Daily FiZ – Monday 18/05
Economy

Story of the Day:

Investrust Bank Plc has announced that it will be calling for an Emergency General Meeting (EGM) in Q2 2020 for the sole purpose of approving an approximately K400.40 million through a Rights Issue, according to a statement from the bank. Read more 

Local Business and Finance Sponsored By Liquid Telecom 

The government and the United Nations have launched a joint appeal to raise about US$132.9 million towards the fight against Covid-19. Vice President Inonge Wina says the resources will be used in tackling health emergencies, provision of economic recovery responses, and promoting disaster risk management in the country, among others. Read more: Lusaka Times 

Zambia reopened its Nakonde border with Tanzania on Friday for cargo after a five-day closure of the transit point for copper and cobalt exports and fuel imports, but people were not allowed to cross, a provincial minister told Reuters. Read more: Reuters

The Zambia Revenue Authority – ZRA has confirmed that it remains ready to implement the taxation of global digital companies that are generating significant revenues in Zambia but have no physical presence and are currently not being directly taxed. Government is currently working on a law that will enable the taxing of entities like Facebook, Google and other digital businesses and that once discussions come to conclusion. Read more: Zambian Business Times

FNB Zambia has announced that it will begin to distribute Short-Term Insurance solutions for both Retail and Business customers through a partnership with Minet Zambia. Customers can now get affordable General Insurance with monthly payment options through FNB Zambia outlets. Read more: Zambian Business Times

The Provincial Administration in Luapula says it is looking for US$20 Million to invest in the agricultural out-grower scheme this year. Luapula Province Minister Nickson Chilangwa says , the money will be pumped into the tea, cassava and sugarcane out-grower projects. Read more: ZNBC

International Business and Finance 

Fitch downgraded the debt of 29 countries this year, eight of which have debt in the super-speculative “C” range, at given to countries at high risk of default. The credit-ratings agency also said a couple dozen other countries are at risk for downgrades. The most precarious sovereign debt is from four African nations: Gabon, Mozambique, the Republic of Congo and Zambia. Read more: CNN

Germany’s economy shrank by 2.2% in the first three months of this year as the coronavirus pandemic pushed it into recession, official figures indicate.It was the biggest quarterly fall since 2009, when the country was engulfed in the global financial crisis. Read more: BBC News 

Sony said its annual net profit tumbled 36.5 percent on lower revenue from games and electronics products, and warned of a tough year because of the coronavirus pandemic. Read more: MSN

Computer hardware and semiconductor stocks fell on Friday after the Trump administration blocked chip shipments to Huawei, the Chinese technology champion, raising fears that the Chinese government could retaliate and hurt American companies with additional restrictions. Read more: CNBC

Sudan’s inflation rate has risen further to 99% in April due to rising food prices, the Sudanese Central Bureau of Statistics announced on Saturday. This rate had already risen to 82% the previous month, over one year. But rising prices for grains, meat, milk and bread have further increased inflation. Read more: Africa News 

African airlines could recover from the effects of coronavirus earlier than airlines from other continents due to the planned evacuation of people seeking to return home from across the world. This is the view advanced by Tewolde Gebremariam, CEO of Ethiopian Airlines. Read more: Africa News

Capital Markets Report Sponsored By ZCCM-IH

In 3 trades recorded on Friday, 806 shares were transacted yielding a market turnover of K1,186. A share price loss of K0.02 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in SHOP. The LuSE All Share Index (LASI) closed at 4,082.86 points, 0.18% down from its previous close of 4,090.33 points. The market closed on a capitalization of K56,591,699,172 including Shoprite Holdings and K22,352,493,192 excluding Shoprite Holdings.

Chart of the Day 

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