Story of the Day:
It is no secret that the aviation industry suffered the most due the 2020 corona virus pandemic. With many airlines grounding to a halt and several declaring they were in need financial bailouts, all hope air travel business appeared to diminish. Until now. Royal Zambian Airlines (RZA) was officially incorporated in May of 2020, and now prepares to embark on its maiden voyage in December. Read more
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Zambia has recorded an increase in non-traditional exports (NTEs) earnings by 1.4 percent to K3.97 billion in October from K3.91 billion in September. This is attributed to the rise in non-agricultural products exports. Read more: Zambia Daily Mail
Zambia’s copper production is likely to remain below one million metric tonnes for at least another three years given the persistent challenges mining companies still face, says the Zambia Chamber of Mines. Read more: News Diggers
The Brazilian Commercial Association for Federal District (ACDF) has expressed interest to partner with the Zambia Chamber of Commerce and Industry -ZACCI to maximize business opportunities that can benefit both countries. Read more: ZNBC
Finance Minister Bwalya Ng’andu has encouraged companies under the Industrial Development Corporation, IDC to increase their business dealings with Zambian-owned entities for the expansion of local firms. Dr. Ng’andu says Zambia needs more local companies to own and control the greater part of the economy. Read more: ZNBC
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Video conferencing company Zoom has said annual sales will be even higher than expected as the pandemic drives demand for its software. The California firm said revenue could hit more than $2.5 billion – more than twice what it forecast in March. Read more: BBC News
Business information provider S&P Global Inc agreed on Monday to pay $44 billion in stock to acquire IHS Markit Ltd in the year’s biggest acquisition that will create a new data powerhouse serving Wall Street and the corporate world. Read more: Reuters
Bitcoin just hit another milestone in its impressive 2020 run. The cryptocurrency surged 9% to a new all-time high of about $19,860 on Monday, topping the previous peak of $19,783 from December 2017. Read more: CNN
OPEC warned on Monday that the “immense challenges” caused by the Covid-19 pandemic were likely to persist into 2021, as the group of oil producers continues high-stakes negotiations over an extension to its production cut agreement. Read more: CNBC
The eurozone economy is going to need more monetary and fiscal support to avoid further damage from the coronavirus pandemic, the International Monetary Fund said on Monday. Read more: Business Insider
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In 12 trades recorded yesterday, 18,430 shares were transacted yielding a market turnover of K13,525. A share price gain was recorded in Copperbelt Energy Corporation of K0.02. A share price loss of K0.68 was recorded in Lafarge. Trading activity was also recorded in Zanaco. The LuSE All Share Index (LASI) closed at 3,780.64 points, 0.63% down from its previous close of 3,804.37 points. The market closed on a capitalization of K56,933,421,251 including Shoprite Holdings and K22,694,215,271 excluding Shoprite Holdings.
Chart of the Day: