Story of the Day:
There so many fundamental keys to success and some might vary from situation to situation and from one individual to another. However, it is nearly impossible to substitute planning and preparation in attaining success – regardless of the activity or endeavour. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Suspension of mineral royalty tax to result in an annual loss of US$182 million is meant to encourage growth and maximisation of production in the mining industry, Minister of Finance and National Planning Situmbeko Musokotwane has said. Read more: Zambia Daily Mail
Zambia may seek talks with creditors to extend its debt repayments after reaching a preliminary deal with the International Monetary Fund (IMF) for a $1.4 billion facility, Finance Minister Situmbeko Musokotwane said on Tuesday. Read more: Reuters
Vedanta pointed out that demand for electricity in the country has been increasing over the last few years, while generation capacity remains stagnant, resulting in “instability in the more rural populations, including the local communities around Konkola Copper Mines (KCM)”. Vedanta said it was “committed to aid the government in its vision, including supporting new industry initiatives, as well as providing energy security for KCM and its surrounding population”. Read more: Mining Weekly
President Hakainde Hichilema has with immediate effect dissolved the boards of directors for the Financial Intelligence Center (FIC) and the Industrial Development Corporation (IDC). Minister of Finance Situmbeko Musokotwane has announced the President’s decision in a statement obtained by Q-News. Read more: Lusaka Times
International Business and Finance
The United Arab Emirates and its international finance hub Dubai are switching to a four-and-a-half-day work week ending at midday Friday to make it easier to do business globally. Read more: CNN
After nearly two full years of Covid-driven chaos, JPMorgan Chase is predicting 2022 will usher in a return to normalcy and a full healing of the economic wounds caused by the health crisis. “Our view is that 2022 will be the year of a full global recovery, an end of the global pandemic and a return to normal conditions we had prior to the Covid-19 outbreak,” Read more: CNN
The United States trade deficit narrowed to $67.1bn in October, the lowest in six months, after hitting a record high in September. A big rebound in exports helped to offset a much smaller rise in imports. The October deficit was 17.6 percent below the all-time peak in September of $81.4bn, the Commerce Department reported on Tuesday. It was the smallest monthly deficit since a $66.2bn imbalance in April. Read more: Al Jazeera
U.S. stock index futures were little changed during overnight trading on Wednesday, after the major averages posted a third straight day of gains as traders bet that the omicron variant’s economic impacts won’t be as severe as initially thought. Futures contracts tied to the Dow Jones Industrial Average slid 7 points. S&P 500 futures were down 0.03%, while Nasdaq 100 futures slid 0.08%. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 33 trades recorded yesterday, 6,602 shares were transacted resulting in a turnover of K16,885.30. Trading activity was recorded in British American Tobacco Zambia, Copperbelt Energy Corporation, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 5,445.62 with a percentage change of 0.
Chart of the Day: