Story of the Day:
The City of Lusaka Football Club yesterday announced a partnership with Southern Cross Motors worth an estimated $100,000 (K2 million). The sponsorship saw Southern Cross becoming one of the main sponsors of the rejuvenate. The deal will see Southern Cross Motors brands be displayed in Woodlands Stadium and will appear on the Club’s new replica shirt. Read more
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The Bank of Zambia has successfully shored its bullion reserves by K345.6 million (circa. $15 million) since year end of 2020 to end of 1Q21. This initiative is supported by a gold purchase agreement signed with First Quantum Mining – Kansanshi Copper Mine and the state mining investment vehicle ZCCM-IH last year. Read more: The Business Telegraph
Mozambique and Zambia are going to standardize road freight transport rates between the two countries with a view to creating a level playing field for carriers, it was announced on Wednesday at the end of a bilateral ministerial meeting in Beira, Sofala province. Read more: Club of Mozambique
THE National Technology Business Centre (NTBC) has allocated K4.7 million under the Technology Business Development Fund (TBDF) to promote innovation among small- and medium-sized enterprises (SMEs).
NTBC director Chitundu Kasase says SMEs are being given grants to boost their businesses and contribute to job creation. Read more: Zambia Daily Mail
The Ministry of Fisheries and Livestock has launched a mobile information system that will provide electronic information on all the activities in the ministry. Through the system, farmers will be able to access E- Extension services on production, disease management and control and marketing of fish, livestock and fodder crops. Read more: ZNBC
International Business and Finance
US President Joe Biden is reportedly set to propose a tax hike on the wealthiest Americans. The proposal would raise the top marginal rate and increase taxes on investment gains for the rich. The tax rise would help pay for childcare and education, but would not be used for healthcare, according to reports. Read more: BBC News
U.K. Government borrowing – the difference between spending and tax income – hit £303.1bn in the year to March, the Office for National Statistics said. This makes it the highest level since World War Two. Compared to the previous year, borrowing is nearly £250bn higher. Read more: BBC News
African Development Bank (AfDB) has called for the urgent opening of African skies and boosting of cross-border trade for the continent to realise the goals of integration in line with the African Continental Free Trade Area (AfCFTA). Read more: Zambia Daily Mail
US retail giant Amazon has announced that it will locate its African headquarters in Cape Town, South Africa. The Amazon office in South Africa will be located on a section of a 4 billion Rand real estate development in River Club, a prime area in Cape Town. Read more: Business Insider
Capital Markets Report Sponsored By ZCCM-IH
In 48 trades recorded yesterday, 64,332 shares were transacted resulting in a turnover of K166,618.17. Share price gains were recorded in Puma, First Quantum Minerals Zambia, Zambia Sugar and in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) closed at 4,076.64 points, up 0.18% from its previous close of 4,069.19 points. The market closed on a capitalization of K57,975,092,793 including Shoprite Holdings and K23,730,452,019 excluding Shoprite Holdings.
Chart of the Day: