Story of the Day:
While gliding the winds of hope the Hichilema administration promises in its fledgling days of leadership, I wish to add voice to the ongoing conversations around priorities for economic management under the new regime.
Drawing parallels between former President Lungu’s presidential inauguration speech delivered on 13 September 2016 and the more recent presidential inauguration speech of President Hichilema broadcasted on 24 August 2021, it is clear that without authentic political will, competence and subsequent wide-ranging structural transformation, presidential speeches are mere rhetoric. Read more
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The recent appreciation of the Kwacha and the subsequent adjustment in retail prices of Motor vehicles and other imported products in the inflation basket have contributed to the decrease in Zambia’s Annual inflation rate for August to 24.4% from 24.6% in July. Read more: Zambian Business Times
Zanaco Plc has projected that the economy will grow by about two percent this year supported by political stability the country is enjoying. Head of economic research Patrick Chileshe said the economy will further grow by three to four percent next year which will lead to growth in the per capita income. Read more: Zambia Daily Mail
The mobile telephone sub-sector has posted a significant increase in revenue earnings from K2.41 billion in the first half of last year to K3.03 billion in the same period this year. Zambia Information and Communications Technology Authority (ZICTA) said airtime and data sales accounted for the largest proportion of the revenue. Read more: Zambia Daily Mail
The United States government has reaffirmed its support to the energy sector in Zambia. US Acting Director Trade and Development Agency Enoh Ebong says this is because with good investment in energy, the country’s economic development will be enhanced. Read more: ZNBC
International Business and Finance
The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has asked developed countries to channel their shares of the International Monetary Fund (IMF) Special Drawing Rights (SDRs) to poorer countries, particularly those in Africa, to support their Covid19 fight. Read more: Business Insider
South African Airways (SAA) will resume operations on September 23, more than 15 months after it was grounded by the COVID-19 pandemic and business rescue. SAA will start by flying from Johannesburg to Cape Town, Ghana, Democratic Republic of Congo, Zimbabwe, Zambia and Maputo Mozambique. They will add other destinations in response to market conditions. Read more: CGTN
Ethiopia will soon launch its own social media platform to rival Facebook, Twitter and WhatsApp, the state communications security agency said on Monday. Read more: Business Insider
America’s economy expanded at a slightly faster pace than initially thought in the second quarter, the Bureau of Economic Analysis reported Thursday. Between April and June, US gross domestic product grew at an annualized and seasonally adjusted rate of 6.6%. Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 26 trades recorded yesterday, 54,719 shares were transacted resulting in a turnover of K87,512. A share price loss of K0.01 was recorded in ZCCM. Trading activity was also recorded in Copperbelt Energy Corporation, First Quantum Minerals, Lafarge, Pamodzi, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) maintained its close at 4,645.12 points. The market closed on a capitalization of K61,011,892,955 including Shoprite Holdings and K26,229,207,515 excluding Shoprite Holdings.
Chart of the Day: