Story of the Day:
The 26th edition of the Conference of the Parties (COP26) concluded with over 200 countries participating over a two-week period of negotiations. The key areas of the COP26 deal include “slashing carbon dioxide emissions by half by 2030; rules that hold countries accountable for progress or failure in achieving these goals and phasing down unabated coal.” Read more
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The International Monetary Fund and Zambia on Friday reached a staff level agreement on a $1.4 billion, three-year extended credit facility, which could bring the heavily indebted country one step closer to a comprehensive debt overhaul. Read more: IMF
Seed Co International Limited says stronger Zambian kwacha rebound inspired by positive sentiment in Zambia boosted volumes and sales during the half year ended September 30, 2021. Financial results for the period showed revenues rising to US$35,5 million, compared to US$27,9 million previously. Read more: Lusaka Times
Zesco Board has terminated the contract for company Managing Director, Victor Mundende, with immediate effect. The Board has since appointed Victor Mapani to replace Mr. Mundende. Mr. Mapani has extensive experience in the energy sector having worked in various power utilities and quasi government institutions in Zambia and abroad. Read more: ZNBC
The Zambia Association of Manufacturers (ZAM) has called for targeted incentives for companies wanting to establish value addition industries. ZANIS reports that ZAM President, Ashu Sagar says doing so will help the country develop its own value chains and ultimately enhance the inflow of the world’s major currencies such as the US dollar. Read more: ZNBC
International Business and Finance
Financial experts attending the ongoing 2021 African Economic Conference have suggested that it’s time to create an African cryptocurrency and an integrated capital market. Doing this would help boost trade on the continent, ease business costs and sustain growth post COVID-19. Read more: Business Insider
Shares of Evergrande are plummeting in Hong Kong after the debt-laden developer warned it may not have enough funds to meet its financial obligations. The company’s stock opened lower on Monday and was down nearly 12% by early afternoon, as investors worried about Evergrande’s inability to repay its debt and its contagion risks to the global markets. Read more: CNN
Dow futures were higher even after a losing week on Wall Street as investors ditched equities amid concerns over the new omicron Covid variant and the Federal Reserve’s move to tighten policy. Futures contracts tied to the Dow Jones Industrial Average jumped 244 points. S&P 500 futures were 0.44% higher. Nasdaq 100 futures hovered around the flatline. Read more: CNBC
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In 112 trades recorded on Friday, 109,610 shares were transacted resulting in a turnover of K652,354.20. Trading activity was recorded in Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries and Zambeef. The LuSE All Share Index (LASI) remained at 5,409.13 with a percentage change of 0.69.
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