Story of the Day:
Government plans to finance over two thirds of the budget through the collection of domestic revenues and over thirty percent through domestic and foreign debt. Read more
Local Business and Finance
Renowned American billionaire Paul Tudor Jones has shown interest in setting up a world class game ranch around the Kafue National Park. Read more: Zambia Reports
Zesco Limited acting managing director Webster Musonda says consumers should not expect a reduction in the number of load shedding hours despite the imminent importation of power worth 300MW from Eskom, South Africa.. Read more: Diggers
The Zambia Association of Manufacturers has noted with concern the continued rising cost of energy in the country and its potential negative impact on the sector. Read more: Lusaka Times
Zambia needs to strengthen policies around natural resources to woo investment, World Bank country manager Sahr Kpundeh says. Read more: Zambia Daily Mail
A delegation from northeast China’s Jilin province on Wednesday held a meeting with various Zambian firms involved in the tourism sector as part of efforts to collaborate in the promotion of the sector. Read more: China Daily
The Zambia Airports Corporation Limited says it is looking to strengthen its non-aeronautical revenue-generating projects at Kenneth Kaunda International Airport. Read more: Lusaka Times
President Lungu said his government is willing to work with the US government at bilateral and multilateral levels to enhance cooperation to attain the goals set out in the Vision 2030 along with the 7th National Development Plan. Read more: Zambia Reports
International Business and Finance
Somalia and Kenya have agreed to normalise ties, following months of tension over a maritime border dispute.
In talks mediated by Egypt’s president Abdel Fattah el-Sisi, the Kenyan and Somali heads of state agreed ‘to restore relations to previous status’ and ‘take diplomatic steps to build confidence between the two governments’. Read more: MSN
AFRICA’S manufacturing sector is expected to double in size, averaging US$1 trillion in six years following the creation of the African Continental Free Trade Area (AfCFTA), the United Nations Economic Commission for Africa (UNECA) says. Read more: Zambia Daily Mail
South Africans have been urged to withdraw sufficient cash to sustain livelihoods during an anticipated national strike in the banking sector. Automated Teller Machines (ATMs) and banking services will be shut down on Friday, as the country’s biggest financial union Sasbo leads a strike against retrenchments. Read more: Africa News
Bulgarian economist Kristalina Georgieva has been selected as the new managing director of the International Monetary Fund. Ms Georgieva, who was previously chief executive of the World Bank, becomes the first person from an emerging economy to lead the IMF. Read more: BBC News
The US and Japan have agreed an initial trade deal that will eliminate or lower tariffs on certain products traded between them. Duties on some agricultural goods will be removed or lowered, while digital products will also benefit. Read more: BBC News
The Federal Reserve Bank of New York said it would increase the size of overnight cash loans to $100 billion from $75 billion. Read more: Wall Street Journal
China’s economic numbers in the last few months have disappointed expectations but the worst is not over — analysts are expecting third quarter data to come in even weaker than before. Read more: CNBC
Capital Markets Report
In 14 trade recorded yesterday, 65,320 shares were transacted, yielding a market turnover of K124,941. Trading activity was recorded in AEL Zambia, Copperbelt Energy Corporation and Standard Chartered Bank Limited. The LuSE All Share Index (LASI) maintained its previous close of 4,371.04 point as there were no price movements. The market remained on a capitalization of K56,998,673,690.57 including Shoprite Holdings and K22,759,467,710.57 excluding Shoprite Holdings.
Chart of the Day:
