Story of the Day:
Three months after the ZCCM IH management team signaled a way forward for their distressed asset, Ndola Lime, a way forward has been established, according to a statement from the investment group. Read more
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Absa Zambia’s head Mizinga Melu has been named 2020 Zambia’s Banking Chief Executive Officer of the year according to Global Banking and Finance Review. This was in addition to Absa being voted best Corporate Bank and best Corporate Socially Responsible Bank among the list of accolades the rebranded bank received this week. Read more: The Business Telegraph
As the International Monetary Fund (IMF) holds talks with Government next week, stakeholders are anticipating renewed hope for a possible recovery programme that will boost confidence in the economy. Read more: Zambia Daily Mail
Government has refuted claims that it has taken over Copperbelt Energy Corporations (CEC) saying it still has its (government’s) own management and infrastructure to attend to. Minister of Energy Mathew Nkhuwa said CEC remains a private company that is listed on the stock exchange and has not been nationalized or expropriated by government. Read more: ZNBC
UK Boris Johnson has questioned the wisdom of giving aid to Zambia and Tanzania because doing so does not help the UK in its geopolitical battle against Russian President Vladimir Putin. Read more: Lusaka Times
Microfinance Zambia, a subsidiary of atlasmara has announced the appointment of Ackim Chalwe as Chief Executive Officer – CEO for Microfinance Zambia. Read more: Zambian Business Times
The Energy Regulation Board (ERB) has instituted investigations into the alleged unexplained depletion of ZESCO prepaid electricity units following numerous complaints from members of the public. Read more: Zambia Reports
International Business and Finance
The South African government would need to find at least 10 billion rand ($580 million) in new bailout funds if it wants to rescue South African Airways (SAA) with most of its routes intact, a long-delayed rescue plan showed. Read more: Reuters
America’s top trade negotiator has said a deal with the UK is unlikely before the US presidential election in November. Ambassador Robert Lighthizer’s comments come as the two countries embark on a second round of negotiations. Among the issues complicating the talks are disagreements over US agriculture exports and UK taxes on tech companies. Read more: BBC News
Google and Alphabet CEO Sundar Pichai told employees it will commit to more than $175 million toward funding more Black businesses, as well as increase Black representation in leadership. It will also end peer badge-checks, which some employees have said encourage racist behavior. Read more: CNBC
The gap between the world’s rich and poor is expected to grow due to the pandemic, and a stock market high on government and central bank cash bears much of the blame. Read more: CNN
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In 22 trades recorded yesterday, 562,918,155 shares were transacted yielding a market turnover of K73,192,394. A share price gain of K0.07 was recorded in Copperbelt Energy Corporation and a share price loss of K0.01 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in AEL Zambia, Lafarge, PUMA, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 3,971.11 points, 0.66% up from its previous close of 3,944.98 points. The market closed on a capitalization of K56,105,319,918 including Shoprite Holdings and K21,866,113,938 excluding Shoprite Holdings.
Chart of the Day: