Story of the Day:
When the Barrick Gold CEO Mark Bristow speaks, the world of mining listens. Speaking on the much-anticipated panel discussion of the day which was themed “Africa’s Mining Sector as an Engine for Development: What next”, Mark was very candid in his insistence that traceability in mining remains a key issue that African countries need to address. Read more
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At an industry conference on Wednesday, Richard Musukwa, Zambia’s minister of mines and mineral development, said Vedanta had promised to invest hundreds of millions of dollars in Konkola Copper Mines but had not done so. Read more: Financial Times
Chinese telecommunication giant Huawei on Wednesday signed an agreement with the Zambian government aimed at promoting the use of modern technology in higher learning institutions. Read more: News Ghana
Zambia’s annual rate of inflation should be expected to continue escalating on the back of government’s continued external debt servicing, which is anticipated to exert more pressure on the kwacha, among others, says ZIPAR. Read more: News Diggers
Large corporations in the mining and the construction sectors are still sourcing insurance services from abroad and violating the law, says the Pensions and Insurance Authority (PIA). However, Zambia’s insurance industry recorded increased growth in net assets of around K7.7 billion in 2019 from K7.1 billion in 2018. Read more: News Diggers
According to Markit Economics/Stanbic Purchasing Managers Index readings for January headlined 47.5 compared to 46.9 in December. Read more: The Business Telegraph
Government has engaged Hivos, a Dutch development organisation, to come up with measures that will assist the country achieve its agricultural diversification agenda to enhance agriculture and nutrition security. Read more: Zambia Daily Mail
Zimbabwe, Zambia and South Africa, will early next month convene in Victoria Falls for an infrastructure development summit. Read more: The Chronicle
KPMG Featured Article
KPMG, PWC, Deloite and EY have invested huge sums of dollars in Artificial Intelligence. It has been noted that technology could greatly enhance efficiency, revenues and most importantly enhance End-Customer benefits and the decision making processes. Read more
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China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion. Read more: CNBC
Tesla’s Wall Street rally took a sharp U-turn Wednesday. The company’s shares fell as much as 20.6% Wednesday, paring back a meteoric rise that had driven the stock up 36% between Friday and Tuesday and pushed it to $968 at one point, a record. Read more: CNN
South African Airways is accelerating plans to reduce its wage bill and intends to implement deeper jobs cuts than previously announced, according to a labor-union official. Read more: Bloomberg
The U.S. Federal Reserve is looking at a broad range of issues around digital payments and currencies, including policy, design and legal considerations around potentially issuing its own digital currency, Governor Lael Brainard said on Wednesday. Read more: Reuters
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In 6 trades recorded yesterday, 21,414,100 shares were transacted, yielding a market turnover of K10,707,985. Trading activity was recorded in CEC Zambia and Zanaco. The LuSE All Share Index (LASI) maintained its close of 4,255.55 points as there were no share price movements. The market closed on a capitalization of K56,518,312,112 including Shoprite Holdings and K22,279,106,132 excluding Shoprite Holdings.
Chart of the Day: