Story of the Day:
Zambeef has announced its decision to dispose of Sinazongwe Farm for USD10 million in what it describes is part of focusing on its core business whilst shedding off low performing non-core assets. Read more
Local Business and Finance
Zambian Finance Minister Bwalya Ng’andu’s job when presenting his maiden budget to lawmakers on Friday should be simple: he only has to show the plan for 10% of the government’s spend next year. That’s because about 90% is already tied up with wages and paying debts, according to President Edgar Lungu. Read more: Bloomberg
Zambia’s inflation rate rose to the highest in three years in September, increasing chances that the nation’s central bank will resume its tightening before the end of the year. Read more: MSN
Zambia’s communications regulator said on Thursday it had canceled the license for Vodafone’s local franchise holder, citing a lack of technical and financial capacity. Read more: Reuters
Indeni Oil Refinery says it intends to double its production capacity from 1.1 million metric tonnes to 2.2 million metric tonnes per year. Read more: ZNBC
President Edgar Lungu has re-affirmed Zambia and Zimbabwe’s commitment towards the construction of a 4 billion United States Dollars Batoka Gorge hydro power station in Southern Province. President Lungu said a lot of groundwork has been done and that the two countries are in full support of the power project. Read more: Lusaka Times
Studies by the United Nations Economic Commission for Africa – UNECA have reviewed that successful implementation of the African Continental Free Trade Area – AfCFTA by African countries will enable Africa’s manufacturing sector double in size, with annual output increasing from $500 billion in 2015 to $1trillion by 2025, and contributing additional 14 million stable well-paid jobs. Read more: Zambian Business Times
International Business and Finance
The International Monetary Fund said on Thursday that Zimbabwe needed to intensify efforts on economic and political fronts, as the government faces a growing chorus of criticism over its commitment to reform. Read more: Africa News
British Airways owner IAG has warned that its profits will be lower than expected this year, partly due to the impact of strikes by its pilots. It said the strike earlier this month, in a row over pay and conditions, had cost it at least £121million. Read more: BBC News
Big banks are now striking partnership deals or buying into nimble start-up competitors as an alternative to building out costly internal technology projects. Read more: CNBC
The French government said it would reduce taxes on individuals and businesses by €10.2 billion as President Emmanuel Macron seeks to turn the page on the yellow-vest crisis. Read more: Wall Street Journal
Capital Markets Report
In 4 trades recorded yesterday, 597 shares were transacted, yielding a market turnover of K430. Trading activity was recorded in Zanaco. The LuSE All Share Index (LASI) closed at 4,395.34 points up by 0.55% from its previous close of 4,371.04 points. The market closed on a capitalization of K57,099,736,193 including Shoprite Holdings and K22,860,530,213 excluding Shoprite Holdings.
Chart of the Day: