Story of the Day
The property investment company, Real Estates Investment Zambia (REIZ) has announced the resignation of one of their longest service directors, Dr. Elizabeth Nkumbula, from the board, according to a statement issued by the company. Read more
Domestic Business & Finance
Government has disclosed that they will be increasing electricity tariffs by 75 percent this year. Speaking to journalists in Lusaka, Energy Minister Mathews Nkhuwa said the country is currently paying half the amount that is supposed to be paid for electricity being supplied to consumers and industry players. Read more: Zambian Observer
Insurance Association of Zambia – IAZ has called for an end to externalization of forex through insurance premiums when these policies and risks can be adequately covered by the insurance industry and its association members in Zambia. Read more: Zambian Business Times
Zambian Ambassador to Germany Anthony Mukwita says a high-level business delegation from Slovenia has set its eyes on investing in Zambia because the country is an attractive business destination. Read more: ZNBC
Finance Minister Bwalya Ng’andu says Government has no plans to introduce mineral revenue sharing mechanisms with communities near mines. Read more: ZNBC
International Business & Finance
The Federal Reserve injected cash into money markets Tuesday to pull down interest rates and said it would do so again Wednesday after technical factors led to a sudden shortage of cash. Read more: Wall Street Journal
Blaming a weakening global economy, FedEx Corp. sharply slashed its profit outlook in the latest sign that trade tensions are dragging down U.S. corporate titans. Read more: Bloomberg
Saudi Arabia has partially restored production at its damaged oil plant and says it should be fully back on track by the end of September. Read more: Bloomberg
The risk of a global recession is at its highest since August 2009, according to a survey of fund managers, as slowing growth, trade and political uncertainty takes its toll on investor sentiment. Some 38% of investors polled in the Bank of America Merrill Lynch Survey expect a recession over the next year. Read more: CNBC
Facebook has unveiled its plan to create an independent “oversight” board to make decisions over how the network is moderated. Read more: BBC News
Capital Markets Report
There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its previous close of 4,406.72 points as there were no share price movements. The market remained on a capitalization of K57,147,093,499 including Shoprite Holdings and K22,907,887,519.84 excluding Shoprite Holdings.
Chart of the Day: