Story of the Day:
Listed Cement manufacturer Lafarge Zambia Plc has announced the appointment of Mr John William Stull as a new Director, according to a published statement from the company. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Increase in value of investments has resulted in ZCCM-Investments Holdings (ZCCM-IH) growing its asset base by 14% to K15.2 billion as at December 31, 2019 from K13.4 billion. According to the abridged audited financial results for the nine months period ended December 31, 2019 posted on the Lusaka Securities Exchange (LuSE), there was an increase in the value of investments, which grew to K11.9 billion as at December 2019 from K10.3 billion as at March 31, 2019. Read more: Zambia Daily Mail
Oil Marketing Companies Association of Zambia (OMCAZ) president Dr Kafula Mubanga has attributed the prevailing shortage of fuel to product hikes at ports of discharge. And Dr Mubanga says the suspension of Value-Added Tax (VAT) on diesel and petrol has been swallowed by the rising prices of fuel at ports of discharge. Read more: News Diggers
With the super high prices of industrial processed cooking oil on the market, smaller and medium size cooking oil manufacturing plants are now in business with their retail prices saving consumers about 30 to 50%. And one of the leading suppliers of small and medium size cooking oil crushing and processing plants Saro Agro has revealed that the demand for the cooking oil crushing plants has continued to increase. Read more: Zambian Business Times
The formalisation process of over 15,000 artisanal gold miners in the Lusangazi District of the Eastern Province has advanced into its finalisation stage. Migodi-Auric Limited Chief Executive Officer Cletus Mwiinga says that the finalisation stage involves environmental regulatory approval of the artisanal mining operations. Read more: Lusaka Times
International Business and Finance
The Federal Reserve expects to raise interest rates in 2023, according to new economic projections the central bank published Wednesday. That’s a sharp contrast from the Fed’s previous forecast in March, in which the central bank predicted rates would stay near zero for at least the next two years. Read more: CNN
The World Bank has rejected a request from El Salvador to help with the implementation of Bitcoin as legal tender. The international lender cited concerns over transparency and the environmental impact of Bitcoin mining. Earlier this month, the Central American country announced plans to become the first nation to formally adopt the digital currency. Read more: BBC News
Ten banks have been excluded over past breaches of antitrust rules from European Union syndicated debt sales backing Brussels’ up to 800 billion euro ($969 billion) COVID-19 recovery fund. Read more: Reuters
The underinvestment in copper over the past decade is causing supply problems now, at a time when prices have shot up and green initiatives create higher demand for the metal, says commodity analyst Reid I’Anson of market intelligence firm Kpler. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 18 trades recorded yesterday 14,256 shares were transacted resulting in a turnover of K12,804. Trading activity was recorded in Copperbelt Energy Corporation, Real Estate Investments Zambia, Standard Chartered Zambia, Zambeef, ZAMEFA and Zanaco. The LuSE All Share index (LASI) maintained its close at 4,381.74 points, as there were no share price movements. The market closed on a capitalization of K59,326,084,037 including Shoprite Holdings and K25,081,443,262 excluding Shoprite Holdings.
Chart of the Day:
