Story of the Day:
Mining and export Power utility, CEC Zambia Plc, has informed its stakeholders that it has received notice of intention to arbitrate from ZESCO Limited over failure to liquidate debt it owes its main supplier and wheeler of power, according to a statement from the company. Read more
Budget Insights
Domestic Business and Finance
Zambia will not replace its value-added tax (VAT) with a non-refundable sales tax as previously planned, Finance Minister Bwalya Ng’andu said on Friday, in a concession to mining companies that had fiercely opposed the proposal. Read more: Reuters
Small Scale Zambian entrepreneurs in the agriculture and trade sectors are expected to benefit from the $30 million financing from the Saudi Fund for Development. Read more: ZNBC
The Ministry of Commerce, Trade and Industry in collaboration with the African Union Commission (AUC), the Economic Commission for Africa’s Office for Southern Africa (ECA-SA) and African Trade Policy Centre (ATPC) held a validation workshop for Zambia’s Strategy for the Implementation of African Continental Free Trade Area (AfCFTA) Agreement from 25 – 26 September 2019, in Lusaka. Read more: Ventures Africa
Zambia’s Ambassador to Germany Anthony Mukwita has invited Bayerische Motoren Werke or Bavarian Motor Works in English, BMW, the German car manufacturer, to set up a plant in Zambia to manufacture electric components for their cars. Read more: Lusaka Times
International Business and Finance
The White House is reportedly considering de-listing Chinese companies from US stock exchanges as part of a broader effort to curb US investment in China. Read more: BBC News
The Bank of England may need to cut interest rates should Brexit uncertainty persist, one of its policymakers has said. Read more: BBC News
Wells Fargo announced Friday it has tapped Bank of New York Mellon CEO Charles Scharf as its new boss. Scharf, previously the CEO of Visa and a senior executive at JPMorgan Chase and Citigroup, is set to take the reins of Wells Fargo on October 21. Read more: CNN
China said it would continue to open up its financial markets and encourage foreign investment amid reports the Trump administration is considering restrictions on fund flows to China. Read more: Bloomberg
Cote d’Ivoire and Kenya are shining stars of global trade with the two depicting the greatest potential for future trade growth, according to a new report by multinational financier Standard Chartered Plc. Read more: Business Insider
Capital Markets Report
There were no trades recorded on Friday. The LuSE All Share Index (LASI) maintained its previous close at 4,395.34 points. The market closed on a capitalization of K57,099,736,193 including Shoprite Holdings and K22,860,530,213 excluding Shoprite Holdings.
Chart of the Day: