Story of the Day:
Over the past decade, Sub-Saharan Africa’s 4.1% average growth has outpaced the global average of 3.7%. In 2020, the COVID-19 pandemic has severely impacted world economies and will disrupt Africa’s trajectory. How will the continent fare after the pandemic? Where do the business opportunities lie? Read more
Local Business and Finance Sponsored By Liquid Telecom
The two days Renewable Energy conference which is aimed at enhancing stakeholders’ participation in the promotion of alternative sources of energy has commenced in Lusaka. Minister of Energy Mathew Nkhuwa has implored both local and international investors to seize the favorable investment environment in the sector that is grappling with 810 megawatts deficit. Read more: Lusaka Times
On Tuesday, the U.S. Embassy announced the awarding of grants totaling over K2.5 million ($126,000) to six Zambian community-based organizations. The grants will promote civic participation, press freedom, entrepreneurship, and creative expression among youth. Read more: US Embassy
The Zambia Public Procurement Authority (ZPPA) and Smart Zambia have signed a memorandum of understanding that will see implementation of Electronic Governance Procurement Systems in public institutions. Deputy Secretary to the Cabinet Martine Mtonga says the system will enhance transparency and accountability in public institutions. Read more: ZNBC
Zambia and Angola have committed to develop transport infrastructure linking the two countries. This follows a meeting which took place in Luanda, Angola, to review bilateral cooperation in the development of transport infrastructure connecting the two countries. The meeting secured a mutual agreement on how to finance the implementation of the projects through viable and solid Public Private Partnerships. Read more: ZNBC
International Business and Finance
Microsoft reported a solid quarter as the pandemic drove demand for its cloud and video game businesses. The company on Tuesday reported $37.2 billion in revenue for the three months ending in September, well above Wall Street analysts’ prediction of $35.8 billion. Read more: CNN
The World Bank is projecting that oil will record a lower demand in the next year as the global economy recovers from the effect of the Covid-19 pandemic. It predicted that a barrel of oil for 2021 will go for $44. This will be an increase from the estimated $41 per barrel in 2020. Read more: Business Insider
Liquid Telecom has just raised $307 million in funding to expand its data centre business. The latest investment comes from shareholders and an additional US$40 million equity investment from long-term backer, CDC Group, the UK’s development finance institution. Read more: Business Insider
Germany’s Mercedes-Benz is to raise its stake in Aston Martin Lagonda as part of the UK carmaker’s recovery plan. Aston Martin, which has haemorrhaged cash since a disastrous stock market flotation, said Mercedes will increase its holding “in stages” from 5% to 20%. Read more: BBC News
BP returned to profit in the third quarter, but the global coronavirus crisis continued to hit demand for oil. BP said underlying replacement cost profit, its definition of net income, was $86m from July to September. That was down from $2.2bn a year earlier, but a big improvement on its massive second-quarter loss of $6.7bn. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 12 trades recorded yesterday, 10,493 shares were transacted yielding a market turnover of K92,222. A share price gain of K0.50 was recorded in AEL Zambia. Trading activity was also recorded in Copperbelt Energy Corporation, Zambia Breweries and ZAMEFA. The LuSE All Share Index (LASI) closed at 3,809.22 points, 0.06% up from its previous close of 3,806.88 points. The market closed on a capitalization of K55,884,340,845 including Shoprite Holdings and K21,645,134,865 excluding Shoprite Holdings.
Chart of the Day: