Story of the Day:
Lafarge Zambia is banking on an elite group of young Zambian business leaders to take over management of the company as part of a company-wide drive to build the skills of its workforce. Read more
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Bank of Zambia Governor Christopher Mvunga has called for more support to the Kawambwa Tea expansion project as it has the potential to create a new revenue source for government. Mr. Mvunga says projects with export potential can contribute positively to the economy. Read more: ZNBC
President Edgar Lungu says tourism plays a key role in the social and economic development of the country through wealth and employment creation. President Lungu said the country is moving on a positive trajectory towards attainment of the tourism master plan. Read more: Lusaka Times
The ministry of Finance is currently in the second phase of the three phase process of the debt restructuring which involves applying for a common framework and conducting a Debt Sustainability Analysis (DSA). Read more: Zambian Business Times
Only two out of Zambias top nine large scale mining companies have been declaring profits in the country, meaning that only two mines pay corporate income tax, making the proposal of anchoring mining taxation on corporate income tax an academic exercise. Read more: Zambian Business Times
International Business and Finance
The International Monetary Fund on Friday said it had reached a staff-level agreement with Sudan on completion of the second and final review under its staff-monitored programme, in a step towards debt relief. Read more: CGTN
Bad economic news was once again greeted with cheers on Wall Street as two top indexes closed out the week in record territory. Investors brushed off Friday’s surprisingly weak jobs report, which showed far fewer jobs were added last month than expected. The Dow gained about 230 points Friday. It and the S&P 500 both rose nearly 1% on the day to all-time highs, and the Nasdaq also finished up about 1%. Read more: CNN
Elon Musk has said his rocket company SpaceX will now accept the meme-inspired cryptocurrency dogecoin as payment. In a tweet he said the commercial space exploration firm will launch the “DOGE-1 Mission to the Moon” early next year. Read more: BBC News
Cryptocurrency ether broke past $4,000 on Monday, climbing to a new peak for a third session in a row on bets it may find new uses, lifting other digital currencies in its wake. Read more: Reuters
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In 25 trades recorded on Friday, 1,006,253 shares were transacted resulting in a turnover of K706,012. A share price loss of K0.02 was recorded in Copperbelt Energy Corporation. A share price gain of K0.12 in Real Estate Investments Zambia. Trading activity was also recorded in Airtel, BATA and Zanaco. The LuSE All Share Index (LASI) closed at 4,131.40 points, 0.14% down from its previous close of 4,137.30 points. The market closed on a capitalization of K58,191,665,106 including Shoprite Holdings and K23,947,024,332 excluding Shoprite Holdings.
Chart of the Day: