Story of the Day:
The tribunal appointed in the arbitration proceedings in the matter of Vedanta versus ZCCH-IH which were commenced by the former, has rejected the application for the withdrawal of the matter as well as the removal of the liquidator, according to a statement from ZCCM-IH. Read more
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Gemfields, the owner of 75% of Kagem Mining Limited, boosted its group-wide revenue by 5% in 2019, exceeding US$200 million of income from emerald and ruby auctions for the first time. Total group revenue rose to a record high of US$216.2 million from US$206.1 million in 2018, following six successful auctions of emeralds from Zambia and rubies from Mozambique. Read more. Zambia Reports
As Zambia grapples with a currency slide quagmire that has seen the copper currency hit all-time lows, the central bank stepped into curb volatility through a ‘15 pip’ point system. BOZ further prescribed that rule No.9 of the IFEM rules, “Authorised Dealers may seek services of a foreign exchange broker, but shall not deal with a foreign exchange broker that has not been approved by the bank. Read more: The Business Telegraph
The Jesuit Center for Theological Reflections – JCTR Irish aid sponsored Basic Needs and Nutrition Basket (BNNB) for March 2020 survey results show that Zambias cost of living for a family of five (5) stands at about K7,014.13 (about US$390). Read more: Zambian Business Times
The Association of mine suppliers and contractors have called on government to repossess Mopani Copper Mine – MCM and put in place a business rescue plan as opposed to letting the current management place the copper mine on care and maintenance. Read more: Zambian Observer
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The World Trade Organization (WTO) is predicting a severe decline in international commerce this year. In a new report the WTO forecasts a contraction of between 13% and 32% this year. Read more: BBC News
The economic fallout from the coronavirus could increase global poverty by as much a half a billion. This bleak warning comes from a United Nations (UN) study into the financial and human cost of the pandemic.It will be the first time that poverty has increased globally in 30 years, according to the report. Read more: BBC News
Russia has rejected suggestions that a market-driven fall in oil production from US shale producers could count towards the country’s share of a potential global crude reduction deal, dampening hopes of a significant agreement this week. Read more: Financial Times
The coronavirus pandemic is set to rob the global economy of more than $5 trillion of growth over the next two years, greater than the annual output of Japan. That’s the warning from Wall Street banks as the world plunges into its deepest peacetime recession since the 1930s, after the virus forced governments to demand that businesses close and people stay home. Read more: Bloomberg
Airbus announced plans on Wednesday to cut jetliner production across the board after the coronavirus epidemic triggered aviation’s worst industrial crisis and drastically reduced deliveries to cash-starved airlines. Read more: Reuters
South African business confidence dropped to its lowest in seven months in March as the global COVID-19 pandemic impacted vehicles sales and saw the rand currency weaken, a survey showed on Wednesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) fell to 89.9 in March from 92.7 in February. Read more: Reuters
Africa’s biggest airline, Ethiopian Airlines, has started to furlough workers, including crew members in response to the devastating impact of the coronavirus crisis on the global travel industry. The union, which represents most of the airline’s 8,000 workers, criticized the decision to lay off thousands of employees with no pay for three months and possibly longer in the midst of a pandemic. Read more: MSN
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In 6 trades recorded yesterday, 39,000 shares were transacted yielding a market turnover of K40,590. A share price loss of K0.02 was recorded in Lafarge. Trading activity was also recorded in Copperbelt Energy Corporation and Standard Chartered Bank Limited. The LuSE All Share Index (LASI) closed at 4,152.07 points, 0.02% down from its previous close of 4,152.99 points. The market closed on a capitalization of K56,039,396,991 including Shoprite Holdings and K21,800,191,011 excluding Shoprite Holdings.
Chart of the Day: