Daily FiZ – Tuesday 23/06

Story of the Day:

Prima Reinsurance Plc has announced the retirement of David Kombe as Chairman of the Board, according to a statement from the Company. Read more 

Local Business and Finance Sponsored By Liquid Telecom 

Absa Bank Zambia launched NovoFX, a new mobile application with an intuitive interface that allows its internet banking registered users to seamlessly and safely send money to anyone with a bank account anywhere in the world, buy forex or make cross-border payments in over 13 different currencies from a mobile phone. Read more: The Business Telegraph

At a cabinet meeting held on 22 June, the Zambian authorities approved issuance of K8bln ($432mln equivalent) worth of disease pandemic bonds whose proceeds would go towards paying suppliers, retirees and contractors. Read more: The Business Telegraph 

Telecommunications companies have continued to post growth amid the coronavirus pandemic, with MTN Zambia expecting to reach four million mobile money subscribers by December this year as uptake of digital financial solutions replace conventional payments. Read more: Zambia Daily Mail 

Mines Minister Richard Musukwa has called on the young people to take advantage of the Kalumbila Multipurpose Cooperative Society Ltd and invest in Mineral Resources in order to reduce Youth Unemployment and provide livelihoods to local people in the country. Read more: Lusaka Times 

Lusaka District Commissioner, David Silubanje says government will continue to provide an enabling environment for investors in the country. Read more: ZNBC

International Business and Finance 

China’s economy contracted in the three months to June from a year earlier, signaling the start of a recession despite marginal improvements over the previous period when the coronavirus roiled the economy, according to China Beige Book. Read more: Bloomberg

The U.S. Supreme Court declined to hear a challenge to corporate tax regulations, delivering a victory to the IRS that will cost tech companies billions of dollars. Read more: Market Watch 

US President Donald Trump has extended a pause on some green cards and suspended visas for other foreign workers until the end of 2020. Read more: BBC News 

South Africa’s consolidated budget deficit is expected to widen markedly this year, a Reuters poll found, with its National Treasury struggling to squeeze it back to levels it anticipated before the coronavirus pandemic disrupted economic activity. Read more: Reuters

BMW has confirmed that it is looking at axing at least 10,000 contract workers, in an effort to reduce capacity and help mitigate growing costs. Read more: Yahoo News

Capital Markets Report Sponsored By ZCCM-IH

In 12 trades recorded yesterday, 4,611,400 shares were transacted yielding a market turnover of K599,482. 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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