ZAMBIAN GOVERNMENT TO PROBE LIBYANS PURCHASE OF TELECOMM COMPANY

President Michael Sata has ordered that all exports need to be cleared by the Bank of Zambia.

He has further called for investigations into the sales of Finance Bank and the former state-owned phone company, ZAMTEL.

Mr Sata has said today at State House that there is need for transparency and reduced corruption as regards the southern African nation’s exports.

He has noted that Zambia is richly endowed with mineral wealth however the majority of people remain poor.

And Mr Sata has also ordered that deals done during his predecessor Rupiah Banda’s presidency be investigated.

These include the sale of Finance Bank Zambia to First National Bank, a unit of FirstRand of South Africa and LAP Green Networks of Libya’s purchase of a 75 percent stake in ZAMTEL.

Meanwhile, Mr Sata has further appointed Lawyer, Wynter Kabimba to head the investigations into the energy regulation Board.

He made the decision after announcing the dissolution of the energy regulator’s board.

KONKOLA COPPER MINES ACCESSES A LOAN FACILITY FROM STANDARD BANK

Standard Bank says it has provided a 500 million dollars loan facility to Zambia's largest mining company, Konkola Copper Mines.

The Bank has said in a statement that the loan will be used to refinance shareholder loans from Vedanta.
The statement further notes that Standard bank will arrange and underwrite a 700 million dollars loan facility to fund investment for KCM.

Standard Bank Head of Mining Finance, Brad Breetzke says the loan facility is the single largest injection into a local mining company.

The loans are in the backdrop of KCM holding company, Vedanta, having announced last year a 674 million dollars expansion investment to increase output.

ZAMBIA’S SEPTEMBER INFLATION SOARS TO 8.8 PER CENT

The Central Statistical Office has cited increased food prices as the major contributor to the increased monthly inflation rate for September.

The CSO has since quoted the latest figure for inflation at 8.8 per cent, up from 8.3 per cent quoted for the month of August.

Among the food products whose prices are quoted to have increased are mealie-meal, maize and tomato.

And the CSO has explained that food inflation rate for September increased to 6 percent from 5.4 per cent in August 2011.

According to the CSO, the increase in inflation was also necessitated by non-food elements as captured in the consumer price index.

ZAMBIA DEVELOPMENT AGENCY PROJECTS INCREASED INVESTMENTS

Zambia recorded 4.2 billion dollars of pledged investments for January-September 2011 period.

Zambia Development Agency says this follows rising interest in the energy, manufacturing and real estate sectors.

ZDA has said in a statement that Investment pledges during the period are expected to create a total 25,710 new job opportunities in various sectors across the country.

The energy sector has attracted investment pledges of up to 1.09 billion dollars with 31 countries pledging major investment, among them South Africa and China.

Last year, Zambia's total pledged investments hit 4.8 billion dollars, compared with 2 billion dollars in 2009, propelled by increased investments in mining, manufacturing and agro-processing.

NEW GOVERNMENT’S NEW MINISTERS MAKE PROMISES

New Information, Broadcasting and Tourism Minister, Given Lubinda says the various media-related pieces of legislation are among some of his priorities in the ministry.

Mr Lubinda has outlined that the Independent broadcasting Authority –IBA- and ZNBC Acts are some of the outstanding issues, which must be addressed for the media fraternity.

He has also named the pending Freedom of Information Bill as another piece of legislation, which is cardinal for an enhanced media sector in any society.

Mr Lubinda, who is also Kabwata Member of Parliament, was speaking today in Lusaka in the aftermath of his appointment.

And New Foreign Affairs Minister, Chishimba Kambwili says cabinet will have to discuss Zambia’s relations with Libya.

Mr Kambwili has explained that Libya is just one of the issues to be discussed by the new cabinet before arriving at a conclusive position.

The Minister, who is also Roan member of Parliament, has also explained that there are also others issues to be priority in his Ministry.

MALAWI ADJUSTS ITS FOREIGN POLICY AS IT MENDS RELATIONS WITH ZAMBIA

President Bingu wa Mutharika's government has lifted an entry ban on Zambia's new president, Michael Sata, trying to head off a diplomatic spat before hosting a major regional conference next month.

Dr wa Mutharika's government arrested Mr Sata in 2007 when the then opposition politician entered Malawi to visit a former president.

Mr Sata was bundled into a car, driven several hundred kilometres, dumped at the border and told he could never come back.

But Presidential spokesperson, Hetherwick Ntaba has said President Sata could no longer be treated as a prohibited immigrant now that he was a head of state.

Mr Ntaba has said in a statement posted by te Malawi state media that under such circumstances, the fear of immigration embarrassment in Malawi for President Sata cannot arise in international diplomacy.

Prior to the announcement, Zambian media had said that Mr Sata would not go to the Common Market for Eastern and Southern Africa summit in Malawi because of the way he was treated by Dr Wa Mutharika's government.

Dr Wa Mutharika has also strained ties with major aid donor Britain by expelling its ambassador over a leaked diplomatic cable in which the envoy called the Malawian leader autocratic.

He has faced international criticism and further losses of aid for his impoverished state after his forces killed 20 people in an anti-government rally in July.

Opposition leader Sata won an election early this month in a peaceful transfer of power in Zambia, a rarity in Africa, where elections are often rigged or results ignored, with many leaders trying to subvert the democratic process through force.

Mr Sata sued the Malawian authorities and the case is still in court and Malawi has never disclosed the reasons why it deported the new Zambian President.