Daily FiZ – Monday 22/06
Economy

Story of the Day:

Real Estate Investment Zambia will not be entering into a subsequent employment contract with its CEO Sydney Popota following the expiration of his contract, according to a statement from the Group. Read more

Local Business and Finance Sponsored By Liquid Telecom 

An American non-profit organisation has launched a $40 million joint venture with one of Zambia’s top farm suppliers to boost crop yields and food security as farmers struggle to access finance amid the COVID-19 pandemic, the local company said on Sunday. Read more: Reuters

Mines Minister Richard Musukwa says Government through ZCCM-IH is working towards increasing its stake of shareholding in mining firms. Read more: Lusaka Times 

With liquidity in excess of K3.3bln into Thursday 18 June treasury bill sale, the central bank in Africa’s second largest copper producer sold K2bln worth of government securities. Appetite observed was in excess of K3.3bln of which 61.2% was absorbed with K1.3bln housed in the 1year tenor paying 28.0%. This is the fifth oversubscription with the Bank of Zambia borrowing over and above its 40% threshold. Read more: The Business Telegraph

President Edgar Lungu has declared that development is being rolled out across the country contrary to assertions that his government is only taking development to areas that did not vote for him in 2016. Read more: ZNBC

Minworkers Union of Zambia, Copperbelt Energy Corporation Plc (MUZ CEC) branch, says the declaration of CEC’s assets as common carriers arising from Statutory Instrument No. 57 of 2020 will result in a loss of 400 jobs. Read more: News Diggers 

International Business and Finance 

The Chinese President, Xi Jinping has said that his government will cancel the debt of some African countries that are due by the end of 2020. Speaking at the China-Africa summit, President Xi Jinping said his government will especially cancel loans with zero-interest rate due at the end of the year. Read more: Business Insider 

South Africa’s debt levels will exceed 100% of gross domestic product in 2025 and rise to almost 114% before the end of the decade, according to a document presented by Finance Minister Tito Mboweni and seen by Bloomberg. Read more: Bloomberg

Shares in Asia surged as China kept its benchmark lending rate unchanged on Monday, with the 1-year loan prime rate left at 3.85%. The 5-year loan prime rate was also kept steady at 4.65%. Read more: CNBC

The UK’s debt is now worth more than its economy after the government borrowed a record amount in May. The £55.2bn figure was nine times higher than in May last year and the highest since records began in 1993. The borrowing splurge sent total government debt surging to £1.95trn, exceeding the size of the economy for the first time in more than 50 years. Read more: BBC News 

Mercedes-Benz parent company, Daimler AG’s Chief Executive Officer Ola Kaellenius plans a new cost savings program and looks to cut an additional 10,000 jobs through 2025, magazine Automobilwoche reported citing unidentified company sources. Read more: MSN

Capital Markets Report Sponsored By ZCCM-IH

In 91 trades recorded on Friday, 175,839,702 shares were transacted yielding a market turnover of K22,859,161. Trading activity was recorded in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close of 3,944.98 points, as there were no share price movements. 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:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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