Story of the Day:
In a media engagement held by World Wildlife Fund for Nature in collaboration with other partner organizations HIVOS Zambia, Centre for Environment Justice, The Zambia Climate Change network, House of Ruth Foundation as well as The Zambia community based natural resources management forum. On Wednesday the 27th October, 2021 with Guest of Honor Minister of Green Economy and Environment, MR. Collins Nzovu. This meeting was held to make some proposals and suggestions on what would like to be expected in regards to climate change in the 2022 National Budget, which is to be presented on Friday, 29th October 2021. Read more
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Absa and Zambeef have signed a K220 million financing agreement to help Zambia’s biggest agri-business to enhance its operations. Absa Managing Director Mizinga Melu says the bank has decided to show up for its clients despite the depreciation of the kwacha and rising interest rates. Mrs. Melu says the momentous move is cardinal for the bank which has injected about K2.5 billion in agriculture development because of the sectors importance. Read more: ZNBC
The Zambia Industrial Commercial Bank (ZICB) has posted a 67% growth rate and recorded K5 million profits. This is despite the economic hardships globally emanating from the effects of COIVD-19 pandemic. ZICB Chief Executive officer Ignatius Mwanza says this is after the firm made losses in the first three years of operations following its launch in October 2018. Read more: ZNBC
MTN Zambia says its mobile money transaction services currently stand at over K4.3 million annually with 60 percent of customers in the Northern region. MTN Mobile Money managing director Komba Malukutila said on Monday during the launch of the Momo month in Kitwe that the amount of transactions carried out shows that customers rely on mobile money services. Read more: Zambia Daily Mail
International Monetary Fund chief Kristalina Georgieva said on Wednesday she was “very optimistic” about reaching a lending arrangement with Zambia, one of just three countries that has sought debt restructuring under a G20 framework. Read more: CNBC
International Business and Finance
Emerging market currencies are headed for more trouble next year as mounting expectations the U.S. Federal Reserve will raise interest rates to quell inflation are set to keep the U.S. dollar in the driving seat. According to a Reuters poll, Most emerging market currencies were forecast to weaken or at best cling to a range over the year as currency strategists in the October 29-November 2 fearing high commodity prices would further pressure economies already struggling with elevated inflation. Read more: CGTN
Airtel Africa PLC on Wednesday announced that it has sold its telecommunications tower company in Madagascar to Helios Towers PLC for $51.7 million. The London-listed telecommunications company said that its subsidiary will continue to develop, maintain and operate its equipment on the towers under separate lease arrangements. Read more: Business Insider
The Federal Reserve has outlined plans to withdraw the billions of dollars it has been pumping into the economy during the pandemic. Since the start of the Covid crisis, the US central bank has been buying $120bn worth of bonds every month to help keep borrowing costs low. Fed chair Jerome Powell said he expected economic growth to strengthen over the rest of the year. Read more: BBC News
Everyday Americans are getting hammered by high prices at the pump, and Bank of America thinks the pain may just be getting started. Gas prices have surged to a seven-year high of $3.40 a gallon nationally and are flirting with $4 in Nevada, Washington State and Oregon. Bank of America is now predicting that Brent crude oil, which drives gas prices, will zoom to $120 a barrel by June 2022. That’s 45% higher than current levels. Read more: CNN
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In 75 trades recorded yesterday, 31,081 shares were transacted resulting in a turnover of K83,965.51. Trading activity was recorded in, Airtel, British American Tobacco Zambia, Copperbelt Energy Corporation, Investrust, Madison Financial Services, National Breweries, Pamodzi, Puma, Standard Chartered Zambia, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) remained at 5,088.14 with a percentage change of 2.44.
Chart of the Day: