Story of the Day:
Beginning of the first half of 2020 the cumulative loans and advances income of about K468M was earned by the banks in Zambia and by the end of it, those earnings rose to K2.97b. During that same period, total deposits had increased from K70b to K80.4b. Read more
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The International Monetary Fund has finally named a new representative to Zambia, two years after the post was vacated. This development signals possible improvement of relations between the IMF and Zambia that is seeking a suspension of interest payments on Eurobonds for six months. Read more: Zambia Reports
The European Union (EU) and Zambia have signed two financing agreements to boost investments in the country. Under the agreements, the EU will provide a combined grant total of 1.1 billion Kwacha for the Economic Governance Support Programme and the Zambia Energy Efficiency and Sustainable Transformation programme. Read more: ZNBC
Maamba Collieries Limited says it is unable to efficiently operate its 300 megawatt coal fired power plant, due to cash flow challenges. Chief Executive Officer, Venkat Shankar says the firm is owed over US$350 million in power supply. Read more: ZNBC
Concerted effort among stakeholders needs to be accelerated for local products to benefit from the African Continental Free Trade Agreement (AfCTA), Stanbic Bank has said. Head of corporate and investment banking Helen Lubamba said with strides being achieved on the establishment of AfCFTA, which will provide a regional market for locally produced goods, the need for Zambia to tap into that space cannot be overemphasised. Read more: Zambia Daily Mail
International Business and Finance
Goldman Sachs’s Malaysian subsidiary has pleaded guilty to charges that it conspired to violate US anti-bribery laws in a massive scheme involving the country’s sovereign wealth fund, known as 1MDB. Goldman has agreed to pay about $2.9 billion to various authorities. About $1.3 billion of that will go to the US Justice Department, representing the largest ever penalty under the Foreign Corrupt Practices Act, a US law which bars companies from bribing foreign leaders. Read more: CNN
Huawei’s revenue growth slowed sharply in the third quarter while its margin dipped as U.S. sanctions disrupt its business. Revenue for the September quarter came in at 217.3 billion yuan ($31.91 billion), up just 3.7% from the 209.5 billion yuan recorded in the same period last year. Read more: CNBC
The EU’s chief negotiator has warned that time is running out to strike a post-Brexit trade deal, as talks resumed after a week-long standoff. Arriving in London, Michel Barnier said “every day counts,” ahead of face-to-face negotiations with his UK counterpart Lord David Frost. Officials from both sides will hold “intensified” daily talks in the run-up to December’s deadline for a deal. No 10 has warned “significant gaps” remain in the most difficult areas. Read more: BBC News
South Africa’s economy has started to recover after showing improvement in August, the South African Reserve Bank (SARB) said. “The composite leading business cycle indicator increased further by 3.7 percent on a month-to-month basis in August, following a 2.6 percent increase in July.” Read more: CGTN
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There were no trades yesterday. The Index (LASI) maintained 3,806.88 points. The market maintained a capitalization of K55,874,137,545 including Shoprite Holdings and K21,634,931,565 excluding Shoprite Holdings.
Chart of the Day:
