Story of the Day:
Investrust Bank has announced the appointment of Deophine Luswili as Non-Executive Director on the Banks board, according to a statement issued on SENS. Read more
Local Business and Finance
Zambia Industrial Commercial Bank Limited (ZICB) has partnered with Mastercard to issue prepaid and debit business cards in the country. ZICB is said to be the first bank to issue these cards in Zambia. The bank’s business customers are expected to benefit from this alternative to cash. Read more: Verdict Uk
ZESCO owes South Africa’s state owned power company -Eskom R89million in outstanding payments. This was revealed in the South African parliament when Public Enterprises Minister Pravin Gordhan responded to a question posed by the Democratic Alliance(DA). Read more: Lusaka Times
Zambia Development Agency (ZDA) acting Director-General Matongo Matamwandi says Zambia attracted US $5 billion worth of investment pledges in the second quarter of 2019 and that close to 60 per cent of the amount is in the energy sector. Read more: News Diggers
Government has urged marketers to rise to the occasion and contribute to national development by aggressively selling the country. Read more: Zambia Daily Mail
International Business and Finance
A top New York Fed official said financial firms need to weigh the danger of climate change in their risk-management decisions as the central bank continues to examine how unsettled weather could affect the financial system. Read more: Wall Street Journal
The Bank of England said it expects the U.K. economy to pick up modestly over the next three years if lawmakers back Prime Minister Boris Johnson’s Brexit deal and the country pursues a free-trade accord with the European Union. Read more: Wall Street Journal
The US and China have reportedly agreed to roll back tariffs as part of any new trade deal. The reports come amid rising hopes that the two countries will sign a pact that declares an end to a trade fight that has disrupted the global economy. Read more: BBC News
China has officially launched research and development work for its 6G mobile networks. The country only just turned on its 5G networks earlier this month, ahead of an initial 2020 schedule. Read more: CNBC
Moody’s Investors Service on Thursday cut India’s ratings outlook to “negative” from “stable”, citing increasing risks that growth in Asia’s third-largest economy will remain lower than in the past. Read more: Reuters
Capital Markets Report
In 6 trades recorded yesterday, 4,119 shares were transacted, resulting in a market turnover of K4,192. A share price loss of K0.01 was recorded in PUMA. Trading activity was also recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) closed at 4,312.57 points down by 0.03% from its previous close of 4,313.77 points. The market closed on a capitalization of K56,755,444,053 including Shoprite Holdings and K22,516,238,073 excluding Shoprite Holdings.
Chart of the Day: