Story of the Day:
The horrific experience of Covid 19 which has left a lot of businesses incapacitated has many major retailers and some manufacturers opting to Omnichannel marketing, buying and selling to curb what could have been a complete global economic meltdown. Read more
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As the world joins Zambia in mourning and celebrating the life of its First Republican President Dr. Kenneth David Kaunda, memories about the legacies he has left linger on. One area of participation the article highlights, is his participation in the Conseil intergouvernement des pays exportateur de cuirve (French) for Intergovernment Council of Countries Exporters of Copper – CIPEC created in Lusaka in 1967 with the sole objective of co-ordinating policies of the country members looking for growth in revenues from copper. Read more: The Business Telegraph
Government has called for more investments in the processing of manganese in Mkushi district to help reduce the export of the mineral in its raw form. It is important for private sector to take advantage of the investment opportunities in the processing of manganese to encourage value addition, Mkushi district commissioner Emmanuel Sinkonde said in an interview on Monday. Read more: Times of Zambia
The Mpulungu Harbour Corporation Limited (MHCL) has declared a dividend worth K2.4 million to its shareholders, the Industrial Development Corporation (IDC). This was the first dividend the company was declaring to its shareholders. IDC group chief executive officer, Mateyo Kaluba commended Mpulungu Harbour Corporation for its performance. Read more: Times of Zambia
The GDP Capital and Minerals Group Ltd (“trading as GDP Capital”) has announced its rebranding to African Minerals and Energy Holdings Limited, Nyasatimes has established. “The rebranding of the group also includes the group’s Zambian mining subsidiary which has also rebranded to African Minerals and Energy (Zambia) Limited. Read more: Nyasa Times
International Business and Finance
The 2021 Annual Meetings of the African Development Bank kicked off on Wednesday. The meetings which will last until Friday are being held virtually due to the coronavirus pandemic. The meetings will provide a platform for the Bank’s governors to share their experience in addressing the pandemic and the policy measures they are employing to rebuild economies and livelihoods, according to a press release by the bank. Read more: Africa News
Chinese President Xi Jinping agreed to a restructuring of Congo’s vast debts which prevents this Central African country from resuming negotiations with the International Monetary Fund (IMF). The Congo owes China 1,300 billion CFA francs (2 billion dollars), according to the government, while the country’s overall debt currently stands at 6,016.5 billion CFA francs (more than 10 billion dollars) as of December 31, 2020. Read more: Africa News
Cost pressures on UK firms have gone up at a record level, suggesting that the current surge in consumer prices may be more than just a blip. Composite Purchasing Managers’ Index (PMI), gave a reading of 61.7, based on initial readings for June, down only slightly from 62.9 last month. Any figure above 50 indicates expansion. Consumer price inflation hit a two-year high of 2.1% in the year to May. Read more: BBC News
The US economy is inching back to normal. But the recovery remains uneven and some states are lagging behind in the race to get back to pre-pandemic strength — especially New York. An index shows that the US economy as a whole was 93% back to normal as of June 18. But New York was only at 83%, leaving it with the furthest to go to get back into pre-Covid shape. Read more: CNN
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In 33 trades recorded yesterday, 1,249,414 shares were transacted resulting in a turnover of K2,434,972. A share price gain was recorded in Lafarge of K0.04. Trading activity was also recorded in Copperbelt Energy Corporation, Lafarge, Real Estate Investments Zambia and ZAFFICO. The LuSE All Share index (LASI) closed at 4,401.47 points, 0.04% up from its previous close of 4,399.64 points. The market closed on a capitalization of K59,412,219,217 including Shoprite Holdings and K25,167,578,442 excluding Shoprite Holdings.
Chart of the Day: