Story of the Day:
Retail banking has always been a game of numbers. This is why when Zanaco made the announcement that it would be partnering up with fast-food chain Hungry Lion which boosts of high foot traffic, it was clear that gaining market share was in their strategic playbook. Read more
Local Business and Finance Sponsored By Liquid Telecom
Finance Minister Dr Bwalya Ng’andu has withdrawn the Zambia Revenue Authority (ZRA) Amendment Bill, which was at Second Reading stage, to allow for further consultation on the proposed piece of legislation. Read more: News Diggers
The Lusaka South Multi-Facility Economic Zone (LS-MFEZ) has attracted a total of US$240 million worth of investment and created 9-hundred permanent jobs. Read more: ZNBC
Vice President Inonge Wina has urged the Ministry of Transport and Communications to utilise the Universal Fund under Zambia Information and Communications Technology Authority (ZICTA) in order to create a digital economy that works for all the sectors. Read more: ZNBC
The government has banned the importation of onion and potatoes from outside Zambia. Ministry of agriculture permanent secretary Songowayo Zyambo says there are enough onions and potatoes grown locally to meet national demand. Read more: Lusaka Times
International Business and Finance
Air Namibia has announced that effective Thursday, all flight operations will be cancelled, with all aircrafts returning to base. Namibia’s cabinet has since given its approval for Air Namibia to be voluntarily liquidated. Read more: CGTN
Mastercard will begin allowing customers to use some cryptocurrencies on its network later this year, joining a handful of corporates that have embraced digital tokens. Read more: Business Insider
The federal budget deficit is projected to total $2.3 trillion in the 2021 fiscal year, a drop from last year but well ahead of anything the U.S. had seen prior to the Covid-19 pandemic, the Congressional Budget Office reported Thursday. Read more: CNBC
The Chinese telecoms giant Huawei is taking the bank HSBC to court in the UK as part of its attempt to prevent the extradition of its chief financial officer from Canada to the US. Meng Wanzhou was arrested in Canada on a US request over claims she misled HSBC in a 2013 meeting. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 48 trades recorded yesterday, 1,718,803 shares were transacted yielding a market turnover of K1,088,739. A share price gain of K0.09 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in AEL Zambia, Airtel, FQM Zambia, PUMA, Standard Chartered Zambia and Zanaco. The LuSE All Share Index (LASI) closed at 3,944.84 points, 0.85% up from its previous close of 3,911.32 points. The market closed on a capitalization of K57,495,343,451 including Shoprite Holdings and K23,261,572,265 excluding Shoprite Holdings.
Chart of the Day: