Story of the Day:
Many people are failing to invest in the Zambian capital markets due to the long processes of the transfer of ownership of some products. Read more
Local Business and Finance
The Green Climate Fund (GCF) and the African Development Fund (AfDB) have joined hands to support a $154 million renewable financing framework in the southern African nation of Zambia. Read more: Mercom India
Trade Kings Group of Companies has invested over US$50 million into a beverage production facility at the Lusaka South Multi Facility Economic Zone through the Big tree group. Group General Manager Lux Subramania says the group will continue to grow its business using locally manufactured products. Read more: ZNBC
Zambia is facing challenges in importing the full 300 mega-watts of electricity from South Africa due to the limited wheeling path in the process of accessing power. ZESCO Board Chairperson Mbita Chitala says this is on account that other countries in the Southern African region such as Namibia and Zimbabwe are also importing power from ESKOM of South Africa during peak periods. Read more: ZNBC
The Rural Electrification Authority (REA) and Zambia Cooperative Federation (ZCF) have partnered to use renewable energy to power solar milling plants in a quest to produce affordable mealie meal in rural areas. Read more: Zambia Daily Mail
Although the Kwacha has witnessed a downward trend against major convertible currencies, there seems to be indications of gaining following the upward adjustment of statutory reserves ratio (SRR) from five to nine percent, a financial market analyst has said. Read more: Zambia Daily Mail
President Edgar Lungu says there is need to expedite the implementation of the inter-governmental agreement to build electricity interconnection to the national grids of Zambia, Kenya and Tanzania. President Lungu says Kenya and Zambia should expedite the implementation of the agreement to facilitate power trade within the region. Read more: Lusaka Times
International Business and Finance
Fintech leaders in the African region have announced its latest partners with Visa to bridge the digital payments gap. The mobile money ecosystem is rapidly growing in the African region MFS Africa and Visa have joined forces to bridge the gap between this ecosystem and the world of online digital payment. Read more: Africa Business Chief
Uber launched in Ivory Coast’s commercial capital Abidjan on Thursday, part of its expansion into African markets with low levels of car ownership and limited mass transport. Read more: Africa News
President Trump has agreed to a limited trade agreement with Beijing that will roll back existing tariff rates on Chinese goods and cancel new levies set to take effect Sunday as part of a deal to boost Chinese purchases of U.S. farm goods and obtain other concessions, according to people familiar with the matter. Read more: Wall Street Journal
The plan unveiled just last week by OPEC and allied oil producers to prop up crude prices could fall flat. Deeper production cuts by the cartel and other major producers including Russia won’t be enough to prevent a global supply glut, the International Energy Agency said Thursday. Read more: CNN
The pound surged against the dollar after forecasts suggested the Conservative Party was on course for a comfortable general election victory. Sterling gained 2.2% to $1.34 – its highest level since May last year – on hopes that a big majority would remove uncertainty over Brexit. Read more: BBC News
Qantas has picked Airbus jets to fly its ultra long haul routes, dealing a blow to rival plane maker Boeing. Read more: BBC News
Capital Markets Report
In 28 trades recorded yesterday, 11,656 shares were transacted, resulting in a market turnover of K9,938.13. Trading activity was recorded in Copperbelt Energy Corporation, Zambeef, Zambia Breweries and AEL Zambia. The LuSE All Share Index (LASI) closed at 4,264.99 points down from its previous close of 4,272.91 points. The market closed on a capitalization of K56,573,805,829 including Shoprite Holdings and K22,334,599,849 excluding Shoprite Holdings.
Chart of the Day: