Story of the Day:
Globally, recessions due to Covid-19 have run havoc and the impact on the Zambian Economy has led to a full-blown economic crisis. As a response to this crisis, the President Lungu launched the Economic Recovery Program 2020-2023 (ERP) that is focused on restoring growth, economic diversification, and debt sustainability. Read more
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Despite operation disruption in a COVID struck year, Gemfields owned Kagem was placed under care and maintenance with staff placed on leave with 80% remuneration. The Lufwanyama based emerald mine made a strong come back with a $31.4milion gemstone sale conducted between March 15 and April 17 of this year. Read more: The Business Telegraph
Government says the growth of the manufacturing sector is key to achieving Zambia’s economic stabilisation and recovery plan. Commerce Trade and Industry Permanent Secretary Mushuma Mulenga said governments will continue providing an enabling environment for manufacturing industries in order to spur economic development. Read more: ZNBC
Commerce and Industry Minister Christopher Yaluma says government is aware that small-scale enterprises are finding it hard to access loans from Commercial Banks. Mr. Yaluma says this is why the government will ensure that it puts money in government banks so that they can help people that are running small businesses. Read more: ZNBC
The Small Scale Miners Association of Zambia (SSMAZ) which is mostly composed by local miners have called on ZCCM-IH and Zambia Gold Company to set competitive prices for gold to attract more small scale miners to sell to them. Read more: Zambian Business Times
International Business and Finance
Australia has scrapped agreements tied to China’s Belt and Road initiative, prompting anger from Beijing and adding further strain to tense relations between the countries. The federal government used new powers to rip up two deals made between the state of Victoria and China. Read more: BBC News
The global shipping industry is calling on the world’s governments to tax its carbon emissions. Groups that represent more than 90% of the global fleet say the measure is needed to tackle climate change. Read more: BBC News
The airline industry is expected to make staggering losses of $47.7 billion in 2021 as the COVID-19 pandemic continues to weigh heavily on it, the International Air Transport Association (IATA) said in a report on Wednesday. Read more: CGTN
South Africa’s annual consumer price inflation (CPI) rose to 3.2 percent in March, up from 2.9 percent in February, said Statistics South Africa (Stats SA) on Wednesday. Read more: CGTN
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In 18 trades recorded yesterday, 32,264 shares were transacted resulting in a turnover of K39,560.00. Share price gains were recorded in Zanaco of K0.7 and in Copperbelt Energy Corporation of K1.23. The LuSE All Share Index (LASI) closed at 4,069.19 points, up 0.46% from its previous close of 4,050.57 points. The market closed on a capitalization of K57,975,092,793 including Shoprite Holdings and K23,730,452,019 excluding Shoprite Holdings.
Chart of the Day: