Daily FiZ – Monday 14/09
Economy

Story of the Day:

Stanbic Bank Zambia says it is prepared to work with the Zambia Association of Manufacturers (ZAM) and other stakeholders to accelerate the country’s economic diversification through value addition. Read more 

Local Business and Finance Sponsored By Liquid Telecom

The Economics Association of Zambia (EAZ) has advised some businesses in the country to stop quoting products and services in us dollars. EAZ president Lubinda Haabazooka tells phoenix news in an interview that it is unfair for business houses to charge the Zambian consumers in dollars whose earnings are mostly in kwacha. Read more: Lusaka Times 

Lafarge Zambia Plc has posted losses of over K12.3 million during its financial half-year period ending June 30, 2020, mainly induced by increased production costs and a devalued kwacha. Read more: News Diggers 

Government says it is revising incentives for investors in the Multi Facility Economic Zones to make the hubs more attractive and updated to global trends. Commerce, Trade and Industry Minister, Christopher Yaluma says Government wants to come up with a set of incentives that will stand the test of time and create an enabling environment for local and foreign investors. Read more: ZNBC

The Economics Association of Zambia (EAZ) has called on local farmers to form Cooperatives in order to meet the demand for locally produced goods in chain stores. Read more: ZNBC

Energy Regulation Board (ERB) has disclosed that it will only review fuel prices once it is availed with documentation for new cargo. Read more: Zambia Reports 

The US$30 million Bonanza Resort in Chongwe will open its doors to the public next month and is targeting contributing to boosting domestic tourism and stimulating economic activities. Read more: Zambia Daily Mail 

International Business and Finance Sponsored By INQ

South Africa’s economy will likely contract this year by more than the 7% previously forecast by the Treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday. Read more: Reuters

Coronavirus-related bad debts have set South African banks’ profits back by around a decade or more and they are unlikely to recover for at least three years, two top executives told Reuters, as the economy struggles with recession. Read more: Reuters

The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The sea of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs. Read more: CBS News

TikTok and Oracle will become business partners in the United States — a deal meant to satisfy the Trump administration’s national security concerns, according to a person familiar with the matter. The news about Oracle came just after Microsoft announced that it will not buy TikTok’s US operations from ByteDance. Read more: CNN

Employers in Britain are planning more than twice as many redundancies than they did at the height of the last recession, new figures show. About 180,000 job cuts were planned from January to March 2009, while 380,000 were planned from May to July this year. Read more: BBC News 

Capital Markets Report Sponsored By ZCCM-IH

In 6 trades recorded yesterday, 7,720 shares were transacted yielding a market turnover of K6,421. A share price gain of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Zambia Sugar. The LuSE All Share Index (LASI) closed at 3,834.35 points, 0.10% up from its previous close of 3,830.62 points. The market closed on a capitalization of K55,510,536,355 including Shoprite Holdings and K21,271,330,375 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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