Story of the Day:
Increased copper production at First Quantum Minerals’ Sentinel Mine in Kalumbila has boosted business opportunities for local suppliers and created jobs for local people. Read more
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A Zambian court on Monday dismissed a motion by miner Vedanta Resources’ seeking to stop a state-appointed provisional liquidator from splitting up its Konkola Copper Mines (KCM) unit and selling the assets. The ruling is a blow to the Indian-owned mining company which has said it would fight any attempt by Zambia to sell KCM to third parties. Read more: Reuters
The Policy Monitoring and Research Centre (PMRC) says Government needs to amend the Mines and Minerals Development Act No. 11 of 2015 to ensure that Zambians benefit from the mining sector. PMRC Executive Director Bernadette Zulu says this will help Government to maximise from the 100 percent acquisition of Mopani Copper Mines. Read more: ZNBC
The Zambia Revenue Authority (ZRA) has signed memoranda of understanding with local government authorities to act as tax collection agents on behalf of the Commission. Read more: ZNBC
Cement prices in the capital city have increased by an average of 18 percent and the rise has been attributed to the continued devaluation of the Kwacha against major currencies. The move is expected to affect the construction industry, which has over the years recorded growth. Read more: Zambia Daily Mail
Zambia could become a seed collection hub following the US$5 million investment project which has been set up in the Lusaka South Multi-Facility Economic Zone (LS-MFEZ). Read more: Zambia Daily Mail
International Business and Finance
Alibaba is coming off what was likely a big quarter for its e-commerce business. But China’s most famous tech firm is still poised to face nervous investors on Tuesday as a regulatory crackdown in China continues to cast a shadow over its future. The company is expected to report a 33% jump in revenue for the quarter ended December compared to a year earlier. Read more: CNN
Silver futures rose 8% to at $29.06 an ounce, marking the largest one-day pop in silver on NYMEX since at least 2013. The contracts traded 11% higher at $30.35 an ounce earlier in the day, the highest level since Feb. 15, 2013. Read more: CNBC
Australia’s central bank held rates at near-zero in a widely expected decision on Tuesday and said it would expand its bond buying program by A$100 billion ($76.4 billion)from mid-April to help support jobs and boost inflation. Read more: CNBC
Kenya’s public debt rose by 1.3 trillion shillings (11.8 billion U.S. dollars) in 2020 as the east African nation stepped up borrowing in response to the COVID-19 pandemic and implemented various infrastructure projects. In its weekly update of the financial markets, the Central Bank on Friday noted that the debt rose to 66.1 billion dollars, up from 54.3 billion dollars in January 2020. Read more: CGTN
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In 4 trades recorded yesterday, 5,861 shares were transacted yielding a market turnover of K11,397. Trading activity was recorded in BATA, Lafarge and Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 3,904.59 points, as there were no share price movements. The market closed on a capitalization of K57,319,772,494 including Shoprite Holdings and K23,086,001,308 excluding Shoprite Holdings.
Chart of the Day: