Story of the Day:
After recording a 0.5% growth in Q1 2021, Zambia’s annual GDP growth accelerated to 8.1%, the highest in more than a decade in Q2 2021, a clear signal that Covid-19 induced economic pains are almost over. Read more
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Zambia has yet again recorded a trade surplus of K3.9 billion in August 2021 compared to a surplus of K3.6 billion in July 2021 indicating an 8.3% increase. A drop of 9% in imports accounted for the largest part of the surplus. However, despite these consecutive statistical trade surpluses, the Kwacha continues to face pressure. Read more: Zambian Business Times
Zambia and the Democratic Republic of Congo (DRC) have signed a joint communiqué on Bilateral Trade aimed at enhancing trade between the two nations. Commerce, Trade and Industry Minister, Chipoka Mulenga signed on behalf of Zambia, while his DRC counterpart for External trade Jean-Lucien Tongba signed for his country. Read more: The Independent Observer
Five Energy Regulation Board (ERB) board members have resigned, citing “concerns about how they are being required to conduct themselves”. In a letter dated September 29, 2021 addressed to the Energy Minister Peter Kapala, ERB board vice-chairperson Israel Phiri said his decision to resign had been arrived at based on his firm belief to uphold the highest standard of corporate governance to abide within the laid down rules, procedures and regulations. Read more: News Diggers
Western province Chamber of Commerce and Industry (WCCI) has called for enhancement of trade across boarders for the benefit of Zambians. Western Chamber of Commerce and Industry Coordinator Fred Mulozi has called for traders to take advantage of the fact that cross boarder trading does not require international companies or inter-government arrangements for it to take place. Read more: Lusaka Times
International Business and Finance
Chinese property giant Evergrande’s shares have been suspended as investors await a statement about its future. The crisis at the world’s most indebted property developer has triggered fears that its potential collapse could send shockwaves through global markets. Read more: BBC News
U.S. Trade Representative Katherine Tai will announce Monday that China is not complying with the so-called phase one trade deal reached under former President Donald Trump’s administration. Under the agreement, China was supposed to purchase an additional $200 billion in U.S. goods over a two-year period, but the nation has not lived up to that pledge. Read more: CNBC
U.S. stock futures were muted in early morning trading on Monday as investors readied for the first full week of trading in October and the fourth quarter. Dow futures rose just 10 points. S&P 500 futures and Nasdaq 100 futures were both marginally lower. Read more: CNBC
OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. Read more: Reuters
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In 10 trades recorded yesterday, 650 shares were transacted resulting in a turnover of K1,170.00. Trading activity was recorded in Lafarge, Pamodzi and Puma. The LuSE All Share Index (LASI) remained at 4,932.59 points, with a percentage change of 0.
Chart of the Day: