Story of the Day:
Cavmont Capital Holdings Zambia Plc has reported a set of results which show an improvement compared to the prior year with a significantly reduced loss before tax compared to the previous period, according to a statement from the Company. Read more
Local Business and Finance
Zambia owed major mining companies 2.8 billion kwacha ($215 million) in tax refunds as at June 30, 2019, Finance Minister Bwalya Ng’andu said on Thursday, the latest development in a long-running dispute with the miners. Read more: Reuters
The Zambian government said on Wednesday that it has prioritized funding for youth entrepreneurship and innovative projects as part of efforts to enhance job creation. Read more: News Ghana
A delegation of Slovenians seeking to do business in various sectors has arrived in the country for a series of ground-breaking meetings with key stake holders. Read more: ZNBC
Government has been told to lease its commercial real estate properties to private companies due to mismanagement by the National Housing Authority. Among the buildings managed by the National Housing Authority include; Findeco House, Kulima Tower building and Indeco among others which have remained in extremely deplorable state due to mismanagement. Read more: Zambian Observer
Bank of Zambia (BoZ) governor Dr Denny Kalyalya has urged the Absa group not to take personal, tough questions that will be asked by the regulator because the Central Bank only wants Zambians to be offered the best financial services. Read more: News Diggers
Millers Association of Zambia (MAZ) president Andrew Chintala says millers have started reducing mealie meal prices after government assured them that there is still enough maize stock in the country. Read more: News Diggers
International Business and Finance
President Donald Trump gave an optimistic read on Thursday’s trade talks between the U.S. and China as the world’s two largest economies try to end a damaging trade war.“I think it’s going really well. I will say, I think it’s going really well,” the president said before he left Washington. Read more: CNBC
Japanese carmaker Nissan has warned that a no-deal Brexit could make its European business model unsustainable. Nissan’s European chairman, Gianluca de Ficchy, said if a 10% export tariff was introduced after the UK left the EU it would put its operations “in jeopardy”. Read more: BBC News
The UK’s economy is expected to avoid a recession after showing better-than-expected growth in the three months to the end of August. Read more: BBC News
Boeing and Porsche announced Thursday they are teaming up to develop an electric vehicle that can fly. Read more: CNN
JPMorgan Chase & Co. is leading discussions to put together a rescue package for cash-strapped WeWork that may come together as soon as next week. The U.S. investment bank may contribute a large sum to any bailout, giving WeWork a much-needed infusion of cash after the once high-flying startup’s failed attempt at an initial public offering. Read more: Bloomberg
The Federal Reserve Bank of New York added $88.1 billion to the financial system Thursday, using the market for repurchase agreements, or repo, to relieve funding pressure in money markets. Read more: Wall Street Journal
Capital Markets Report
In 44 trades recorded yesterday, 322,443 shares were transacted, resulting in a market turnover of K2,542,060. A share price gain of K0.10 was posted in Zambeef while Copperbelt Energy Corporation recorded a loss of K0.01. Trading activity was also recorded in PUMA, Zambia Breweries and Zanaco. The LuSE All Share Index (LASI) closed at 4,400.93 points up by 0.08% from its previous close of 4,397.61 points. The market closed on a capitalization of K57,122,981,649 including Shoprite Holdings and K22,883,775,669 excluding Shoprite Holdings.
Chart of the Day: