Story of the Day:
People and communities neighbouring First Quantum Minerals’ Sentinel Mine should benefit from equitable distribution of benefits such as employment, business development, education, training and community investment for the long term, the mine has said. First Quantum believes that it makes strategic business sense to involve local communities and other relevant stakeholders in its business. Read more
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The International Monetary Fund said on Wednesday that it will assess a possible support programme for debt-strained Zambia in the coming weeks. Read more: International Monetary Fund
The Central Bank has approved K6.4 billion to be disbursed to commercial Banks and non-financial institutions.
Bankers Association of Zambia (BAZ) Public Relations Manager Mirriam ZImba says K5 billion represents 10 approvals from commercial banks while 12 approvals amounting to K1.4 billion are from non-banking financial institutions. Read more: ZNBC
The Zambian Government (Government) has proposed to entrench the Subcontracting Policy of 2015 (Policy) into the country’s procurement laws. Under the Bill, foreign bidders will be required to subcontract a percentage of the total value of all procurement of goods, works and services exceeding the prescribed thresholds, to citizen bidders and suppliers. Read more: The Independent Observer
A survey by the Zambian Financial Sector Deepening Limited (FSD Zambia) has revealed that 25 per cent of Zambian families sold some assets to meet basic needs in September, an increase from 12 per cent recorded in May this year. Read more: News Diggers
Brazil has recognised Zambia as one of the viable partners that the country is collaborating with in establishing a biofuel industry. Read more: Lusaka Times
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Dozens of states and the federal government sued Facebook on Wednesday in twin antitrust lawsuits, alleging that the social media giant has abused its dominance in the digital marketplace and engaged in anticompetitive behavior. Read more: CNN
The UK will drop tariffs against the US over subsidies for aerospace firms, in a bid to reach a post-Brexit trade deal with Washington. In November, the EU hit $4bn of US goods with duties of up to 25% in retaliation for illegal state aid given to planemaker Boeing. Read more: BBC News
An impasse in Brexit trade talks still remains despite a three-hour meeting between the EU and U.K. leaders on Wednesday evening, but negotiations will continue over the coming days. Read more: CNBC
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil export earnings recorded a rebound of 116 percent in November 2020 when compared to those recorded in April. Read more: The Cable
Capital Markets Report Sponsored By ZCCM-IH
In 16 trades recorded yesterday, 105,160 shares were transacted yielding a market turnover of K210,320. Trading activity was recorded in CCHZ. The LuSE All Share Index (LASI) maintained its close at 3,855.85 points, as there were no share price movements. The market closed on a capitalization of K57,261,636,946 including Shoprite Holdings and K23,022,430,966 excluding Shoprite Holdings.
Chart of the Day: