Story of the Day:
On 15th October, 2021 the Minister of Energy, Mr. Kapala, appraised Members of Parliament on ZESCO’s debt position. The minister announced that the national utility’s total debt was standing at $3.5billion. The country’s main electricity supplier has amassed debt due to costly payables due to emergency power supplier and Independent Power Producers, among other reasons. Read more
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Zimbabwe’s state power utility, Zesa Holdings, intends to import up to 400 megawatts from Mozambique and Zambia as part of measures to end a debilitating power crisis, a senior executive said. This comes as Zimbabwe, blighted by long periods of load-shedding, is spending up to US$20 million of scarce forex on power imports every month. Read more: Club of Mozambique
First Quantum Minerals – FQM, Zambia’s largest copper miner with large scale copper mines at Kansanshi in Solwezi and Trident at Kalumbila has today 15 November 2021 announced that the Board of Directors will appoint Tristan Pascall, currently the Company’s Chief Operating Officer (COO), to the role of Chief Executive Officer (CEO). Read more: Zambian Business Times
MTN Zambia has set aside K3 Million as COVID 19 relief fund to run a promotion for its customers up to mid February 2022. MTN Chief Consumer Officer Richard Acheampong says the company has realised that COVID 19 , third wave had an impact on it customers in 2021. Read more: ZNBC
Foreign exchange earnings at Africa’s second deepest waterfall, Kalambo Falls in Mbala have slumped following the erection of a staircase on the Tanzanian side to get a view of the site. Read more: ZNBC
International Business and Finance
US President Joe Biden has signed into law a $1.2tn spending bill, marking a legislative achievement for his administration. “Today, we are finally getting this done,” the Democrat told lawmakers from both major parties in a bill signing ceremony at the White House on Monday. Read more: BBC News
Google has announced that it will invest A$1bn ($740m) in Australia over the next five years. It is the US technology giant’s largest investment in the country to date. Google says the money will be used to build a research hub, increase its cloud computing capacity and fund partnerships with local organisations. Read more: BBC News
JP Morgan Chase filed suit against electric vehicle maker Tesla in a dispute over warrants, according to court filings out Monday. The bank is seeking $162.2 million plus interest, attorneys’ fees and expenses. Read more: CNBC
U.S. stock index futures were little changed in early morning trading Tuesday, after the major averages started the week with muted moves as investors digested a jump in yields. Futures contracts tied to the Dow Jones Industrial Average gained just 3 points. S&P 500 futures and Nasdaq 100 futures both hovered in mildly positive territory. Read more: CNBC
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In 67 trades recorded yesterday, 138,172 shares were transacted resulting in a turnover of K298,587.35. Trading activity was recorded in, Airtel, Copperbelt Energy Corporation, Lafarge, Standard Chartered Zambia, Zambia Breweries, Zambia Sugar and Zanaco. The LuSE All Share Index (LASI) remained at 5,577.51 with a percentage change of 2.99.
Chart of the Day: