Story of the Day:
British American Tobacco Zambia has announced the resignation of its Chief Executive, Godfrey Machanzi, from his executive director position at the cigarette manufacturing company. Read more
Local Business and Finance
Bank of Zambia Governor Denny Kalyalya has urged banks to work with Government to improve the economy.
Dr. Kalyalya says banks should be able to offer flexible solutions to their customers and provide services that match customer’s monthly income. Read more: ZNBC
Zambia’s September private sector pulse as measured by Markit Economics/Stanbic- PMI detented to a headline on 48.8 a slight improvement from 46 (August). Read more: The Business Telegraph
Zambeef launched its winter maize harvest in Zambia’s ‘maize-belt’. This development was graced by Zambia’s Head of State who appreciated the efforts Zambeef is making in crop diversification to hedge against drought effects given the hydrological risks the copper producer faces. Read more: The Business Telegraph
Mines Minister Richard Musukwa has directed Mopani Copper Mines management to immediately halt the Contract Optimization Programme. Mr. Musukwa says the programme which seeks to restrict the mine’s supplies business to foreign contractors will negatively impact on job security on the Copperbelt where local contractors employ over Seven thousand workers. Read more: Lusaka Times
Zambia Chamber of Commerce and Industry (ZACCL) says the business community is concerned with the numerous challenges being experienced in the national economy. In response to a press query, the chamber bemoaned the recent increase in fuel prices, the current load shedding and the depreciation of the Kwacha. Read more: Diggers
International Business and Finance
The governments of Ghana and the United Kingdom (UK) are keen on developing strategies to remove barriers that affect trade relations between the two countries. Read more: MSN
Payments firm PayPal has become the first company to pull out of an alliance that is trying to launch Facebook’s digital currency Libra. PayPal made the announcement in a statement on Friday, but did not specify what had prompted the decision. Read more: BBC News
The U.S. trade gap widened in August, a sign of the domestic economy’s resilience amid a global slowdown. Read more: Wall Street Journal
HSBC Holdings is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday. Read more: CNBC
Chinese officials are growing hesitant to pursue a broad trade deal with the U.S. in negotiations set to begin this Thursday, people familiar with the matter told Bloomberg News. Read more: CNBC
The Middle East and North Africa (MENA) is set to host over US$15bn’s worth of new and operational solar projects during the next five years, signalling a potent forward-thinking strategy for a region looking to transition away from fossil fuel exports. Read more: Business Chief
Even as the Brexit chaos helps to deflate London’s real estate bubble by undermining the city’s status as a financial capital, record low interest rates are pushing prices in other European cities to dangerously high levels. Read more: CNN
Capital Markets Report
In 8 trades recorded on Friday, 4,376 shares were transacted, yielding a market turnover of K6,928. Trading activity was recorded in Copperbelt Energy Corporation and Zambia Sugar. The LuSE All Share Index (LASI) maintained its previous close of 4,397.61 points as there were no price movements. The market remained on a capitalization of K57,109,173,694 including Shoprite Holdings and K22,869,967,714 excluding Shoprite Holdings.
Chart of the Day: