Story of the Day:
The newly elected administration of Zambia’s Government will soon be unveiling their detailed economic agenda for the country following the inauguration of President Hakainde Hichilema on 24th August 2021. This article is the first in a series that seeks to decode some of the nuances in the UPND manifesto that intends to inform internal (entrepreneurs & established businesses in Zambia) and external (International stakeholders ranging from prospective investors) stakeholders on the economic agenda moving forward. Read more
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The United Kingdom (UK) Government has committed nine million pounds in support of Zambia’s education sector and Small and Medium Sized businesses to deliver green growth and cope with the impact of Covid-19. Read more: ZNBC
Turkish President Recep Tayyip Erdogan says relations between Zambia and Turkey will be further strengthened for the mutual benefit of the two countries following the inauguration of President Hakainde Hichilema. In his congratulatory message, President Erdogan also wished President Hichilema and the people of Zambia good health, happiness and peace. Read more: ZNBC
Mozambique and Zambia are planning a series of meetings to deepen cooperation, especially in the areas of agriculture and energy, Rádio Moçambique reports. President of the Republic Filipe Nyusi said that the meetings should take place as soon as possible, given the mutual interests of the two countries. Read more: Club of Mozambique
Special Assistant to United States President Joe Biden and Senior Director for Africa Dana Banks says the US government will soon send an Ambassador to Zambia once the selection process is complete. And Banks says her government stands ready to support and assist Zambia in economic growth and reforms. Read more: News Diggers
Singapore businessmen are eyeing to invest in Zambia’s agriculture and tourism sectors to enhance trade between Africa and Asia. Enterprise Singapore Southern Africa regional director Bridget Shoo said this during the Enterprise Singapore virtual media briefing recently where Africa and Asia business opportunities were unveiled with Zambia being cited as a favourable investment destination. Read more: Zambia Daily Mail
International Business and Finance
Airtel Africa has now received $375million from three investors, Qatar Investment Authority (QIA), The Rise Fund, and Mastercard. Balancing proceeds to be received upon completion of the second close amounts to ($125million), rounding up the cumulative proceeds from minority stake sales in Airtel Money to $500 million. Read more: Business Insider
US President Joe Biden hosted a cybersecurity summit Wednesday with CEOs in sectors ranging from tech to insurance. Google said it would invest more than $10 billion over five years to strengthen cybersecurity while Microsoft committed $20 billion over five years to deliver more advanced security tools. Read more: CNBC
South Korea has become the first major Asian economy to raise interest rates since the coronavirus pandemic began. The Bank of Korea increased its base rate of interest from a record low of 0.5% to 0.75%. The move is aimed at helping curb the country’s household debt and home prices, which soared in recent months. Read more: BBC News
The reopening of the world’s third busiest container port in China is great news for global trade. The Meishan terminal at the Ningbo-Zhoushan Port in eastern China resumed operations Wednesday, ending a two-week long suspension after a dock worker tested positive for Covid-19. The closure was stressing tangled supply chains, as companies face sky-high costs and delivery delays 18 months into the pandemic. Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 20 trades recorded yesterday, 3,251,812 shares were transacted resulting in a turnover of K2,902,365. Trading activity was recorded in Copperbelt Energy Corporation, Pamodzi, Standard Chartered Zambia, ZCCM and Zanaco. The LuSE All Share Index (LASI) maintained its close at 4,645.12 points, as there were no share price movements. The market closed on a capitalization of K61,013,500,958 including Shoprite Holdings and K26,230,815,518 excluding Shoprite Holdings.
Chart of the Day: