Daily FiZ – Wednesday 07/04

Story of the Day:

After posting positive real GDP growth for over 2-decades, Africa’s 2nd largest Copper producer succumbed to a recession sizing 3.0% in line with global growth outturns. This was largely due to the Covid-19 pandemic which exacerbated pre-existing fiscal vulnerabilities (elevated debt service and tight fiscal space) and tight liquidity conditions. Read more 

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Barely eight months after exiting the Bank of Zambia, former monetary policy head Dr. Denny Kalyalya has been named Co-Chair of the International Development Associations twentieth replenishment (IDA20) by donor and borrower country representatives of the World Banks special wing set to launch in April. Read more: The Business Telegraph

Zanaco has crafted a campaign aimed at mitigating the adverse repercussions of coronavirus to individuals and businesses.
Zanaco said the ‘Let’s rebuild campaign’ is aimed at rebuilding communities which have been ravaged by COVID-19. Read more: Daily Mail Zambia 

Standard Bank Brazil, one of the major financing institutions in Sub Saharan Africa, says it is ready to fund import and export sectors between Southern African Development Community (SADC) member States and Brazil. This includes sugar and bio fuel from Zambia. Read more: Zambia Reports 

Zambia Seed Company Limited (Zamseed) has revealed that the good rainfall that has been experienced this year has recharged water tables and dams across the country, and this is expected to result in an increase of about 40% in wheat production. Read more: Zambian Business Times 

International Business and Finance

The International Monetary Fund is now forecasting a stronger economic recovery this year and next. The new global forecasts are growth of 6% and 4.4% this year and next. Both are upgrades, a fairly modest one for 2022. Read more: BBC News 

International trade is set to grow a bit faster this year than previously predicted, the World Trade Organization said Wednesday. The volume of global trade contracted by 5.3% in 2020, less than expected as the pandemic hit. According to WTO Managing Director, Dr. Ngozi Okonjo-Iweala, trade is set to grow 8 % this year. Read more: Africa News 

Amazon boss Jeff Bezos has said he supports raising taxes on US companies. The comments by the world’s richest man come as US President Joe Biden is pushing to raise the corporate rate from 21% to 28%. The rise would help pay for a massive spending plan to upgrade America’s roads, ports, water pipes and internet. Read more: BBC News 

The collapse last month of US hedge fund Archegos Capital cost Credit Suisse nearly $4.7 billion and two of the bank’s top executives their jobs. The Swiss bank said Tuesday that it was likely to report a pretax loss of 900 million Swiss francs ($959 million) for the first quarter of this year after taking a charge of 4.4 billion Swiss francs ($4.7 billion) in respect of the failure of Archegos. Read more m: CNN

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In 26 trades recorded yesterday, 19,680 shares were transacted resulting in a turnover of K21,850. Trading activity was recorded in Copperbelt Energy Corporation and Zanaco. The LuSE All Share Index (LASI) maintained its close at 4,021.07 points, as there were no share price movements. The market closed on a capitalization of K57,838,837,980 including Shoprite Holdings and K23,594,197,206 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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