Story of the Day:
Zamleather is positioning itself to take advantage of opportunities being created in Zambia’s mining, industrial footwear and PPE markets, with the company increasing its production capacity while building on operational efficiencies. Read more
Local Business and Finance Sponsored By Liquid Telecom
Zambia is planning another budget deficit blowout next year, making a funding deal from the International Monetary Fund ahead of August general elections unlikely, and complicating talks with Eurobond holders over a restructuring deal. The fiscal shortfall will reach 9.3% of gross domestic product next year, Finance Minister Bwalya Ng’andu said in his budget speech. Read more: Bloomberg
President Lungu says the Covid-19 pandemic has destroyed economies and worsened poverty. The President says the world must work together to respond effectively to the challenges brought about by the Covid-19 pandemic. Read more: ZNBC
The Zambia Chamber of Mines has called on government to institute a national indaba in the mining sector to find a ways of enhancing its performance. Read more: Lusaka Times
Government says it will continue to diversify the mining sector from copper to gold mining. Minister of Finance said government expects the Zambia Gold Company to go full throttle in spearheading the mining and trading of gold in the country. Read more: Lusaka Times
China is expected to come under pressure to restructure loans it has advanced to Zambia after the southern African nation asked bondholders for a six-month moratorium on interest payments on US$3 billion worth of Eurobonds. Read more: South China Morning Post
The 2021 national budget has put aside K266,285,212 as empowerment fund. This is aimed at empowering women and youth. “Sir, to support women, youth, and small to medium enterprises, I propose to spend K266.3 million on various empowerment programmes. Out of this amount, K155.2 million will be allocated specifically to the youth,” Finance minister Dr Bwalya Ng’andu said. Read more: Zambia Reports
International Business and Finance Sponsored By INQ
The European Commission plans to appeal against a ruling that Apple does not have to pay 13 billion euros in back taxes to Ireland. The EU’s General Court had ruled in July there was no evidence Apple had broken any rules on tax paid there. Read more: BBC News
TikTok won’t be kicked off of US app stores — at least not yet. A federal judge on Sunday partially granted TikTok’s request for a temporary injunction against a push by the Trump administration to ban the app in the United States. Read more: CNN
As much as $380 billion from the U.S. Congress’ last big coronavirus aid package is unused and could help households and businesses if lawmakers approve, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin said on Thursday. Read more: Reuters
JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets, according to a person with knowledge of the matter. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
There were no trades recorded on Friday. The LuSE All Share Index (LASI) maintained its close at 3,823.58 points, as there were no share price movements. The market closed on a capitalization of K55,463,674,390 including Shoprite Holdings and K21,224,468,410 excluding Shoprite Holdings.
Chart of the Day: