Daily FiZ – Wednesday 14/10

Story of the Day:

Amano Capital have made their second early-stage strategic investment of the year into ComGrow, a fintech solution focusing on utilizing traditional village banking system’s as a way of tackling Africa’s high borrowing rates. The company was founded by Mkuzo Kuwani and Mikael Maingard, Michaelhouse Old Boys, now fresh out of Durham (Mkuzo) and Stellenbosch (Mikael) universities. Read more

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Government says it will be unable to make debt payments and forestall accumulating arrears should it NOT reach a debt standstill agreement with commercial creditors including Eurobond holders. Secretary to the Treasury, Fredson Yamba says this is because of the limited fiscal space available to the government. Read more: ZNBC

With liquidity north of 3 yards in Kwacha terms into the twenty first treasury bills sale held on October 08, the Bank of Zambia sold only K458.3million worth of short dated government securities in cash terms. This is one of the weakest subscriptions, at 35.2% of K1.3billion the of the total assets on offer, the year has seen after a series of exceptional performances in the short end of the Kwacha yield curve. Read more: The Business Telegraph 

The Russell Bedford global professional services network has extended its footprint into Zambia and announced the appointment of Amazon Associates Chartered Accountants as its member firm. Founded in 2005, Amazon Associates offers a broad range of audit, accounting and bookkeeping, tax compliance and company secretarial services. Read more: Zambian Business Times

The insurance industry has recorded K2.6 billion worth of gross written premiums despite the effects of coronavirus taking a toll on the sector. Pensions and Insurance Authority (PIA) acting registrar Tresford Chiyavula said mid-year unaudited results show that gross written premiums under the general insurance segment stood at K1.7 billion while life insurance stood at K905 million, bringing the total to K2.6 billion. Read more: Zambia Daily Mail 

International Business and Finance

A strong comeback in 2021 is needed to help the global economy heal from the coronavirus pandemic. But the International Monetary Fund is downgrading its forecasts for next year, and warning of a long, slow recovery that will stoke poverty and damage growth. The IMF predicted on Tuesday that the world economy will shrink by 4.4% in 2020, a less severe contraction than it forecast in June. Read more: CNN

JPMorgan Chase unexpectedly grew its bottom line last quarter. The largest bank in the US blew away expectations by reporting a profit of $9.4 billion during the third quarter, up 4% from the year before. Per-share profit jumped to $2.92, easily topping estimates. JPMorgan’s big beat was driven by strong trading and investment banking performance as well as far fewer credit losses than feared. Read more: CNN

The European Union may impose new border taxes on up to $4 billion in US goods annually as punishment for subsidies provided to Boeing, the World Trade Organization has ruled. Read more: BBC News 

Saudi Aramco is in talks with BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources said. The deal would provide Aramco with cash at a time of low oil prices caused by the coronavirus crisis. Read more: Reuters

Countries and institutions must do more to help African states weather the global pandemic and its economic impact, the International Monetary Fund said on Friday, noting the region faced a projected financing gap of $345 billion through 2023. Read more: Reuters

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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,811.75 points, as there were no share price movements. The market closed on a capitalization of K55,896,157,023 including Shoprite Holdings and K21,656,951,043 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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