Friday, 30 March 2012

ZANACO's growth hits 10percent growth rate

Zambia national commercial bank (ZANACO)’s revenue has a hit a 10percent growth with the bank recording profits in 2011 of about 626billion kwacha from the previous 568billion kwacha in 2010.
The bank which has over 600 000 customers with 59branches across the country and 150 automated tailor machines has had its profit before tax grow by 7percent from 173billion in 2010 to 185billion kwacha in 2011.
And the profit after tax has grown to 7percent with bank recording profit of about 121 billion kwacha in 2011 as compared to 113billion kwacha in 2010.
Meanwhile ZANACO chief executive officer marlin schouten says the decision by government to probe the sale of the bank to RABO bank of Netherlands has had no effect on the bank share prices, withdrawals and deposits.
Mr. schouten says the bank in 2011 surpassed the capital requirement for either local or foreign bank as defined by the bank of Zambia of about 20million kwacha to 100million kwacha by recording a growth of about 114billion kwacha.
Meanwhile Mr. schouten who was speaking at a press briefing in Lusaka today has welcomed the move by the bank of Zambia to introduce the policy rate which has been set at 9percent.
And Mr schouten says the shareholders still have the confidence in the bank and are not likely to pull out now their investment adding that they are awaiting government’s decision over the matter.
Mr. schouten says RABO bank acquired the bank legally and over turning the decision by the previous government would be unfortunate more especially that ZANACO is doing fine currently.
and zanaco board chairperson bruce dick says it will be shocking and surprising if the Zambian government over-turns the sale of the bank legally by the previous government.
Mr dick says RABO bank did everything within the law when buying ZANACO and since then the performance has improved greatly with its revenue growing about 10percent in 2011.
Mr. dick says RABO bank will wait the decision by the current government adding that this will determine the focus and future of the bank.
And on the bank of Zambia’s introduction of its policy rate which has put at 9percent, Mr. dick says there is need to have transparency in the manner the policy will be implemented.
He says Zambia which has good and growing banking sector does not a regulation which will be lacking transparency and not conforming to international regulations because this will take back the massive investment.

Wednesday, 28 March 2012

CCPC appoints 60 local authority inspectors to enforce devolution of powers

The Competition And Consumer Protection Commission Has Appointed 60 Inspectors From Local Authorities To Enforce Devolution Of Powers And Further Its Work As Provided For Under The Competition And Consumer Protection Act.
Meanwhile Government Has Directed All Law Enforcement Agencies In The Country Such As The Competition And Consumer Protection Commission (Ccpc) To Enforce The Law In Accordance To Their Mandate If Sanity Has To Be Brought In All The Institutions.
Speaking When He Officially Opened The Inspectors Inception Workshop For Ccpc, Commerce, Trade And Industry Domestic Trade Director Ambassador Albert Muchanga Says The Law Enforcement Agencies Should Not Sit On Laws But Ensure That They Remain Vigilant And Enforce Them Accordingly.
Ambassador Muchanga Says The Devolution Of Powers By Appointing 60 Inspectors By The Ccpc Must Ensure That The Interest Of Consumers Are Protected And Ensure That The Commission Is Visible.
Insert…..The Government
And Ambassador Muchanga Has Noted That Decentralization Is The Cornerstone Of The Pf Government’s Policy To Ensure That There Is Devolution Of Authority In Decision Making To Lower Levels On Matter Of Consumer Protection.
He Says At The Heart Of Decentralization Is The Fostering Of Greater Social Collision And Stability And The Policy Is To Have Solutions Tailored Dependent On Local Problems And Should Reflect Problems In A Particular Community.
Ambassador Muchanga Says The Government’s Intention Is Not Only To Decentralize But To Give Powers To Its People However The Reference Should Be Made From Police Guidelines For Alignment And Quality Control Purposes.
He Says Government Takes Cognizance On The Need To Address The Issues Of Having Competitive Market Structures And Protection Of Consumers As Stipulated In The Ccpc Policy Of 2009 In View Of The Fact That Promotion Of Competition And Consumer Protection Is Complimentary.
Ambassador Muchanga Says Government Will Work Towards Developing And Facilitating An Environment Which Is Transparent, Equitable And Efficient And Provide Procedure Fairness For Business And Consumers To Ensure That Consumers Benefit From Increased Competition.
Insert……………     There Is Need
And Ccpc Board Chairperson Bernard Chiwala Has Explained That Because Of The Lack Of Commission Presence In Other Parts Of The Country, Enforcement Of The Act Particularly In Circumstances Where Officers Are Supposed To Be Physically Present Has Proved To A Challenge.
Mr. Chiwala In Addition Says This Has Been Expensive For Consumers In Far Flung Areas To Bring Their Consumer Complaints To The Commission Especially Those That Required Evidence To Be Submitted To The Commission.
He Says The 60 Inspectors Will Be The Primary Focal Persons In Their Respective Jurisdictions And Will Form The First Point Of Interaction With Consumers Hence It Is Important That They Also Familiarize Themselves With The Competition And Competition Policy And Act In Order To Discharge The Duty Effectively And Efficiently.

Monday, 26 March 2012

Zambia-China-Tazania signs three economic and technical agreement on TAZARA.

The Three Countries Which Form The Tazania-Zambia Railway Line Authority (TAZARA) Zambia, Tanzania And China Have Signed Three Economic And Technical Agreements To Fall Under The 15th Protocol To Revamp The Railway Line.
Speaking  At The Tripartite Meeting In Lusaka Yesterday When The Agreements Were Signed, Zambia’s Transport Works Supply And Communications Minister Yamfwa Mukanga Called For A Conclusive Answer To The Problems Of TAZARA Rather Than Protocols Every Year And That The Two Countries Should Learn To Stand On Their Own.
Mr. Mukanga Pointed Out That The Problems Of TAZARA Would No Longer Be Ignored Or Postponed To Another Day Adding That The Fundamental And Well Acknowledged Challenges Facing The Company Need To Be Addressed Fully And As A Matter Of Priority And Urgency.
He Says Zambia Is Ready And Willing To Consider Providing Or Otherwise Sourcing Fresh Seed Investment For The Purpose Of Redressing The Operational Financial Status Of TAZARA And A Starter For Preparing Solid Ground, For Attracting And Facilitating Good Prospects For The Required Investment.
Mr. Mukanga Adds That It Is For This Reason That The Zambian Government Has Allocated A Total Of $10million In The 2012 Budget For TAZARA And The Funds Will Specifically Go Towards Payments Of Terminal Benefits For Retirees And Recapitalization.
The Zambian Transport Works Supply And Communications Minister Says There Is Need To Look At Possible Options Available To Revamping The TAZARA Like Engaging With Possible Additional Shareholding Or Introducing Partners On A Concession Basis.
He Says The Challenges Which The Company Has Been Passing Through Are Not Cause For Accepting Defeat That All Is Lost But Building Blocks To A Better Company.
Mr Mukanga Recalls That In December 2009, On A Working Visit To China, The 14th Protocol For Technical And Economic Cooperation Was Signed And It Consisted Of Ten Projects However Only Three Have Fully Been Completed And Delivered.
He Says These Include 90new CDSO Wagons, Which Are Already In Service, $4.9million Earmarked To Buy Spares For Repair Of Si De Locomotives, Has Been Received And Spares Have Been Paid For And The Training Of Technical And Management Staff Has Been Completed.
And Speaking At The Same Signing Ceremony Tanzania Transport Minister Omari Nundu Called For The Independent Operation Of TAZARA Even Though It Still Needs Help.
TAZARA Is The Major Bulk Transporter Linking The Port Of Dar-Es-Salaam To Zambia And The Southern Africa Sub-Region As Well As The Democratic Republic Of Congo.
It Is Physically Inter-Linked To The Railway Systems Of Zambia Network And Offers International And Domestic Passengers’ Services With Trains Operating Between Kapiri Mponshi And Dar-Es-Salaam.
Even As The Three Regional Grouping Namely SADC, COMESA AND EAC Work Towards Integrating, TAZARA Provides The Most Solid Critical Link And Means Of Integrating The Three Regional Economic Groupings And Beyond.

Zambia-china signs 1 economic and techincal agreement grant with 5bilateral exchange notes worthy $15.8million

Zambia And China Have Signed An Economic And Technical Cooperation Grant Agreement And 5 Bilateral Exchange Notes Worthy 100 Million Yuans Approximately 15.8 Million Dollars.
The Exchange Notes Will Cover Implementation Of The Technical Cooperation For The Agricultural Technology Demonstration Centre, Provision Of Solar Mobile Systems And Support To The Confucius Institute At The University Of Zambia.
The Five Exchange Notes Will Also Cover Hosting Of Two Seminars For Zambian Government Officials In China And Construction Of The Chinese Doctors’ Residence At The Levy Mwanawasa General Hospital.
Speaking On Behalf Of Zambia After Signing The Economic And Technical Cooperation Grant Agreement And 5 Exchange Notes, Acting President Who Is Also Finance And Nation Planning Minister Alexander Chikwanda Said The Grant Will Go A Long Way In Improving Skills For Zambia’s Manpower In Various Sectors.
Mr. Chikwanda Adds That The Economic And Technical Grant Agreement And 5 Exchange Notes Will Lead To Increased Productivity Coupled With Greater Efficiency And Ultimately A Reduction In Poverty Levels.
He Says The Technical Cooperation On The Agricultural Technology Demonstration Centre Has Added Another Dimension To Government’s Efforts In Developing And Utilizing New Technology And Capacity Building In The Agricultural Sector.
And In Addition Mr. Chikwanda Says It Is Government’s Conviction That The Grant To The Confucius Institute And The Hosting Of Two Seminars For Zambian Government Officials In China Will Go A Long Way In Empowering People Through The Acquired And Shared Knowledge That Exists Between The Two Countries.
He Further Has Stated That It Is Government’s Hope That The Feasibility Study On The Rehabilitation Of Tazara Will Be Completed In Time So That The Rehabilitation Works Can Start In Earnest As This Will Lead To A More Efficient And Reliable Railway Transport System Thereby Reducing Transport Costs.
The Finance And National Planning Minister Says It Will Also Assist In Reducing The Heavy Loads On The Roads Which Will Consequently Increase The Lifespan Of The Roads Which Are Constructed At Enormous Cost.
And Speaking Through An Interpreter, Chinese Commerce Minister Li Jinzao Pledged His Country’s Total Commitment To Supporting Zambia In Improving Its Economy

Sunday, 25 March 2012

mmd bows down to pressure from various stakeholders to have the abuse of office clause reinstated urging its members of parliament to put people`s wishes first

opposition mmd has bowed down to pressure from various stakeholders to have the abuse of office clause reinstated  urging its members of parliament to put people`s wishes first.
mmd deputy national secretary chembe nyangu has told radio phoenix in an interview that even though him self was not a member of parliament when the clause was removed from the acc act, it is cardinal that people’s wishes currently are taken into consideration for the benefit of all zambians.
mr. nyangu has stated that it will depend on how mmd members of parliament will respond to the motion once it is tabled in parliament but it is important that they put people’s wishes first in their quest to fight corruption.
mr. nyangu further says his party will support the ruling patriotic front on any move of changing the law for as long as it is aimed at benefitting all zambians and not a single party.
meanwhile mr nyangu has urged government to concentrate on delivering development to people as promised during the campaigns   instead of spending most of the time and resources on election petitions in a bid to gain parliamentary control.

zambia on course for the UNWTO general assembly to be co-hosted with neighboring zimbabwe in 2013

zambia is on course for the united nations world tourism organization (UNWTO) general assembly which will be co-hosted with neighboring zimbabwe in 2013.
foreign affairs and tourism minister given lubinda has told radio phoenix in an interview that the team from UNWTO expressed satisfaction with the preparations which zambia has made so far.
mr. lubinda says he will next week launch the campaign for the conference at which he will call on all stakeholders such as tour operators, hotels and lodges especially those in livingstone to embrace and take advantage of the conference in 2013.
the two countries, under the steering committee which met earlier on this year and  among other issues, exchanged notes on preparations for co-hosting the UNWTO general assembly in 2013 and signed a draft memorandum of understanding on co-hosting the 2013 UNWTO general assembly.
the two countries also discussed the need to foster cooperation in the field of tourism.