Story of the Day:
Digital brand and social media abuse have become a huge problem in today’s world. Threat actors use a combination of technology and social engineering to manipulate people and organisations. This can impact organizations through risks like financial loss, reputational damage, Legal risk. Read more
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BATA Shoe Company Plc has posted an increase in revenue during the first half of this year to K78.1 million from K61.7 million last year due to good business activities. The Lusaka Securities Exchange (LuSE) listed shoe maker further recorded an increase in gross profits from K26.4 million to K36 million in the period under review. Read more: Zambia Daily Mail
The Zambia Development Agency (ZDA) has signed a memorandum of understanding (MoU) with three entities to facilitate for the establishment of a cross border e-commerce industrial park aimed at linking small and medium-sized enterprises (SMEs) to international markets. The three stakeholders are the Zambia China Economic and Trade Cooperation Zone (ZCCZ), Yiwu China Commodities City Overseas Investment Development Company (CCCI) and Belt and Road Joint Research Centre. Read more: Zambia Daily Mail
Jubilee Metals is to raise £30m in a share issue aimed at financing the consolidation and expansion of its Zambia copper and cobalt retreatment operations. The UK-listed firm said in an announcement today that it would issue shares for 16.03 pence a share representing a slight premium to its current price of 16.5p/share. Shares in the company weakened just under 2% after the announcement. Read more: Mining Mx
Finance Minister Dr Situmbeko Musokotwane has announced that the 2022 National Budget which was expected to be presented in last week of September will instead be presented to Parliament by the end of October 2021. Read more: Zambian Business Times
Swedish Ambassador to Zambia Anna Maj Hultgard says her government will work with Zambia to support trade on the Copperbelt. Ms Hultgard says a number of Swedish companies supply to the mines in the province hence the need for trade to be strengthened. She added that Sweden will remain a long term partner to Zambia as its partnership can be traced before Zambia gained independence. Read more: ZNBC
International Business and Finance
China has applied to join a key Asia-Pacific trade pact as it attempts to strengthen its position in the region. The move comes the day after a historic security deal between the US, UK and Australia was unveiled. The pact that eventually became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was created by the US to counter China’s influence. However, former President Donald Trump pulled the US out of it in 2017. Read more: BBC News
The United Arab Emirates will pour £10 billion ($13.8 billion) into the United Kingdom over the next five years, as the Gulf state seeks to diversify its economy beyond fossil fuels. The UK Office for Investment and UAE sovereign wealth fund Mubadala announced the investment in a statement on Thursday, saying that it would boost economic growth and job creation in the two countries and increase investment into technology, infrastructure and renewable energy. Read more: CNN
The Singapore government on Friday announced a series of initiatives to lure “promising high-growth” companies from around the region to list on the local stock market. The fund will start with a first tranche of 1.5 billion Singapore dollars ($1.1 billion). Read more: CNBC
Stock futures were steady in early morning trading on Friday as investors remain cautious about the month of September. Dow futures gained 33 points. S&P 500 futures and Nasdaq 100 futures both traded mildly higher. On Thursday, the Dow Jones Industrial Average lost 63 points, after being down as much as 274 points at its low. The S&P 500 fell 0.16%. Read more: CNBC
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In 79 trades recorded yesterday, 3,739,776 shares were transacted resulting in a turnover of K7,802,778. A share price loss of K0.10 was recorded in Zambia Sugar. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation, Standard Chartered Zambia and Zambeef. The LuSE All Share Index (LASI) closed at 4,739.33 points, 0.15% down from its previous close of 4,746.58 points. The market closed on a capitalization of K61,421,335,377 including Shoprite Holdings and K26,638,649,937 excluding Shoprite Holdings.
Chart of the Day: