Story of the Day:
Mpulungu Harbour Corporation Ltd (MHCL), which operates and manages the Mpulungu Harbour in Zambia (Harbour) and is owned by the Industrial Development Corporation Limited of Zambia and eleQtra Ltd announced the signature of an MOU to develop a scheduled marine transport service on Lake Tanganyika (Project) that will boost trade flows between Zambia, Tanzania, Burundi, and the Democratic Republic of Congo. Read more
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Despite the bellwether for global and economic pulse, copper, flirting with almost decade highs, Zambia’s private sector pulse continues to bear the brunt of a second pandemic wave. According to Markit economics purchasing managers index (PMI) release, February headline reading shriveled to a 6month low of 47.1. Read more: The Business Telegraph
President Edgar Lungu has said PF Founder Michael Sara’s dream for Zambia has not died. Meanwhile, the President said the economy will soon rebound, adding that the sacrifice being made today will be rewarded tomorrow. Read more: Zambia Reports
The Consumer Unity Trust Society (CUTS) is confident that the introduction of Beeline Telecoms, a fourth mobile telecommunication service provider in Zambia, will bring about competition and improved service delivery among existing mobile phone network service providers. Read more: News Diggers
Hitachi Construction Machinery Zambia has selected DSI’s ScanWorkX solution to provide immediate advanced scanning capabilities whilst future-proofing their migration path from Microsoft AX to Dynamics 365. The advanced scanning solution will provide immediate enhanced, automated data capture functionality. Read more: Yahoo Finance
International Business and Finance
Ghana and the United Kingdom signed a trade agreement worth $1.6 billion on Wednesday, in one of the latest bilateral deals since Britain exited the European Union. The agreement will allow duty-free and quota-free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market. Read more: Africa News
U.S. stock index futures slid early today, accelerating losses which saw the major averages finish in the red across the board. Futures contracts tied to the Dow Jones Industrial Average fell 95 points. S&P 500 futures and Nasdaq 100 futures also both traded in negative territory. Read more: CNBC
Britain will hike taxes on its biggest companies in 2023 as it begins to repair government finances in the wake of the pandemic, the worst economic slump in more than three centuries and the messy Brexit divorce from its largest trading partner. Read more: CNN
Britain will modernise its listing rules to attract more high-growth and “blank cheque” SPAC company flotations to London, Finance Minister Rishi Sunak said after a government-backed review said the capital was on the back foot after Brexit. Read more: Reuters
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In 1 trade recorded yesterday, 1,180 shares were transacted resulting in a market turnover of K1,475. Trading activity was recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) maintained its close at 3,983.90 points, as there were no share price movements. The market closed on a capitalization of K57,665,804,485 including Shoprite Holdings and K23,432,033,300 excluding Shoprite Holdings.
Chart of the Day: