Story of the Day:
COVID-19 appears to have changed how Zambian professionals handle their personal finances. According to a poll conducted by this website, 81% of professionals from various professional sectors who follow the website responded in the affirmative to using mobile money and e-wallet offerings following the advent of COVID-19. Read more
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Zambia has kicked off the process of registering its Eurobond creditors, bringing the country another step closer to tackling its hefty debt burden. Read more: Reuters
The price of copper closed on a good note gaining by 0.7 percentage point to trade at US$6,610 due to demand from top consumer China, which is witnessing an economic rebound. Read more: Zambia Daily Mail
Local producers should work towards producing essential goods like cleaning and disinfecting agents, which are on high demand in Zambia, in order to increase their income and create jobs, according to Policy Monitoring Research Centre. Read more: Zambia Daily Mail
The Food Reserve Agency has so far bought 290,000 metric tonnes of Maize against the national target of one million metric tonnes. FRA Executive Director Chola Kafwabulula says this translates into 5.9 million by 50kg bags of Maize at a cost of K638 million. Read more: ZNBC
Finance Minister Bwalya N’gandu says he will engage Management at Tanzania Zambia Railways -Tazara to revive all railway stations which it has abandoned. Read more: Lusaka Times
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The world’s third-largest economy, Japan shrank by an annualized 28.1% in April to June, more than a preliminary reading of a 27.8% contraction, revised gross domestic product data showed on Tuesday, suffering its worst postwar contraction. Read more: CNBC
China has taken aim at the US saying its tech firms are victims of “naked bullying”. The accusations come as the Chinese government launches a new set of global guidelines for technology companies. Its new initiative outlaws illegally obtaining people’s data and large-scale surveillance. Read more: BBC News
UK Prime Minister Boris Johnson is threatening to walk away from faltering trade talks with the European Union if a deal isn’t reached next month, leaving Britain staring down the barrel of a damaging no-deal Brexit again. Read more: CNN
The U.S. Federal Reserve’s landmark shift to a more tolerant stance on inflation will be a drag on the dollar for years and will raise hard questions about the role of central banking, challenging policymakers from Frankfurt to Tokyo. Read more: Reuters
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In 5 trades recorded yesterday, 5,339 shares were transacted yielding a market turnover of K28,832. A share price loss of K0.01 was recorded in Lafarge. Trading activity was also recorded in Copperbelt Energy Corporation and Zambia Breweries. The LuSE All Share Index (LASI) closed at 3,838.20 points, 0.01% down from its previous close of 3,838.66 points. The market closed on a capitalization of K55,526,786,361 including Shoprite Holdings and K21,287,580,381 excluding Shoprite Holdings.
Chart of the Day: