Story of the Day:
Inward Foreign Direct Investment (FDI) and the effects it has on the host country has been the subject of debate over the years, producing a wide range of empirical results in academic literature with little convergence whereas policymakers generally accept that inward Forward Direct Investment is valuable to their economy. Read more
Local Business and Finance
The Zambian government has been urged to bring more of Chinese modern projects through the Belt and Road Initiative (BRI), a lawmaker said on Tuesday. This will benefit the people of Zambia in many ways resulting in improved economic growth. Read more: News Ghana
Konkola Copper Mines (KCM) provisional liquidator Milingo Lungu says the mining firm is engaging and cooperating with all suppliers and contractors to address liabilities. Mr. Lungu said KCM is targeting close to 3,000 tons of copper in concentrates this month. Read more: ZNBC
World Bank Group Country Manager, Sahr Kpundeh, says public procurement is a vital component for a country, which links public needs with the private sector. Read more: Lusaka Times
Savings groups and “Chilimbas” are the most inclusive mode of banking in Zambia, a new Financial Sector Deepening Zambia (FSDZ) Report has revealed. The study titled: “Savings groups: the gateway to financial inclusion in Zambia”, recommended that efforts to make formal financial services more user-friendly to those who have less education should be promoted. Read more: News Diggers
The power deficit in Africa’s red metal producer Zambia has widened to 872 Megawatts from the 700 MW reported 2 months ago as generation at its Kariba, Itezhi -tezhi stations and Kafue Gorge on receding water levels. Read more: The Business Telegraph
International Business and Finance
Trade talks between the U.S. and China have hit a snag over farm purchases, creating another obstacle as Beijing and Washington try to lock down a limited trade deal. Read more: Wall Street Journal
The U.S. budget gap grew 34% in the first month of the fiscal year as federal spending outpaced revenue growth, pushing the 12-month deficit past $1 trillion for the first time since February 2013. Read more: Wall Street Journal
Google has become the latest tech giant to announce a new financial product for users – this time, current accounts. The firm said it plans to partner with banks and credit unions in the US to offer the “smart checking” accounts. Read more: BBC News
Some of the UK’s most popular health websites are sharing sensitive data — including medical symptoms, diagnoses, drug names and menstrual and fertility information — with dozens of companies including Google, Amazon, Facebook and Oracle. Read more: Financial Times
Alibaba is planning a secondary listing in Hong Kong which is likely to take place in the last week of November and raise approximately $13 billion, a source with direct knowledge of the matter told CNBC. Read more: CNBC
China’s economy betrayed further signs of strain on Thursday with data showing a sharp slowdown in consumer spending and factory production while investment growth hit a record low as the trade US war takes its toll. Read more: International Business Times
The We Company, owner of WeWork, said on Wednesday net losses in the third quarter widened to $1.25 billion from $497 million a year earlier as its money-losing shared-office business doubled in size with a record number of desks added to its network. Read more: NY Times
Federal Reserve Chairman Jerome Powell stuck to his view that interest rates probably would stay put for a time, though he signaled that the U.S. central bank could resume cutting if the economy’s growth outlook faltered. Read more: Los Angeles Times
Capital Markets Report
In 35 trades recorded yesterday, 45,226 shares were transacted, resulting in a market turnover of K61,493. A share price gain of K0.01 was posted in Standard Chartered Bank Limited. Trading activity was also recorded in Copperbely Energy Corporation. The LuSE All Share Index (LASI) closed at 4,315.91 points up by 0.09% from its previous close of 4,311.90 points. The market closed on a capitalization of K56,769,351,044 including Shoprite Holdings and K22,530,145,064 excluding Shoprite Holdings.
Chart of the Day: