Story of the Day
Prima Reinsurance’s woes are set to continue for another year as the company indicated that it forecast another loss after tax at half year 2019. Read more
Local Business and Finance
President Edgar Lungu is tomorrow scheduled to travel to Livingstone where he is expected to grace the Southern Province Investment and Tourism Exposition. Read more: ZNBC
The Association of Zambian Women in Mining – (AZWIM) will soon begin exporting gems to Ghana. Read more: Zambian Business Times
Adverse weather conditions have affected crop production and stifled power generation in Zambia. Thus, President Edgar Lungu has cut the country’s 2019 economic growth forecast. Read more: Africa News
Zambia is among African countries benefiting from 80 million Euros released by the European Union (EU) for building disaster resilience to natural hazards, with the focus being floods and drought, a government official said on Thursday. Read more: News Ghana
Vodafone Zambia, has formally announced the sale of the company after failure by its shareholders to recapitalise the firm amid stiff competition in Zambia’s data market. Read more: IT Web Zambia
International Business and Finance
The Bank of England held policy rates at 0.75% and signaled that prolonged Brexit uncertainty will keep interest rates lower for longer. Policymakers said the UK would avoid falling into recession this year, but warned that Brexit and trade worries were weighing on the economy. Read more: BBC News
Some of the world’s largest firms including Amazon and Google have committed to big-spending green energy plans as calls for climate action increase. Amazon has pledged to be carbon neutral by 2040 and Google said it would make record renewable energy purchases. Read more: BBC News
Lim Chow Kiat, the chief executive officer of one of the world’s largest sovereign wealth funds Singapore’s GIC Pte, has again sounded the alarm about the state of the world’s economy, decrying populism, trade protectionism and a decline in the ability of governments and markets to deliver broad-based prosperity. He insists markets are becoming increasingly dire and investors face a very uncertain future. Read more: Bloomberg
Trade negotiators from the U.S. and China resumed face-to-face talks in Washington, as the Trump administration said a Chinese delegation will visit American farmlands next week. Read more: Yahoo Finance
Tensions between the U.S. and China might well drag on over the next decade, so investors have to learn to operate under such prolonged uncertainty, said the co-chief executive of private equity giant Warburg Pincus. Read more: CNBC
Boeing Co still has a series of steps to complete before the 737 MAX can return to service, including submitting a pre-production version of a software update, Federal Aviation Administration chief Steve Dickson said. Read more: Reuters
Capital Markets Report
In 1 trade recorded yesterday, 500 shares were transacted, yielding a market turnover of K10,000. Trading activity was also recorded in AEL Zambia. The LuSE All Share Index (LASI) maintained its previous close of 4,398.81 points as there were no price movements. The market remained on a capitalization of K57,114,173,694 including Shoprite Holdings and K22,874,967,714 excluding Shoprite Holdings.
Chart of the Day: