Story of the Day:
As delegates were arriving in Cape Town for Mining Indaba 2020 in the last days of January, the WHO declared a “public health emergency of international concern”. Although the outbreak was the topic of many conversations around the conference, few people then were considering the potential impact on the mining business. Read more
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Zambia is looking for a new mobile-network operator to compete with existing providers after a company part-owned by Angolan billionaire Isabel dos Santos failed to set up operations as planned, Transport and Communications Permanent Secretary Misheck Lungu said. Read more: Bloomberg
The International Monetary Fund will conduct a virtual consultative and information exchange mission for Zambia from June 22 to July 1. And Finance Minister Bwalya Ng’andu has directed all officials in the Ministry of Finance to deeply reflect on the forthcoming assignment and prepare a well-structured engagement strategy. Read more: ZNBC
The Association of Chinese Corporation in Zambia (ACCA) has engaged its government on the possibility of developing a power project in Zambia in a bid to stabilise electricity supply so that the southern African nation could continue attracting investment from that country. Read more: Zambia Daily Mail
Common Market for Eastern and Southern Africa (COMESA) Secretary General Chileshe Kapwepwe says the COVID-19 pandemic has led to increased youth unemployment in the COMESA region while at the same time limiting movements for those involved in business and commercial activities. Read more: Lusaka Times
Stockbrokers Zambia limited has warned that the recent developments between Copperbelt Energy Corporation – CEC and Konkola Copper Mines – KCM may have a material effect on the price of the Company’s securities and shareholders hence advised to exercise caution when dealing in the Company’s securities. Read more: Zambian Business Times
Civil Society for Poverty Reduction (CSPR) says government should lessen the tax burden on citizens and increase social protection programs to cushion Zambians against the escalating cost of living. Read more: News Diggers
International Business and Finance
Global stock markets have fallen amid fears that an uptick in coronavirus cases could cause more economic damage. Read more: BBC News
Beijing will honor its trade deal with the U.S. and wants to see better ties with Washington, senior Chinese officials said Thursday. Read more: Market Watch
US debt surged and household net worth tumbled in the first three months of the year as the initial impact of the coronavirus pandemic hit, according to Federal Reserve data released Thursday. Total domestic nonfinancial debt jumped by 11.7% to $55.9 trillion, the Fed said in its quarterly statement on domestic financial accounts. Read more: CNBC
Shares in major aviation stocks tanked on Thursday after German airline Lufthansa announced it would slash 22,000 jobs due to COVID-19. Read more: Business Insider
South Africa’s manufacturing output fell 5.4% year-on-year in March, after contracting by a revised 2.3% in February, the statistics agency said on Thursday. Read more: Reuters
Tanzania now expects its economy to grow by 5.5% in 2020 compared with a previous estimate of 4%, finance minister Philip Mpango said on Thursday, after the government took steps to mitigate the economic impact of coronavirus. Read more: Reuters
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In 2 trades recorded yesterday, 77 shares were transacted yielding a market turnover of K143. Trading activity was recorded in Lafarge. The LuSE All Share Index (LASI) maintained its close at 4,013.14 points, as there were no share price movements. The market closed on a capitalization of K56,288,243,762 including Shoprite Holdings and K22,049,037,782 excluding Shoprite Holdings.
Chart of the Day: