Story of the Day:
Budgeting is one of the most important aspects of financial prudence. When properly implemented, it promotes financial discipline as spending is based on what is available and what is necessary. Due to these reasons, nations, corporations, and individuals need to plan how much they spend based on how much they raise. Read more
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ActionAid global tax advisor Mtwalo Msoni says there is need for government to create a ‘wealth tax’ where the country’s high-income earners can contribute towards funding development and narrow the huge inequality gap. And Msoni says government should do away with borrowing money to finance development, but fund it with locally-mobilised resources. Read more: News Diggers
Four companies have expressed interest to take over Chambeshi Metals which has been on care and maintenance for about 30 days now. Mines Minister Richard Musukwa says the four companies interested in the Chinese-owned mine include two Zambian firms, a United Kingdom-Dubai partnership and an American and Australian partnership. Read more: ZNBC
The Zambia Development Agency (ZDA) has actualised investments of over $400 million from 22 enterprises in the first quarter of 2020. ZDA interim Board Chairperson David Masupa says from the actualised investment, over 6,000 jobs have been created. Read more: ZNBC
Germany is looking at increasing engagement with Africa as a whole and individual countries such as Zambia in order to expand economic diplomacy beyond the European Union as it continues to grow as a global player said the Federal Minister of Defence Hon. Annegret Kramp-Karrenbauer. Read more: Zambia Reports
Minister of Tourism and Arts Mr Ronald Chitotela has tasked the Zambia Tourism Agency (ZTA) to aggressively market rates for local tourists as a way of highlighting the affordability of tourism packages in the country. Read more: Zambia Reports
The European Union – EU Zambia office is calling for Agribusiness proposals from eligible Zambians to access grant funding of up-to €1 million under its Enterprise Zambia Challenge Fund. Read more: Zambian Business Times
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Federal Reserve Chairman Jerome Powell urged Congress on Wednesday to provide the U.S. economy with more fiscal support to combat the coronavirus pandemic’s ongoing impact. Read more: CNBC
Economist Stephen Roach warns next year will be brutal for the dollar. Not only does he see growing odds of a double-dip recession, the Yale University senior fellow believes his “seemingly crazed idea” that the dollar would crash shouldn’t be so crazy anymore. Read more: CNBC
Major carmakers are suing the US government over import taxes it has imposed on Chinese parts. Tesla is the latest auto firm to object to customs duties introduced by the Trump administration and is demanding refunds. The US and China have imposed border taxes on each other’s goods and services as part of a trade war. Read more: BBC News
The U.K. Treasury has scrapped plans for an Autumn Budget this year because of the coronavirus pandemic. There will however be a spending review to set out the overall shape of government spending. Read more: BBC News
JPMorgan Chase & Co is moving about 200 billion euros ($234 billion) of assets from the United Kingdom to Germany as a result of Britain’s exit from the European Union, a source familiar with the matter said on Wednesday. Read more: Reuters
Citibank plans to spend more than $1 billion to help close America’s racial wealth gap. The move announced Wednesday is part of the bank’s new Action for Racial Equity program, which was developed in the aftermath of the death of George Floyd earlier this year. Of the total $1.15 billion in funds, Citi will spend $550 million to help more people of color purchase homes and promote affordable housing built by minority developers. Read more: CNN
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In 31 trade recorded yesterday, 11,312 shares were transacted yielding a market turnover of K9,333. Trading activity was recorded in Airtel, BATA, Copperbelt Energy Corporation, PUMA and Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 3,834.35 points, as there were no share price movements. The market closed on a capitalization of K55,510,536,355 including Shoprite Holdings and K21,271,330,375 excluding Shoprite Holdings.
Chart of the Day:
