Story of the Day:
The Board of Directors of the Zambia Chamber of Commerce and Industry (ZACCI) is pleased to announce the appointment of Mr. Phil E. Daka as Chief Executive Officer of ZACCI with effect from 16th November 2020. Read more
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The Bank of Zambia will begin buying gold from Canadian miner First Quantum Minerals and the state mining firm as it resumes holding the precious metal as part of its foreign reserves, the central bank governor said on Friday. Read more: Reuters
Zambia’s economy is expected to contract by at least 3% in 2020, as manufacturing, retail and wholesale trade, tourism and the travel industry post negative growth rates, Finance Minister Bwalya Ng’andu said on Friday. Read more: Reuters
ZCCM-IH has mined and processed near surface gold materials weighing 74 kilograms and worth K84 million from the Kasenseli Gold Project. ZCCM-IH CEO Mabvuto Chipata says the company is currently focused on increasing the production by purchasing bigger processing machinery and modern equipment. Read more: ZNBC
FSD Zambia this week signed a SEK 40 million (GBP 3.2 million) grant from Sweden through the Swedish International Development Cooperation Agency (Sida) to support the implementation of the Women and Youth in Financial Inclusion (WIN) Phase II Programme from 2020 to 2025. Read more: Zambia Daily Mail
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The UK and EU have agreed to carry on post-Brexit trade talks after a call between leaders earlier on Sunday. In a joint statement, Boris Johnson and European Commission President Ursula von der Leyen said it was “responsible at this point to go the extra mile”. The pair discussed “major unresolved topics” during their call. Read more: BBC News
Chinese state-owned companies are starting to default on their debts. It’s a problem that could ripple through the country’s financial system, threatening to slam the brakes on the nation’s economy and hobble the global recovery from the pandemic. Read more: CNN
South Africa’s power utility ESKOM is set to receive cash from various companies suspected of embezzlement. The latest move involves $103 Million to be paid by the Zurich engineering group ABB. The amount is coming as a result of over payments in the construction of coal-fired electricity plants. Read more: Africa News
U.S. stock futures moved higher in overnight trading on Sunday as markets indicated a rebound from a losing week. Investors are weighing updates on the Covid-19 vaccine rollout as well as the coronavirus stimulus stalemate in Washington. Dow futures rose 180 points. S&P 500 futures and Nasdaq 100 futures gained 0.55% and 0.45%, respectively. Read more: CNBC
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In 15 trades recorded on Friday, 126,961 shares were transacted yielding a market turnover of K253,922. 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: