Story of the Day:
Zambia Sugar has reported that it expects a better earnings when it publishes its half year results, according to a statement from the company. Zambia Sugar PLC hereby advises the Shareholders of the Company that the Earnings per Share for the six-month period ended 28 February 2021 are expected to be approximately 183.01 ngwee per share compared to 10.01 ngwee for the six-month period ended 28 February 2020. Read more
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Commerce Trade and Industry Permanent Secretary Mushuma Mulenga has commended companies in Mongu district of Western Province for using local materials to produce various goods for export. Mr. Mushuma stated that through value addition as opposed to exporting raw materials, more jobs will be created for the local people. Read more: ZNBC
Construction of the Multy Facility Economic Zone in Mongu has advanced with only minor works remaining before the centre becomes operational. Citizen Economic Empowerment Commission (CEEC) Provincial Co-ordinator Lubasi Makwembo says major works have been done with only external works remaining to be done. Read more: ZNBC
The International Monetary Fund says challenges brought about by Zambia’s debt and how to dismantle domestic arrears are making it difficult for the country to conclude a deal with the Fund. IMF Spokesman Gerry Rice told a news conference from Washington that key challenges in moving the talks forward include how to implement reforms to deal with huge fiscal deficit. Read more: Lusaka Times
Vice President Inonge Wina has expressed happiness with the progress made on the construction of some developmental projects such as the Tazara-Chisanga taking place in Kasama district. Vice President Inonge Wina emphasizes that a good road network is cardinal in connecting places such as schools, health facilities and markets. Read more: Lusaka Times
International Business and Finance
The UK has offered trade deal terms to Australia under which both countries would phase out taxes on imports over 15 years. The cabinet was reportedly split on what terms to propose, amid concerns UK beef and lamb farmers could be undercut by larger Australian producers. But the dispute was apparently resolved after Boris Johnson pushed for unity. Read more: BBC News
Ghana could be chosen for the manufacturing of Covid-19 vaccines according to the European Union (EU). The Vice President of the EU, Valdis Dombrovskis, revealed this during President Akufo-Addo’s two-day working visit to Brussels in Belgium. Read more: Business Insider
Elevated debt levels may cause emerging markets to fall behind developed markets in the economic recovery from the pandemic, said Steve Cochrane, chief APAC economist at Moody’s Analytics. Total global debt rose by a record $24 trillion to a new-high of 366% of gross domestic product in 2020, showed a report last week by Moody’s Analytics. Read more: CNBC
U.S. stock index futures were little changed during overnight trading on Sunday, after the S&P 500 posted its second negative week in a row. Futures contracts tied to the Dow Jones Industrial Average gained 44 points. S&P 500 futures were flat, while Nasdaq 100 futures slid 0.15%. Read more: CNBC
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In 33 trades recorded yesterday, 5,111,246 shares were transacted resulting in a turnover of K4,600,481. Share price gains were recorded in Lafarge of K0.61 and in Zanaco of K0.15. Trading activity was also Copperbelt Energy Corporation, First Quantum Minerals and ZAMEFA. The LuSE All Share Index (LASI) closed at 4,218.25 points, 1.84% up from its previous close of 4,140.66 points. The market closed on a capitalization of K58,570,656,394 including Shoprite Holdings and K24,326,015,619 excluding Shoprite Holdings.