Story of the Day:
Zambia’s mining investment group, ZCCM IH, has recorded a share price increase in its security which is listed on the Lusaka Securities exchange. This is the first increase during the COVID 19 period and created K483.99 million worth of wealth for investors. Read more
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The United Kingdom has announced a new initiative to support 50,000 jobs and facilitate over K2.6 Billion of private sector investment to improve productivity in key sectors of the Zambian economy. Visiting UK Minister for Africa, James Duddridge announced the new initiative to help drive economic growth in Zambia, through supporting high potential SMEs to access investment, innovation and improve productivity. Read more: ZNBC
Zambia’s largest cement producer, Lafarge Zambia Plc has sited the over 40% Kwacha depreciation within one year as being one of the key reasons behind the recent hike in cement prices which has caused an uproar in the construction industry. Read more: Zambian Business Times
The government says provincial investment expositions have significantly helped in wooing investments to spur development in the country’s ten administrative regions. Read more: Lusaka Times
The establishment of Chinese enterprises in Chingola, located in the Copperbelt Province of Zambia, is contributing to the economy of the district solely dependent on the mining industry, an official has said. Titus Tembo who is Chingola Mayor said in an interview with Xinhua that hundreds of jobs have been created by the Chinese enterprises. Read more: Xinhua
International Business and Finance
Microsoft has told staff that they will have the option of working from home permanently with manager approval. The move mimics the US tech giant’s rivals Facebook and Twitter, which have also said remote work would be a permanent option. It follows a rapid shift away from office working prompted by the coronavirus pandemic. Many companies are reconsidering how much office space they need, expecting a long-term increase in remote staff. Read more: ZNBC
The UK economy may have grown by as much as 17% in the three months to the end of September, says the EY Item Club, but slower growth may follow. Shoppers splurged during the period as coronavirus lockdown restrictions were lifted, it said. Growth for the final three months will be 1% or less, EY predicted. Read more: BBC News
While much of the world scrambles to prevent new coronavirus cases from stalling the fragile recovery from recession, China’s economy is hitting its stride again and will end the year more influential than ever. The world’s second largest economy was the only major world power to avoid a recession this year as Covid-19 forced lockdowns and crippled businesses. Read more: CNN
The White House on Friday took a new coronavirus stimulus offer to Democrats, believed to cost $1.8 trillion, as the sides work to strike a deal before the 2020 election. The plan would mark an increase from the $1.6 trillion the Trump administration previously proposed. House Democrats passed a $2.2 trillion bill earlier this month, and the sides have struggled to find a consensus in between those figures. Read more: CNBC
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In 4 trades recorded on Friday, 750 shares were transacted yielding a market turnover of K15,000. Trading activity was recorded in AEL Zambia. The LuSE All Share Index (LASI) maintained its close at 3,811.75 points, as there were no share price movements The market closed on a capitalization of K55,896,157,023 including Shoprite Holdings and K21,656,951,043 excluding Shoprite Holdings.
Chart of the Day:
