Story of the Day:
I have taken note of the ongoing debate with regards to whether Zambia should get on an IMF program. Some of the suggestions being advanced are that we refinance our debt by acquiring more debt through the issuance of addition international bonds (new Eurobonds) and further local borrowing through the issuance of more bonds in the local financial market. However, both suggestions stem from a lack of understanding of our current economic context. Read more
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President Hakainde Hichilema has called for the strengthening of the cordial relations between Zambia and the United State of America for the benefit of the citizens. Speaking when he met US Embassy Chargé d’Affaires David Young at State House, President Hichilema committed to the Promotion of democratic principles, transparency and good governance. Read more: ZNBC
ZamPalm Limited has invested US$30 million to plant 3,700 hectares of palm trees from which 256 metric tonnes of crude palm oil is produced annually. The plantation, which was established in 2016 and started operating the following year, is owned by the Industrial Development Corporation (IDC) with 90 percent while Zambeef Products Plc owns 10 percent. Read more: Zambia Daily Mail
Zambia Chamber of Mines (ZCM) has urged Government to implement measures announced by President Hakainde Hichilema to enable the mining industry to deliver tangible growth benefits for businesses and host communities.
Opening the first session of the 13th National Assembly last Friday, President Hichilema said Government will introduce a stable mining tax regime necessary to increase investment in the sector. Read more: Zambia Daily Mail
The Anti-Corruption Commission (ACC) says it has received a total of 87 reports of suspected cases of corruption since the just ended general elections. ACC Spokesperson Queen Chibwe says of the 87 cases, 55 relate to high public interest cases some of which involve politically exposed persons. Read more: Lusaka Times
International Business and Finance
Nigeria’s inflation dropped for the 5th consecutive month in August, with the consumer price index (CPI) increasing by 17.01 percent year on year in the month, according to data released by the National Bureau of Statistics (NBS) Wednesday. This was a reflection of a 0.37 percent drop from an increase of 17.38 percent in the previous month of July. Read more: CGTN
According to a new report, remittances to Africa are projected to drop by 5.4 per cent to $41 billion in 2021 from $44 billion last year. The report notes that the bleak situation has been compounded by the high cost of sending money to Africa from abroad, as the cost of remittances to Africa remains the highest in the world at 8.9 per cent. Read more: Business Insider
Most people do not believe workers will return to the office full-time after the coronavirus pandemic, an exclusive survey for the BBC suggests. A total of 70% of 1,684 people polled predicted that workers would “never return to offices at the same rate”. The majority of workers said that they would prefer to work from home either full-time or at least some of the time. Read more: BBC News
Under the leadership of Chancellor Angela Merkel, Germany’s power and influence in European — and global — affairs has been indisputable. Now she’s leaving office after 16 years, many Europeans believe the country’s “golden age” is over — including a majority of Germans, according to a recent poll. Read more: CNBC
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In 24 trades recorded yesterday, 2,004,109 shares were transacted resulting in a turnover of K2,805,719. Trading was recorded in Copperbelt Energy Corporation, Standard Chartered Zambia and in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 4,746.58 points, as there were no share price movements. The market closed on a capitalization of K61,452,992,516 including Shoprite Holdings and K26,670,307,076 excluding Shoprite Holdings.
Chart of the Day: