Story of the Day
Zambia’s largest supplier of power to the mining companies, CEC Zambia Plc, has reported a 10% reduction in consumption of energy by its clients due to protraction in the making adjustments to the new mining tax regime, according to the company in its half-year performance review for 2019. Read more
Domestic Business and Finance
Energy Minister Mathew Nkhuwa has disclosed that in an effort to reduce the current load-shedding, government is looking to source more electricity from neighboring Mozambique apart from South Africa’s ESKOM, where it has negotiated for 300 megawatts. Read more: Zambian Observer
Ministry of Transport and communications has disclosed that plans of re-launching the National Airline are on course and that the project is on stage three of its certification process and awaits certification process from the Civil Aviation Authority before completion. Read more: Zambian Business Times
Gemfields owned Kagem Mine in Lufwanyama district of Zambia’s mineral rich Copperbelt Province has been commended for realizing emeralds revenue of about $18.6 million in one auction saying the move shows an act of transparency. Read more: Zambian Business Times
Gemstone prospects have been discovered in the Eastern part of Monze as the expo committee continues to tour the area in readiness for the event. Read more: Zambian Observer
International Business and Finance
African Development Bank (AfDB) has approved a US$20million investment for African Forestry Fund, the bank will sit on the advisory committee. Read more: Business Chief
The Democratic Republic of Congo’s president, Felix Tshisekedi is on the limelight in rebranding the central African state internationally by diversifying its economic partners. Read more: Africa News
A movement has been brewing among economists, financial-services professionals and central bankers to encourage a rethinking of the technology of currency — those paper notes we carry in our wallets — with an eye toward issuing a digital currency. Read more: Market Watch
$23.7 Billion were raised by 3738 blockchain companies since 2013, with 75% of all deal flow focused only on early-stage rounds. Read more: Intelligent HQ
UBS Group is considering mergers as well as cooperation with other banks to help cope with Europe’s challenging banking market. Read more: Investment News
China’s foreign exchange reserves rose unexpectedly in August, even as the yuan posted its biggest monthly drop in 25 years amid escalating trade tensions with the United States. The country’s foreign exchange reserves – the world’s largest – rose by $3.5 billion in August to $3.1072 trillion, central bank data showed on Saturday. Read more: Business Standard
Chart of the Day: