spurts and finan- addressing weaknesses in the be created, installed and main- cial volatility have been the global economy even though tained on a global scale.” predictable results.” they have had a weak record The report also highlighted Global growth will fall from since the financial crisis. increased green investment, 3% in 2018 to 2.3% this year – Trade growth was expected which it said would be a sig- its weakest since the 1.7% con- to slow sharply this year as nificant source of income and traction in 2009, according to a result of a slump in global jobs. “Recent discussions call the report. Several big emerg- demand and the protectionist this strategy the Green New ing countries were already in measures announced by Don- Deal, recalling the 1930s New recession and some advanced ald Trump. Deal, which tackled unem- economies, including Germa- The UN stressed the need ployment and low wages, the ny and the UK, were danger- to look beyond the short-term predatory nature of finance, in- ously close to one. threat of recession to deeper frastructure gaps and regional Central banks, including the and long-running threats. inequalities, in the context of US Federal Reserve and the “Beyond the immediate risks recovering from the Great De- The spectacular collapse of Lehman Brothers marked the apex of the last reces- European Central Bank, have that could stall the global econ- pression.” –The Guardian sion. recently announced interest omy are a series of macrostruc-

The right to do business PAGE 10 African Business 30 SEP - 6OCT 2019 The Business Post SA economic downturn continues

outh Africa’s a state of emergency and the the trend. billion rand in the previous economy remains country prepared for its first These are some of the oth- quarter. stuck in its longest democratic elections. er highlights from the Quar- • Portfolio invest- downward cycle The central bank monitors terly Bulletin for the three ments declined to 9.98 bil- Ssince 1945, adding to pres- about 200 indicators repre- months through June: lion rand from 29.2 billion. sure on the government to senting economic processes • Foreign direct in- • Household debt as implement reforms to lift such as production, sales, vestment inflows totaled a ratio of disposable income business confidence and employment and prices to 26.3 billion rand ($1.75 bil- rose to 72.7% from 72.5%. boost growth. determine the direction of lion), compared with 11.7 --Bloomberg South Africa’s Reserve Bank Governor, Lesetja Kga- The economy entered the nyago 70th month of a weakening cycle in September, accord- ing to the Reserve Bank’s Quarterly Bulletin released Wednesday in the capital, Pretoria. The Recruiter That’s as economic growth powered by KSM and business confidence languish at multi-year lows while an index gauging sen- timent in the manufacturing find jobs sector shows contraction. JOB OPPORTUNITIES Africa’s most-industrial- ized economy hasn’t ex- panded at more than 2% since 2013 and the cen- JOB TITLE # Of Vacancies organization DEADLINE tral bank’s updated fore- 1 Zambia Agriculture Research Associate X1 One Acre Fund 10/18/2019 casts from last week show 2 Fisheries Technical Advisor X1 Frankfurt Zoological Society - Nsumbu Tanganyika Conservation 10/1/2019 it won’t even get to that Programme growth number by 2021. 3 Program Rotation Associate X1 One Acre Fund 12/9/2019 The Reserve Bank’s 0.6% 4 Manager, Office of the CEO X1 One Acre Fund 11/9/2019 projection for this year would be the slowest full- 5 Community Engagement and Mobilisation Manager X1 Marys Meals Zambia 10/3/2019 year expansion since 2016. 6 Nursery Teacher/Early Years Lead Teacher X1 Sentinel Kalumbila School 10/6/2019 Business confidence 7 Mathematics Teacher X1 Sentinel Kabitaka School 10/6/2019 dropped to the lowest in more than three decades in 8 A-Level Business Studies Teacher X1 Trident College 10/6/2019 August as rising debt, con- 9 Head of Sports X1 Trident College 10/6/2019 cern about the impact of

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The right to do business PAGE 11 K10 The Business Sport PATSON NETS BRACE By Staff Writer ambia strik- opolo central-defence stal- er Patson Daka wart Stoppila Sunzu came breached the net off the bench on 71 minutes twice as his side for a rare start as his side ZRed Bull Salzburg over- FC Metz pipped St Etienne came a two-goal deficit to 1-0. It was the 2012 Afri- force a 2-2 deadlock away ca Cup hero’s first start of to 10-man LASK Linz, in the 2019/20. Ahead of this the Tipico en- match, Sunzu had featured counter week 8 round of for 90 minutes in all the last matches. 6 round of matches. Compatriot Enock The sole goal of the game Mwepu provided the open- came via the boot of Sene- ing goal with a crisp pass galese striker Mouhamadou on 32 minutes. Daka com- Diallo after 19 minutes. pleted his brace in the dy- Wednesday night’s win ing minutes of the game was FC Metz’s first in five to ensure his side remains matches and ended a run of unblemished, unbeaten this 4 defeats on the trot in the season. last 5 matches. This was the second game And in the , on the trot that Mwepu Fashion Sakala came off featured the entire 90 min- the bench to score KV utes in the Austrian Tipico Oostende’s second goal on Bundesliga. 90 minutes, as the side de- Red Bull Salzburg for the feated lower-tier side KFC first time shed points with Mandel United 2-0 away this stalemate, the draw in the round 32 of match- curtailing a fine 7-win run es played at Gemeenteljk going into the LASK Linz Sports Stadium. Compatri- encounter. ot Emmanuel Banda was Meanwhile in the unused midfield substitute France’s Ligue 1, Chipol- for the game. RedBull Salzburg Patson Daka among Zambia’s leading lights abroad. The Champion’s League A-Star list of TOP SCORERS IN EUROPE LEAGUES : 8 Sergio Agüero (Manchester 3 Jaime Mata (Getafe) 3 Jadon Sancho (Borussia Dort- millionaires City) mund) The 25 highest-paid play- 24. Thomas Mueller – £40.53m 7 Tammy Abraham (Chelsea) Two goals: Arthur (Barcelona) 3 Ruben Vargas (Augsburg) ers in this season’s Cham- £13.23m 2. Christiano Ronaldo – | Ramón Azeez (Granada) | Ga- 3 Wout Weghorst (Wolfsburg) 6 Pierre-Emerick Aubameyang reth Bale (Real Madrid) | Ante pion League tournament 23. Manuel Neuer – £50.8m : returned last week and Eu- £13.27m 1. Lionel Messi – £62.6m (Arsenal) Budimir (Mallorca) | Ansu Fati 5 Domenico Berardi (Sassuolo) rope’s elite competition has 22. Robert Lewandowski – 6 Teemu Pukki (Norwich) (Barcelona) | João Félix (Atléti- 5 Raheem Sterling (Manchester co) | Nabil Fékir (Betis) | Carlos already thrown up some £14.1m There’s some serious mon- 4 Ciro Immobile (Lazio) City) Fernández (Granada) | Kevin 4 Alfredo Donnarumma (Bres- surprises. 21. Karim Benzena – ey being pocketed by these Gameiro (Valencia) | Moi Gó- cia) Premier League pair Liv- £14.63m stars. Unsurprisingly, Messi 4 Ashley Barnes (Burnley) mez (Villarreal) | Sergi Guardiola 4 Marco Mancosu (Lecce) erpool and Chelsea suf- 20. James Rodriguez – and Ronaldo command the 4 Harry Kane (Tottenham) (Valladolid) |Joan Jordán (Sevil- 4 Duván Zapata (Atalanta) fered defeats to Napoli £14.69m highest wages in the com- 4 Sadio Mané (Liverpool) la) | Willian José (Real Sociedad) 3 Francesco Caputo (Sassuolo) 4 (Liverpool) | Joselu (Alavés) | Jaime Mata 3 Edin Dzeko (Roma) and Valencia, while Paris 19. Thiago Silva – £14.8 m petition – which is more 3 (Napoli) Saint-Germain battered 18. – £16 than fair. 4 Bernardo Silva (Manchester (Getafe) | Roger Martí (Levante) 3 Aleksandar Kolarov (Roma) Real Madrid and Barcelona .3m But it’s interesting to see City) | Jorge Molina (Getafe) | Martin 3 Christian Kouamé (Genoa) drew with Borussia Dort- 17. Luka Modric – £16.48m young stars like Jovic and 4 Callum Wilson (Bour- Ødegaard (Real Sociedad) | Óscar 3 Romelu Lukaku (Inter) mund. Juventus and Ath- 16. Kylian Mbappe – De Jong so high on the list. nemouth) Plano (Valladolid) | Antonio Puer- 3 (Napoli) 3 Roberto Firmino (Liverpool) tas (Granada) | Ángel Rodríguez 3 Luis Muriel (Atalanta) letico Madrid also played £16.49m Real Madrid and Barcelona 3 Daniel James (Manchester (Getafe) | Luis Suárez (Barcelo- out an exciting 2-2 draw 15. Marcelo – £17.7m clearly trust their stars for Ligue 1: United) na) | Roberto Torres (Osasuna) | 6 Moussa Dembélé (Lyon) – it certainly wasn’t a bad 14. – £17.7m the future. 3 Marcus Rashford (Manchester Vitolo (Atlético Madrid) round of matches to kick off 13. Sergio Ramos – £17.7m The Champions League is 6 Victor Osimhen (Lille) United) Bundesliga: 5 (Metz) the competition. 12. Kevin de Bruyne – seen as the holy grail for so 3 Sébastien Haller (West Ham) 9 Robert Lewandowski (Bayern 4 Darío Benedetto (Marseille) Every year, the best players £18.2m many clubs – so it’s no sur- 3 Mason Mount (Chelsea) Munich) 4 Wissam Ben Yedder (Monaco) in the world compete in the 11. Luka Jovic – £18.4m prise to see them splashing 3 (Leicester) 5 Paco Alcácer (Borussia Dort- 4 Memphis Depay (Lyon) Champions League – and 10. Frenkie de Jong – the cash to keep their top 3 Harry Wilson (Bournemouth) mund) 3 Rachid Alioui (Angers) naturally many of them £18.41m players happy. La Liga: 5 Timo Werner (RB Leipzig) 3 Jimmy Briand (Bordeaux) command very handsome 9. Jan Oblak – £18.41m Yet, not a single member 5 Gerard Moreno (Villarreal) 3 Sebastian Andersson (Union 3 Eric Maxim Choupo-Moting 5 Karim Benzema (Real Ma- Berlin) (PSG) wages. 8. Luis Suarez – £20.71m of Liverpool’s Champions drid) 3 Amine Harit (Schalke) But who are the high- 7. Philippe Coutinho – League winning squad is 3 Kalifa Coulibaly (Nantes) 5 Loren (Real Betis) 3 Florian Niederlechner (Augs- 3 Wylan Cyprien (Nice) est-paid players in this sea- £21.68m among the highest paid in 4 Raúl García (Athletic Bilbao) burg) son’s competition? 6. Gareth Bale – £24.72m this season’s tournament. 3 Romain Hamouma (St Éti- 3 Santi Cazorla (Villarreal) 3 Yuya Osako (Werder Bremen) enne) 5. Eden Hazard – £27.7m The Reds are clearly doing 3 Antoine Griezmann (Barce- 3 Gonçalo Paciência (Frankfurt) 3 Casimir Ninga (Angers) 25. Gonzalo Higuain – 4. Neymar – £32.48 something right. -- Capolo- lona) 3 Marco Reus (Borussia Dort- 3 Islam Slimani (Monaco) £12.29m 3. Antoine Griezmann – gy 3 Dani Parejo (Valencia) mund)

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