Story of the Day:
If you have never heard of her, Tilka Paljk is a 24 year old Zambian swimmer who will represent the country at the 2021 Olympics. This year she was selected for the Forbes 30 under 30 for 2021 and is the first Zambian sportswoman to make the list. Read more
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Zambia’s central bank has bought 289kg of gold, improving the country’s reserves to US$1.4 billion, or three month’s import cover. This week, Bank of Zambia Governor Mr Christopher Mvunga told the media that the institution would continue to purchase gold monthly to cushion the country against the shocks caused by COVID-19. Read more: The Southern Times
Zambia Sugar Plc has disclosed that its operating profit has increased to K768 million compared to K235 million in the previous year for the half-year financial performance for the year 2021. However, the revenue and profit increase in Kwacha terms has largely bee attributed to exchange gains from export sales. Read more: Zambian Business Times
International Business and Finance
Inflation may look like a problem that will go away, but is more likely to persist and lead to a crisis in the years ahead, according to a warning from Deutsche Bank economists. In a forecast that is well outside the consensus from policymakers and Wall Street, Deutsche issued a dire warning that focusing on stimulus while dismissing inflation fears will prove to be a mistake if not in the near term then in 2023 and beyond. Read more: CNBC
Stock futures are flat in overnight trading Monday after the Dow and S&P 500 each started the week lower. Futures on the Dow Jones Industrial Average fell 18 points, or 0.05%. S&P 500 futures ticked 0.01% higher and Nasdaq 100 futures added 0.09%. The Dow fell 126 points, or 0.36%, in the regular session Monday for its worst daily performance since May 19. Read more: CNBC
Nigeria’s ban on popular social media app Twitter is resulting in “financial losses” of up to $180,000 (N90.7million) per hour for the country and has put many jobs at risk since the ban came into effect three days ago. Read more: Business Insider
Technology giant Google has been fined €220m by French authorities for abusing its advertising power. France’s competition watchdog said Google has been promoting its own online advertising services to the detriment of rivals. Read more: BBC News
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In 13 trades recorded yesterday 618 shares were transacted resulting in a turnover of K994. Trading activity was recorded in Airtel, BATA, Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries and CEC Africa on the quoted tier. The LuSE All Share index (LASI) closed at 4,292.98 points, as there were no share price movements. The market closed on a capitalization of K58,938,767,411 including Shoprite Holdings and K24,694,126,636 excluding Shoprite Holdings.
Chart of the Day: