Story of the Day:
With the advent of the pandemic, many Zambian businesses have notably adopted a work from home (WFH) strategy in order to ensure business continuity. This is despite government easing some of the restrictions that came with the first lock down albeit with spike of inflections being recorded in the southern hemisphere’s winter season. Read more
Local Business and Finance Sponsored By Liquid Telecom
Zambia’s Ambassador to China Winnie Chibesakunda has met with Cheng Qiuyan, Director General for Guangdong Provincial Foreign Affairs Office to discuss investment in Zambia’s priority sectors. Ambassador Chibesakunda and the Director General agreed to work together to attract Chinese investment from the province in Zambia’s wood and wood subsector. Read more: Lusaka Times
The World Bank has given Zambia $142 million for women empowerment while The Swedish International Development Association (SIDA) and the UK Department for International Development (DFID) which are jointly funding the program have also provided $35 million co-financing grant. Read more: CGTN
The Zambia Chamber of Commerce and Industry (ZACCI) and the Latvian Chamber of Commerce and Industry (LCCI) have signed a memorandum of understanding (MoU) meant to enhance economic cooperation between Zambia and Latvia. Read more: The Independent Observer
ZCCM-IH Limited has invested about $1.5 million in setting up a manganese mine in Serenje District of Central Province. ZCCM-IH CEO Mabvuto Chipata said the resources have gone towards the setting up of site infrastructure such as a weigh bridge and offices, and the resettlement of nine households affected by the project. Read more: Zambia Reports
The Zambia Development Agency (ZDA) says Zambia is also open to investments from other African countries just like it welcomes investments from other continents in the world. ZDA Board Chairman Fisho Mwale said Zambia wants to integrate its economy with other African countries in order to grow its economy Read more: ZNBC
Volt Resources has set the record straight, following claims another company may have ownership in the Luiri Hill Gold Mine in Zambia. Volt is in the process of acquiring an 85% stake in the mine, as part of an agreement with Cupriferous Resources and Bukomo Mining. But a recent article alleged that a completely separate company, called Westate Capital, may have a claim in the gold mine. Read more: The Market Herald
International Business and Finance
The U.S. Federal Reserve held interest rates steady in a decision announced Wednesday that came along with a tepid outlook on the coronavirus-plagued economy. Read more: CNBC
The heads of some of the world’s biggest tech companies appeared before Washington lawmakers to defend their firms against claims they abuse their power to quash competitors. Amazon boss Jeff Bezos said the world “needs large” firms, while the heads of Facebook, Apple and Google argued their companies had spurred innovation. Read more: BBC News
Boeing has said it will stop making its classic 747 plane and is eyeing steeper job cuts than those it has previously announced. The firm is also planning to slow production of many of its jets, including the troubled 737 Max. The changes come as the firm disclosed a $2.4 billion loss as the virus depressed demand for air travel. Read more: BBC News
Huawei became the world’s top smartphone seller last quarter, overtaking Samsung for the first time ever, according to an independent market research report released Thursday. The Chinese tech company shipped 55.8 million phones in the three months ended in June, surpassing longtime rival Samsung, which shipped 53.7 million. Read more: CNN
Kenya’s central bank held its benchmark lending rate at 7.0% for the third time in a row on Wednesday, saying its current easing stance was having the desired effect. Read more: Reuters
Capital Markets Report Sponsored By ZCCM IH
In 11 trades recorded yesterday, 1,433 shares were transacted yielding a market turnover of K2,066. A share price loss of K0.01 was recorded in Copperbelt Energy Corporation, and a share price gain of K0.20 was recorded in Lafarge. Trading activity was also recorded in Bata, Puma and ZCCM. The LuSE All Share Index (LASI) closed at 3,865.40 points, 0.14% up from its previous close of 3,859.94 points. The market closed on a capitalization of K55,645,209,233 including Shoprite Holdings and K21,406,003,253 excluding Shoprite Holdings.
Chart of the Day:
