Daily FiZ – Friday 22/01

Story of the Day:

The Industrial Development Corporation (IDC) has said ZCCM-IH has the capacity to efficiently operate Mopani Copper Mines. DC Group CEO Mr Mateyo Kaluba said the mining company’s Board of Directors and Management would be competent enough to professionally run the newly acquired mine. Read more 

Local Business and Finance Sponsored By Liquid Telecom

In the labyrinth of litigation risks, the recently announced Konkola Copper Mines (KCM) restructure into a smelter and mineral resource business has suffered a snag after a Zambian High Court issued an ex-parte order in favor of Vedanta the majority shareholder in the entity. Read more: The Business Telegraph

Unlike those who are doubting their capacity to run the mines, my government believes that Zambians can successfully run them, President Edgar Lungu has said. President Lungu said there is nothing wrong with government acquiring shares in the mines especially when the investor was not keen at pumping in resources. Read more: Zambia Reports 

United State Charge de Affairs to Zambia David Young says the Joseph Biden administration will strengthen bilateral ties that the two countries have continued to enjoy. Read more: ZNBC

President Edgar Lungu has urged business houses to set up processing plants for agricultural produce in rural areas. President Lungu says this will be more profitable as opposed to transporting raw materials from rural areas to urban areas for processing. Read more: ZNBC

International Business and Finance Sponsored By Royal Zambian Airlines

A new study by the Mastercard Economics Institute says the COVID-19 pandemic has presented Africa with massive growth opportunities in fintech and e-commerce sectors with the expectation that these sectors will, this year, play a catalytic role in boosting financial inclusion on the continent. Read more: Business Insider 

China is falling short of its commitment to buy an extra $200 billion worth of US goods over 2020 and 2021. China agreed to buy the goods in a trade deal with the US agreed last January in exchange for reduced tariffs on $120 billion worth of goods. Read more: BBC News 

The price of bitcoin slipped 10% in two days to fall below the $32,000 level for the first time since Jan. 11. The total market value of all cryptocurrencies shed more than $100 billion in the last 48 hours. The plunge comes after U.S. Treasury Secretary Janet Yellen warned about the illicit use of cryptocurrencies. Read more: CNBC

IBM’s revenue fell 6% on an annualized basis, the fourth consecutive quarter of declines, according to a statement. Revenue had not fallen so sharply in five years. The company has sought to go bigger in cloud computing and artificial intelligence under new CEO Arvind Krishna. Read more: CNBC

Capital Markets Report Sponsored By ZCCM-IH

In 1 trade recorded yesterday, 100 shares were transacted yielding a market turnover of K255. Trading activity was recorded in Zambia Sugar. 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:

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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