Story of the Day:
In their 2020-2026 strategic plan, ZCCM-IH has prioritized the generation of consistent and predictable income through investments in Brownfield and Greenfield projects and ensuring value is extracted from existing legacy and post legacy portfolio companies through driving and participation in primarily the mine supply value chain. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Absa bank is making money fast and spending less as revealed by another market exceptional cost to income ratio at 47.5% in 3Q21 (YTD) versus 65.2% a year ago from 52% at 1H21. According to financial statements shared in the local press, Absa’s revenue growth velocity was 61.9% to K1.6 billion, while its non interest expenses slowed 178.9% to K776.5 million resulting in a strong positive jaws position that quintupled its after tax earnings year on year to K581 million on a YTD basis at the end of third quarter. Read more: The Business Telegraph
A six million dollar fertiliser plant in Kabwe, Central province, is is on the verge of closure because some unscrupulous agro-dealers got goods on credit, disappeared without paying. And Central Province Minister, Credo Nanjuwa has learnt that over 200 workers at the plant might lose employment, if Forestcol Fertilizer Investments is shut down. Read more: ZNBC
Konkola Copper Mines (KCM) has announced that its chief executive officer Christopher Sheppard has retired and will be leaving the company on November 12, 2021. In a statement, KCM provisional liquidator Milingo Lungu said Enock Mponda has been appointed as acting CEO and would also act as CEO for KCM SmelterCo Limited while Moses Chilambe had been appointed to act as CEO for Konkola Mineral Resources Limited. Read more: Lusaka Times
Minister of Small and Medium Enterprise Development Elias Mubanga has with immediate effect dissolved the Citizens Economic Empowerment Commission Board. Mr Mubanga says the representation of the current board was illegally appointed by former Minister of Commerce, Trade and Industry Christopher Yaluma contrary to the provisions of the CEEC Act number 9 of 2006. Read more: Lusaka Times
International Business and Finance
The Bank of England and the Treasury are to launch a formal consultation on a UK central bank digital currency. This evaluation of the design and possible benefits a new kind of digital money is a further step towards its possible creation. The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them. Read more: BBC News
Troubles in China’s vast real estate sector could spill over to the global economy — including the United States, according to the Federal Reserve. The US central bank warned Monday that China’s ongoing property woes could elevate “financial stresses in China, [which] could further strain global financial markets and negatively affect the United States.” Read more: CNN
St. Louis Federal Reserve President James Bullard told CNBC that he’s currently expecting the U.S. central bank to hike its benchmark rate twice in 2022, after it’s finished with winding down its bond-buying program. Read more: CNBC
Ahead of an expected virtual meeting with U.S. President Joe Biden, Chinese President Xi Jinping said the country is willing to work with the U.S. — on condition of mutual respect. Beijing typically uses the term “mutual respect” in calling for more favorable communication with the U.S. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 59 trades recorded yesterday, 31,808 shares were transacted resulting in a turnover of K58,512.82. Trading activity was recorded in, Copperbelt Energy Corporation, CEC Africa, Madison Financial Services, Lafarge, Puma, Standard Chartered Zambia, ZCCM, ZAMEFA, Zambia Sugar, ZAFFICO, and Zanaco. The LuSE All Share Index (LASI) remained at 5,257.95 with a percentage change of 0.10.
Chart of the Day: