Story of the Day:
Cavmont Capital Holdings Zambia has announced that it is in discussions with Access Zambia for a possible takeover of the bank, according to a statement from the bank. Read more
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Zambia has raised over 6.8 billion out of the 8 billion Kwacha COVID-19 Bond. Finance Minister Bwalya Ng’andu says the money is currently being distributed. Dr. Ng’andu said that the government is ensuring liquidity into the economy through the stimulus package to create activity in the domestic economy. Read more: Lusaka Times
The National Savings and Credit Bank (NATSAVE) and Kalumbila Minerals Multi-purpose Cooperatives Society have signed a Memorandum of understanding aimed at providing financial services to cooperative members. Read more: ZNBC
The kwacha’s recent appreciation against major currency convertibles has come in the wake of excess dollar supply, compounded with drastically reduced demand for imports, says the Bank of Zambia (BoZ). Read more: News Diggers
Minister of Commerce, Trade and Industry Christopher Yaluma has called on South Africa to ease sanitary and phytosanitary measures inhibiting exports of Zambian goods to that country. Read more: Zambia Daily Mail
Vice President Inonge Wina says the New Copperbelt International Airport under construction will be a game changer for the region’s trade, investment and Tourism. Mrs. Wina says she is confident that US$397million airport once opened usher in a lot of opportunities. Read more: Zambia Reports
International Business and Finance
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated. Read more: Reuters
The world’s leading oil producers are expected to announce an increase in output this week amid signs that demand is rising. Oil cartel Opec is due to hold a meeting on Tuesday and Wednesday to discuss its next move. Analysts predict major producers will agree to ease supply cuts that were imposed in April to prop up prices. Read more: BBC News
The president of Emirates said the Middle Eastern airline is set to cut as many as 9,000 jobs because of the coronavirus pandemic. It is the first time the world’s biggest long-haul carrier has disclosed how many jobs will be lost. Read more: BBC News
Credit Suisse could cut “hundreds” of jobs to reach profit targets as part of a new savings program, the Swiss weekly newspaper SonntagsZeitung reported on Monday. Among the measures being considered, 120 branches could be trimmed down. Read more: Market Watch
The president of Botswana, Mokgweetsi Masisi, has announced that Botswana will begin rationing fuel in order to ease a crippling shortage that has caused some consumers to rush to stock up. Read more: Business Insider
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In 9 trades recorded on Friday, 21,042 shares were transacted yielding a market turnover of K10,521. Trading activity was recorded in Zanaco. The LuSE All Share Index (LASI) maintained its close of 3,915.55 points, as there were no share price movements. The market closed on a capitalization of K55,863,479,239 including Shoprite Holdings and K21,624,273,259 excluding Shoprite Holdings.
Chart of the Day: