Story of the Day:
CEC Africa recorded a net loss of ZMW 576 million (Kwacha Five Hundred Seventy-six Million) for the half year 2021, but its performance continued to make steady improvement regarding various issues that have affected its performance in previous years. Read more
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Major mining companies are looking to invest in countries they previously considered too risky, including Democratic Republic of Congo and Zambia, propelled by a dwindling pipeline of big copper mines elsewhere and record-high prices. Read more: Mining
The U.S. Government, through the United States Agency for International Development (USAID), has announced an additional $11.3 million in assistance for Zambia to strengthen democracy and governance and support small and medium sized agribusiness enterprises. In the two months since Zambia’s August 12 presidential election, USAID has programmed approximately $30 million in new U.S. Government funding for the Zambian people. Read more: Africa News
The Energy Regulation Board – ERB has disputed that there is an impending fuel price hike, stating that there is currently no fuel price review discussion by the regulator. Read more: Zambian Business Times
Zimbabwe is negotiating for new power supply deals with Zambia and Mozambique, which could see the country importing additional 280 megawatts from the two countries, Energy and Power Development Minister Zhemu Soda has said. Read more: ZimEye
International Business and Finance
The UK economy grew by 0.4% in August as more people dined out, went on holiday and attended music festivals. The Office for National Statistics (ONS) said the services sector made the biggest contribution to economic growth in the first full month after all Covid restrictions were lifted in England. Read more: BBC News
Computer chip shortages. Epic port congestion. And a serious lack of truck drivers. The world’s delicate supply chains are under extreme stress. The supply chain nightmare is jacking up prices for consumers and slowing the global economic recovery. Unfortunately, Moody’s Analytics warns supply chain disruptions “will get worse before they get better.” Read more: CNN
JPMorgan Chase on Wednesday posted third-quarter results that exceeded expectations on a $1.5 billion boost from better-than-expected loan losses. The gain came after the bank released $2.1 billion in reserves and had $524 million of charge-offs in the quarter, New York-based JPMorgan said in a release. Read more: CNBC
The Dow Jones Industrial Average was flat Wednesday as investors digested fresh inflation data and third-quarter earnings reports. The blue-chip average traded near the flatline after shedding more than 260 points at its intraday lows. The S&P 500 traded 0.3% higher, fluctuating between gains and losses throughout the session. The Nasdaq Composite ticked up 0.6%. Read more: CNBC
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In 15 trades recorded yesterday, 3,127,647 shares were transacted resulting in a turnover of K3,512,966.62. Trading activity was recorded in Copperbelt Energy Corporation, Standard Chartered Limited Zambia, Real Estate Investments Zambia, Zambia Sugar, ZAFFICO and Puma. The LuSE All Share Index (LASI) maintained its close at 4,996.08 points, with a 0.33 percent increase.
Chart of the Day: