Story of the Day:
Real Estate Investments Zambia Plc has advised shareholders that it expects to have a lower basic loss per share, by 251% when it publishes its audited financials for 2020, according to a statement from the company. Read more
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Zambia’s largest taxpayer, First Quantum Minerals (FQM), paid more than US$850 million in taxes, royalties, duties and fees to the Zambian government. To put it into perspective, the contribution paid to Zambia represents 78% of the entire contribution FQM paid globally. Read more: Mining Review
Government has assured the Norwegian energy business community that the country has favourable policies for those that want to invest in the energy sector. Ministry of Energy Permanent Secretary, Danies Chisenda says this is meant to increase investment in the energy sector. Read more: ZNBC
Vice President Inonge Wina has called for enhanced collaboration between Government, traditional leaders and the private sector if rural poverty is to be overcome. Mrs. Wina says Government is aware of the challenges hindering private sector investment in rural communities such as inadequate infrastructure, poor road network and lack of efficient communication facilities. Read more: ZNBC
The Ministry of National Development Planning has noted that the continued informalisation of the economy is one key factor impeding the development trajectory of the country. Permanent Secretary for Development Planning, Chola Chabala says the country’s huge informal sector continues to be one of the key issues affecting the country’s development. Read more: Lusaka Times
International Business and Finance
The Organisation for Economic Co-operation and Development (OECD) says the UK is likely to grow 7.2% in 2021, up from its March projection of 5.1%. The OECD raised its forecast for global growth to 5.8%, compared with the 4.2% it predicted in December. Read more: BBC News
A key measure of U.S. inflation, after stripping out more volatile food and energy prices, jumped to a 29-year high in April. The Bureau of Economic Analysis’ price index tracking US consumer spending rose 3.6% in the year ending April, its biggest jump since September 2008 — the height of the financial crisis. Excluding food and energy prices, the index gained 3.1%, the biggest increase since July 1992. Read more: CNN
European markets are set for a mixed open on Tuesday after closing out their fourth straight month of gains, with a host of economic data out of the euro zone coming into view. Britain’s FTSE 100 is seen around 7 points lower at 7,016, Germany’s DAX is expected to climb by around 58 points to 15,479 and France’s CAC 40 is set to add around 21 points to 6,468, according to IG data. Read more: CNBC
India’s annual economic growth rate picked up in January-March compared with the previous three months, but economists are increasingly pessimistic about this quarter after a huge second wave of Covid-19 infections hit the country last month. Gross domestic product grew 1.6% in January-March compared with the same period a year earlier, mainly driven by state spending and manufacturing sector growth. Read more: CNBC
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In 8 trades recorded yesterday 488 shares were transacted resulting in a turnover of K2,095.75. Trading activity was recorded in BATA, Pamodzi and Zambia Breweries. The LuSE All Share index (LASI) closed at 4,246.55 points.
Chart of the Day: