Story of the Day:
A poll recently run by Financial Insight Zambia on LinkedIn showed that more professionals have adjusted to working from home and have become quite productive since the advent of COVID-19 earlier this year. Read more
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Zambia’s central bank said on Thursday that it is considering holding the Chinese currency renminbi, or the yuan, as one of the currencies in reserves. Read more: MSN
The Zambia Cooperative Federation (ZCF) has set aside US$6 million to establish a regional trade centre at Kasumbalesa border in Chililabombwe district on the Copperbelt. Read more: ZNBC
The Ministry of Labour is not happy with the salary disparities at TAZARA, between Zambian and Tanzanian workers. The lowest paid TAZARA worker on the Zambian side gets as low as K1900, while their counterparts in Tanzania, are paid up to K3300 per month. Read more: Lusaka Times
The kwacha has for the last week been on a losing streak which has pushed the dollar demand higher. The copper currency sell-off is fuelled by agriculture input (fertilizer) related foreign exchange demand which has come as Zambia gears up for the Farmer Input Support Program – FISP which curbs food security risks. Read more: The Business Telegraph
The United Nations World Food Programme (WFP) has welcomed a US$10 million donation from Germany to assist over 104,000 smallholder farmers impacted by drought. Read more: Zambian Business Times
International Business and Finance
Alibaba Group Holding Ltd.’s revenue growth returned to levels not seen since the pandemic, fueling hopes of a Chinese economic recovery despite worsening U.S. relations. China’s most valuable corporation reported better-than-expected 34% sales growth in the June quarter. Read more: Bloomberg
Facebook CEO Mark Zuckerberg testified over the course of two days this week before the Federal Trade Commission as part of its antitrust investigation into the company’s business practices, according to a person familiar with the matter. Read more: CNN
Shares of Tesla Inc surged past the $2,000 mark on Thursday for the first time as the electric car maker extended its recent rally ahead of an upcoming share split. The company’s stock closed at a record high $2,001.83, up 6.6% for the day. Read more: Reuters
China will take “all necessary measures” to protect its firms’ legitimate interests, the Commerce Ministry said on Thursday, in response to the U.S. move this week to further tighten restrictions on Huawei Technologies Co. Read more: Reuters
The number of Americans seeking unemployment benefits unexpectedly climbed back above one million last week, official figures show. The US Labor Department said claims rose to 1.1 million, ahead of economists’ forecasts of 925,000. Read more: BBC News
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In 18 trades recorded yesterday, 55,178 shares were transacted yielding a market turnover of K30,201. Trading activity was recorded in Copperbelt Energy Corporation, PUMA and Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,842.39 points, as there were no share price movements . The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings.
Chart of the Day: