Daily FiZ – Thursday 08/10
Economy

Story of the Day:

In September 2020, after a nine-month wait for the confirmation of a CEO, Zambia National Building Society’s Interim Board announced the appointment of Chartered Accountant Mildred Mutesa as Chief Executive Officer. Read more

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Bezant Resources responded to media reports in Zambia by telling investors that it has not been served any legal proceedings or restraint orders in relation to the Kalengwa Copper Project. The media reports questioned the legal ownership of the Large Scale Exploration Licence relating to Kalengwa, in which Bezant holds a 30% interest in and acts as operator. Read more: Proactive Investors

The Government has said that it will issue a comprehensive statement in Parliament regarding the liquidation of Konkola Copper Mines (KCM) after the court process. Mines and Minerals Development Minister Hon. Richard Musukwa said that the current liquidator is working within the law adding that he is managing the affairs well by paying old and new debtors. Read more: Lusaka Times 

The Jesuit Centre for Theological Reflection’s Basic Needs and Nutrition Basket (BNNB) for the month of September 2020 stood at K7,071.37, a reduction of K106.85 compared to K7,178.22 recorded in August. The slight reduction is mainly due to reductions in the prices of some food items. Read more: Lusaka Times 

Zambian miner Lubambe Copper Mine has completed an advanced concept study, revealing a new world-class copper resource and outlining the development of a new mine. To progress the project, Lubambe says it “has been actively engaged” with all key levels of the Zambian government, noting that there are a number of approvals required for the project. The Independent Observer

The UK’s Minister for Africa, James Duddridge MP, will make a two-day visit to Zambia beginning Thursday the 8th to Friday, 9th October 2020. The Minister’s visit will strengthen the broad bilateral relationship that exists between the United Kingdom and the Republic of Zambia. Read more: Zambia Reports 

ACTIONAID Zambia says the 2021 national budget lacks progressive fiscal reform to enhance domestic revenue mobilisation and risks plunging the country into a debt trap. In a statement, ActionAid country director Nalucha Ziba stated that Zambia risked sliding into a debt trap that will see a situation where more than 70 per cent of the budget is financed through borrowing. Read more: News Diggers 

International Business and Finance

The African Union (AU) Commission called for addressing non-tariff barriers in order to realize the major aspirations of the African Continental Free Trade Area (AfCFTA) Agreement. In a statement released on Sunday, the AU said that the African continent is about to become the world’s largest free trade area. But that effort might be slowed down if non-tariff barriers are not addressed. Read more: CGTN

Extreme poverty is set to rise this year for the first time in more than two decades, with coronavirus expected to push up to 115 million people into that category, the World Bank has said. The pandemic is compounding the forces of conflict and climate change, which were already slowing poverty reduction, the bank said. By 2021, this could rise to as many as 150 million, it added. Read more: BBC News

JPMorgan Chase is committing $30 billion over the next five years to promote racial equality. The announcement from the largest bank in the United States comes after other banks, including Citi and Bank of America, each pledged around $1 billion to advance racial equality and economic opportunity. The bank says it plans to invest a mix of loans, equity and direct funding to support its new commitments. Read more: CNN

Samsung predicts its profit jumped nearly 60% last quarter, suggesting it could soon retake its position as the world’s top smartphone seller from embattled Chinese rival Huawei. The South Korean conglomerate said on Thursday that it expects to make an operating profit of roughly 12.3 trillion won ($10.6 billion) for the July-September quarter. That’s up 58% from the same period a year ago. Read more: CNN

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In 19 trades recorded yesterday, 39,121 shares were transacted yielding a market turnover of K130,614. A share price loss of K0.01 was recorded in ZAMEFA. Trading activity was also recorded in Standard Chartered Zambia and Zanaco. The LuSE All Share Index (LASI) closed at 3,811.75 points, 0.06 points down from its previous close of 3,811.81 points. The market closed on a capitalization of K55,412,148,162 including Shoprite Holdings and K21,172,942,182 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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