Daily FiZ – Monday 13/09

Story of the Day:

Zambia Sugar PLC has announced the appointment of Oswald Magawenzi as its Country Manager Director, according to a statement from the company. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

President Hichilema said the policy to address fiscal fitness will be put in place to ensure confidence is restored in the economy. He said a robust national development plan for the year 2022 to 2026 will be put in place and that this will focus on the development goal contained in the UPND manifesto. President Hichilema said Government will invest in the agriculture sector through a comprehensive programme and restructure the sector to focus on increasing production. Read more: ZNBC 

Hundreds of unionized workers at Kansanshi Mine in Solwezi, North Western  Province are staging a sit-in protest over the introduction of a private pension scheme by the mine. The workers have vowed not to resume work until they are addressed by senior management at the mine. Read more: ZNBC 

The Kwacha has continued to shed out marginal gains made in previous weeks against the United States (US) dollar due to a reduction in the supply of the green back. The local currency has depreciated marginally to trade above K16.00 on average at selected commercial banks and bureaux de change in Lusaka and Kitwe. Read more: Zambia Daily Mail  

Northern Province Permanent Secretary, Royd Chakaba has expressed confidence that the completion of the Kasama Airport will help boost tourism in the Province. Mr. Chakaba said having a functioning airport is a step in fully actualizing the full tourism potential in the province. Read more: Lusaka Times 

International Business and Finance

Flutterwave has announced a mobile money partnership with MTN Group to allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo). Read more: Business Insider 

Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny. Regulators want to break up Alipay, which is China’s biggest payments app with more than a billion users, according to the Financial Times. Read more: BBC News 

U.S. stock index futures were little changed during early morning trading on Monday as the S&P 500 comes off its longest daily losing streak since February. Futures contracts tied to Dow Jones Industrial Average gained just 25 points. S&P 500 futures and Nasdaq 100 futures both sat marginally lower. Read more: CNBC

Apple can no longer prohibit app developers from directing users to payment options outside its App Store, a judge ruled on Friday. The decision, which followed a contentious court battle with the maker of the hugely popular Fortnite video game, is a major blow to Apple — but the company also scored a partial victory as the judge stopped short of calling it a monopoly. Read more: CNN

Capital Markets Report Sponsored By ZCCM-IH

In 18 trades recorded yesterday, 37,391 shares were transacted resulting in a turnover of K327,905. Trading was recorded in Copperbelt Energy Corporation and Lafarge. The LuSE All Share Index (LASI) maintained its close at 4,763.52 points, as there were no share price movements. The market closed on a capitalization of K61,526,878,777 including Shoprite Holdings and K26,744,193,337 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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