Story of the Day:
The only listed sugar processing and manufacturing company, Zambia Sugar Plc, has announced the appointment of a new Group Finance Director following the resignation of Craig Taylor. Read more
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According to prudential results published in the local press, Barclays Zambia’s credit book grew by an aggressive 39.5% to K5.87billion as the bank strategically booked its future earnings in its quest to be Zambia’s largest bank by asset size. Total asset base expanded 11.8% to K11.94billion. Read more: The Business Telegraph
Lusaka Securities Exchange (LuSE) listed Zanaco PLC posted strong FY19 after tax earnings growth of 57.9% to K231.24million pushing it to third place on the profitability 18 bank scoreboard. The banks total income grew 18.1% to K1.58billion. Read more: The Business Telegraph
The volumes of refined copper exported in December increased to over 72,000 tonnes from 68,000 tonnes in the previous month due to improved price on the international market. Read more: Zambia Daily Mail
Tanzania Revenue Authority (TRA) and its Zambian counterpart on Thursday signed an agreement to simplify trade at the Tunduma border post. Read more: All Africa
The Zambian business community is supporting the introduction of Mandarin Chinese in Zambia as it will help the stakeholders to partner with the Chinese enterprises for improved trade. Read more: CGTN
Mining companies are being urged to engage more local contractors and suppliers as a way of empowering them. Copperbelt Permanent Secretary Bright Nundwe has also emphasized the need to pay all local contractors and suppliers on time. Read more: ZNBC
An Indian based firm Godrej and Boyce manufacturing Limited has pledged to bring more investments in Zambia. Company’s Head of International Business Ujjaval Shah says Zambia is a prime market for investment because of the good economic policies. Read more: ZNBC
KPMG Featured Article
The Small, Medium and Micro-sized Enterprises (SMMEs) sector is estimated to account for 97 percent of all businesses in Zambia. SMMEs play an important role in Zambia’s economic development by contributing to the Gross Domestic Product (GDP), employment generation, creating opportunities for future growth, contribution to products and exports as well as facilitating equitable distribution of income. Read more
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China is to pump a net 150 billion yuan ($22 billion) into its economy today (Monday) to help protect it from the impact of the coronavirus outbreak. Read more: BBC News
Britain is leaving the European Union on Friday, starting the clock on an 11-month transition period during which the country will try to sign as many new trade deals as possible. African countries are a prime target. Read more: Lusaka Times
Bitcoin is once again having a moment. The cryptocurrency has soared as fears about the coronavirus outbreak send shock waves throughout global stock markets. Read more: CNN
Kenya is plotting to outdo the the rest of the African continent and become the only country in sub-Saharan Africa to have reached a new free trade deal with the United States. Read more: Business Insider
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In 4 trades recorded on Friday, 11,041 shares were transacted, yielding a market turnover of K3,135. A share price loss was recorded in Standard Chartered Bank Limited. Trading was also recorded in Copperbelt Energy Corporation and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 4,251.54 points. 0.09% down from its previous close of 4,255.55 points. The market closed on a capitalization of K56,499,641,913 including Shoprite Holdings and K22,260,435,933 excluding Shoprite Holdings.
Chart of the Day: