Story of the Day:
The only LuSE listed mobile telecommunications company has issued a statement regarding recent social media allegations regarding its tax affairs. Airtel Zambia Plc advised stakeholders to ignore the malicious statements that had gone viral. Read more
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The Oil Marketing Companies Association of Zambia (OMCAZ) has projected a possible attainment of a single digit fuel pump price in Zambia under the new government. OMCAZ President Kafula Mubanga says this is if the United Party for National Development government actualizes provisions of the 7th National Development Plan. Read more: ZNBC
Newly elected UPND Mwinilunga Member of Parliament, Newton Samakai has appealed to Government to close Kasenseli Gold Mine to pave way for an audit. Mr. Samakai says the opening of the mine was done without following procedure, such as obtaining land rights from Chief Chibwika of the Lunda people of Mwinilunga district. Read more: ZNBC
Six African countries benefitted from World Bank’s $2.69billion guarantees between 2020 and 2021. Nigeria, Ghana, Botswana, Lesotho, Mozambique, and Zambia were among the countries that benefitted from the guarantees. Read more: Business Insider
The Common Market for Eastern and Southern Africa (COMESA) Secretariat and government have signed a Euro 920,544 sub-delegation agreement for the construction of a cross- border market at Mwami border post between Zambia and Malawi. Read more: Lusaka Times
ActionAid Zambia has said that one of it main expectation from the new Government is to immediately institute investigation and prosecution of the grand corruption cases which were swept under the carpet in the previous regime. Read more: Lusaka Times
International Business and Finance
European markets are set to climb on Monday, looking to rebound after recording their worst week since February. Britain’s FTSE 100 is seen around 38 points higher at 7,126, Germany’s DAX is set to add around 96 points to 15,904 and France’s CAC 40 is expected to gain around 48 points to 6,674, according to IG data. Read more: CNBC
Samsung was the best-selling smartphone in the MEA (Middle East and Africa) region in Q2 2021. The report titled – Counterpoint Research Market Pulse, June 2021 – revealed that the company boosted market spending at the start of the year, leading to good performance in Q1. However, its market share slid by 4% points to 16% sales in Q2 due to production disruption in Vietnam following COVID-19. Read more: Business Insider
Bitcoin has surged above the $50,000 mark, as the virtual currency continues to climb out of a months-long slump. It’s the first time bitcoin has reached that milestone since May 15. Bitcoin’s peers also advanced: Ethereum was up more than 3%, while dogecoin rose nearly 2%. Read more: CNN
The Federal Reserve is buying $120 billion in bonds per month, part of a package of emergency measures to prop up the US economy during the pandemic. But as activity returns to normal, is that level of support necessary? That’s among the key questions facing central bankers when they gather for an annual meeting in Jackson Hole, Wyoming this week. Read more: CNN
US tech giant Apple has delayed recalling staff to the office until January at the earliest amid fears over surging Covid cases. The firm told staff it would reconfirm plans a month in advance and advised them to get vaccinated. It is the latest US firm to revise its plans in the light of the impact of the Delta variant on the country. Read more: BBC News
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In 15 trades recorded on Friday, 47,410 shares were transacted resulting in a turnover of K67,962. A share price loss was recorded in SCZ of K0.01. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation, Lafarge and Pamodzi. The LuSE All Share Index (LASI) closed at 4,645.61 points, 0.08% down from its previous close of 4,649.43 points. The market closed on a capitalization of K61,015,625,521 including Shoprite Holdings and K26,232,940,081 excluding Shoprite Holdings.
Chart of the Day: