Story of the Day:
Liquid Telecom Zambia has signed a broadcasting agreement with CBC that will see the broadcasters’ content streamed on the ISPs rapidly expanding GPON and LTE network, according to a statement from the telecom’s Chief Executive Officer. Read more
Local Business and Finance Sponsored By Liquid Telecom
Access Bank yesterday announced its Zambia subsidiary has entered into a definitive agreement with Cavmont Capital Holdings Zambia regarding a proposed acquisition of its subsidiary Cavmont Bank Limited and subsequent merger of both Banks. Read more: The Business Telegraph
Dual-listed Jubilee Metals has, in line with its stated strategy to expand operations in Zambia, signed a joint venture (JV) agreement with a private Zambian company to secure the rights to process two-million tonnes of copper run-of-mine (RoM) material containing in excess of 2% copper. Read more: Mining Weekly
Zambia Revenue Authority Commissioner General Kingsley Chanda says the Chamber of Mines should not alarm the nation by issuing false statements on Mineral Royalty Tax because there has only been a marginal reduction of 6% this year. Read more: News Diggers
A Zambian company, Mutinta Jewellery has invested over US$3.2 million into a diamond and gemstone processing plant which is expected to manufacture jewellery from diamonds, gemstones and other precious stones. Read more: Lusaka Times
The National Development Coordinating Committee (NDCC) has recommended that Government should focus more on Public Private Partnerships (PPPs). Read more: The Independent Observer
International Business and Finance
US President Donald Trump has signed executive orders targeting TikTok and WeChat, two of China’s biggest apps. Under the orders, US firms must stop doing business with the companies within 45 days. The move marks a major escalation in Washington’s confrontation with Beijing over China’s power in global technology. Read more: BBC News
The UK economy will take longer than expected to recover from the coronavirus pandemic, the Bank of England said Thursday, as it warned of rising unemployment and other risks to its forecast, such as a second wave of infections and Brexit. The UK GDP is projected to shrink by 9.5% this year, its worst slump in 99 years. Read more: CNN
China’s dollar-denominated exports rose 7.2% while imports fell 1.4% from a year ago, data from the country’s General Administration of Customs showed on Friday. Read more: CNBC
Saudi Arabia’s energy minister and Iraqi counterpart stressed, in a phone call, their countries’ full commitment to an OPEC+ deal curbing oil production, Iraqi state news agency said on Friday citing a joint statement from both ministries. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 11 trades recorded yesterday, 59,018 shares were transacted yielding a market turnover of K29,509. Trading activity was recorded in Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,865.40 points, as there were no share price movements. The market closed on a capitalization of K55,645,209,233 including Shoprite Holdings and K21,406,003,253 excluding Shoprite Holdings.
Chart of the Day: