Daily FiZ – Friday 04/09
Economy

Story of the Day:

Following the public announcement in March this year of acquisition of some of Vodacom operations in Africa, including Zambia, by Synergy Communications Limited, we are pleased to inform you that the transaction has since been completed. Read more 

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Local Business and Finance Sponsored By Liquid Telecom 

Finance Minister Bwalya Ng’andu is expected to deliver the 2021 National Budget on Friday, September 25, 2020. In his speech, the Minister will address issues related to the global and domestic economy, macro-economic objectives, policies, and strategies for 2021, and the 2021 national budget. Read more: ZNBC

The Ministry of Finance has clarified that Zambia does not get budget support from the World Bank. Ministry of Finance Spokesperson Chileshe Kandeta says Zambia only gets project support from the World Bank. He says this is contrary to misinformation which has been circulated alleging that the World Bank has halted budget support to Zambia. Read more: ZNBC

Zambia Information and Communications Technology Authority (ZICTA) has fined the three Mobile Network Operators, Airtel, MTN, and Zamtel respectively for poor quality of services. Read more: The Independent Observer 

Castillo Copper Ltd, a base metal explorer primarily focused on copper across Australia and Zambia, has announced encouraging results from the recently completed infill soil geochemical sampling campaign at its 100% owned Luanshya Project in Zambia. Read more: Global Mining Review

Finance Minister Dr. Bwalya N’gandu has been challenged to cancel all skewed colonial tax treaties, some of which were signed before independence and include the need for a programmed or periodic review of all double taxation agreements in place. Read more: Zambian Business Times

The Ministry of Energy says it is still reviewing all of Zesco Limited’s transmission infrastructure, which could be considered common carrier in line with the Statutory Instrument (SI) Number 57 of 2020. Read more: News Diggers 

International Business and Finance Sponsored By INQ

It was a wild day on Wall Street. The Nasdaq Composite tumbled nearly 5% and the Dow fell more than 800 points, as investors made a dash for the exits following a streak of record-setting days over the past several weeks. It was the worst day for stocks since June. Read more: CNN

France has unveiled a €100 billion economic stimulus package to help repair the economic damage caused by coronavirus. President Emmanuel Macron’s government said the investment would include big spending on green energy and transport. Read more: BBC News 

Banks in China are likely to record greater declines in profits in the second half of this year as bad loans are set to rise further as a result of the coronavirus pandemic, according to Fitch Ratings. Read more: CNBC

South African private sector activity contracted for the 16th straight month in August, albeit at a slower rate, as COVID-19 lockdown restrictions continued to hurt demand and sentiment, a survey showed on Thursday. Read more: Reuters

Private sector involvement in a debt relief scheme for African countries could prove positive in the long-run if it encourages investment and bolsters debt sustainability, Scope Ratings said in a report on Thursday. Read more: Reuters

Capital Markets Report Sponsored By ZCCM-IH

There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,842.39 points, as there were no share price movements. The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings

Chart of the Day:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
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