Friday 30 September 2011

SATA DIRECTS JUSTICE MINISTER TO INSTITUTE AN INVESTIGATION INTO THE SALE OF FINANCE BANK, ZAMTEL, 98BILLION NAPSA DEAL AS HE DISSOLVES ERB BOARD

president michael sata has directed  justice minister sebastian zulu to immediately institute an enquiry into the sale of zamtel, finance bank and the 98 billion napsa deal.
and president michael sata has with immediate effect dissolved the board of the energy regulation board and appointed  wynter kabimba to head the commission which will carry out an enquiry into the alleged corruption in the  purchase and sell of fuel on the market.
making the pronouncements at state house today after swearing in the vice president, cabinet  and deputy ministers ,president sata said  there has been corruption allegation which have been leveled against the purchase and sell of fuel in the country which is supposed to have a reduction of at least 3 to 500 kwacha.
he has further directed that mr kabimba` s commission should come up with  a report within 30days from today.
the president has also directed the minister of justice to help the police recover all the properties which belong to zambians especially vehicles which entered duty free under the nose of the zambia revenue authority.
he says there is need to bring sanity at zra and ensure that things which are for zambians  be returned to zambians.
and president sata has also directed the new minister of labour, sport and gender fackson shamenda to revise the minimum wage of all employees in the country from the current 450 000kwacha which he said is contributing  to the increase in poverty levels.
president sata has also directed that there shall be nothing which shall be exported out of the country without the certification of the bank of zambia to avoid illegal sale of various commodities.
meanwhile  after swearing ministers and their deputies, president sata  admitted  that he made a mistake by exceeding the number of mps and has since  withdrawn the appointment of   willie nsanda and his deputy.
the president also says he could not swear in the new minister for the new muchinga province because it has not been gazzetted and ratified by parliament.
amongst those sworn in are home affairs minister kennedy, defence minister geoffrey bwalya mwamba, vice president guy scot, justice minister sebastian zulu, chishimba kambwili for foreign affairs, emmanuel chenda for agriculture and cooperatives and livestock, fackson shamenda for youth, sports, gender and labour ministry and robert sichinga for commerce, trade and industry.
others sworn in are wilbur simusaa for mines and minerals, given lubinda for information, broadcasting and tourism, professor nkandu luo for local government, early education and environmental protection and edgar lung as deputy minister on the office of the vise president amongst others.
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Wednesday 28 September 2011

FNB ZAMBIA LIMITED TO INJECT APPROXIMATELY 200BILLION KWACHA IN FIANCNE BANK ZAMBIA LIMITED IN THE NEXT 2YEARS FOR BANK UPGRADE

First national bank Zambia limited under the parent of first rand south Africa which recently took over 96percent of finance bank Zambia limited at a cost price of 27billion kwacha plans to spend approximately 200billion kwacha over the next 2 years to  integrate the bank and upgrade the branches.
in order to take on the selected assets of finance bank, as well as its 34 branches and 16 agencies, bank will need to inject more capital into fnb Zambia to also upgrade the banks agency, atm networks, and roll out new products and services.
fnb Zambia limited chief executive officer, sarel van zyl says the bank is very positive about the market prospects of Zambia especially with the combination of the footprint of finance bank with the new and innovative products and customer service channels such as online banking and cell phone banking of fnb.
The fnb Zambia limited chief executive officer says currently the bank has 6 branches and 20 atms but has approval from the board to open another 2 branches before December of this year and install another 15 atms over the short term.
He has pointed out that the projects have already commenced to meet the deadline and the banks original business plan is to open at least 3 branches per annum until we have branch representation in all 9 provinces in Zambia.
Mr. van zyl has stated that the bank believes that it will be able to contribute towards the vision of the bank of Zambia (boz), which is to take banking to the under- and un-banked communities of Zambia.
and Mr. van zyl has noted that good, healthy competition helps banks to be creative in finding the best solutions for customer needs adding that  fnb has been operating in south Africa for more than 170 years, and has operations in 7 other countries outside of south Africa.
He says the bank has a wealth of experience in banking in Africa, and is well positioned to enrich the banking sector in Zambia with a new level of competitiveness and service delivery that will benefit Zambians and Zambia as a whole.
meanwhile Mr. van zyl gas disclosed that  fnb Zambia has offered all staff members of finance bank employment at substantially the same or better terms as what they currently enjoy and the details of the offer is currently being discussed with the union, where after we will be in a position to share the details with all stakeholders. 
He has stressed that the size of the workforce will be determined by the size of the business at any given time and fNB has proven capacity planning models, which are used to determine staff structures and numbers.
Mr. van zyl who was responding to a press query from radio phoenix, says at the moment FNB’S attention is to grow the business aggressively over the next few years, and as the bank reaches the growth targets, its requirements for staff will be adjusted accordingly
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Friday 16 September 2011

SADC NGO'S URGES SADC LEADERS TO ACT IN ACCORDANCE WITH THE WILL OF THE PEOPLE

southern african development community (sadc) and non governmental organizations have charged that the uprising political tension in the north of africa should make sadc leaders to act in accordance with the will of the people and has dictated by their country constitution.
speaking during a one day electoral commission forum of sadc countries in lusaka today, sadc-ngo representative francois butedi says the north uprising is a signal that leaders must ensure they provide people driven leadership based on good principles.
mr. butedi has stated that the sadc-ngo’s are committed to implementing the values and principle foundation of democracy on all the sadc countries to ensure that peace continue prevailing in the region.
the sadc-ngo’s have called on the sadc leaders to respect the choice and will of the people each time there are elections so that peace is preserved and the economic strides they have made can continue to flourishing.
meanwhile mr. butedi says zambia must continue being the beckon of peace and ensure that the coming elections are free, peace and fair and no one to complain but accept the outcome.
speaking at the same venue electoral commission forum of sadc delegation leader dr fako likoti says 9 teams from the region will be deployed to all the provinces in a bid to identify areas that need improvement.
dr likoti says the ecf-sadc team is only interested in strengthening the electoral process in zambia and other member countries in the region and not who loses or wins.
he says the 9 teams are coming from angola, botswana, democratic republic of congo, lesotho, mozambique, namibia, south africa and zimbabwe aims at.
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ZCTU CHALLENGES ALL LOCAL AND INTERNATIONAL ELECTIONS OBSERVERS TO GIVE ELECTION MONITORING REPORTS AFTER THE ELECTIONS BASED ON TRANSPARENCY AND RESPECT TO THE COUNTRY’S EXISTING LAWS

the zambia congress of trade union (zctu) has challenged all the local and international elections observers to give election monitoring reports after the elections based on transparency and respect to the country’s existing laws.
speaking during a press briefing in lusaka today zctu general secretary roy mwaba says the election monitors and observers must not forget that zambia is an independent country even though it depends on its neighbours and other cooperating partners as well.
mr. mwaba has stated that the international and local observers and monitors must take note of what has been happening since the campaign period was opened, during and after the elections to give credible reports unlike in certain instances where they have given reports which cause anarchy.
the zctu general secretary has pointed out that the election monitors and observers must not in any way interfere in the democratic process of the country.
meanwhile the labour movement says the next government which will form government after the 20th of this month must seriously look at various ways of strengthening the labour laws in the country to ensure that workers rights are protected at all cost especially for those working for foreign investors.
mr. mwaba says the new government must address the thorny issues of casualization, corruption, accountability, weak labour legislation and widen the tax base adding that zambians are tired of empty promises during electioneering especially on job creation.
he says the incoming government must also put in place appropriate macro-economic policies which will ensure speedy transformation of the economy and create quality and sustainable employment.
meanwhile the labour movement has further called on all employers to release their employees on tuesday which is the 20th of september to allow them to go and vote for their preferred candidates.
mr. mwaba noted that there are some foreign workers on elections day who do not allow their employees to cast their votes and this will not be tolerated especially those working for foreign companies which have invested in the country.
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Thursday 15 September 2011

JCTR CONTINUES TO CALL ON THE NEXT GOVERNMENT TO BROADEN THE TAX BASE TO AVOID HIGH TAXES BEING EXPERIENCED THE 500, 000 FULLY EMPLOYED ZAMBIANS

the jesuit centre for theological reflection (jctr) says the next government should broaden the tax base to avoid high taxes being experienced the 500, 000 fully employed zambians..
according to the information obtained from jctr ,the 500, 000 fully employed formal sector workers are this year expected to pay over 3trillion kwacha in pay as you earn as compared with the mining sector which is expected to pay over 1.8trillion kwacha in form of taxes.
jctr  also says  companies in the country are expected to pay over 1.3trillion kwacha by the end of the year.
the organisation further  says while maximizing tax revenue is the primary concern, income inequality caused by the high tax burden on the few people in formal  employment   is of great concern.
jctr has since stated that the high income inequality in the country can be attributed to poor implementation of wealth taxes which do not only contribute to tax revenue but also help in bridging the gap between the rich and the poor.
jctr has observed that increasing the tax revenue from wealth transaction can increase  the tax base and allow  government to reduce the highly unequal burden on the formally employed, which is unfair and creates economic distortions.
it has further called for the development of an effective and efficient tax enforcement and compliance strategy  to have a good and stable structure that has heavy reliance on consumption taxes like domestic value added taxes and local exercise duties among others.
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Monday 12 September 2011

ZAMBIAN PRESIDENT REITERATES HIS ASSURANCE TO THE INTERNATIONAL COMMUNITY THAT THE ELECTIONS WILL BE FREE AND FAIR

president rupiah banda has reiterated his assurances to the international community that the country will have free, fair and peaceful elections come 20th september.
president banda has in this light reiterated his appeal to his opponents to accept the outcome of the elections and let peace prevail so that the country can continue on its road to economic prosperity.
the president was speaking in lusaka today when the brazilian ambassador and the ghanaian high commissioner presented their credentials to him at state house.
and president banda has called for the continued and enhanced close relations between brazil and zambia so that the ten agreements which were signed between the two countries in 2010 are realized.
he further said that there is need to encourage private investors from brazil to continue investing in the country stating that the investors from that country are welcome to zambia.
and newly appointed brazilian ambassador to zambia ana maria pinto morales has called for action on the 10 suggested economic cooperation projects between the countries as one way to strengthen the countries relations which she says has been there since independence of zambia. meanwhile president banda has noted the great strides which ghana has made economically and stated that zambia has a lot to learn from that country.
speaking earlier newly appointed ghanaian high commissioner to zambia elizabeth afua benneh stated that in light of the current developments on the international scene such as wars, it is needless to say that political relations, however good, are not enough to ensure the survival of nations like zambia and ghana.
ms benneh says the debt challenges of developing countries and the serious inequalities in resource allocation and consumption in today’s world, enjoin countries like ghana and zambia to critically examine how best to improve their relations through mutual beneficial trade and other forms of economic cooperation.

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FNB UNDER FIRST RAND SOUTH AFRICA ACQUIRES 96% SHARE STAKE INTO FINANCE BANK ZAMBIA AT COST OF K27BILLION

first national bank zambia has acquired about 96percent of the total assets of finance bank zambia under the purchase and assumption transaction leaving the bank of zambia with 4percent at a total value of 27billion kwacha.
bank of zambia governor dr caleb fundanga disclosed this to journalists at a media briefing this afternoon in lusaka stating that all the minority shareholdings’ shares will be sorted out and determined by the courts of law.
dr fundanga further says the purchase and restructuring of the finance bank  zambia limited involves purchasing of certain  assets and assuming certain liabilities of finance bank zambia limited and operations of the 34 branches, 16agencies and 61atms currently serviced by finance bank.
the boz governor also  says the central bank engaged deloitte llp of london on the proposed restructuring adding that apart from fnb expressing interest, other institutions such as first alliance bank, exim bank of tanzania, i and m bank of kenya and quantel bank also expressed their interest to acquire the bank `s assets.
meanwhile dr fundanga has  stated that the acquisition will achieve certain objectives such as bringing sound business practices, financial stability and protecting  the zambian financial system.
speaking at the same briefing first national bank (fnb) chief executive officer sarel van zyl said his institution will maintain finance bank’s existing geographic footprint across the country, offer employment to all financĂ© bank staff and inject significant foreign direct investment into zambia.
fnbz’s ultimate parent company is first rand limited of south africa and is listed on the johannesburg stock exchange with total assets of and equity amounting to $105.6billion and $8.8billion kwacha respectively.
the acquisition of finance bank by fnb zambia will mean that it will become the 5th largest commercial bank in the country apart from other banks such as barclays and standard chartered.
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Friday 9 September 2011

PF CHONGWE ASPIRANT CANDIDATE SYLVIA MASEBO VOWS THAT ONLY THE SOLI PEOPLE WILL REMOVE CHIEFTAINESS NKOMESHYA FROM THE CHIEFTAINSHIP SEAT

PATRIOTIC FRONT (PF) CHONGWE ASPIRANT CANDIDATE WHO IS ALSO FORMER MEMBER OF PARLIAMENT SYLVIA MASEBO HAS VOWED THAT ONLY THE SOLI PEOPLE WILL REMOVE CHIEFTAINESS NKOMESHYA FROM THE CHIEFTAINSHIP SEAT AND NOT THE RECOGNITION OF PRESIDENT BANDA.
MS MASEBO WHO WAS SPEAKING IN AN INTERVIEW WITH RADIO PHOENIX SAYS THE THREATS BY PRESIDENT BANDA DURING A RALLY IN CHONGWE TO DETHRONE CHIEFTAINESS NKOMESHYA FROM HER SEAT ONLY SHOWS HOW PRESIDENT BANDA IS CLOSED UP TO CONSTRUCTIVE CRITICISM FROM PEOPLE WHO HOLD DIVERGENT VIEWS IN DEVELOPMENT.
THE FORMER MMD CHONGWE MEMBER OF PARLIAMENT WHO DEFECTED TO THE OPPOSITION PF SAYS THE THREATS BY PRESIDENT BANDA ONLY SHOWS THAT HE DOES NOT UNDERSTAND HIS ROLE AS A PRESIDENT FOR ALL ZAMBIANS NO MATTER WHO THEY ARE AND WERE THEY COME FROM.
SHE SAYS ONLY THE TRADITIONAL CUSTOMS WILL REMOVE THE CHIEFTAINESS FROM HER SEAT AND NOT ANY POLITICAL LEADER WHO COMES INTO OFFICE BECAUSE THEY ARE NOT THE ONES WHO PUT HER THERE BUT THE PEOPLE IN HER AREA AND TRIBE.
MS MASEBO SAYS ZAMBIA IS HEADED FOR SERIOUS HARD TIMES IF ITS CITIZENS VOTE FOR PRESIDENT BAND BACK INTO OFFICE AND NOT VOTING FOR SOMEBODY ELSE LIKE MR. SATA WHO IS AN ACTION ORIENTED MAN.
END.

CHURCH IN THE COUNTRY CALLS ON POLITICAL PARTIES TO COUNT THE COST OF PLUNGING THE NATION INTO CHAOS

THE CHURCH IN THE COUNTRY HAS CALLED ON POLITICAL PARTIES TO COUNT THE COST OF PLUNGING THE NATION INTO CHAOS WITH THE VIEW OF THE CURRENT SITUATION OBTAINING ON THE GROUND OF PERPETUAL VIOLENCE.
BISHOP OF THE HOUR OF CHANGE MINISTRIES PETER PAKATI SAYS ZAMBIANS MUST LEARN TO EMBRACE UNITY AND NOT VIOLENCE.
BISHOP PAKATI STATED THAT ZAMBIA WILL BE PUNISHED FOR BEING DISOBEDIENT IF ITS CITIZENS PLUNGE THIS COUNTRY INTO CHAOS.
AND BISHOP PAKATI SAYS THE CHURCH MUST CONTINUE TO PLAY ITS CARDINAL ROLE OF UNITING THE NATION AND NOT PLAY THE ROLE OF BEING A DIVIDER.
HE SAYS IT HAS BEEN NOTED WITH CONCERN THAT CERTAIN CHURCH ELDERS HAVE COME OUT OPENLY TO DECLARE THEIR SUPPORT TO CERTAIN POLITICAL PARTIES FORGETTING THAT THE LEAD FLOCKS FROM DIFFERENT POLITICAL PARTIES.
AND APOSTLE CHRIS KUNDA FROM THE PRESENCE OF DOG MINISTRIES INTERNATIONAL NOTED THAT FOLLOWERS OF POLITICAL PARTIES ARE THE ONES ADVOCATING FOR VIOLENCE AND NOT THEIR LEADERS
APOSTLE KUNDA FURTHER REMINDED POLITICAL PARTIES TO PUT IT IN MIND THAT WE HAVE ONLY ONE ZAMBIA AND THE PEACE WHICH THE COUNTRY HAS ENJOYED CAN NOT BE SOLD FOR SINGLE PENNY.
END.

Monday 5 September 2011

MAURITIUS COMPANY ENL PROPERTY TO CONSTRUCT A SHOPPING MORE IN LUSAKA AT A COST OF $80MILLION

ENL PROPERTY, A UNIT OF MAURITIAN COMPANY ENL LAND LIMITED, PLANS TO BUILD AN $80 MILLION SHOPPING MALL IN THE COUNTRY AS IT EXPANDS IN SUB-SAHARAN AFRICA.
ENL PROPERTY CHIEF EXECUTIVE OFFICER GILBERT ESPITALIER-NOEL HAS DISCLOSED THE DEVELOPMENT.
MR. NOEL SAYS THE 25,000 SQUARE-METER PROJECT WILL BE DEVELOPED IN LUSAKA, WITH SOUTH AFRICA’S ATTERBURY INVESTMENT HOLDINGS, ESPITALIER.
HE SAYS ENL PROPERTY’S CURRENT DEVELOPMENTS IS ABOUT $711.7 MILLION, INCLUDING RESIDENTIAL PROJECTS AND SHOPPING MALLS.
END.
MR. NOEL  HAS STATED THAT THE ZAMBIAN PROJECT IS A STEPPING STONE IN AFRICA AND PART OF THE COMPANY’S “LOGICAL EXPANSION” AS IT PROSPECTS OTHER SUB-SAHARAN COUNTRIES SUCH AS TANZANIA AND MOZAMBIQUE.

KENYAN ADVISES ZAMBIANS NOT PLUNGE THE COUNTRY INTO CHAOS

KENYAN HIGH COMMISSIONER aTO ZAMBIA DR KIPYEGO CHELUGET HAS ADVISED THE ZAMBIAN PEOPLE TO AVOID  PLUNGING  THE COUNTRY INTO CHAOS AS WAS THE CASE IN HIS  COUNTRY  WHERE MORE  THAN 1000 PEOPLE  LOST  THEIR LIVES  IN POST ELECTION VIOLENCE.
SPEAKING IN AN INTERVIEW WITH RADIO PHOENIX, DR CHELUGET SAYS POLITICIANS MUST ENSURE THAT THEY ACCEPT THE RESULTS AND OUTCOME OF THIS YEAR’S GENERAL ELECTIONS.
DR CHELUGET SAYS THE VARIOUS POLITICAL PARTIES MUST TEACH THEIR MEMBERS THAT IN THE  GAME OF POLITICS, THERE ARE WINNERS AND LOSERS.
ON SEPTEMBER 20, 2011, ZAMBIANS GO TO THE POLLS TO ELECT NEW LEADERS WHO WILL GOVERN THE COUNTRY  IN THE NEXT FIVE YEARS.
10 POLITICAL PARTIES ARE EXPECTED TO TAKE PART IN THIS YEAR’S GENERAL ELECTIONS AND ALL THE POLITICAL PARTIES HAVE SINCE INTENSIFIED THEIR CAMPAIGNS EVEN THOUGH STAKEHOLDERS HAVE OBSERVED THAT THEY ARE LACKING ISSUES TO TELL THE ZAMBIANS ON HOW THEY WILL DEVELOP THE COUNTRY
end...