Daily FiZ – Tuesday 10/09

Story of the Day

Domestic Business and Finance
One of Zambia’s largest farm input suppliers, African Green Resources (AGR) plans to invest $150 million with local farmers to develop an irrigation dam, a 50 megawatt solar farm and expand existing grain silo capacity by 80,000 tonnes. Read more: Reuters

The Zambia Chamber of Mines has projected a 100,000 tonnes drop in copper production this year. Chamber of Mines Chief Executive Officer Sokwani Chilembo adds that Zambia’s mining industry is also expected to drop-off the global top ten Copper producers list. Read more: ZNBC

The Bank of Zambia has opposed the proposed constitutional amendment to remove the National Assembly’s oversight role on the contraction of public debt. Read more: Lusaka Times

Barclays Bank Zambia is expected to complete its transition process to rebrand as Absa by June, 2020, says group deputy chief executive officer Peter Matlare. Read more: Diggers

Government has flagged off the export of 200 metric tonnes of Hybrid Maize seed worth 400,000 dollars to the Democratic Republic of Congo. Read more: ZNBC

International Business and Finance
Last Friday, African Development Bank and African Fertilizer and Agribusiness Partnership (AFAP) have signed two agreements worth US$5.4 million in support of its Feed Africa Strategy. Read more: Business Chief

The UK’s economy grew faster than expected in July, easing fears that it could fall into recession. The economy grew 0.3% in July, the UK’s official statistics body said. Read more: BBC News

Lloyds Banking Group and Barclays have both announced they are facing billions of pounds in new costs to cover a late rush of claims for the mis-selling of Payment Protection Insurance (PPI). Lloyds said it faced a bill of £1.2-1.8billion after “a significant spike” in claims in the run-up to the final deadline of 29th August. Barclays said it faced new costs of £1.2-1.6billion. Read more: BBC News

Jack Ma, bids goodbye to Alibaba, the company he founded in 1999 and now worth more than $460 billion. Ma will leave his position as Chairman of the Board on September 10, on the occasion of his 55th birthday. Read more: Africa News

Chart of the Day:

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