Story of the Day:
At the recently held Startup Circles.ai Demo Day, 13 of the top emerging startups from around Africa showcased their solutions to a panel of judges comprising investors, experienced entrepreneurs, and mentors, with three being offered deals totaling $75,000 (R1,25-million). Read more
Local Business and Finance Sponsored By Liquid Telecom
Business activity in Zambia slid deeper in contraction for August as COVID effects on business fabric continue to bite. According to Markit Economics, Zambia’s headline reading slid deeper in contraction to 43.4 from 44.6 in July, signaling a more pronounced deterioration in business conditions in the private sector than had been the case at the start of 3Q20. Read more: The Business Telegraph
The Zambia Association of Manufacturers – ZAM has attributed the acceleration of the Southern African countries diversification agenda and its local sourcing to disease pandemic over the last 5 months. Read more: The Business Telegraph
The Kafue Gorge Lower Hydro Power Project will soon be injected in the national grid and may reach 300 mega-watts by the end of the year (2020) before peaking at 750 mega-watts by May 2021. Read more: Lusaka Times
Minister of Mines and Minerals Development Richard Musukwa has disclosed that he has not given Mopani a go ahead to move their Forward Purchase Agreement (FPA) or simply the procurement functions to South Africa. Read more: Zambian Business Times
Mealie meal price hike may not be avoided as the Food Reserve Agency – FRA has only received less than half (K1 billion out of the required K2.2 billion) of the funding needed to buy and meet the set national target of storing upto 1 million tons of Maize. Maize is Zambia’s staple food and its market price is highly sensitive. Read more: Zambian Business Times
Chinese firm the Mango Tree Construction Limited will hand over an industrial park in Ndola to the government upon completion before the end of this year. Copperbelt province minister Japhen Mwakalombe said the facility will be handed over to government upon completion within the course of this year. Read more: Big News Network
International Business and Finance Sponsored By INQ
The US unemployment rate fell sharply in August, as some firms began to hire new staff again and temporary hiring for the US census boosted job numbers. Firms added 1.4 million new jobs and unemployment fell below 10% for the first time since the pandemic began. Read more: BBC News
Increased foreign investment into Chinese markets could boost the usage of the yuan, pushing it to become the third largest reserve currency in the world — behind only the U.S. dollar and the euro, Morgan Stanley analysts predicted in a report on Friday. Read more: CNBC
China’s dollar-denominated exports beat expectations to rise 9.5% for the month of August from a year ago, data from the country’s General Administration of Customs showed on Monday. Meanwhile, China’s dollar-denominated imports in August fell 2.1% from a year ago. Read more: CNBC
Ethiopian Airlines Group is among companies in talks with South Africa’s government about potentially offering support to the country’s insolvent state airline, according to people familiar with the matter. Read more: Bloomberg
Malawi’s economy will contract 1.9% this year because of instability caused by a presidential election re-run and the COVID-19 pandemic, President Lazarus Chakwera said in a state of the nation address on Friday. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 12 trades recorded yesterday, 3,249 shares were transacted yielding a market turnover of K4,602. A share price loss of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, Zambia Breweries and Zambeef. The LuSE All Share Index (LASI) closed at 3,838.66 points, 0.10% down from its previous close of 3,842.39 points. The market closed on a capitalization of K55,528,786,760 including Shoprite Holdings and K21,289,580,780 excluding Shoprite Holdings.
Chart of the Day: