Daily FiZ – Tuesday 14/09
Economy

Story of the Day:

On the 10th of September 2021 the President of the Republic of Zambia, Hakainde Hichilema, opened parliament to applause and roars of jubilation from his party. This excitement was only muted as he began to explain his vision for the country. The theme of the speech was an outline of the goals of his administration. The message is simple, we will work hard to build sustainable growth or as Euripedes said “Much effort, much prosperity” (as quoted by the president). Read more 

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Zesco Limited has welcomed the proposal of introducing cost reflective electricity tariffs. Zesco Senior corporate Affairs Manager John Kunda says this will be good for the utility as it will attract more private investments in the sector. Dr. Kunda says the introduction of cost reflective tariffs has been the power utility’s long time desire. Read more: Zambia Reports

Toyota Zambia has partnered with First National Bank (FNB) Zambia to introduce the guaranteed buy back scheme through which the former will repurchase vehicles leased to customers through the bank at the end of the lease period. The guaranteed buy back package is part of the bank’s vehicle and asset finance value proposition and is the first of its kind in Zambia. Read more: Zambia Daily Mail 

The Treasury Bills auction conducted last Thursday recorded an oversubscription with total bids received amounting to K5.2 billion at face value while the amount offered at cost was K1.4 billion. And the Kwacha has continued to post further losses against the United States dollar due to low supply of the greenback thereby failing to sustain demand from importers. Read more: Zambia Daily Mail 

The Jordan Chamber of Commerce (JCC) and the Zambia Chamber of Commerce and Industry on Saturday signed a memorandum of understanding to enhance economic cooperation between private sector institutions of the two countries. Read more: The Jordan Times

International Business and Finance

Leading Democrats have released plans for a partial rollback of former US President Donald Trump’s tax cuts. Members of the powerful Ways and Means Committee, which sets tax policy, propose raising the top rate of corporation tax to 26.5% from 21%. Wealthy individuals would see a jump in their income taxes, as well as higher capital gains and inheritance taxes. Read more: BBC News 

South Korea’s competition regulator on Tuesday announced it will fine Google 207.4 billion Korean won ($176.9 million) for allegedly using its dominant market position in the mobile operating system space to stifle competition. Read more: CNBC

China’s economy likely slowed further in August, with data on consumption, industrial output and investment due Wednesday to reveal the extent of the damage caused by an outbreak of the delta variant. Read more: Bloomberg

A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday. Read more: Reuters

Barrick Gold Corp Chief Executive Mark Bristow spent years burnishing his reputation as an aggressive dealmaker, but he says now he is focused on new mines that he hopes will boost profit and the company’s sagging stock price. Read more: Reuters

Capital Markets Report Sponsored By ZCCM-IH

In 13 trades recorded yesterday, 1,156,212 shares were transacted resulting in a turnover of K3,316,124. A share price loss was recorded in Airtel of K2.48. Trading was also recorded in BATA, Copperbelt Energy Corporation, Lafarge, National Breweries, PUMA and Standard Chartered Zambia. The LuSE All Share Index (LASI) closed at 4,704.41 points, 1.26% down from its previous close of 4,763.52 points. The market closed on a capitalization of K61,268,958,777 including Shoprite Holdings and K26,486,273,337 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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