Story of the Day:
When a financial institution has been a player in the game banking and finance, it is known as an extant player. In Zambia, few institutions can boast of being in existence for more than 20 or 30 years. But for Zambia’s stalwart housing financial institution, it will mark its 50th anniversary on the 24th of December 2020 following a transition that now sees it as a profitable institution. Read more
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Zambia must build majority stakes in selected mines to benefit from its mineral wealth beyond taxes, President Edgar Lungu said on Thursday, as he set out an economic recovery plan after the country defaulted on a debt payment last month. Read more: Reuters
British High Commissioner to Zambia Nicholas Wooley says his government stands ready to support the full implementation of the newly launched Economic Recovery Programme. Mr. Wooley says the British government remains committed in ensuring key sectors of the economy such as Mines, Tourism and Agriculture are well supported. Read more: ZNBC
Bank of Zambia BOZ has challenged payment service providers to design products aimed at attracting informal market players. BOZ Deputy Governor – Administration Rekha Mhango says this can be done by addressing their needs and vulnerabilities to enhance their business activities. She says this will improve the economic welfare of the country and reduce the proliferation of money circulation schemes. Read more: ZNBC
Atlas Mara Bank yesterday relaunched its Choma branch with Southern Province Minister Edify Hamukale saying economic development can be achieved if a robust financial service environment is available.
Dr Hamukale said financial services offer the public the means to develop income-generated activities as well as improve household incomes and living standards. Read more: Zambia Daily Mail
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Britain and the European Union struck a pessimistic tone in trade talks on Thursday, with Prime Minister Boris Johnson saying it was “very likely” there would be no agreement unless the bloc changed its position “substantially”. Read more: CNBC
Google is being sued by 38 US states, accused of trying to make its search engine as dominant inside cars, TVs and speakers as it is in smartphones. This follows a landmark lawsuit by the US Department of Justice (DoJ) over a similar issue in October. Read more: BBC News
Coca-Cola is to cut about 2,200 jobs in its global workforce as part of a restructuring plan. The soft drinks giant’s restructure has been accelerated by the coronavirus pandemic which has seen the widespread closure of venues where Coke is sold.
The bulk of the layoffs will be in the US, where it will shed 1,200 jobs. Read more: BBC News
S&P Global Ratings on Thursday upgraded its rating on Tesla Inc. debt, leaving the company’s measure of creditworthiness only two rungs away from the coveted investment-grade classification. S&P upped Tesla’s bonds to BB, from BB-, with a positive outlook. Above it on S&P’s scale are BB+ and A3, the first rung of investment grade. Read more: Market Watch
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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,937.35 points, as there were no share price movements. The market closed on a capitalization of K57,617,254,395 including Shoprite Holdings and K23,378,048,415 excluding Shoprite Holdings.
Chart of the Day:
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