Story of the Day:
Global conglomerate bank, Citibank has appointed Lowani Chibesakunda as CEO and Managing Director for their Zambian operations. Lowani Chibesakunda is the first Zambian female CEO for Citibank Zambia and takes over the reins of the country’s fourth most profitable bank in 2019 from Ferdinand Zauma. Read more
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With mid-month taxes falling due on the 10 April, corporations focused on funding their taxation obligations which eroded purchasing power in Thursday 09 April treasury bill auction. With appetite of only about K222.74million in bids of the one yard of assets of offer, the Bank of Zambia was only able to absorb K186.72million in cash terms translating to 1.19 in bid-cover. Read more: The Business Telegraph
The Bankers’ Association of Zambia (BAZ) says the K10 billion Medium-Term Financing facility announced by the Bank of Zambia (BoZ) is set to take to take effect and be accessible from April 15. Read more: News Diggers
The Private Sector Development Association (PSDA) has advised Small and Medium Enterprises affected by Covid-19 outbreak to change their business strategy and use the pandemic to their advantage. Association Chairperson Yusuf Dodia says SMEs can tap into the opportunities created by Covid-19 such as food deliveries among others. Read more: ZNBC
Standard Chartered Bank has announced the resignation of Ms. Venus Hampinda as Chief Financial Officer of the Bank effective 15th March 2020. Furthermore, the Company has appointed Mr. Kelvin Bwalya as the Chief Financial Officer effective 1 April 2020. Read more: LuSE
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Oil prices moved higher on Monday after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history. Read more: CNBC
The UK economy is forecast to fall up to 24% in the current pandemic-afflicted quarter ending in June. Read more: BBC News
U.S. stocks are unlikely to make fresh lows thanks to the “do whatever it takes” approach of policymakers, according to Goldman Sachs Group Inc. Read more: Investment News
Gold futures climbed on Monday to mark another finish at their highest price in more than seven years, finding support as investors eyed losses in the stock market and weighed expectations for further moves by central banks and fiscal policy makers to boost the global economy. Read more: Market Watch
A recent African Union (AU) study reveals that about 20 million jobs are at risk on the continent as a result of the impact of the coronavirus pandemic. Read more: Africa News
The IMF and World Bank have called for a halt to debt servicing for the world’s poorest countries as the World Bank Group latest report revealed that sub-Saharan Africa was going into recession with initially projected 2020 growth adversely affected by the impact of the COVID-19 outbreak. Read more: Zambia Reports
China said on Monday it is aware of calls for a debt relief program for African countries, and is willing to study the possibility with the international community. Read more: Reuters
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There were no trades recorded on Thursday. The LuSE All Share Index (LASI) maintained its close at 4,152.07 points, as there were no share price movements. The market closed on a capitalization of K56,039,396,991 including Shoprite Holdings and K21,800,191,011 excluding Shoprite Holdings.
Chart of the Day: