Story of the Day
Following the highly successful Oktoberfest, all roads will be leading to Livingstone for the highly anticipated fifth edition of the Mosi Day of Thunder this weekend. And Zambian Breweries has partnered with the Road Transport and Safety Agency (RTSA), Zambia Police Service and Coca Cola Beverages Zambia (CCBZ) to promote road safety and responsible drinking ahead of the event. Read more
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A group of experts appointed by the United Nations is seeking legal permission to argue in favour of a class action against Anglo American which claims the company is responsible for historical lead poisoning at Kabwe in central Zambia. The UN special rapporteurs, along with Human Rights Watch, are seeking leave to be allowed to argue in favour of the class action proceeding. Read more: The Africa Report
Minister of Small and Medium Enterprises Elias Mubanga says his Ministry, through the Citizens Economic Empowerment Commission, has received over 70,000 applications for empowerment products. In August, CEEC unveiled seven empowerment products valued at K365 million targeting micro small and medium enterprises and cooperatives. Read more: News Diggers
The revision of the limit for individuals transacting in foreign currency by the Bank of Zambia (BoZ) will improve service delivery among small- and medium-scale entrepreneurs (SMEs) as time spent to access larger amounts of the United States dollar has been cut. Previously, the daily limit of buying or selling foreign currency was US$1,000, but a fortnight ago, the central bank adjusted upwards the daily limit for over- the-counter cash transactions for customers at bureaux to US$5,000 after consultations with various stakeholders. Bureaux de Change Association of Zambia president Paul Kalumba said the decision is overdue since the limits were last revised about 20 years ago and business dynamics have changed. Read more: Zambia Daily Mail
President Hakainde Hichilema says it’s now time to focus on developing the country because political independence, peace and stability have been achieved. Meanwhile, Namibian President Hage Geingob has urged Zambians to cherish and protect the Independence they gained 58 years ago. Read more: News Diggers
International Business and Finance
Rishi Sunak, Britain’s third prime minister in seven weeks, will face the huge challenge of projecting stability after a period of historic political and financial market chaos. But his other task — shepherding the country through a recession — is poised to be just as daunting. The former finance minister has won the race to replace Liz Truss, his erstwhile opponent who’s set to be the shortest-serving prime minister in British history. He’ll officially step into the role once appointed by King Charles III. Sunak said Monday that it was his “utmost priority to bring our party and our country together” in the face of a “profound economic challenge.” Investors cautiously welcomed news of his victory. The pound moved in and out of the red against the US dollar on Monday. Read more: CNN
Hong Kong stocks had their worst day since the 2008 global financial crisis, just a day after Chinese leader Xi Jinping secured his iron grip on power at a major political gathering. Foreign investors spooked by the outcome of the Communist Party’s leadership reshuffle dumped Chinese equities and the yuan despite the release of stronger-than-expected GDP data. They’re worried that Xi’s tightening grip on power will lead to the continuation of Beijing’s existing policies and further dent the economy. Hong Kong’s benchmark Hang Seng (HSI) Index plunged 6.4% on Monday, marking its biggest daily drop since November 2008. The index closed at its lowest level since April 2009. Read more: CNN
People familiar with the matter told The Wall Street Journal that lenders helping to fund the $44 billion deal, including Morgan Stanley, Bank of America, and Barclays, do not plan to sell the debt immediately to avoid losses of at least $500 million. The Journal reported that if all the banks took such an option they could sell it at a higher value when prices rebound. That means it could be the biggest stalled deal ever, eclipsing the billions of debt lenders were stuck with after the 2008 financial crisis. Read more: Business Insider
“We need to do more to pool our resources and leverage the pools of capital in the private sector for climate finance… We must do all possible to ensure energy transitions, while recognising the specific needs of developing countries,” Akinwumi Adesina, president of the African Development Bank (AfDB) told the representatives of the world’s public development banks (PDBs) meeting in Abidjan, Côte d’Ivoire, on 19 October. The summit stressed the key role of PDBs in supporting the transition of economies and financial systems towards sustainability and addressing the most vital and pressing needs of countries and vulnerable groups. Read more: African Business
Capital Markets Report
In 25 trades recorded yesterday, 18,894 shares were transacted resulting in a turnover of K56,409. Trading activity was recorded in Bata, Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries, Zambezi and Zanaco as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 7,233.72 points. The market closed on a capitalization of K72,418,746,522 including Shoprite Holdings and K37,636,061,082 excluding Shoprite Holdings.