Story of the Day:
First Quantum Minerals has been recognised for it leading role in improving access to clean and safe drinking water in communities surrounding its mining operations in North-Western Province.
The company scooped four awards at CSR Network Zambia’s 2020 Zambia CSR and Responsible Business Awards on Friday (December 4). Read more
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Zambia has earmarked 47.7 billion kwacha ($2 billion) to tackle debt servicing as it tries to navigate out of a debt crisis, Finance Minister Bwalya Ng’andu said on Thursday. Read more: Reuters
Indian-based metals and mining group Vedanta Resources said on Thursday it will fight any attempt by the Zambian government to sell its Konkola Copper Mines (KCM) business to third parties. Read more: Reuters
Finance Minister Bwalya N’gandu has presented various amendment bills to parliament aimed at enhancing the country’s tax system and provide incentives to support growth in the economy. Read more: ZNBC
The Zambia Revenue Authority (ZRA) has reduced the targeted revenue deficit by K2 billion as businesses slowly start to pick up in the new normal. ZRA had targeted K5.7 billion revenue deficit due to the impact of coronavirus. Read more: Zambia Daily Mail
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The European Central Bank is attempting to prop up the economy as another wave of coronavirus rips through the region and threatens to derail its fragile recovery. The bank said in a statement on Thursday that it would increase its asset purchases by €500 billion ($605 billion), bringing the total stimulus program to €1.85 trillion ($2.24 trillion). Read more: CNN
Airbnb began trading on Thursday at $146 per share, more than doubling from its IPO price and valuing the company at more than $100 billion. At its current trading valuation, Airbnb is worth more than Uber, and more than Marriott and Hilton combined. Read more: CNN
Fitch Ratings raised its forecast this week for China’s economic growth next year, based on increased domestic demand and expectations for coronavirus vaccine deployment. Fitch now expects China’s gross domestic product to expand 8% in 2021, up from the 7.7% rate forecast in September. Read more: CNBC
The UK economy grew by just 0.4% in October as the recovery continued to slow in the face of tougher coronavirus restrictions. The economy remains well below the size it was before the crisis, the Office for National Statistics (ONS) said. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 2 trades recorded yesterday, 10,900 shares were transacted yielding a market turnover of K21,800. Trading activity was recorded in CCHZ. The LuSE All Share Index (LASI) maintained its close at 3,855.85 points, as there were no share price movements. The market closed on a capitalization of K57,261,636,946 including Shoprite Holdings and K23,022,430,966 excluding Shoprite Holdings.
Chart of the Day: