Story of the Day:
CEC Africa has been served a letter of demand from Zambia Energy Corporation Limited of K15.40 million, according to a statement from the Company. Read more
Local Business and Finance Sponsored By Liquid Telecom
Zambia’s state-owned investment arm will run mines as an operator rather than a minority investor in future investments, an executive said on Sunday, as the government seeks a more active role in mining assets it holds. Read more: Reuters
Business conditions in the private sector in Zambia have signaled hope for improvement for the first time in 90 days, despite the negative impact of COVID-19 on local enterprises. In June, business experienced the softest deterioration in business conditions in the last three months, according to the latest Stanbic Bank Zambia IHS Markit Purchasing Managers’ Index. Read more: Zambia Reports
ZCCM Investments Holdings Plc Limited has started mining manganese in Serenje district , Central Province. ZCCM-IH through its wholly owned subsidiary Kabundi Resources limited is targeting to be producing 20,000 tonnes per month by the end of the year. Read more: ZNBC
Finance Minister Bwalya Ng’andu says the 2021 National Budget will try to address Citizens and business challenges that have been caused by the Covid-19. Read more: ZNBC
LOLC Finance Zambia Limited, a Sri Lankan firm, has invested US$5 million in the establishment of a micro-financial institution in Zambia targeting micro, small and medium entrepreneurs (MSMEs). Read more: Zambia Daily Mail
Vice-President Inonge Wina says Finance Minister Dr Bwalya Ng’andu will soon furnish Parliament with details of how mechanisms being put in place to address the issue of civil servants being indebted to financial institutions will be implemented. Read more: News Diggers
International Business and Finance
With nearly $1.17 billion worth of trade in 2018 according to statistics, the United States and Kenya want to further strengthen their cooperation. The two countries are currently pursuing talks for a comprehensive free trade agreement, scheduled to start at the same time as the Continental African Free Trade Area comes into force. Read more: Africa News
South Africa is considering an independent board for its ailing national airline, with a shareholder structure similar to that of part state-owned telecoms firm Telkom, a senior government minister told the local eNCA news channel on Sunday. Read more: Reuters
European Union leaders, battling a savage recession, need to agree quickly on fresh economic relief worth hundreds of billions of dollars. Read more: CNN
China kept its benchmark lending rate steady for the third straight month today, matching market expectations, amid signs that the world’s second-largest economy is recovering from the shock coronavirus pandemic. The one-year loan prime rate (LPR) was kept unchanged at 3.85%, while the five-year LPR remained at 4.65%. Read more: CNBC
Capital Markets Report Sponsored By ZCCM IH
In 4 trades recorded on Friday, 30,172 shares were transacted yielding a market turnover of K42,259. A share price loss of K0.25 was recorded in Lafarge. Trading activity was also recorded in Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 3,879.36 points, 0.30% down from its previous close of 3,890.85 points. The market closed on a capitalization of K55,705,967,232 including Shoprite Holdings and K21,466,761,252 excluding Shoprite Holdings.
Chart of the Day: