Story of the Day:
Digital solutions provider Liquid Intelligent Technologies achieves the 100,000 km fibre network milestone, positioning the organisation as the largest independent fibre network provider in emerging markets globally. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Private sector activity for the month of May in Africa’s second largest copper producer Zambia slid back into contraction according to Markit Economics Purchasing Managers Index – PMI. Headline PMI marginally ebbed back in contraction at 49.7 in May from an expansionary 50.1 for April as currency weakness continues to wane input costs which then translated to higher selling prices. Read more: The Business Telegraph
One year treasury bills have continued to attract the most liquidity as they remain attractively priced in a sovereign stressed environment. The eleventh treasury bill sale of the year 2021 saw the first oversubscription in the last five (5) short term debt sales. The auction recorded strong appetite of K2-billion in bids of which K1.7-billion were absorbed. Read more: The Business Telegraph
Metal exploration company Castillo Copper said it had raised A$11.7 million, about £6.4 million, to accelerate the development of its core Mt Oxide in Queensland, Australia and Zambia projects to further its ambition to transform into a mid-tier copper group. Over the next few months, exploration programmes at the Luanshya and Mkushi projects in Zambia would be expedited. Read more: You Invest
The Bankers Association of Zambia (BAZ) says the introduction of the Central Bank regulatory sandbox will give banks an opportunity to refine new products and services before obtaining regulatory approval and putting them on the market thereby avoiding market credibility risks. Read more: Zambian Business Times
International Business and Finance
A report prepared by the Global Knowledge Partnership on Migration and Development for the World Bank has indicated that the cost of money transfers in Sub-Saharan Africa was the highest. The report stated that remittances in Sub-Saharan Africa average 8.17 per cent in the fourth quarter of 2020 compared with 4.9 per cent in South Asia, the lowest average cost. Read more: Business Insider
Group of Seven finance ministers gathering in London agreed Saturday to back a global minimum tax of at least 15% on multinational companies. The G7 group also agreed that the biggest companies should pay tax where they generate sales, and not just where they have a physical presence. Read more: CNN
Facebook is being investigated by UK and European competition watchdogs over concerns it uses advertising data to gain an unfair advantage over rivals. The Competition and Markets Authority is looking into whether it uses information to benefit its own services, such as Facebook Marketplace. Read more: BBC News
The World Bank has warned that major measures are required to get women back to work and on the path to gender equality. The pandemic has exacerbated existing gender gaps, and more support is now needed, Caren Grown, global director of the World Bank Group, told CNBC. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 40 trades recorded on Friday, 121,826 shares were transacted resulting in a turnover of K546,889. A share price gain was recorded in CCAF on the quoted tier of K0.02. A share price loss was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in First Quantum Minerals, Lafarge, Zambia Breweries, Zanaco and Zambia Sugar. The LuSE All Share index (LASI) closed at 4,292.98 points, 0.09% down from its previous close of 4,296.70 points.