Story of the Day:
First Quantum Minerals Ltd. today announced that it has signed a new $2.925 billion Term Loan and Revolving Credit Facility. This new Facility replaces the existing $2.7 billion Term Loan and Revolving Credit Facility due to mature December 2022. The new $2.925 billion Facility comprises a $1.625 billion Term Loan Facility and a $1.3 billion Revolving Credit Facility, maturing in September 2025. Read more
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Energy Minister, Peter Kapala says government will facilitate a debt restructuring system to enable Zesco dismantle over 400 million dollars it owes Maamba Collieries Limited. Mr. Kapala has told journalists in Maamba today after touring Maamba Collieries Limited that Zesco has continued accruing the debt because it is currently only paying about forty percent of the dues to Maamba Collieries Limited. Read more: ZNBC
President Hakainde Hichilema says government will ease the process of acquiring mining licenses for local people. President Hichilema who is on a working visit in Luapula Province notes that his administration, wants local people to run the manganese mines and other resources. He says this will help the locals contribute to country’s economic growth. Read more: ZNBC
Zambia’s export earnings from the Democratic Republic of Congo (DRC) market is expected to hit US$3.5 billion in the next five years, Zambia Development Agency (ZDA) acting director general Albert Halwampa has said. Non-traditional exports (NTEs) to DRC include sugar, cotton, coffee, soya beans, maize and tobacco. Read more: Zambia Daily Mail
The Zambia Public Procurement Authority (ZPPA) has launched a Market Price Index (MPI), which is a list of prices governing the delivery of goods and services. Speaking during the launch, Friday, ZPPA director general Idah Chella said the objective of the Market Price Index was to ensure efficiency, effectiveness and value for money in the public procurement system. Read more: News Diggers
International Business and Finance
With a market capitalization of 17.704 billion U.S. dollars, MTN Group was Sub-Saharan Africa’s largest company as of September 2021, according to a new report by African Financials. Read more: Business Insider
The African Development Bank (AfDB) has called on Africa and global leaders to improve their investment in Africa’s agriculture sector, saying the “volume of African commodity exports is rising.” But despite the growth of the rising African commodity exports, more Africans are suffering from the negative effects of food insecurity. Read more: Business Insider
China’s economy grew 4.9% in the July to September quarter from a year earlier, the slowest pace in a year and worse than analysts had predicted. This was far slower from the previous quarter when growth was almost 8%, suggesting the recovery is weakening. Read more: BBC News
The Bank of England “will have to act” over rising inflation, governor Andrew Bailey has warned, suggesting that UK interest rates may rise soon. However, he gave no indication of when the Bank might increase rates from the current record low of 0.1%. The Bank has already said UK inflation is set to exceed 4% before falling back as the economy recovers from Covid. Read more: BBC News
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In 31 trades recorded on Friday, 37,846 shares were transacted resulting in a turnover of K55,969.48. Trading activity was recorded in Copperbelt Energy Corporation, Standard Chartered Limited Zambia, Pamodzi, Puma, Zambia Sugar, Zanaco and AECI. The LuSE All Share Index (LASI) closed at 4,996.13 points.
Chart of the Day: