Story of the Day:
Liquid Intelligent Technologies is one of Africa’s leading connectivity companies, spanning across 20 countries in Eastern, Western, Central and Southern Africa. It serves mobile operators, carriers, enterprise, media and content companies and retail customers with high-speed, reliable connectivity, hosting and co-location and digital services. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Gemfields has found the largest emerald ever mined at its Kagem mine in Zambia — a 7,525-carat (1,505g) gemstone named Chipembele, which means “rhino” in the local dialect of Bemba. Read more: Mining
Zambia’s revenue agency on Monday said it has started implementing a new mechanism aimed at refunding firms Value Added Tax (VAT) in a more accountable, transparent, and predictable way. Read more: CGTN
Finance minister Dr Situmbeko Musokotwane says government spends an average of US$ 21 million per month on fuel subsidies in Zambia. He said government’s high expenditure on subsidies is because the price of fuel is high due to huge transportation costs. Read more: Zambia Reports
In 3Q21 financial earnings releases in the local press, Stanbic Bank Zambia led the market after tax earnings curve by an exceptional positive jaws reflecting cost efficiency. The blue banks after tax profits scaled 102% to K729.6 million, a new profitability market watermark aided by stellar revenue generation across the various lines supported by a softer cost growth pace of 15% versus a year ago same period. Read more: The Business Telegraph
International Business and Finance
Zimbabwean authorities are currently sampling the opinions of businesses and citizens as part of a research to understand whether and how best to adopt cryptocurrencies as a legal tender. Read more: Business Insider
The International Monetary Fund (IMF) has reached a three-year loan agreement of $1.1 billion with the Republic of the Congo, which is expected to help stabilise the country’s economy. Meanwhile, the country’s economy is projected to return to 2.4% growth come 2022. Read more: Business Insider
The UK’s trade deal with the EU could collapse in a row over Northern Ireland, says a senior Irish minister. The UK is thought to be preparing to suspend parts of the Northern Ireland Protocol. Irish Foreign Minister Simon Coveney hinted the EU could terminate the Trade and Cooperation Agreement in response. Read more: BBC News
Cash-strapped Chinese real estate giant Evergrande has raised around $145m just before a deadline for a fresh debt interest payment. The company has sold a 5.7% stake in media firm HengTen Networks Group which produces films and television shows, and operates a streaming platform. Evergrande needs to make overdue interest payments of $148m this week. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 61 trades recorded yesterday, 354,601 shares were transacted resulting in a turnover of K678,735.66. Trading activity was recorded in, Bata, British American Tobacco Zambia, Copperbelt Energy Corporation, CEC Africa, First Quantum Minerals, Madison Financial Services, Lafarge, Real Estate Investments Zambia, Pamodzi, Puma, Standard Chartered Zambia, ZCCM, Zambia Sugar, ZAFFICO, and Zanaco. The LuSE All Share Index (LASI) remained at 5,252.87 with a percentage change of 1.16.
Chart of the Day: