Story of the Day:
Real Estate Investments Zambia’s revenue’s for the six months to 30 June 2020 decreased by 10.67%, in comparison with same period in prior year, mainly due to higher vacancies and Covid-19 related non-invoicing and discounted invoicing for some tenants that were not operating during the second quarter. Read more
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The World Bank has approved $25 million to support towards Zambia’s coronavirus pandemic response. Of this amount, $20 million will come from the International Development Association’s Crisis Response Window, while $5 million is grant funding from the Global Financing Facility. Read more: Zambia Reports
The Edgar Chagwa Lungu Multipurpose Empowerment Cooperative has been launched in Mwansabombwe, Luapula Province. The Multipurpose Cooperative to be used as a vehicle to transform the lives of vulnerable people will be will rolled out in all parts of the country. Read more: ZNBC
Finance Minister Bwalya N’gandu says the Bank of Zambia (BoZ) is proceeding with winding up of ZAMPOST Microfinance Limited which went into liquidation in July 2019. Dr. N’gandu says there are NO plans to resuscitate the Company due to its liabilities that are more than its assets. Read more: ZNBC
The Energy Regulation Board (ERB) has refuted online media reports indicating that it has effected an upward adjustment in fuel prices. Read more: Zambian Observer
International Business and Finance
Britain and Japan have formally signed a trade agreement, marking the UK’s first big post-Brexit deal. The deal, unveiled last month, means nearly all its exports to Japan will be tariff free while removing British tariffs on Japanese cars by 2026. UK International Trade Secretary Liz Truss called it a “ground-breaking, British-shaped deal”. Read more: BBC News
The Ghanaian government has signed a Memorandum of Understanding (MoU) with EgyptAir, to help in the creation of a new national airline for Ghana. The airline when fully established will operate from its headquarters in Accra and fly regular routes throughout Africa and other continents. Read more: Business Insider
Hyundai Motor Co said on Monday it swung to a net loss in the July-September quarter, missing analysts’ estimates by a large margin as a charge related to engine issues weighed on earnings. Hyundai, the world’s fifth-biggest automaker when combined with affiliate Kia Motors Corp, reported a net loss of 336 billion won ($297.72 million) for the third quarter, far below the 1 trillion won profit average of analyst estimates. Read more: Reuters
Commercial real estate prices have plunged this year as people stopped going into offices, and retail businesses were disrupted. That could lead to a significant amount of losses for banks, according to a recent report. Read more: CNBC
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In 3 trades recorded on Friday, 5400 shares were transacted yielding a market turnover of K69,000. Trading activity was recorded in AEL Zambia and Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,806.88 points, as there were no share price movements. The market closed on a capitalization of K55,874,137,545 including Shoprite Holdings and K21,634,931,565, excluding Shoprite Holdings.
Chart of the Day: