Story of the Day:
First Quantum Minerals (FQM) contributed the majority of government revenue generated from the extractive sector in 2019, according to the latest Zambia Extractive Industry Transparency Initiative (ZEITI) report. Read more
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The Copperbelt Energy Corporation Plc (CEC) says it remains hopeful that a quick solution can be found for Konkola Copper Mines (KCM) to dismantle its outstanding US $150 million debt owed to the former to ease the heightened level of uncertainty. Read more: News Diggers
The Zambia National Building Society (ZNBS) has posted a profit after tax of over K27.3 million during its financial year period ending March 31, 2020, mainly boosted by higher interest income. Read more: News Diggers
Zambia will on the December 17, have its 2021-2023 Economic Recovery Plan (ERP) unveiled by Republican head of state Dr. Edgar Lungu. Amidst economic turbulence occasioned by fiscal fragilities amplified by disease pandemic, the Zambian authorities will seek to spell a recovery plan that will assist in clawing back eroded growth and will set the stage for a V shaped recovery post COVID. Read more: The Business Telegraph
The National Pension Scheme Authority (NAPSA) has bought an 8% stake in MTN Zambia through a share placement. This was confirmed in a statement released by NAPSA on Wednesday. Read more: Lusaka Times
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The U.S. Federal Reserve now expects real gross domestic product to fall just 2.4% in 2020, compared to a decline of 3.7% predicted in September. The Fed also upped its 2021 real GDP forecast to 4.2% from 4.0% expected previously. Read more: CNBC
The outgoing US administration is in talks with the UK to try to seal a mini-deal to reduce trade tariffs, Donald Trump’s trade chief has said. US Trade Representative Robert Lighthizer told the BBC he was hopeful for a deal that could see punitive tariffs on Scottish whisky lowered. The UK recently said it would drop tariffs against the US over subsidies for aerospace firms. Read more: BBC News
Bitcoin has hit a new all-time high breaking through $20,000. The volatile virtual currency has gained more than 170% this year amid stock market turmoil. On Wednesday Bitcoin jumped 4.5% to as much as $20,440 buoyed by demand from large investors keen on its potential for quick profits. Read more: BBC News
A California-based startup that promises to make zero-carbon flight a reality has just received a major vote of confidence. ZeroAvia, a company developing hydrogen-electric technology to power aircraft, said Wednesday that it’s raised $21.4 million from investors including Amazon, Shell and Breakthrough Energy Ventures, a company established by Bill Gates in 2015. Read more: CNN
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In 30 trades recorded yesterday, 18,347 shares were transacted yielding a market turnover of K26,561. A share price gain was recorded in Real Estate Investments Zambia of K0.01. Trading activity was also recorded in CCHZ and ZCCM. The LuSE All Share Index (LASI) closed at 3,937.35 points, up from its close of 3,937.22 points. The market closed on a capitalization of K57,617,254,395 including Shoprite Holdings and K23,378,048,415 excluding Shoprite Holdings.
Chart of the Day:
