Story of the Day:
A massive US$650 million investment that will double copper output and extend the life of Kansanshi Mine to 24 years has been pencilled in for 2023/24 by First Quantum Minerals (FQM). But the mining firm has cautioned shareholders that the expansion project can only go ahead if the company is confident of a competitive fiscal regime, which will in turn dictate capital availability. Commodity prices will also be a factor in the project timing. Read more
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Vice President Inonge Wina has said that Government is still considering the right course of action to take regarding the issue of privatization of the country’s assets during the Movement for Multiparty Democracy (MMD) regime. Read more: Lusaka Times
Mines Minister Richard Musukwa has urged Mining houses in the country to embrace the new normal and increase mineral production. Mr. Musukwa observes that low mineral production has contributed to the weakening of the Kwacha. He says an increase in mineral production will help mitigate dollar challenges the country is facing and stabilise the economy. Read more: ZNBC
The recent turn over of some SPAR outlets to Pick n Pay and Choppies has cast some doubts in the retail sector on what the future holds for the chain store brand in Zambia. There is however some good news, some of the Spar outlets will not close down or turn over their locations to competitors. There is a fight back that is at play which may just see the Spar Brand reclaiming its rightful possition. Read more: Zambian Business Times
Malawi’s President Lazarus Chakwera will on Tuesday leave the country for Zambia on a day-long official working visit. President Chakwera is expected to hold bilateral talks with his counterpart President Edgar Lungu of Zambia. Read more: Zambia Reports
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Hong Kong-listed shares of Standard Chartered and HSBC tumbled on Monday following reports that they allegedly moved large sums of suspicious funds. Shares of Standard Chartered tumbled 2.69% and HSBC fell 2.91%. Earlier in the trading day, shares of HSBC had fallen to a more than 25-year low. The moves came after the banks, among several global lenders. were identified as having allegedly moved suspicious funds over a period of nearly two decades. Read more: CNBC
Gold prices which surged nearly 30% this year could rise further and remain high as global uncertainties persist, according to Swiss banking giant UBS. Read more: CNBC
Rolls-Royce is considering tapping investors for £2.5bn to boost its finances as coronavirus continues to wreak havoc on global travel. The firm, which makes engines for planes, said it is “evaluating” raising the sum and is looking at a number of options including a rights issue. Read more: BBC News
The U.K. government’s plan to end VAT-free shopping for international visitors at the end of the year could cost the UK billions of pounds in lost income, travel and retail bosses have warned. Read more: BBC News
A federal judge has temporarily blocked President Donald Trump’s executive order banning WeChat downloads in the United States. In issuing the preliminary injunction, Judge Laurel Beeler wrote that the plaintiffs — a group of US-based WeChat users who stand to be affected by Trump’s ban — had shown “serious questions” in their claim that the executive order threatens the users’ First Amendment rights. Read more: CNN
China stocks fell on Monday, dragged lower by consumer staples and financials, after China left its benchmark lending rate unchanged, with profit taking after expectations of more stimulus measures had lifted sentiment in the previous session. Read more: Reuters
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In 10 trades recorded yesterday, 213,499 shares were transacted yielding a market turnover of K739,635. Trading activity was recorded in Copperbelt Energy Corporation, Zambia Breweries and Zambeef. The LuSE All Share Index (LASI) maintained its close at 3,834.35 points, as there were no share price movements. The market closed on a capitalization of K55,510,536,355 including Shoprite Holdings and K21,271,330,375 excluding Shoprite Holdings.
Chart of the Day: