Daily FiZ – Friday 08/01
Economy

Story of the Day:

On 28 December 2020 acting chief executive officer Enock Mponda gave out a management brief stating the plans, by the provisional liquidator Mr. Milingo Lungu, to restructure and reorganise KCM into two separate subsidiary companies namely, KCM SmelterCo Limited and Konkola Mineral Resources Limited. Read more 

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Indian-based metals and mining group Vedanta Resources said on Thursday it will fight any attempt by the Zambian government to sell its Konkola Copper Mines (KCM) business to third parties. Read more: Reuters

Copper prices yesterday breached the US$8,000 mark as investors eyed more policy support in the United States (US) amid chances that Democrats could take over control of the crucial Senate chamber. Reuters reports that three-month copper on the London Metal Exchange rose by 0.4 percentage point to US$8,037.50 a tonne in the early hours of yesterday. Read more: Zambia Daily Mail 

President Edgar Lungu says government will use Konkola Copper Mines -KCM- to show that Zambians can run mines successfully. President Lungu says Zambians have for a long time been treated unfairly by investors and that this should not be allowed to continue. Read more: ZNBC

Southern Province Minister Edify Hamukale has called for the recapitalisation of Mazabuka Research Station, under the Ministry of Fisheries and Livestock. Dr. Hamukale says this is because of the crucial role the government institution is playing in enhancing livestock farming in the province. Read more: ZNBC

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Samsung Electronics on Friday said its operating profit for the quarter that ended in December likely rose 26% from a year ago to 9 trillion Korean won ($8.22 billion). It was mostly in line with analysts’ estimate of 9.1 trillion won. Read more: CNBC

Hyundai has announced it is in early discussions with Apple to work together on self-driving electric cars. The South Korean car firm’s share price rocketed more than 20% on Friday when the news was announced. Read more: BBC News 

Boeing has agreed to pay $2.5bn to settle US criminal charges that it hid information from safety officials about the design of its 737 Max planes. The US Justice Department said the firm chose “profit over candour”, impeding oversight of the planes, which were involved in two deadly crashes. About $500m will go to families of the 346 people killed in the tragedies. Read more: BBC News 

Elon Musk edged past Amazon founder Jeff Bezos to grab the title of world’s richest person, according to Bloomberg. A 6% rise in Tesla shares early Thursday lifted the value of its CEO’s stock holdings and options by $10 billion, taking his net worth to about $191 billion. A more modest rise of less than 2% lifted Bezos’ Amazon shares by about $3 billion, putting his net worth at $187 billion. Read more: CNN

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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,912.33 points, as there were no share price movements. The market closed on a capitalization of K57,358,966,682 including Shoprite Holdings and K23,119,760,702 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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