Story of the Day:
It’s not about what you do, it’s about who you know. I’ve heard this statement mentioned so many times by different people in different walks of life and if this is partially or entirely true, instead of taking it so negatively, why not start asking the question, “How can I know people?” The answer is simple. Let people know you at your best – be a person that people would like to work with. Read more
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Zambia’s central bank left lending rates unchanged at 8.5% on Wednesday, saying it now expected inflationary pressures to ease earlier than expected and economic growth to recover faster. Annual Inflation was at 22.7% in April. The Bank of Zambia governor said he was “positive” talks with the International Monetary Fund (IMF) over a debt restructuring would be successful. Zambia became Africa’s first pandemic-era sovereign defaulter in November. Read more: Reuters
Zambia Information and Communications Technology Authority (ZICTA) has confirmed that the contract of employment for its Director General, Engineer Patrick Mutimushi has expired and has not been renewed. Read more: Zambian Business Times
Two Zambian companies have signed a Joint Venture Cooperation with Africa Star Holdings, a Zimbabwean company to supply 20 Million liters of fuel from Russia every week. The companies are Midlands Zam-Mal Oils which will be marketing and supplying the petroleum products and Pivotech which will be handling the logistics. The cooperation will lead to the creation of over 200 jobs. Read more: ZNBC
The Zambia Tourism Agency (ZTA) is optimistic that inflow of tourist arrivals will increase following a turbulent 2020 that saw the sector heavily hit by the COVID-19 pandemic.ZTA Acting Chief Executive Officer Doris Kofi says the indications look positive. Ms Kofi expressed confidence that by the second half of the year, the number of tourist arrivals is likely to upsurge. Read more: Lusaka Times
International Business and Finance
U.S. Federal Reserve officials at their April meeting said a strong pickup in economic activity would warrant discussions about tightening monetary policy, according to minutes from the session released Wednesday. Read more: CNBC
The price of Bitcoin fell below $34,000 for the first time in three months on Wednesday, after China imposed fresh curbs on crypto-currencies. Beijing banned banks and payment firms from providing services related to crypto-currency transactions. It follows falls in Bitcoin of more than 10% last week after Tesla said it would no longer accept the currency. Read more: BBC News
The annual UK inflation rate more than doubled in April, as a rise in energy and clothing costs drove prices higher. The jump to 1.5% in April from 0.7% in March, means consumer prices are rising at their fastest rate since March 2020 at the outset of the pandemic. Read more: BBC News
Ghana’s President Nana Akufo-Addo has called for the cancellation of debts owed by African countries to their European counterparts and other financial institutions. He further demanded the restructuring of the global financial architecture to respond better to Africa’s needs. Read more: Business Insider
Capital Markets Report Sponsored By ZCCM-IH
In 33 trades recorded yesterday, 5,111,246 shares were transacted resulting in a turnover of K4,600,481. Share price gains were recorded in Lafarge of K0.61 and in Zanaco of K0.15. Trading activity was also Copperbelt Energy Corporation, First Quantum Minerals and ZAMEFA. The LuSE All Share Index (LASI) closed at 4,218.25 points, 1.84% up from its previous close of 4,140.66 points. The market closed on a capitalization of K58,570,656,394 including Shoprite Holdings and K24,326,015,619 excluding Shoprite Holdings.
Chart of the Day: