Story of the Day:
COVID-19 has had a telling impact on business conditions in the local private sector since the outbreak started in Zambia earlier this year. According to Stanbic Bank’s Purchasing Managers’ Index (PMI) for July 2020, the private sector has seen further reductions in output, new orders, and employment for the sixth successive month while input costs rose for first time in four months. Read more
Local Business and Finance Sponsored By Liquid Telecom
The Paris Club under the Debt Service Sustainable Initiative – DSSI have extended debt service reprieve to Zambia for the period 01 May to 31 December. This was contained in a press release from the Paris Club dated 10 August. A total of 41 nations of the 73 eligible have nodded this offer of which 28 are African nations. Read more: The Business Telegraph
President Edgar Lungu has launched a K470 million multi sectoral youth empowerment programme. President Lungu assured young entrepreneurs of government’s support and has since directed councils and the ministry of lands to avail land to young entrepreneurs. Read more: ZNBC
The easing of COVID-19 induced lockdown in South Africa will revive the Zambian economy, Zambia’s High Commissioner to South Africa Major General Jackson Miti has said. Read more: Zambia Reports
The “Buy Zambia Campaign” Chairperson Rosetta Mwape-Chabala has disclosed that locally produced Agro products are now over 90% in both value and volumes being sold in key chain stores in Zambia. Read more: Zambian Business Times
Zambia is exploring the possibility of domestically selling its US$100 million ivory stockpile to generate revenue for the country. Read more: The Southern Times
Information and Broadcasting Services Minister, Dora Siliya says government’s agenda to industrialize the country through robust infrastructure development is firmly on course in line with the SADC regional integration programme. Read more: Lusaka Times
International Business and Finance
Zimbabwe’s inflation was 837.53% year-on-year in July compared to 737.26% the previous month, state statistics body Zimstat said on Saturday. On a monthly basis, prices increased by 35.53% compared to 31.66% in June. Read more: Reuters
The central bank of Democratic Republic of Congo has raised the main interest rate to 18.5% from 7.5%, central bank official Plante Kibadhi said on Saturday. Read more: Reuters
The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic. The world’s third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis. Read more: BBC News
The United States has taken aim at some of China’s biggest tech champions, from Huawei and ByteDance’s TikTok to Tencent’s WeChat. Alibaba, one of the world’s largest retail and internet conglomerates, could be next. Read more: CNN
Telecoms major Airtel Africa has entered a “strategic collaboration” with Standard Chartered Bank to provide customers with increased access to mobile financial services and new product offerings, with a view to deepening financial inclusion across its key markets in the continent. Read more: Ventures Africa
Capital Markets Report Sponsored By ZCCM IH
In 23 trades recorded on Friday, 34,818 shares were transacted yielding a market turnover of K32,473. A share price loss of K0.15 was recorded in Lafarge, and a share price loss of K0.01 was recorded in Standard Chartered Zambia. Trading activity was also recorded in CEC Zambia and Zanaco. The LuSE All Share Index (LASI) closed at 3,844.69 points, 0.28% down from its previous close of 3,855.41 points. The market closed on a capitalization of K55,555,038,761 including Shoprite Holdings and K21,315,832,781 excluding Shoprite Holdings.
Chart of the Day: