Story of the Day:
The new dawn government has recognized that a world class financial services sector is critical to attracting investment in the economy. What has it promised to deliver and how will it do so? The manifesto highlights four components it will address. Read more
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Zambia’s total public debt to foreign and local lenders was just shy of $27 billion at the end of June, the Finance Ministry revealed on Wednesday. The figure was equal to about 115% of GDP, according to the latest World Bank figures from 2019, and could be more because Zambia’s economy contracted sharply last year. Read more: Reuters
The first cohort of over 52 representatives of Zambian companies has arrived in the Democratic Republic of Congo (DRC) ready to talk business with their Congolese business counterparts. Read more: Zambia Reports
Promotion of renewable energy will help grow the economy and limit charcoal production, which is a major driver of deforestation, Minister of Green Economy and Environment Collins Nzovu has said. Mr Nzovu said growing the green economy in sustainable ways needs concerted efforts. “As we grow our economy, we need to use our natural resources in a sustainable way so that we can create green jobs,” Mr Nzovu said. Read more: Zambia Daily Mail
China-Zambia cooperation has great potential and a bright prospect, Chinese State Councilor and Foreign Minister Wang Yi said on Monday in a phone conversation with Zambia’s Minister of Foreign Affairs and International Cooperation Stanley Kakubo. Read more: CGTN
International Business and Finance
Evergrande has called off plans for a multibillion-dollar deal for its property management unit, worsening its cash crunch as the Chinese real estate giant teeters on the brink of collapse. The company announced late Wednesday that it had terminated an agreement to sell a controlling stake of Evergrande Property Services to rival Chinese developer, Hopson, for about 20 billion Hong Kong dollars (roughly $2.6 billion). Read more: CNN
The bitcoin bull market is showing no signs of slowing down. Bitcoin, the world’s most valuable cryptocurrency, hit a new all-time high of nearly $67,000 Wednesday, topping the previous record set in April. Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September. Read more: CNN
Tesla reported record earnings that blew past Wall Street forecasts, as the company was able to shake off the effects of a shortage of computer chips and other raw materials that has dogged the auto industry in recent months. The company reported operating earnings of $2.1 billion, up 30% from its previous record earnings in the second quarter. Read more: CNBC
Consumer prices in Canada rose at their fastest rate in 18 years in September, as the country continued to grapple with global supply chain issues. The annual inflation rate hit 4.4%, up from 4.1% in August, its highest level since February 2003. The costs of transport, housing and food all jumped, the country’s official statistics agency said. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 8 trades recorded yesterday, 4,968 shares were transacted resulting in a turnover of K7,827.30. Trading activity was recorded in Standard Chartered Limited Zambia, Zambeef, Zanaco and Lafarge. The LuSE All Share Index (LASI) closed at 4,885.34 points with a percentage change of 2.27%.
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