Story of the Day
In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of National Breweries Plc (“Natbrew” or “the Company”) hereby advises the Shareholders of the Company that the Loss Per Share for the year ended 31st March 2022 is expected to be 38% lower than the corresponding period last year. Read more
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Finance and National Planning Minister Situmbeko Musokotwane has said that the country will not be able to get on the 1.3 Billion United States Dollars International Monetary Fund (IMF) program by the end of June 2022 as initially anticipated. Dr Musokotwane said that with the current debt crisis, the country still needs financing without which government would not be able to do certain things they have done such as the hiring of teachers, and health workers among others. Read more: Lusaka Times
President Hakainde Hichilema is tomorrow scheduled to undertake a State Visit to Kenya at the invitation of his counterpart Uhuru Kenyatta. Foreign Affairs and International Cooperation Minister, Stanley Kakubo has told ZNBC News in a statement, that during the visit, Presidents Hichilema and Kenyatta will hold bilateral talks, which will centre on issues of interest between the two countries. Mr. Kakubo said the two Heads of State will also discuss regional, continental and international issues of mutual interest. Read more: ZNBC
The Bank of Zambia in collaboration with the Zambia Information and Communication Technology Authority (ZICTA) has heightened awareness programmes to curb fraudulent activities in the country. Addressing heads of departments and other stakeholders in Zambezi district, Bank of Zambia (BOZ) Assistant manager and Currency processing, Vernon Hachombwa explained that reports of frauds have increased in recent years. Read more: Lusaka Times
The US on Tuesday appointed Michael Gonzales as its new ambassador to Zambia, filling a position that had been vacant for about two and a half years. “The newly appointed American ambassador is expected to arrive in the country next month following the confirmation of his appointment by the US Congress,” said Martin Dale, outgoing charge d’affaires in the capital Lusaka, as he bid farewell to President Hakainde Hichilema at the State House. Read more: AA
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A new report compiled by the CEOWORLD magazine has found the best African countries to become an entrepreneur. According to the report, South Africa tops the local ranking for the best African countries to be an entrepreneur. With a highly-skilled workforce, competitiveness and openness for business, the country has the second-largest economy in Africa, after Nigeria, and is also unarguably the most industrialised nation in sub-Saharan Africa. Read more: Business Insider
Crypto exchange Coinbase is laying off 18% of its employees as the digital currency market continues to crumble. CEO Brian Armstrong said in an open letter Tuesday that the “difficult decision” to lay off about 1,000 employees was made to ensure “we stay healthy during this economic downturn.” The exchange has more than 4,900 employees, according to its website. Armstrong warned of a looming economic downturn that could extend the latest bear market for crypto. Read more: CNN
China released economic data for May that topped muted expectations for a month hampered by Covid controls. Industrial production rose mildly by 0.7% in May from a year ago, versus an expected 0.7% drop, according to analysts polled by Reuters. In April, industrial production unexpectedly fell, down by 2.9% year-on-year. Read more: CNBC
Stock futures were slightly higher in early morning trading on Wednesday as investors anxiously awaited the Federal Reserve’s aggressive action to tame surging inflation. Futures on the Dow Jones Industrial Average were up 18 points, or 0.06%. S&P 500 futures edged up 0.07% and Nasdaq 100 futures rose 0.2%. Read more: CNBC
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In 45 trades recorded yesterday, 4,774 shares were transacted resulting in a turnover of K8,853. Trading activity was recorded in Bata, CEC, Chilanga Cement, PUMA, Standard Chartered Zambia, Zambeef, ZAMEFA, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 6,839.34 points, as there were no share price movements. The market closed on a capitalization of K70,702,094,699 including Shoprite Holdings and K35,919,409,259 excluding Shoprite Holdings.