Story of the Day:
Bayport co-founder Justin Chola was treated to a red carpet retirement after 17 years at the helm of the company he built from scratch into what is now a leading multinational. Mwenzi Mibenge Mulenga will take over the reins into a new era. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
A Zambian court has stayed hearing by a state-appointed provisional liquidator for splitting up Vedanta Resources’ Konkola Copper Mines (KCM) unit and selling the assets. The stay on KCM liquidation proceedings has been granted to allow Vedanta and the Zambian government to proceed to arbitration, Vedanta said in a filing to the Singapore Stock Exchange. Read more: Business Standard
Zambia Airways Limited commercial manager Norbert Bwanga says the national airline will be launched when the situation regarding the COVID-19 pandemic improves. In an interview, Bwanga said everything in the background, including acquiring the air operating certificate had been done. Read more: News Diggers
A doctor said Anglo American Plc was aware of the danger lead poisoning posed to employees and commissioned a study into its impact in a community close to a Zambian mine where he worked. The claim bolsters a lawsuit in which a group of Zambian women and children allege Anglo caused widespread lead poisoning from the Broken Hill mine it had a stake in until 1974 in Kabwe. They are demanding compensation and a clean-up of the area. Read more: Lusaka Times
The Small Scale Farmers Development Agency-SAFADA says lifting the ban on the exportation of raw soya beans is an economic draw back, which will delay the development of value addition in the agriculture sector. SAFADA said government should instead facilitate industrialisation so that whatever is produced in the country can be processed and exported as high value finished products. Read more: Zambian Business Times
International Business and Finance
The EU has said it will suspend its plans to tax online tech giants in the light of global efforts to agree a minimum corporate tax rate of 15%. The move comes after G20 finance ministers agreed at the weekend to support the global effort, which will now go before G20 leaders in October. Read more: BBC News
So much for Wall Street’s bulls selling in May and going away on summer vacation. The Dow hit a new all-time high Monday, led by gains in Disney and big banks Goldman Sachs and JPMorgan Chase. The Dow ended the day up about 126 points, or 0.4%, closing just below the 35,000 mark. The blue chips have now jumped more than 3% since the supposedly sleepy start of summer trading back in May. Read more: CNN
Kenya has managed to reduce income and social inequalities in the last two decades amid policy and legislative reforms that encouraged inclusive growth and greater access to basic services like health, water, sanitation and health, a report launched in Nairobi said on Monday. Read more: CGTN
China’s exports in June jumped 32.2% as compared with a year earlier, customs data showed Tuesday. That was much higher than a forecast by analysts in a Reuters poll for a 23.1% growth in exports for June. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 21 trades recorded yesterday, 8,770 shares were transacted resulting in a turnover of K36,745. Share price gains were recorded in Copperbelt Energy Corporation of K0.15 and in Real Estate Investments Zambia of K0.15. A share price loss was recorded in Lafarge of K0.10. Trading activity was also recorded in Airtel, ZCCM and Zanaco. The LuSE All Share index (LASI) closed at 4,835.80 points, 1.10% up from its previous close of 4,782.58 points. The market closed on a capitalization of K61,307,466,508 including Shoprite Holdings and K27,062,825,733 excluding Shoprite Holdings.
Chart of the Day:
