Story of the Day:
Agriculture plays a vital role in Zambia’s economy. According to the policy for monitoring and evaluation (PMRC) up to 70% of the labour force is currently engaged in the agriculture sector. It is estimated that approximately 1.6 million small-scale farms and about 1,000 large-scale farms characterize the sector. A large majority of individuals in the agricultural sector comprise of small to medium scale farmers who mostly produce staples (maize/corn) for their own consumption and sell off any surplus. Read more
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Commerce Trade and Industry Minister Chipoka Mulenga has said that government will introduce a One-License Policy in order to position Zambia as a preferred investment destination to the business community. Mr. Mulenga said his Ministry will change some legislations to lessen the number of licenses for one to set up business in Zambia. Read more: Lusaka Times
The Nigeria High Commissioner to the Republic of Zambia, Amb Nwannebuike Ominyi has described the relationship between Nigeria and Zambia as excellent. Amb Ominyi noted that the economic development challenges facing the two countries are surmountable as long as the two countries continue to deepen their collaborative efforts. Read more: Leadership
Buy Zambia should be on our lips every morning and before we go to bed, President Hakainde Hichilema has told citizens. President Hichilema reiterated government’s commitment to supporting the manufacturing industry in the country. Speaking when he graced the Economic Transformation Conference and Business Expo in Lusaka today, the Head of State the New Dawn Administration will lower the cost of doing businesses. Read more: Zambia Reports
Technology and Science Minister Felix Mutati says government will continue to create an environment that enables innovators to continue to thrive. Mr. Mutati says technology has the capacity to provide employment for Zambians especially the youth. He says government is partnering with various stakeholders to address the barriers that prevent innovators from reaching the markets. Read more: ZNBC
International Business and Finance
Alibaba shares have slumped by more than 10% in Hong Kong trade after the Chinese online retail giant warned of a slowdown in consumer spending. The company forecast that its annual revenue would grow at the slowest pace since its stock market debut in 2014. The weak figures underscore the firm’s struggles with increasing competition and Beijing’s regulatory crackdown. Read more: BBC News
The global surge in container shipping rates could send consumer prices 1.5% higher over the next year, according to a report from the United Nations Conference on Trade and Development (UNCTAD). Read more: CNBC
Stock futures edged up in overnight trading on Thursday as the S&P 500 aims to post a winning week. Futures on the Dow Jones Industrial Average climbed 20 points. S&P 500 futures and Nasdaq 100 futures both gained 0.1%. Read more: CNBC
CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick & Struggles found. Read more: Reuters
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In 84 trades recorded yesterday, 77,213 shares were transacted resulting in a turnover of K126,791.33. Trading activity was recorded in, AECI, Airtel, Copperbelt Energy Corporation, Lafarge, Pamodzi, Puma, and Standard Chartered Zambia. The LuSE All Share Index (LASI) remained at 5,577.69 with a percentage change of -0.02.
Chart of the Day: