Story of the Day:
Africa’s second largest copper producer heads to the polls on 12th August 2021 with so many unanswered questions and unsolved puzzles on the economic front. Forefront on the list of puzzles for the Covid-era first defaulter is the external Debt situation which seems to be sprawling out of control. Read more
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The largest General Insurance Company in Zambia, with market share of 27.0%, was on June 29 by Global Credit Rating – GCR affirmed at national scale financial strength rating of A+(ZM), with stable outlook. According to the GCR report, Professional Insurance Corporation Zambia – PICZ remains sound in business profile, balancing a strong competitive position with limited premium diversification. Read more: The Business Telegraph
The Zambia Tax Platform Coordinator Ibrahim Kamara has noted that issues of non-tax compliance and tax evasion have remained a problem in the Country. Mr. Kamara said non-tax compliance and tax evasion has affected the amount of revenues that the Zambia Revenue Authority (ZRA) is able to obtain from economic activities throughout the Country. Read more: Lusaka Times
Over US$14 million has been paid out to contractors at Konkola Copper Mines in Chingola on the Copperbelt. And Association of Mine Contractors and Suppliers President Augustine Mubanga has dispelled social media reports that Contractors at the mining giant have stopped supplying goods to the Mine following delayed payments. Read more: ZNBC
Federation of Small-Scale Miners Association of Zambia (FSSMAZ) has called on Government to develop a strategy for artisan and small-scale mining for the sector to meaningfully contribute to the economy. Read more: Zambia Daily Mail
International Business and Finance
G20 finance ministers have backed an “historic” plan which will see multinational companies pay their “fair share” of tax around the world. The plan to battle tax avoidance puts in place a minimum global corporate tax rate of 15%. It is likely to affect companies like Amazon and Facebook. So far, 132 countries have signed up to the framework. Read more: BBC News
Zimbabwe’s central bank on Tuesday announced the introduction of a new 50-dollar note, the country’s highest denomination, worth only around US$0.60. Insufficient to pay even for a loaf of bread, the bill’s entry into circulation has revived memories of the hyperinflation the southern African nation experienced over a decade ago. Read more: Africa News
Ghana is to commence the piloting of its electronic currency by September, a senior official of the central bank said Friday. The introduction of the central bank digital currency (CBDC) was one of the critical post-COVID-19 policy imperatives, as the pandemic has quickened the drive towards a cashless economy and is likely to shape monetary policy going forward. Read more: CGTN
Four African ministers have indicated that rich countries should reallocate at least $30 billion of new money from the International Monetary Fund (IMF) towards investments in Africa to support countries battling the effects of coronavirus and climate change. Read more: Business Insider
The European Union is due to propose an unprecedented overhaul to its carbon market this week, seeking to put a price on shipping emissions for the first time. And the region’s shipowners are deeply concerned. Read more: CNBC
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In 21 trades recorded on Friday, 4,921 shares were transacted resulting in a turnover of K56,899. A share price gain was recorded in Lafarge of K2.58. A share price loss of K0.01 was recorded in National Breweries. Trading activity was also recorded in Airtel, Pamodzi, ZCCM and Zanaco. The LuSE All Share index (LASI) closed at 4,782.58 points, 2.47% up from its previous close of 4,664.45 points. The market closed on a capitalization of K61,075,251,379 including Shoprite Holdings and K26,830,610,604 excluding Shoprite Holdings.
https://www.africaoutlookmag.com/index.php/industry-insights/article/460-fastjet-signs-agreement-with-proflight-zambia
Financial Insight regrets the incorrect post.
Chart of the Day: