Story of the Day:
A UK-based start-up has raised seed capital to finance an innovative idea which hopes to use old mine shafts to generate clean electricity at half the cost of lithium-ion batteries. The new power source, dubbed “gravity energy” is being developed by Gravitricity, and mimics hydropower projects which have played a key role in helping to balance the electricity grid. Read more
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Konkola Copper Mines has submitted before the Lusaka High Court that it will suffer great inconvenience should there be a disruption of power supply to the mines compared to the loss that Copperbelt Energy Corporation may suffer from use of its infrastructure. KCM and Zesco have in this matter sued CEC in the Lusaka High Court. Read more: Zambia Reports
Stanbic Bank Zambia is leveraging part of the ZMW10 billion Bank of Zambia (BoZ) COVID-19 relief package to help clients keep their businesses viable during Zambia’s partial lockdown that has been stifling trade. Read more: Zambia Reports
Government will next month roll-out the use of digital payment services to improve efficiency and increase revenue collection.
Read more: ZNBC
ZCCM Gold Company (ZGC) says small-scale miners will remain centre in the gold strategy as the organisation accelerates Government efforts to formalise the sector. Read more: Zambia Daily Mail
Authorities seized products from some chain stores suspected of containing Genetically Modified Organisms (GMOs), a government agency said on Tuesday. The National Bio-Safety Authority seized the products worth K80,000 ($4,440) from chain stores in Lusaka, the country’s capital. The products were being sold without a permit. Read more: Xinhua
International Business and Finance
Zimbabwe’s inflation rose to 785.55% year-on-year in May from 765.57% the previous month, Zimstat said on Tuesday, as citizens grapple with rising prices of basic goods and a weakening currency. Read more: Reuters
European regulators announced formal antitrust investigations into Apple’s App Store and its Apple Pay system. One investigation centres on iPad and iPhones being limited to installing apps from Apple’s own App Store, among other restrictions imposed on third-party developers. The other involves Apple Pay, with one issue being that other services cannot use the iPhone’s tap-and-go facility. Read more: CNN
The world’s two biggest economies have become less competitive due to their ongoing trade war, which seems to have no short-term resolution in sight. Both China and the US have slipped down the World Competitiveness Rankings for this year. Read more: BBC News
Stephen Roach, Yale University senior fellow and former Morgan Stanley Asia chairman, has a warning for U.S. dollar bulls. The prominent economist says that the era of the U.S. buck may be coming to an end and is forecasting a 35% decline soon in the U.S. currency against its major rivals, citing increases in the nation’s deficit and dwindling savings. Read more: Market Watch
The global economy is on track for a more significant contraction than the International Monetary Fund estimated in April, the institution’s chief economist said Tuesday. It said the current crisis is “unlike anything the world has seen before.” Read more: CNBC
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In 24 trades recorded yesterday, 107,492 shares were transacted yielding a market turnover of K37,139. Share price losses were recorded of K0.07 in Copperbelt Energy Corporation and K0.04 in CEC Africa on the quoted tier. Trading activity was also recorded in AEL Zambia, Airtel, and Zambeef. The LuSE All Share Index (LASI) closed at 3,944.98 points, 0.66% down from its previous close of 3,971.11 points. The market closed on a capitalization of K55,991,569,876 including Shoprite Holdings and K21,752,363,896 excluding Shoprite Holdings.
Chart of the Day: