Story of the Day:
Domestic debt impacts negatively on the private sector which is supposed to fuel the economy, as observed in the developed world. Domestic debt makes borrowing expensive as a result of the relatively narrow investor groups in Africa. The Zambian domestic debt is of concern to the new government. In a Ministerial statement, the Minister Dr Musokotwane acknowledged the detrimental nature of domestic debt. Read more
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Government says it is dedicated to link Zambia and Angola through a road network. Infrastructure, Housing and Urban Development Minister Charles Milupi says the road will stimulate trade between the two countries. Mr. Milupi is disappointed that despite Angola and Zambia sharing a long border, they do not have a link in form of a road or a railway line. Read more: ZNBC
Technology and Science Minister Felix Mutati says government is creating structures that will support innovators. Mr. Mutati says innovation hubs will be created in all Provincial centers to identify and support innovators. He says this will be done because government realises that innovation is key to Zambia’s attainment of National Development. Read more: ZNBC
The Evangelical Youth Alliance (EYA) has petitioned the British High Commissioner to act on Arc Minerals’ alleged dubious business activities in the country. In a letter dated 1st November, 2021, Evangelical Youth Alliance Executive Director Reverend Moses Lungu disclosed that the said company has been using Zamsort and two other companies as conduits at the stock exchange for making declarations and profiling its explorations at Cheyeza in Zambia. Read more: Zambia Reports
The largest collection of Zambian emeralds ever to be offered at auction will go on sale this month, with part of the proceeds contributing to the Gemfields Foundation that supports community and conservation projects in Africa. Read more: Mining Review
International Business and Finance
In the first nine months of 2021, MTN Group Ltd (which operates in twenty markets across Africa and the Middle East), saw its total subscriber base increase to 272 million. During this period, the telco also recorded impressive financial growth, thereby maintaining its position as one of the largest and most profitable telecom companies on the continent. Read more: Business Insider
The Bank of England has signalled it will raise interest rates in “coming months” in response to high inflation, but held off on an immediate increase.On Thursday, Bank policymakers voted 7-2 in favour of no change from the current record low rate of 0.1%. Bank governor Andrew Bailey said the decision had been a “close call”. Read more: BBC News
The US trade deficit jumped to a record high in September as exports slumped, government data showed on Thursday. The Commerce Department said that the trade gap surged 11.2% to a record $80.9 billion. Economists polled by Reuters had forecast an $80.5 billion deficit. Read more: CNN
OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multiyear highs in crude prices and U.S. pressure to help cool the market. Read more: CNBC
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In 72 trades recorded yesterday, 312,807 shares were transacted resulting in a turnover of K1,163,785.10. Trading activity was recorded in, AECI, Copperbelt Energy Corporation, Zambia Reinsurance, Real Estate Investments Zambia, Puma, Standard Chartered Zambia, Shoprite, ZAMEFA and Zanaco. The LuSE All Share Index (LASI) remained at 5,096.70 with a percentage change of 0.17.
Chart of the Day: