Story of the Day:
Further to the cautionary announcements dated 25 November 2020 and 23 June 2021, the Board of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company” or “the Board”) hereby wishes to inform shareholders and the market that arbitration proceedings against ZCCM-IH and Kansanshi Mining Plc (“KMP”) by Kansanshi Holdings Limited (“KHL”) are yet to be disposed of. There have been no further developments regarding the said proceedings since the last announcement. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
President Hakainde Hichilema says Zambia will dedicate efforts to guarantee a stable and predictable environment that will attract and protect local, regional and foreign direct investments and enhance local participation. President Hichilema says Government has set a high priority on restoring macroeconomic stability and attaining fiscal and debt sustainability as a way to sustain economic growth. Read more: ZNBC
Patents and Companies Registration Agency (PACRA) has recorded an 18 percent growth rate with revenue increasing from K78 million in 2018 to K92.4 million in 2020. In the first half of this year, PACRA exceeded its revenue collection target by K3.5 million, representing 6 percent above the target. CEO Anthony Bwembya said PACRA was able to record positive growth in some years because of adequate funding. Read more: Zambia Daily Mail
The Zambia Revenue Authority (ZRA) is in the process of engaging the Ministry of Finance to consider tax relief for the Arts industry in the 2022 national budget which is undergoing formulation. Read more: ZNBC
The only way to reduce market interest rates on loan facilities in the near to medium term is for the Treasury Bill rate [offered by the Bank of Zambia – BOZ] to decline, a scenario that will eventually culminate in reducing the cost of funds across the market, the Bankers’ Association of Zambia (BAZ) has disclosed. Read more: Zambian Business Times
International Business and Finance
The US economy continues to strengthen, albeit at a slower rate because of the Delta variant of Covid, the US Federal Reserve has said. The central bank said the jobs market was improving and that currently high rates of inflation remained transitory. It said it may start reducing its emergency support for the economy “soon”, but did not say when. Half of its policymakers also projected interest rates will need to rise in 2022 from current rock-bottom levels. Read more: BBC News
A US default would be a “catastrophic blow” to America’s economic recovery from Covid-19, setting off a downturn that would rival the Great Recession, Moody’s Analytics warned in a new report. If the US defaults on its debt payments and the impasse drags on, the ensuing recession would wipe out nearly 6 million jobs and lift the nation’s unemployment rate to nearly 9%, Moody’s projected in a report published Tuesday. Read more: CNN
Shares in Evergrande have jumped in Hong Kong after the troubled property giant struck an agreement with Chinese bond holders on Wednesday. The announcement helped to calm some investor concerns over debts over more than $300bn. But the world’s most indebted developer is also due to make a $83.5m interest payment on an overseas bond on Thursday. Read more: BBC News
U.S. stock index futures were higher during early morning trading on Thursday after the Federal Reserve kept benchmark interest rates unchanged, while indicating no immediate intention of removing stimulus policies. Futures contracts tied to the Dow Jones Industrial Average gained 105 points. S&P 500 futures and Nasdaq 100 futures both traded in positive territory. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 2 trades recorded yesterday, 300 shares were transacted resulting in a turnover of K472. Trading activity was recorded in Copperbelt Energy Corporation and PUMA. The LuSE All Share Index (LASI) maintained its close at 4,895.54 points,as there were no share price movements.