economic zone


Online Dating; You're Smart, Date Smart ... www.iSmartdate.com

Online Dating; You're Smart, Date Smart ... http://www.iSmartdate.com

Choose Your Language Of Preference Below  

 

 

French Version German Version Russian Version Spanish Version 

 

By ZamChro

It is very scary to see  Kwacha depreciating at a very fast rate. It is costing almost K6 000/per $1. The Jump from Nov’08 to February is just too enormous. This is what we predicated way back here at Zambian Chronicle, the collapse of the world economy is evidently has a lot of impact on the Zambian economy .

That is what happens when you are so dependent on the outside funding. Something is really wrong. This is what happened to Zimbabwe.

In America the economy is souring twice as much, although unlike Kwacha, the $ is appreciating. People are losing homes like crazy and job losses are sky rocketing.

US bank shares hit 17-year low yesterday on rising fears the government will have to nationalize troubled institutions such as Citigroup and Bank of America wiping out investors’ confidence as they feared government controlling of large portion of the financial sector.

According to the Financial Times report, Bank of America shares slid 14% to $3.93 their lowest point since 1984. Share in Citi were down 13.8%, closing at $2.51, their lowest since 1991.

There some options for the banks being discussed. One option, at least for Citi- would be to convert some or all of the government’s $45bn holding of preferred shares, as well as the $35bn in preferred shares held by sovereign wealth funds and other investors into common stock.

There is some refreshing news though from at least one country.

Canada has shown itself to be a pretty  good manager of the financial system in ways that haven’t always been in the United States. This is due to stricter regulation and their conservative culture, one that depends heavily on a vast and stable retail branch network, and clubby working relationship,.

Canada‘s banks have remained the strongest in the G7 and according to the October report by the world Economic Forum, the soundest in the world.

According to a Finance professor at the University of Toronto,  “… in Canada they do it the old fashioned way, where you need money you go to the bank and they will lend you no more than 75% of the value of your house. Canada is a more conservative place and as much as it limits growth in good times, that approach pays off when others begin a race to the bottom.”

It even gets better to know that there is a country like Canada in this world with reliable banks. Instead of our consulting Nigerians, it may be beneficial if President Banda would surround himself with world leaders like the Prime Minister of Canada.

In Canada, five banks the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Bank of Montreal , Largely control the market through thousands of branches across the country, forcing geographic diversification and efficiencies of scale generally not found in US or other countries.

Canadian investment banks, as part of commercial banks, are more tightly regulated and kept in check by main institutions, which would pay a price for unwise investing.

The Financial Times reported that after President Obama’s first visit to Canada, he has decided on taking a path that other presidents have not taken in the past putting banks his agenda and staying open minded to new ideas.

More drama on the souring economy.

On another note, UBS has been sued on account of 52,000 Account holders. The Department of Justice sued the Swiss bank giant for records on thousands of U.S customers. The DOJ says UBS agreed to pay a $780Million fine and reveal information on 250 US customers to avoid prosecution but vowed to fight the broader disclosure. Though some think the end of secret Swiss banking is nigh.

Copyrights © 2009 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom. 

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc.

Copyrights © 2009 Microplus Holdings Int., Inc.

Advertisements

Choose Your Language Of Preference Below 

French Version German Version Russian Version Spanish Version 

Why is that jetliner for British Airways parked ov’r yonder when all other flights from the same region go to Terminal 5 at London Heathrow? One would ask … It is being fumigated, Another would respond. Fumigated!!! Why?? The Other would inquire. Because it just landed from Zambia, Another would answer.

British Airliner at London Heathrow Airport

British Airliner at London Heathrow Airport - All Other Arriving Passenger Go Throw Terminal 5 Except Those Arriving From Lusaka

So all flights from Zambia have to be sent to that concourse? One would ask further. Yeep!!! Another would answer. I don’t get it … The Other would say. Well, sorry that you guys don’t seem to get it, Another would say. These jetliners coming from Zambia stink to high heavens and we are just trying to be hygienic around here.

 

Dog on it, you mean Zambians stink and are not hygienic? I have seen some dressed in the best not only in Zambia but also around the world. One would prod. Nope!!! Ain’t got nothing to do with the way they dress, Another would counter.

 

You got to work in the cargo bay to understand what I am talking about, Another would retort. You see, when that plane lands, it carries with it as cargo some of the most stinking staunches, from Kapenta, Chapatwa, Insefu, Ingulube all dried just to mention a few, Another continues.

 

Why can’t we ban them from carrying such things? One would probe. I guess we make some much money from charging excess luggage fees that we just wink an eye, The Other would add. I am glad you are finally getting it, Another would say.

 

So what we do is collect their money but humiliate them when they land in London because we have to ferry them in buses to the other concourse for connecting flights. Besides, have you been to Lusaka? Another would continue …

 

Nope!!! One and The Other would respond almost in unison. Well, their airport looks like you are landing in the former Soviet Union, Another would answer. But we don’t care because we make so much money on this route compared to others that we actually fly there four times a week … besides the fact that it is the same place where you have sporadic cholera outbreaks; we got to be more vigilant …

 

… it is embarrassing to say the least how the smart people of the Zambian Enterprise are being treated upon arrival in London, but much of the blame has to be carried by us. In one of our weekly memos entitled Success Corner: Do You Have A Perception Problem? You Can Get A Hang On It …  we wrote the following …

 

We can not control what others think about us entirely but we can certainly circumvent their perceptions of us. Each one of us needs to make sure that the perception of others towards us is positive because people respond based on their perception of what they anticipate would be our reactions to circumstances.

 

To be successful in any enterprise one needs to have the ability to read people and tailor antitheses to what he/she perceives to be the most logical derivative reaction(s) from the said subjects.”

 

In our case the Brits look at our airport, our customs clearing facilities and our concourse at Lusaka International Airport and because these infra-structures are such a sorry sight in the modern world we are treated with impunity when in their presence.

 

“Without the ability to control peoples’ perceptions one is at a loss for advancement in any endeavor be it family, enterprise and otherwise. Most people fail miserably in life and business not because of lack of expertise but because they do not have the ability to circumvent others’ perception(s) of themselves.”

 

I guarantee you, if Lusaka International Airport had the same structures as Washington’s Dulles International, New York’s JFK International, or Johannesburg International, we would not be treated the way we are right now.

 

Because we portray poverty at our departing airport we are treated with it at the point(s) of entry. We have to control that perception by the way we carry ourselves. We need a complete overhaul at Lusaka International Airport.

Our Passengers In London Are Sent To Part Of Heathrow Similar To Lusaka International Airport, Ferried By Bus To The Main Concourse ...

Our Passengers In London Are Sent To Part Of Heathrow Similar To Lusaka International Airport, Ferried By Bus To The Main Concourse ...

We need to create an environment similar to other premier world capitals. When a world class traveler lands in Lusaka, he/she wouldn’t have a sense of arriving at a provincial capital let alone a nation’s capital.

 

Now don’t you tell me we have no money!!! The Auditor General’s report for 2007 alone revealed government had squandered K14 trillion, O yes, trillions of Kwacha as in “thanks a trillion”. Do you know how far that would go in setting up an entirely new airport similar to at least London Gatwick?

 

That kind of money can create a total facelift for Lusaka International Airport and we would no longer have the same look as the former Soviet Union airports. If the current government has no idea on God’s earth how and where to find that money let them ask …

 

No one is going to find the money for us, we have the money already – we just have to move it around. No one is going to build an airport for us; we have to build it ourselves. No one is going to fund our own household needs we need to do that ourselves.

 

The more we do things that would give us a facelift that the world would see, the more respect we get from the world. The more we take care of our own business the more people would want to do business with us.

 

The more we improve ourselves and change the way others think about us the more others see us in a different light. We can’t say this enough, perception, perception, perception. Perception is everything.

 

Ed Louis Cole used to say, “… if you want to pull the crowds, set yourself ablaze.” It is time the smart people of the Zambian Enterprise set themselves ablaze and built a world-class international gateway at Lusaka International Airport …

Artist's impression of the new terminal five at Heathrow Airport. The terminal opened in April 2008 with the second phase due to open in 2011. Total Cost £4.2bn ...

Artist's impression of the new terminal five at Heathrow Airport. The terminal opened in April 2008 with the second phase due to open in 2011. Total Cost £4.2bn ...

Folks, we are dead serious about this. If the Zambian government doesn’t know how to get this done, let them consult us … our business consulting team will provide a project proposal for them, including all schematics, financing plans, cost recovery plans as well as operational plans, for a fee.

 

Of course the Brits like to do things in extremes sometimes we know that, they were our colonial masters, but much of what needs to be done is right below own noses.

 

And of course we can achieve anything we set our minds to … we are Zambians for crying out aloud, let’s change the way we are treated by improving where we come from.

 

Seriously, the smart people of the Zambian Enterprise deserve a better Lusaka International Airport and it is government’s duty to build or facilitate building one, come 2009.

 

Compliments of the Season, Live Long & Prosper; that’s this week’s memo from us at the Zambian Chronicle … thanks a trillion.

 

Brainwave R Mumba, Sr.

CEO  & President – Zambian Chronicle 

 

Copyrights © 2008 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom. 

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc.

Copyrights © 2008 Microplus Holdings Int., Inc.

Choose Your Language Of Preference Below 

French Version German Version Russian Version Spanish Version 

Published:Nov 16, 2008

In 1991, after 27 years in power, Zambia’s Kenneth Kaunda decided to do the unthinkable. He called for multiparty elections.

At a time when many on the continent were used to leaders being removed through coups, revolutions and assassinations, the move shocked many.

The nation had been agitating for some time for the country to drop the one-party democracy model. Reeling from an economic crisis they blamed on the ruling United National Independence Party, the people wanted a chance to choose their leaders like people in other democracies.

Against the advice of his ministers and counsellors, Kaunda went ahead — with three years of his term still left.

When he was advised not to stand because he may suffer humiliation, he insisted he had unfinished business and was confident the people would allow him to complete it.

The opposite happened.

On the day the votes were counted, Kaunda quickly sensed that the trend was going against him. He decided not to wait for the final tally and phoned his rival, Frederick Chiluba, to congratulate him. He invited Chiluba over to State House and introduced him to the staff.

This is your president, he told them.

As the results were streaming in, the military chiefs rushed to State House, seeking an audience with Kaunda. They wanted to know what it was they should do about this state of affairs. Clearly, Chiluba could not be allowed to take power, they argued.

Kaunda proceeded to give them a lecture in democracy. He told them that he had sought the opinion of the Zambian people about who should run their country, and the people had clearly indicated that they would rather be ruled by Chiluba than him.

Who are we to think we are wiser than the people, he asked them.

The soldiers left State House dejected and unconvinced. His ministers and aides tried to prevail on him to declare a state of emergency and annul the election. He stood firm. “This is not the outcome I wanted but it is the outcome I must respect,” Kaunda said.

Later that night he conceded defeat in a television and radio address.

And he made sure the military were in attendance so that they, too, would be bound by his concession.

It is said that upon hearing the news of Chiluba’s concession, an aide of Zaire’s Mobutu Sese Seko ran into a cabinet meeting with a note informing the dictator of developments next door.

A shocked Mobutu nearly jumped out of his chair and exclaimed: “I thought KK was smart. How can he lose an election that he himself was running?”

Democracy had arrived in Zambia. But it turned out that, in exercising their democratic rights, the Zambians had made a big mistake.

Upon taking power, Chiluba went on a gluttonous rampage through the fiscus. He ferreted money to foreign accounts and pampered himself and his extended family at the state’s expense.

Chiluba even sought to run for a third term. He used youthful goons to force his party to help him change the constitution to enable him to run. He failed and Zambian democracy triumphed.

His successor, Levy Mwanawasa, turned out to be a better bet than Chiluba. Although he was no inspirational visionary, he consolidated democracy. By the time he died a few months ago, he had become one of the few heads of state on the continent prepared to break the leadership brotherhood’s code of silence on human rights abuses.

Last month, Zambia’s voters went to the polls to elect a new leader again. During the election campaign, the ruling Movement for Multiparty Democracy’s candidate, Rupiah Banda, and his opposition rival, Michael Sata, traversed the country, urging Zambians to back them.

Not a single rally was disrupted. Not a single leader was beaten up. Not a single chair was thrown.After the election there were cries of foul play from Sata and his supporters, who are challenging the results in court.

But that was about it.

The significance of this story is that there is a lot to be learnt from our brethren on the continent. Very often you hear the nonsense that democracy does not, and cannot, work in Africa. These views come from both condescending racists as well as apologists for African dictatorship.

You hear it from many in our ruling party — it is used to justify a one-party-dominant democracy and why we cannot afford to have strong opposition.

We need to develop our own brand of African democracy, some scholars and politicians say, which is a rather racist notion that the people of this continent dare not be trusted with making choices.

This piece is not about praising Kaunda and painting him as an angel and model of modern statesmanship. He was, after all, in power for 27 years, during which he wrecked that country’s economy.

It is also not to paint Zambia as the ultimate model of a working democracy. Zambia is by no means perfect.

Kaunda and the Zambian experience should show us roads we should not walk and mistakes we need not make.

But we can emulate their relatively successful efforts at building a stable democracy.

Our leaders should also take note of the fact that even an iconic leader like Kaunda could accept that the wisdom of the people could be superior to his.

Source: The Times – SA

Choose Your Language Of Preference Below
The old adage “practice makes perfect” holds true to every locale in the human enterprise  and or in everyone’s life. The upcoming presidential by-election will usher in a 4th president for the Zambian Enterprise, democratically elected in a peaceful transfer of power.

 

While others may want to just take this for granted, we at the Zambian Chronicle realize its importance and significance that we just had to write home about it. On a continent filled with rage and at best incumbents’ desire for lifelong presidencies, the Zambian Enterprise leads the pack in many ways.

 

In fact, other than ours in the Sub-Saharan region, Botswana is the only country that boosts of holding the longest record in peaceful transfer of power with democratically elected presidents and its economic stability speaks volumes of its own.

 

All things being equal, democracies have the ability to bring out the best among the collective; the people and not the system(s) become the means through which society chooses for itself what its desired posterity should be.

 

No one single person becomes more powerful than the sum of the all and by so doing it (a democratic system) creates checks and balances for the mutual benefit(s) of both the system and its peoples. Of all other latent issues, democracy tends to create a system of correcting wrongs with the greatest of ease.

 

Take the emergence of multiple party politics in 1991, for instance. The Kaunda era though vibrant at first could not stand the test of time. This is because it was built on flawed communistic policies and no amount of humanism preaching by KK or even Archangel Gabriel could improve anything otherwise at all.

 

The fact is simply that communism does not work, however perfectly envisioned even in a perfect world. Man is impenitently self-interested and when there is nothing for him/her but for the collective he/she tends to be ineffective at best.

 

It is no wonder every body during the latter Kaunda era developed a “Niva Boma” attitude. One was not obligated to anything and “Waco ni waco” (nepotism) swelled and huge misappropriation of all resources led to corruption and other graft devices.

 

When FTJ came on the scene, he really did not have any message at all but the smart people of the Zambian Enterprise gave him a chance all because they were ready for change. They were promised privatization, and without asking for accountability they went along because they had hope the time for “Niva Boma and Waco in Waco” had come to an end.When they matched through the streets chanting “The Hour, The Hour, The Hour Has Come”, to many others it did not matter whether or not that hour had come for them to be unemployed, that hour had come for them to be without medical coverage, free hospitals and free education; it mattered dimly squat what that “hour that had come” meant.

 

Most smarts even mistook democracy for privatization I often remark … but the system worked. This is not to say, there was no corruption, this is not to say peoples’ perception about “Niva Boma and Waco ni Waco” changed, in most cases these were actually amplified.

 

The Chiluba regime proved that too much power bestowed in the presidency was erroneous and corrective measures were taken, it also proved that zeal without knowledge is murderously dangerous for any enterprise and we started replacing rhetoric with execution starting with Levy P Mwanawasa, SC.

 

We learnt that government works better when it is accountable to the electorate and not the other way round. We learnt that there is still a lot of international goodwill out there as long as a nation is willing to do the right things, by taking the right steps, every time, all the time …

 

And overall, as every one adhered to good governance, bad apples were being identified and exposed, culprits brought to book including FTJ himself and the system got perfected day by day, thanks a trillion in great part to Levism (MHSRIP).

 

Levy had his share of mistakes too but we will leave those for others to comment at the present moment. But we know that he did his best to turn the economy, the work culture and posterity around; at each and every stage, he had the best interest of our Enterprise at heart …

 

After next week, the smart people of the Zambian Enterprise are heading to the polls again, in part to prove the system works but overall, to perfect it even further.

 

Oh yes, practice makes perfect and we encourage all the eligible smart people of the Zambian Enterprise to go the polls en masse, it’s our God given right, make use of it …

 

We once said here that not much would be expected out of this by-election because it is more of a care-taker presidency until the Tripartite General Election in 2011.

 

But we encourage even losers to understand that there is a lot of winning in losing and moving the nation forward after conceding – there can only be one president at a time.

 

Whoever becomes the next CEO of our Enterprise, we at the Zambian Chronicle will render our full moral support just like we did for Levy.

 

We will criticize him when we see mistakes made not because we want to be vocal for nothing by using our bully pulpit but because Zambia is greater than any single one of us.

 

Whatever the outcome, the real winner will be Levy P Mwanawasa, SC. who proved the system works and practice makes perfect, Long Live Levism!!!

 

Live Long & Prosper; that’s this week’s memo from us at the Zambian Chronicle … thanks a trillion.

 

 

 

 

 

 

 

 

 

 

 

Choose Your Language Of Preference Below 

French Version German Version Russian Version Spanish Version 

I have been inundated with a lot of questions about the global economy this week; a lot of these questions are to do with the impact of the US economical woes on our global franchise, the Zambian Enterprise included.

 

So, I decided to put on my financial consultant hat and delve into as many econometrical variables as possible to try and explain what a layman may not be told are actually the causes of the economic impasse in the United States.

 

We at the Zambian Chronicle saw this coming as early as last year and in January we published David Frazier’s Global Economic Briefing in US Recession Could Affect Our Global Enterprise, The Zambian Enterprise Included …. This was followed by the Bush Administration’s rebuttal in Bush Sees No Recession Yet the very next month.

 

The argument from the administration has always been that economic fundamental have been sound and therefore much of the attention has been on monetary policy as the Federal Reserve Board has been trying to work on efficacy by reducing Fed Funds Rates. By the way, the Federal Reserve Act of 1913 gave the Fed more power than even the President of the United States when it comes to fiscal policy …

 

The problem with the reduction(s) of the funds rates though was that it created an illusion that by lowering the rates, the cost of borrowing would be lower thereby encouraging market participation by increased credit derivatives (lending and borrowing) in the market.

 

So new buyers were introduced into the system; mortgagee(s) rushed in and started refinancing already existing loans at the new lower interest rates at times cashing in on existing equity and business was booming as finance companies managed to make tones of money from loan origination fees, increased their asset holdings at much higher appraised values while turning around to sell mortgaged backed securities on the secondary market.

 

This illusion missed one point though; liquidity, liquidity, liquidity … the US unemployment rate has steadily been increasing from a “One State Recession” in Michigan at about 12% to the national average of about 6%. This meant that more and more people were getting out of work and despite their new lower mortgage rates and cashed out equity, they had no “ability to pay”.

 

Meanwhile the Federal Reserve kept on lowering the funds rates which eventually became a stimulus that would only encourage further mischief as lenders abrogated their fiduciary duties extending credit to unworthy borrowers and cut corners to close on deals.

 

The Fed regime was an accomplice to that reckless behavior. A fed funds rate of around 3.5% was a detriment particularly with commodities prices soaring and incipient inflation coming to US shores from demand-pull pressures and rising labor costs.

 

A real palliative came in as home owners started defaulting due to their lack of liquidity, leading to foreclosures and short sells. As homes foreclosed and or are short sold, their values declined thereby creating negative equity.

 

But that’s not all, what added salt to the injury is what is called “securitization”. This particularly in the US market comes in the form of Mortgage Backed Securities – MBS. These are asset backed securities sold on the secondary market whose cash flow is backed by collateralized mortgages.

 

Any one with an understanding of basic finance knows that if you borrowed $100,000.00 for 30 years you would probably pay back $300,000.00 on that same mortgage, $200,000.00 of which would be interest income for the lender.

 

These MBSs are backed by that interest income, sold as bonds and or other financial derivatives on the secondary market with a guaranteed yield. Insurance companies, retirement funds and other ultra-virus thrifts like to invest into these marketable securities because of their guaranteed revenues.

 

Well, the problem is if people have no work and thereby are defaulting, then the MBSs are not in actuality guaranteed for the loan term(s) because of foreclosures and or short sells in a downturn economy or prepaids in a vibrant one.

 

These marketable securities (MBSs) are a prerogative of the Securities and Exchange Commission (SEC) and they are regulated by them but they were asleep at the switch. The Federal Reserve Board is in charge of monetary policy and just kept on lowering funds rates and was asleep at the switch.

 

The Department of Treasury has a stake in checking on the yields from MBSs because they affect yields on Treasury Bills but was asleep at the switch; the Bush Administration was busy chasing Bin Laden and was asleep at the switch while the US Congress are supposed to be the watchdog for the tax payers but were busy fighting partisan politics, sleeping at the swath.

 

As of the first quarter of 2006, the total market value of all outstanding MBSs was approximately USD 6.1 trillion, according to The Bond Market Association. These are paper assets in which tax payers’ retirement security has been vested and is likely to be lost if no one takes the right steps going forward.

 

There two schools of thought going on this weekend in Congress, one that says a Government bailout means socializing the markets. Another school of thought wants to lend money to Fannie Mae and Freddie Mac so they can pay back with interest using market forces.

 

We at the Zambian Chronicle see an opportunity for the Federal Government so good to be passed on. The best route would be an outright bailout that places Fannie Mae and Freddie Mac under receivership.

 

This route would not only make the American tax payers shareholders in the $700 billion bailout  enterprise but as these non-performing loans are turned around into performing assets all future interest income can be turned around to be invested into the Social Security and Medicaid/Medicare Trust Funds which are scheduled to go bankrupt by 2045.

 

… problem is I am not running for President of the United States of America; can’t run – not a US born citizen and so they probably would not listen …

 

In closing, this is a dire lesson for all emerging markets, the Zambian Enterprise included. What we have learnt is that greed is bad; using securitization, fund managers increased their income as they lowered their own risks.

 

By cutting corners, greedy loan officers and finance companies made a short term killing and by sleeping at the switch, the SEC, the Feds, the Bush Administration and the US Congress almost crushed the world’s beacon for capitalism.

 

Sometimes, it’s good to know that no one is actually looking out for you after all, you are on your own and you better watch your own back …

 

Live Long & Prosper; that’s this week’s memo from us at the Zambian Chronicle … thanks a trillion.

 

Brainwave R Mumba, Sr.

CEO  & President – Zambian Chronicle 

 

Copyrights © 2008 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom. 

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc.

Copyrights © 2008 Microplus Holdings Int., Inc.

 

Choose Your Language Of Preference Below 

French Version German Version Russian Version Spanish Version 

The Chamber of Zambian Mines has urged the government to maintain a stable investment environment to sustain copper production following the death of the country’s President Mwanawasa.

LUSAKA (Reuters)  –  The Zambian government must KEEP a stable investment environment in order to sustain copper production after the recent death of President Levy Mwanawasa, the head of the Chamber of Zambian Mines (CZM) said on Monday.

Mwanawasa died in a French military hospital last month.

CZM President Nathan Chishimba said in remarks broadcast on state radio that it was important to sustain Mwanawasa’s policies to encourage more investment.

Chishimba said Mwanawasa had personally helped to revamp mining operations in Zambia, which expects to produce 600,000 tonnes of copper in 2008, up from 550,000 tonnes last year.

“The last thing we need is adverse policies that will undermine gains that we have made,” Chishimba said.

“We call upon all leaders to have cool heads,” he added.

Analysts say foreign mining firms in Zambia are anxious about government policy on mining after Mwanawasa’s death.

Foreign firms have invested over $2.5 billion since 2000 when the mineral-rich country privatised its copper and cobalt mines, the country’s economic lifeblood.

Foreign mining firms operating in Zambia include London-listed Vedanta Resources Plc, Canada‘s First Quantum Minerals, Swiss firm Glencore International AG and Australia‘s Equinox Minerals Ltd.. (Reporting by Shapi Shacinda, Editing by Toby Chopra +260-977843609/260-95577 9523)

© Thomson Reuters 2008 All rights reserved

Choose Your Language Of Preference Below

French Version German Version Russian Version Spanish Version 

Lusaka – The body of late Zambian president Levy Mwanawasa arrived back home from Paris Saturday in a gold coffin draped in a Zambian flag to a sombre ceremony at Lusaka International Airport. The plane touched down in overcast conditions at 9 am (0800 GMT) to a 21-gun salute and a fly-past by Zambia Air Force jets.The mood of sorrow that hung over his return contrasted with the joyful send-off he received when he left the country nearly two months ago for an African Union (AU) summit in Egypt.

ImageMwanawasa suffered a massive stroke on the eve of the summit in Sharm el-Sheikh that left him in a semi-vegetative state. He died on Tuesday at the age of 59 in a Paris military hospital.

Acting president Rupiah Banda led the retinue of mourners, including a number of government officials, who received the coffin on the airport tarmac.

A choir of singers wearing costumes bearing the image of Mwanawasa’s face sang haunting melodies.

Mwanawasa, who endeared himself to the West through his criticism of Zimbabwean President Robert Mugabe, is Zambia’s third president since independence from Britain in 1964 and the first to die.

The coffin was taken in an open-top hearse 25 kilometres to Mulungushi International Conference Centre, where it will lie in state for a few days before being taken around the country.

Thousands of Zambians lined the airport road to pay respects as the cortege passed.

ImageHe will be buried on September 3, the day on which he would have turned 60, at his Palabana farm, some 12 kilometres north of Lusaka.

The passing of the popular Mwanawasa, who came to power in the 2001 presidential elections and was reelected in 2006 on the back of an anti-corruption drive and economic turn-around, has left a power vacuum in Zambia.

Western diplomats in Lusaka say there is no obvious successor to him within his ruling Movement for a Multi-Party Democracy, because the post of party vice-president is vacant. According to the constitution, elections must be held by November 17, within 90 days of his death.

Some MMD members have been pushing for the party to endorse Banda, who is from the United National Independence Party, for president to ensure Mwanawasa’s legacy is continued.
 
© 2008 earthtimes.org. All Rights Reserved.
This material may not be published, broadcast, rewritten, or redistributed.

Next Page »