Story of the Day:
After months of preparation, the Manganese Mining company established by ZCCM IH has finally commenced operations in Serenje. Read more
Local Business and Finance Sponsored By Liquid Telecom
President Edgar Lungu has requested debt relief and cancellation from China due to the economic impact of the coronavirus pandemic, his office said. Lungu made the appeal in a telephone call with his Chinese counterpart Xi Jinping on Monday. Read more: Yahoo Finance
Zambia will in the week begining the 26 July seek to raise four yards in proceeds from the sale of pandemic long dated and shorter dated government securities. According to an advertised prospectus, the Bank of Zambia will be in the market for K2.67bln ($147mln equivalent) in 5,7,10 and 15 year COVID 19 bonds on 31 July. Read more: The Business Telegraph
The capital market in Zambia has the potential to excel above average, despite the current economic challenges, observes Philip Chitalu, Chief Executive Officer of the Securities and Exchange Commission (SEC). Read more: Zambia Reports
The International Monetary Fund (IMF) says the best way for Zambia to reduce its fiscal deficit is to tap into its domestic revenue potential and improve priority spending in a debt-free fashion. Read more: News Diggers
The Energy Regulatory Board – ERB has disclosed that notable progress has been made on the Electricity Cost of Service Study being undertaken by Energy Market and Regulatory Consultant – EMRC despite the covid 19 pandemic. EMRC has do far successfully completed and submitted the Inception Report which outlines the roadmap for the study. Read more: Zambian Business Times
Parastatal and statutory institutions failed to remit statutory obligations amounting to 3.4 billion Kwacha in 2018. This is according to the Report of the Auditor General on the accounts of Parastatal Bodies and other statutory institutions for the financial year ended December 31, 2018. Read more: ZNBC
International Business and Finance
The pandemic recession is hurting women more than men, potentially undoing years of progress if lawmakers don’t step up efforts to improve conditions for women, economists at the International Monetary Fund warned Tuesday. Read more: CNN
The UK government borrowed a record £127.9bn between April and June as tackling the coronavirus pandemic took its toll on the public finances. The figure – the difference between spending and tax income – was more than double the £55.4bn borrowed in the whole of the previous tax year. Read more: BBC News
Tesla is scheduled to report second quarter results today. If Elon Musk’s electric car maker reports a profit for the quarter, Tesla will meet a major requirement it needs to join the S&P 500. Read more: CNBC
United Airlines on Tuesday said its operating revenue dropped 87 percent, to $1.5 billion, in the second quarter compared to a year earlier. United said it lost $1.6 billion in the quarter, compared to a $1 billion profit during the same three months in 2019. Read more: The New York Times
Capital Markets Report Sponsored By ZCCM-IH
In 30 trades recorded yesterday, 36,999 shares were transacted yielding a market turnover of K16,931. Share price gains were recorded in Lafarge of K0.25, in Standard Chartered Zambia of K0.02 and in Zambia Breweries of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, Zambeef, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 3,899.76 points, 0.52% up from its previous close of 3,879.36 points. The market closed on a capitalization of K55,794,776,808 including Shoprite Holdings and K21,555,570,828 excluding Shoprite Holdings.
Chart of the Day: