Daily FiZ – Wednesday 21/10
Economy

Story of the Day:

Growing consumer confidence in local products has been welcomed by Zambeef Products as the retailing and agribusiness giant hosted Minister of Commerce, Trade and Industry Hon. Christopher Yaluma at its Chisamba operations. Read more

 

Local Business and Finance Sponsored By Liquid Telecom

Zambia’s entered extra time in its bid to win debt relief from its Eurobond holders. A key group of investors representing 40% of the Eurobonds on Tuesday abstained from voting rather than outright rejecting the southern African nation’s debt-standstill proposal. Voting on Zambia’s request for a six-month deferral of interest payments worth about $120 million on its three Eurobonds will now take place Nov. 13. Read more: Yahoo Finance 

UN Capital Development Fund (UNCDF) and the Swedish International Development Cooperation Agency (Sida) are launching today a new partnership to address the challenges Micro, Small and Medium Enterprises (MSMEs) face in Zambia using digital technologies when they need credit or capital to run and grow their business. Read more: United Nations

The price of alluvial gold in Zambia has risen to K1,000 per kilogramme from K600 following Government’s decision to formalise the open market by establishing pilot gold trading lines in four districts. Read more: Zambia Daily Mail

The Energy Regulation Board (ERB) has directed Oil Marketing Companies and dealers to continue providing products and services in line with their license conditions as fuel prices have not been adjusted. ERB Manager Public Relations Kwali Mfuni says stakeholders and the public are advised to conduct their fuel transactions normally to avoid undue pressure on the petroleum supply chain. Read more: ZNBC

Government says it is amending the Food Reserve Agency (FRA) Act to address issues surrounding the export of maize among others. Vice President Inonge Wina says the current restrictions on maize export is not meant to punish farmers, but an effort to safeguard lives by ensuring there is enough food in government reserves. Read more: ZNBC

The Ministry of Fisheries and Livestock has spearheaded the launch of an enhanced Livestock insurance product or risk transfer solution for local farmers in Zambia that will protect them from losing their capital (livestock) in times of drought or floods. The product was launched in the first week of October by Fisheries and Livestock Minister Professor Nkandu Luo. Read more: Zambian Business Times 

International Business and Finance

The US government has filed charges against Google, accusing the company of violating competition law to preserve its monopoly over internet searches and online advertising. The lawsuit marks the biggest challenge brought by US regulators against a major tech company in years. Read more: BBC News 

Cathay Pacific is eliminating thousands of jobs and shuttering its regional airline Cathay Dragon as the Covid-19 pandemic roils the global travel industry. The cuts will affect 5,300 employees in Hong Kong, where the company is based. Some 600 workers outside of the Asian financial hub will also be affected, Cathay said in a statement. Read more: CNN

Netflix reported earnings for its third quarter of 2020 after the bell on Tuesday. The company fell short of analyst estimate on earnings per share and global paid net subscriber additions, but exceeded expectations on revenue. Shares fell more than 6% during after hours trading. Read more: CNBC

Copper futures climbed to their highest finish in 2 years on Tuesday, as signs of strengthening demand from China and news of the possible availability of COVID-19 vaccine as early as December helped lift prices for the industrial metal to their highest finish in more than two years. Read more: Market Watch 

Capital Markets Report Sponsored By ZCCM-IH

On Tuesday, a total of 5,692 shares were transacted in 20 trades, yielding a market turnover of K7,085. Trading activity was recorded in Copperbelt Energy Corporation Zambia, Zanaco, ZAFFICO, Lafarge and Zambia Sugar. The Index (LASI) closed at 3,806.88 points. The market closed on a capitalization of K55,874,137,545 including Shoprite Holdings and K21,634,931,565 excluding Shoprite Holdings.

Chart of the Day:

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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