Daily FiZ – Tuesday 15/09
Economy

Story of the Day:

A world-leading supplier of responsibly sourced coloured gemstones, Gemfields – which operates the Kagem mine in Lufwanyama – has identified “huge potential” to market Zambia’s responsibly sourced emeralds to consumers in China. All proceeds from the sale of Kagem’s emeralds are repatriated back to Zambia, generating tax revenue for the government as well as employment and associated economic growth. Read more 

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Canadian miner First Quantum Minerals Ltd said on Monday it plans to expand operations at the Kansanshi mine in Zambia, Africa’s biggest copper mine. Read more: Reuters

ZCCM-IH has approved a reorganisation of its portfolio with the Industrial Development Corporation (IDC) where both entities will transfer their equity held in three corporate entities to the other to achieve optimisation of operations within the IDC/ZCCM-IH Group. Read more: News Diggers

Treasury bills have remained an attractive investment venture as evidenced by the continued oversubscription, which stood at K900 million more than what was offered by the Bank of Zambia on the market. The oversubscription was mainly due to the high Kwacha liquidity on the market. Read more: Zambia Daily Mail 

Community Markets for Conservation (COMACO) has partnered with a United States of America based retailer to start exporting local products such as peanut butter and honey. Other products that will be exported include rice, beans (kabulangeti) and dried mushroom. Read more: Zambia Daily Mail

Jubilee Metals’ application for the renewal of a small-scale mining licence in Kabwe, Zambia, has been granted by the Zambian Minister of Mines and Mineral Development. The licence is in respect of lead, zinc, copper and cobalt and has been renewed for ten years. Read more: Mining Weekly 

Zambian Breweries has welcomed President Edgar Lungu’s announcement of the partial reopening of bars, taverns and night clubs, which is aimed at reducing the negative impact of COVID-19 on establishment owners and their employees. Read more: Zambia Reports

International Business and Finance Sponsored By INQ

Demand for oil may have peaked last year, according to BP, which says the global market for crude might never recover from the coronavirus pandemic. In a new report published on Monday, the company lays out three scenarios for energy demand, all of which forecast a decline in demand for oil over the next 30 years. Read more: CNN

German carmaker Daimler, which owns Mercedes-Benz, has agreed to pay $1.5bn to resolve US government claims that it designed its diesel vehicles to cheat air pollution tests. Read more: BBC News

Sudan’s annual inflation accelerated by 23.05% in August to 166.83% from 143.78% in July, driven by food and transportation prices, the state statistics office said on Monday. Read more: Reuters

Alphabet Inc.’s Google faces a multibillion-dollar lawsuit in the U.K. over claims that YouTube routinely breaks privacy laws by tracking children online. Read more: Bloomberg

Capital Markets Report Sponsored By ZCCM-IH

In 12 trades recorded yesterday, 13,019 shares were transacted yielding a market turnover of K67,329. Trading activity was recorded in PUMA, Zambia Breweries and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 3,834.35 points, as there were no share price movements. 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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