Story of the Day:
According to Citi researchers, the initial commentary on the economic outlook for Zambia following HH’s victory has been generally positive. In particular, most analysts have highlighted the recent appreciation of the Kwacha on the back of strong portfolio inflows into the domestic debt market as an important factor in helping reduce inflation and as supportive of debt dynamics. Read more
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Zambia will resume talks for a lending programme with the International Monetary Fund (IMF) on Wednesday, a key step before restructuring the nation’s debt, its Secretary to the Treasury Felix Nkulukusa said on Monday. The government pledged last week to slash its budget deficit and curb borrowing as it aims to agree an IMF lending programme by the end of next month and a debt restructuring early next year. Read more: MSN
Leather and farming sector leaders have applauded the proposed establishment of an agro-industrial park between Zimbabwe and Zambia saying the initiative would go a long way in creating more value for local farmers and agro-processing industries. Read more: The Chronicle
First Quantum Minerals has called for further fiscal reform in Zambia following the southern Africa country’s national budget on Friday – the first of newly elected president Hakainde Hichilema. “This budget puts Zambia back on the global stage as a respected and competitive player in the mining sector,” said Godwin Beene, head of First Quantum’s Zambia government relations in a statement. Read more: Mining Mx
Lafarge Cement Plc has announced a reduction in cement prices by between 5 per cent and 15 per cent. In a statement issued on Sunday, the price reduction is due to the appreciation of the Kwacha against foreign currencies. This reduction may see cement prices coming down by as much as K21 per pocket, meaning the retail price per pocket could fetch around K119. Read more: Zambia Reports
International Business and Finance
Atlas Mara Ltd has announced it is to withdraw from Africa. The UK financial conglomerate, which had acquired banks in seven African countries, termed its African investments “risky” and the sub-Saharan African macroeconomic environment as “challenging”. Read more: Business Insider
The Democratic Republic of Congo surprisingly wants to establish a second national airline that will be named Air Congo. An announcement by the country’s Transport Minister, Chérubin Okende, disclosed that the new airline will be a joint venture with Ethiopian Airlines. Read more: Business Insider
Democrats’ $1.75 trillion economic and climate bill could end up delivering a tax cut for the richest 5% of Americans, a new analysis finds. The Build Back Better framework released by the White House last week calls for tax increases on the richest families, including a surtax on multi-millionaires and billionaires. Read more: CNN
The American chief executive of Barclays, Jes Staley, is stepping down with immediate effect following an investigation by British regulators into his relationship with disgraced financier Jeffrey Epstein, the bank said on Monday. Read more: CNN
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In 49 trades recorded yesterday, 448,519 shares were transacted resulting in a turnover of K582,893.04. Trading activity was recorded in Airtel, Bata, British American Tobacco Zambia, CEC Africa, Copperbelt Energy Corporation, Investrust, Lafarge, Madison Financial Services, National Breweries, Pamodzi, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) remained at 4,903.53.
Chart of the Day: