Story of the Day:
The only private listed insurance company on the Lusaka Securities and Exchange has informed shareholders that it expects a 25% improvement in earnings when it reports its financial year end results, according to a statement from Zambia Reinsurance PLC. Read more
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Zambia needs to improve tax collection as its fiscal deficit remains high, the finance ministry said on Friday, with officials expected to conclude the latest round talks with the International Monetary Fund for an aid program later in the day. Read more: Reuters
Zambia on Thursday started consultative engagements with various stakeholders to determine and agree on the priorities of the country’s eighth national development plan. Read more: Xinhua
An industry group declared that the Zambian government joins huge significance to its mutual collaboration with China, which will profit the people of Zambia through enhanced financial expansion. Chingola Chamber of Commerce and Industry President Fred Musonda stated that Zambia was profiting from China in financial improvement. Read more: Mena FN
The government has transformed cassava into an industrial crop following the launch of the Sunbird Bioenergy Zambia cassava project in Kawambwa District of Luapula Province. The crop is now offering more economic opportunities to small scale farmers which will lift thousands out of poverty, He said. Read more: Lusaka Times
Zeepay Ghana has acquired a 51% stake in Mangwee Mobile Money Zambia. The fintech with operations in over 10 African countries now becomes the majority shareholder of the entity. Read more: Business Insider
International Business and Finance
Morgan Stanley has admitted that the collapse of hedge fund Archegos cost it nearly $1bn. The bank said in its first-quarter results that the $911m charge was related to losses at “a single prime brokerage client” that it later identified as Archegos. Despite the hit, Morgan Stanley’s profits for the period were up 150% thanks to a deal-making boom. Read more: BBC News
U.S. stock index futures were mixed in early morning trading on Monday, after the S&P 500 and Dow Jones Industrial Average closed at record highs on Friday. Futures contracts tied to the Dow slid 80 points while S&P 500 futures traded below the flatline. Nasdaq 100 futures, on the other hand, traded in mildly positive territory. Read more: CNBC
China is trying to make it possible for foreign athletes and visitors to use its digital currency during the Beijing Winter Olympics in 2022, a top central bank official said on Sunday. It could be the first test for China’s digital currency with international users. Read more: CNBC
As President Joe Biden prepares to bring 40 world leaders together for a two-day climate summit this week, big businesses have been amplifying their sustainability initiatives and making trillion-dollar pledges to fight climate change. Meanwhile, consumers are increasingly concerned about business’ carbon footprints, and companies are feeling the pressure and urgency to act. Read more: CNN
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There were no trades recorded on Friday. The LuSE All Share Index (LASI) maintained its close at 3,996.33 points, as there were no share price movements. The market closed on a capitalization of K57,730,900,875 including Shoprite Holdings and K23,486,260,101 excluding Shoprite Holdings.
Chart of the Day: