Story of the Day:
As the world’s priorities are reshaped by the COVID-19 crisis, Artisanal and Small-scale Mining (ASM) communities should not be overlooked. Here are 6 reasons why… Read more
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Konkola Copper Mines (KCM) said the debt it owes to the Copperbelt Energy Corporation (CEC) is a result of a lack of investment from its parent company, Vedanta Resources, and that the best solution is for it to be sold to another investor. Read more: Metal Bulletin
ZESCO Limited has entered into a long-term power supply agreement with Konkola Copper Mines (KCM) following successful conclusion of negotiations. Read more: News Diggers
The Bankers Association of Zambia (BAZ) says several applications have been made to banks by businesses and individuals wishing to access the K10billion stimulus package. BAZ CEO Leonard Mwanza says the Bank of Zambia as at last week, had received loan requests amounting to over K3.2 billion. Read more: ZNBC
Commerce, Trade and Industry Minister Christopher Yaluma says Zambia has made progressive strides towards attaining its industrialization agenda. Mr. Yaluma says the setting up of industries by several investors across the country is an indication that Zambia is heading in the right trajectory towards increasing foreign exchange through exports and value addition. Read more: ZNBC
Agriculture Minister Michael Katambo has disclosed that this year’s target for beneficiaries of the Farmer Input Support Programme – FISP has been maintained at one million. Zambia’s maize production is dominated by local emerging farmers who account for more than 90% of the total annual production. Read more: Zambian Business Times
International Business and Finance
Worldwide gross domestic product — the broadest measure of economic growth — will contract 5.2% in 2020, according to a report by the World Bank. That’s despite the unprecedented fiscal and monetary policy support governments around the world have been rolling out. Read more: CNN
The US is officially in a recession, ending the longest economic expansion the country’s history, the committee that calls downturns announced on Monday. The National Bureau of Economic Research said that economic growth in the US peaked in February and has since entered its first downturn since 2009. Read more: The Guardian
The UK and Japan are set to begin talks today aimed at reaching agreement on a post-Brexit trade deal. Read more: BBC News
BP’s CEO Bernard Looney today announced plans for 10,000 layoffs, equating to roughly 15% of the oil supermajor’s global workforce. Read more: Forbes
Tanzania’s economic growth is expected to drop to 2.5% in 2020 from 6.9% last year, the World Bank said on Monday, citing the impact of the coronavirus pandemic. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 1 trade recorded yesterday, 29 shares were transacted yielding a market turnover of K26. Trading activity was recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) maintained its close at 4,013.14 points, as there were no share price movements. The market closed on a capitalization of K56,288,243,762 including Shoprite Holdings and K22,049,037,782 excluding Shoprite Holdings.
Chart of the Day: