Daily FiZ – Friday 26/11
Economy

Story of the Day:

Zambia’s wettest mine, KCM, has been going under a dispute that has been silently raging in the courts of law, between Vedanta and ZCCM-IH, from May 2019, when the minority shareholders, ZCCM-IH, presented a petition for a compulsory liquidation in the high court of Zambia. The petition in the high court led to the appointment of a provisional liquidator by the court. This article is meant to give updates on the state of affairs of the dispute and as well, raise some questions to give readers something to think about. Read more

Local Business and Finance Sponsored By Liquid Telecom

Zambia’s annual rate of inflation rose up in November compared to October, its statistics agency said on Thursday. The annual inflation rate increased to 17.4 percent in November from 16.0 percent in October, according to the Zambia Statistics Agency. Read more: Xinhua

Six days after Zambia defaulted on its coupon payment of $42.5million on its dollar bond maturing 2024, the central bank continues to see appetite for one year government securities paying 24.5% in the 24th T-bill of the year. Read more: The Business Telegraph 

Zambia’s state mining arm ZCCM-IH plans to appeal a court ruling in favour of Vedanta, which has sought arbitration in a dispute over its jointly owned copper mine that is facing liquidation, the mining minister said. Read more: Reuters

The dam at Kafue Gorge Lower power station has started overflowing. Zesco Spokesperson Henry Kapata in today’s November 26, 2020, update said following the overflow, the utility firm has gradually and steadily started filling up the tunnel that leads to the gates of the turbines. Read more: The Independent Observer 

International Business and Finance By Royal Zambian Airline

France will require big tech companies to pay its digital services tax, a move that is likely to trigger retaliation by President Donald Trump and pitch the incoming US administration into another trade fight. Read more: CNN

Kenyans woke up to some disappointing, but not hugely surprising news on Thursday. The official data is out and confirms that the country’s economy has suffered a deep recession in the past few months due to the ongoing COVID-19 pandemic shutdown. Read more: Business Insider 

The UK will impose new rules next year aimed at preventing Google and Facebook from abusing their market dominance. The new regime will attempt to give consumers more control over their data. It will also “help small businesses thrive, and ensure news outlets are not forced out by bigger rivals,” according to the government. Read more: BBC News  

Barclays has backed European equities to hit new highs in 2021, with 13% potential upside for the Stoxx 600 and two stocks offering more than 50% potential returns. Read more: CNBC

Capital Markets Report Sponsored By ZCCM-IH

In 17 trades recorded yesterday, 2,611,833 shares were transacted yielding a market turnover of K1,882,118. Share price losses were recorded in Copperbelt Energy Corporation of K0.01, in Lafarge of K0.53 and in Zanaco of K0.07. Trading activity was also recorded in PUMA and Standard Chartered Zambia. The LuSE All Share Index (LASI) closed at 3,803.23 points, 1.35% down from its previous close of 3,854.41 points. The market closed on a capitalization of K57,031,990,407 including Shoprite Holdings and K22,792,784,427 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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