Story of the Day:
It had been a busy couple of days for Zambia’s Minister of Finance who delivered his maiden budget to parliamentarians on Friday 27th September. This was followed by a series of guest appearances at a tripartite event hosted by ZICA, EAZ and ZACCI, a couple of breakfast and evening events. Read more
Local Business and Finance
Newly appointed World Bank Country Director for Zambia Bella Bird says concessional financing of 350 million United states dollars is available for Zambia under the 18th International Development Association Programme for various development initiatives. Read more: ZNBC
Grizzly Mining Company, Zambia’s second largest emerald mine has unearthed a historic 50 kilogramme multimillion dollar emerald crystal at its Lufwanyama mine on the Copperbelt Province, making it the world’s heaviest chunk ever mined. Read more: Zambia Observer
The private sector needs to urgently invest in livestock value chain through the establishment of processing industries to create a readily available market for farmers in view of the recent ban on animal movement. Read more: Daily Mail
Zambia and the Democratic Republic of Congo (DRC) on Wednesday signed a memorandum of understanding for the export of maize and maize products to the neighboring country. Read more: The East African
Lafarge Zambia’s CEO, Jimmy Khan, told President Lungu at State House in Lusaka yesterday that his company recently hiked cement price by 25 per cent to stay in business. Mr Khan said his firm made losses of about US$3.3 million due to many players coming in the sector. Read more: Cemnet
International Business and Finance
Zimbabwe’s president, Emmerson Mnangagwa, has described the southern African country’s economy as “dead” and said more time is needed turn it around. Read more: Fin24
Global stocks have fallen sharply with the UK’s FTSE 100 suffering its worst day in over three-and-a-half years.
The blue-chip index lost over 3% in its worst day since January 2016. US and European stock markets also dropped. Read more: BBC News
The US has been given the green light by the World Trade Organization to impose tariffs on $7.5bn (£6.1bn) of EU goods. Read more: The Telegraph
The Federal Reserve will likely cut interest rates again this year, but the move won’t have much of an impact on the U.S. economy, closely followed economist Mohamed El-Erian told CNBC on Wednesday. Read more: CNBC
Short-term home rental company Airbnb Inc is set to hire Morgan Stanley and Goldman Sachs Group Inc as joint lead advisers on its planned stock market flotation next year, people familiar with the matter said on Wednesday. Read more: Reuters
Electric car company Tesla Inc said on Wednesday its deliveries rose less than 2% in the third quarter, missing Wall Street estimates and sending its shares down nearly 6% in trading after the bell. Read more: Reuters
Zimbabwe will put the first notes of its reintroduced currency into circulation in November, said Eddie Cross, a member of the central bank’s Monetary Policy Committee. Read more: Bloomberg
Capital Markets Report
In 20 trades recorded yesterday, 1,046 shares were transacted, yielding a market turnover of K1,498. Trading activity was recorded in Copperbelt Energy Corporation, Lafarge and Zanaco. The LuSE All Share Index (LASI) closed at 4,397.61 points up by 0.09% from its previous close of 4,393.70 points. The market closed on a capitalization of K57,109,173,694 including Shoprite Holdings and K22,869,967,714 excluding Shoprite Holdings.
Chart of the Day: