Daily FiZ – Wednesday 16/09
Economy

Story of the Day:

Pan-African telecommunications group Liquid Telecom has added cyber security to its business portfolio. The company announced the new offering during its cloud and cyber security webinar this morning, saying it aims to bring “sophisticated” cyber security products to protect the network, cloud and users. Read more

Local Business and Finance Sponsored By Liquid Telecom

The Central Bank has said it will use all available interventions to stabilize the foreign exchange market which has seen the kwacha depreciating to nearly K20 against the US dollar. In a statement issued today, the Bank of Zambia revealed that the local currency depreciated by 8.0 percent between August and September 14, 2020. Read more: Zambia Reports

Finance Minister Bwalya Ng’andu has launched the risk management framework for the public sector. A risk management framework is a structured process used to identify potential risks or threats to an organisation and how to eliminate the impact of the risks. Read more: ZNBC

A technical team has been constituted and is in negotiations with Glencore, following ZCCM-IH’s decision to increase its shareholding in Mopani Copper Mine. Mines Minister, Richard Musukwa has confirmed the development, saying negotiations between Glencore and ZCCM -IH are steadily progressing. Read more: ZNBC

Copperbelt Energy Corporation Plc (CEC) has disclosed that it has continued to grow its business in the Democratic Republic of Congo (DRC), resulting in a 25 per cent sales volume boost in 2019 despite increased pressure on its margins. Read more: News Diggers

The European Union (EU) has launched a 25.9 million Euros fund aimed at supporting smallholder farmers in the agri-business. Read more: Xinhua

International Business and Finance Sponsored By INQ

The Asian Development Bank (ADB) says the Covid-19 pandemic has pulled the region’s developing economies into recession. It is the first time in six decades that “developing Asia” – a designation that includes 45 countries – has seen a regional slump. The ADB says developing Asia’s economy will shrink by 0.7% in 2020. But the region is expected to rebound strongly in 2021, growing by 6.8% next year. Read more: BBC News

The World Trade Organization said Tuesday that President Donald Trump’s tariffs on Chinese goods break international trade rules. The WTO sided with a complaint from China over tariffs imposed on about $234 billion of goods in 2018. Read more: CNN

The Federal Trade Commission is preparing a possible antitrust lawsuit against Facebook Inc. that it could file by the end of the year, according to people familiar with the matter, in a case that would challenge the company’s dominant position in social media. Read more: Market Watch 

Microsoft Corp. announced it will raise its dividend about 10% Tuesday, to 56 cents a share from 51 cents a share. Microsoft shares were up about 0.5% in after-hours trading following the announcement. Read more: Market Watch

Zimbabwe’s consumer price inflation slowed to 761.02% year-on-year in August compared to 837.53% the previous month, the statistics agency said on Tuesday. Read more: Reuters

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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