Story of the Day:
Chai Jianping has been announced as the new Director of the Board and Chief Executive Officer of Lafarge Zambia Plc effective 29th November 2021 following the resignation of Mr Jashmed Jahangir Khan effective the 26th November 2021. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambia’s Finance Minister Situmbeko Musokotwane urged citizens not to fear the tough reforms that will come with the preliminary bailout deal he’s secured with the International Monetary Fund, even if it means fuel and electricity price hikes. Read more: Bloomberg
Zamtel Chief Executive Officer, Sydney Mupeta has resigned. Mr Mupeta has separated from the company by mutual agreement with effect from today, December 6th 2021. The Industrial Development Corporation (IDC) Head Corporate Communication Namakau Mukelabai disclosed this today. Read more: ZNBC
Government has made steps to reposition the Natural Resource Sector. Tourism Minister Rodney Sikumba says this is through the development of a Policy in Community Resources Board (CRB) and Community-Based Natural Resources Management (CBNRM) that will harmonize the management of resources in Zambia. Read more: ZNBC
Government will be cautious as it releases maize for export in view of the sporadic rains being experienced in the country. Early this month, Government sanctioned the export of 1.1 million tonnes of maize out of the 4.4 million tonnes that were in stock. The maize grain is being exported to Angola, Botswana, Democratic Republic of Congo, Namibia and Tanzania. Read more: Zambia Daily Mail
International Business and Finance
Pan-African bank, Ecobank Transnational Incorporated (ETI), released its audited consolidated Q3 2021 financial statements earlier today December 6th, 2021. The report showed very positive financial indicators. In terms of profits, the company’s profit before tax during the first nine months of the year went up significantly by 288% to $352.2 million. In the same vein, profit after tax jumped up by 847% to $256.2 million. Read more: Business Insider
The European Union has long been criticized for trying to have its cake and eat it when it comes to China. On one hand, it badly wants a strong economic relationship with its biggest partner for goods trade. On the other, it recognizes the Chinese government is a serial human rights offender and systemic rival. Read more: CNN
The International Monetary Fund could be about to cut growth forecasts for the euro area as concerns over the omicron Covid variant and persistently higher inflation grow. The Fund said in October that it expected the euro zone economy to grow by 4.3% in 2022. Now, the institution has warned about the “possibility of modest revisions” when it presents new estimates next month. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 22 trades recorded yesterday, 48,900 shares were transacted resulting in a turnover of K168,923.00. Trading activity was recorded in British American Tobacco Zambia, Copperbelt Energy Corporation, First Quantum Minerals Zambia, Lafarge, Shoprite, ZAFFICO and Zambeef. The LuSE All Share Index (LASI) closed at 5,438.17 with a percentage change of 0.53.
Chart of the Day: