Story of the Day:
Zambia Sugar PLC expects to report a stronger earnings per share for the 2019 financial year, in comparison to 2018, when it publishes its audited financial statements on 7th November 2019. Read more
Local Business and Finance
Barclays Bank Zambia Plc has been named the 2019 Best Retail Bank and Best Corporate Bank by International Business Magazine. And the magazine has also named Barclays Zambia Managing Director Mizinga Melu Zambia’s Banking CEO of the Year. Read more: News Diggers
The Ministry of Tourism has collected 40-million Kwacha through the Tourism Levy since its inception in March 2017. Tourism Minister Ronald Chitotela says this year alone 12-million Kwacha was collected between January and August against the target of 13.8 million. Read more: ZNBC
The Zambian government said on Wednesday that it was in the process of developing a technical assistance framework to spur private sector participation in the development and provision of renewable energy. Read more: China.org
Maamba Collieries in Zambia needs ZESCO to clear outstanding debts owed to the company so it can maintain efficient operations at its 300 MW coal-fired power plant. Read more: Mining Review
Turkey is keen to strengthen the bilateral cooperation with Zambia to boost investment that currently stands at US$6.7 million. As of last year, trade volume between the two countries stood at US$18 million while in 2015 it was over US$32 million. Read more: Zambia Daily Mail
International Business and Finance
The US Federal Reserve cut its benchmark interest rate for the third straight time on Wednesday but is likely to hold off before providing more stimulus as it gauges economic risks. The Fed’s policy-setting Federal Open Market Committee lowered the policy interest rate by 25 basis points to a target range of 1.5-1.75 percent, as expected. Read more: International Business Times
Apple’s business is being tested by ongoing weakening of its iPhone sales. In the most recent quarter, iPhone sales dropped to $33.4bn, down almost 10% year-on-year. The fall extended a streak of declines and hit the firm’s profits in the quarter, which slipped about 3% year-on-year to $13.7bn. Read more: BBC News
UK car production fell by 3.8% in September, due to political uncertainty at home and weaker overseas demand, while exports fell 3.4%, the Society of Motor Manufacturers and Traders (SMMT) said. Overall car output for the year-to-date plunged 15.6%, making it the weakest three quarters since 2011. Read more: BBC News
The U.S. dollar has been the world’s major reserve currency for decades, but that status could come under threat as “very powerful countries” seek to undermine its importance, warned Anne Korin, from the Institute for the Analysis of Global Security. Read more: CNBC
Companies around the world need to focus on the economics of supply chains amid uncertainties such as the U.S.-China trade dispute and Brexit — the U.K.’s exit from the trade bloc, said the CEO of Barclays bank.
“Whether it’s Brexit or whether it’s the trade challenge between the U.S. and China, the real issue is supply chain,” Jes Staley told CNBC at the Barclays Asia Forum. Read more: CNBC
The Bank of Japan left interest rates unchanged on Thursday, but added more pointed language about a possible interest-rate cut in its guidance for future policy without making any immediate changes. The BOJ said it expected to keep its policy rates at their current levels or reduce them so long as uncertainties remain about reaching the central bank’s 2% inflation target. Read more: The Wall Street Journal
Capital Markets Report
In 7 trades recorded yesterday, 2,466 shares were transacted, resulting in a market turnover of K5,135. Trading activity was recorded in Copperbelt Energy Corporation, Real Estate Investments Zambia and Standard Chartered Bank Limited. The LuSE All Share Index (LASI) maintained its previous close of 4,330.56 points as there were no price movements. The market remained on a capitalization of K56,846,537,472 including Shoprite Holdings and K22,607,331,492 excluding Shoprite Holdings.
Chart of the Day: