Daily FiZ – Wednesday 07/08
Economy

Story of the Day: 

The only listed hotel on the Lusaka Securities Exchange has posted a loss after tax of K4.4 million for the financial year ending March 2020, according to a published statement. Read more 

Local Business and Finance Sponsored By Liquid Telecom 

GoviEx Uranium Inc., has received a letter from the Mining Cadastre Department of Zambia notifying the company that it has terminated the Chirundu Mining License. GoviEx is provided thirty days to appeal this decision, which the Company has every intention to do. Read more: Yahoo Finance 

Zambia’s Konkola Copper Mines (KCM), a unit of diversified miner Vedanta Resources, has closed part of its open-pit mine as a portion of the pit is about to collapse, the chief executive officer said late on Thursday. Read more: Reuters

Zambia and South Africa will be holding a virtual trade and investment meeting aimed at promoting trade and investment between the two countries, Zambia’s investment agency said on Friday. Read more: Xinhua

Zambia’s economic performance in the first half of the year has been rated positively. The Economics Association of Zambia (EAZ) says the country’s economy has performed better than anticipated during the period under review. Read more: ZNBC

The Bank of Zambia on Thursday sold record two yards in treasury bills as yields rally the steepest in over a year. With liquidity of K3bln into the auction, the Bank of Zambia successfully sold K2.2bln ($122mln) representing 229% oversubscription of which 56% was housed in the 1year asset tenor while 25% was in the 9month. Read more: The Business Telegraph 

Commerce, Trade and Industry minister Christopher Yaluma has disclosed that the business survey report which has been launched to look at the impact of COVID-19 on Zambian enterprises seeks to provide evidence-based data for policy formulation to mitigate the socio-economic impact of the Coronavirus. He said the report, which will be funded by the UNDP, will also assist the government provide support to businesses that would encounter difficulties to survive. Read more: Zambia Reports 

International Business and Finance 

The eurozone economy will sink deeper into recession than previously thought due to the effects of the pandemic, the European Commission (EC) has said. The bloc will contract a record 8.7% this year before growing 6.1% in 2021. It compares with the EC’s May forecast of a 7.7% slump and 6.3% growth. Read more: BBC News 

Deutsche Bank has been hit with a $150m (£120m) fine for failing to properly monitor its relationship with Jeffrey Epstein. New York state regulators said the bank had suffered “significant compliance failures”, processing hundreds of transactions for the late financier. Read more: BBC News 

Samsung, the world’s largest smartphone maker, predicts its profit jumped 23% last quarter, suggesting that the company has managed to withstand the fallout from the coronavirus pandemic. Read more: CNN

The price of gold is now above $1,800 an ounce — its highest level since September 2011 — and it is creeping toward that record high of more than $1,900. Gold has soared nearly 19% so far in 2020. Read more: CNN

The World Bank classified Mauritius as a High Income country while Tanzania and Benin are now considered Lower-middle income countries, classifications that are being celebrated in these African economies. Tanzania’s president John Pombe Magufuli shared the news on social media, highlighting the fact that the feat has been achieved five years earlier than projected. Read more: Africa News

Capital Markets Report Sponsored By ZCCM-IH

There were no trades recorded on Friday. The LuSE All Share Index (LASI) maintained its close at 3,926.75 points, as there were no share price movements. The market closed on a capitalization of K55,912,229,257 including Shoprite Holdings and K21,673,023,277 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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