Daily FiZ – Wednesday 02/09
Economy

Story of the Day:

It was only a couple of weeks ago that CEO Mark Townsend sat in the call center and took customer calls alongside his diligent customer service officers. Fast forward to the end of August and the CEO remains relentless in imprinting his ideology of the importance of customer service. Read more

Local Business and Finance Sponsored By Liquid Telecom

National Road Fund Agency (NRFA) public relations manager Aphonsius Hamachila says the agency failed to collect the targeted K952 million from all the tollgates from January to 31st to July 2020 due to COVID-19 and only collected K777 million instead. Read more: Zambia Reports

Stakeholders in Zambia on Tuesday called for the evaluation of the privatization of state-owned enterprises as they feel the country got a raw deal. Read more: Xinhua

Liquid Telecom has appointed Clayton Naidoo as Group Chief Business Officer (GCBO). He will be responsible for driving growth, innovation and strategy in the enterprise market across the Group’s holdings. Read more: The Independent Observer 

Ministry of Information Permanent Secretary Amos Malupenga has challenged media houses to be innovative and rethink their business models to enable them survive during the covid-19 era. Read more: ZNBC

International Business and Finance

The US airline industry needs to shrink its labor costs by as much as 50% to survive, and even then it’s possible some carriers don’t make it through the crisis, United Airlines Executive Chairman Oscar Munoz told CNN Business. Read more: CNN

Australia’s economy has plunged into its first recession in nearly 30 years, as it suffers the economic fallout from the coronavirus. Gross domestic product (GDP) shrunk 7% in the April-to-June quarter compared to the previous three months. Read more: BBC News 

The economic slump in sub-Saharan Africa caused by the coronavirus outbreak could last well over three years, Ghana’s finance minister said on Tuesday. Read more: Reuters

South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) expanded in August as an easing of the coronavirus restrictions lifted business activity and sales. Read more: Reuters

The world’s largest hedge fund, Bridgewater Associates co-CIO Greg Jensen told CNBC the U.S. economy needs between $1.3 trillion and $1.7 trillion to sustain its recovery from the coronavirus-induced devastation. Read more: CNBC

Tesla is taking advantage of strong demand for electric-vehicle stocks and plans to raise billions in a nonstandard stock sale. On Tuesday, the EV behemoth said it plans to raise up to $5 billion in an “at the market” stock offering being led by Goldman Sachs. Read more: Market Watch 

Capital Markets Report Sponsored By ZCCM-IH

In 28 trades recorded yesterday, 1,045,956 shares were transacted yielding a market turnover of K531,000. Trading activity was recorded in AEL Zambia, Copperbelt Energy Corporation, Lafarge, Zambia Breweries, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) maintained its close at 3,842.39 points, as there were no share price movements. The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings.

Chart of the Day:

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

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