Daily FiZ – Monday 26/07

Story of the Day:

Hello, thank you for calling Liquid Telecom, my name is Mark, how can I help you…”, is how Financial Insight imagined Mark Townsend taking customer service calls when he and his team decided that during this difficult period of COVID-19 their focus, as it always has been, should be the customer. Read more

Local Business and Finance Sponsored By Liquid Telecom

Copperbelt Energy Corporation (CEC) has counter-sued Zesco Limited and Konkola Copper Mines (in liquidation), seeking an order that the Zesco pays it US$144 million as compensation for the power supplied to KCM which it could not recover due to the conspiracy between the two companies and the Energy Ministry. Read more: News Diggers

ActionAid Zambia has called on the Zambian government to consider cancelling or overhaul of unbalanced Double Tax Agreements – DTA or tax treaties with other countries saying Tax Treaties have recently not only been found to be unbalanced but also a source of tax evasion by most multinational companies, denying the host countries the much-needed revenue. Read more: Zambian Business Times

Lusaka Chamber of Commerce and Industry President Chris Kampamba has called on the business Community to take advantage of the facilities at the new Kenneth Kaunda International Airport (KKIA) once it is open. Mr. Kampamba says the project is poised to provide impetus towards industrialisation and transformation of Zambia into a transport hub in the region. Read more: ZNBC

Mineral royalties paid to Government will this year reduce by US$30 million from the projected US$90 million as the COVID-19 continues to haunt the mining industry and the economy as a whole. Zambia Chamber of Mines chief executive officer Sokwani Chilembo said royalties to Government from the mining sector are expected to reduce with companies projected to pay between US$60 million and US$65 million. Read more: Zambia Daily Mail

International Business and Finance

Goldman Sachs has agreed to a $3.9 billion deal with the Malaysian government to settle claims relating to the bank’s role in the huge corruption scandal at 1Malaysia Development Berhad, the sovereign wealth fund. Read more: CNN

British Airways owner IAG said on Friday it is drawing up plans for a possible rights issue of up to 2.75 billion euros ($3.20 billion) to strengthen its balance sheet. Read more: The National

Shares worldwide skidded further on Friday as a pickup in U.S. and European business activity did little to ease jitters about rising U.S.-China tensions, while gold broke above $1,900 an ounce on its march toward a record high. Read more: Reuters

Sub-Saharan Africa’s economy will contract this year after shutdowns disrupted activity and as daily cases of coronavirus are still rising in the region but a recovery is expected next year, a Reuters poll found on Friday. Following months of lockdowns which have muted economic activity a Reuters poll taken in the past week suggested the region will contract 3.1% this year but bounce back to around 3.5% growth in 2021. Read more: Reuters

London-based HSBC bank has denied Chinese media reports that it had “framed” telecom giant Huawei or “fabricated evidence” that led to the arrest of a top company official. Read more: The Economic Times

The European Union has called on the United States to lift tariffs imposed in a long-running dispute over aircraft subsidies after Airbus said it had brought itself into compliance with the World Trade Organization rulings. Airbus said on Friday it had reached an agreement with the French and Spanish governments that raises the interest rates on funds provided to help develop its long-haul A350 jet to levels the WTO considers appropriate. Read more: Al Jazeera

Capital Markets Report Sponsored By ZCCM-IH

In 17 trades recorded on Friday, 1,026,400 shares were transacted yielding a market turnover of K7,335,199. A share price loss of K0.38 was recorded in Zambia Breweries. Trading activity was also recorded in Bata, Lafarge, Madison Financial Services  and Zambeef. The LuSE All Share Index (LASI) closed at 3,837.54 points, 1.24% down from its previous close of 3,885.21 points. The market closed on a capitalization of K55,523,951,222 including Shoprite Holdings and K21,284,745,242 excluding Shoprite Holdings.

Chart of the Day:

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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