Story of the Day:
It is a known fact that China and Zambia have shared a long history that has been beneficial to both countries. Granted many may argue of the exact extent of the impact either country has had though it is no secret the Chinese infrastructure investment in Zambia and the wider African continent has been substantial. Read more
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Just over a year after being named Zambia’s central bank governor taking over of Dr. Denny Kalyalya, Christopher Mvunga resigned from his role as Bank of Zambia head. This was established in a press statement from state house on September 07. President Hichilema has also designated Dr. Francis Chipimo the current Deputy Governor Operations to act as Bank of Zambia (BOZ) Governor following the resignation of Mr. Christopher Mvunga. Read more: The Business Telegraph
Finance Minister Dr Situmbeko Musokotwane has held 2022 National Budget consultations with the Zambia Association of Manufacturers (ZAM). During the consultative meeting held at the Ministry of Finance Headquarters, Dr Musokotwane reiterated the need for industry to play an elevated role in Job creation, Value addition Tax compliance and Import substitution. Read more: Lusaka Times
Atlas Mara Bank has launched agency banking to help increase access and uptake of basic financial services within communities. The service will supplement Government’s effort of increasing financial inclusion from 60% to 80% by 2022. Under the product, the bank has received a grant of K2.98 million from Rural Finance Extension Programme (RUFEP). Read more: Zambia Daily Mail
Bankers Association of Zambia (BAZ) chief executive officer Leonard Mwanza has called on individuals holding on to cash outside the banking system to deposit the money in order to help boost the volume of cash in circulation. On Saturday, the Bank of Zambia said there was an unprecedented rise in the demand for cash countrywide during the past few months which had led to the shortage of banknotes and coins. Read more: News Diggers
International Business and Finance
Ministers agreed to cut key climate pledges to help clinch the UK trade deal with Australia it has emerged. According to an email from an unnamed Cabinet official, leaked to Sky News, government ministers referred to dropping “climate asks” to get the deal “over the line”. This included cutting references to limiting global warming to specific temperatures. Read more: BBC News
America has more job openings than it can fill. That has been a truth of the pandemic recovery. Now the Delta variant is threatening to make that even worse. In July, the number of jobs available in the United States climbed to 10.9 million, a new record high, the Bureau of Labor Statistics reported Wednesday. Read more: CNN
Ukraine is the fifth country in as many weeks to lay down some ground rules for the cryptocurrency market, a sign that governments around the world are realizing that bitcoin is here to stay. Read more: CNBC
Market participants are keenly watching the European Central Bank this week as the Frankfurt institution meets to discuss its pandemic-era stimulus amid soaring inflation and solid economic growth. Read more: CNBC
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In 119 trades recorded yesterday, 5,628,387 shares were transacted resulting in a turnover of K10,655,164. A share price loss was recorded in Standard Chartered Zambia of K0.17. Trading was also recorded in Copperbelt Energy Corporation, Lafarge, SHOP, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 4,763.69 points, 0.56% down from its previous close of 4,790.43 points. The market closed on a capitalization of K61,529,247,856 including Shoprite Holdings and K26,746,562,416 excluding Shoprite Holdings.
Chart of the Day: