Story of the Day:
First Quantum Minerals has announced that it will soon be able to resume operations at its Cobre Panama mine after health officials gave it the green light to resume production, according to a statement from the mining company. Read more
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Finance Minister Dr Bwalya Ng’andu says the country’s economy is expected to contract by as much as 4% this year. And Dr Ng’andu says government is engaging the World Bank and the African Development Bank, side by side, on direct support towards the budget and support towards the COVID-19 pandemic as IMF talks come to a close. Read more: News Diggers
Airtel Zambia is set to expand its mobile money offering as the company is soon expected to launch virtual cards which will enable Airtel mobile money account holders enjoy privileges comparable to traditional bank accounts. Read more: Zambian Business Times
Zambia Association of Manufacturers – ZAM has appointed a new Chief Executive Officer (CEO) Florence Muleya to take over over from Chipego Zulu who is currently the Associations Vice President (South). Read more: Zambian Business Times
The Zambia Revenue Authority (ZRA) has paid over K6 billion to mining firms in value added tax refunds in the last six months. Last week, the Zambia Chamber of Mines called on Government to ensure that VAT refunds owed to mining firms are paid to help mitigate the impact of coronavirus on the mining sector, which is the main source of Zambia’s export revenue. Read more: Zambia Daily Mail
Government has injected US$5.6million in the construction of the 18.7km power line from Village 18 to Mtondo palace of Chief Sandwe in Lusangazi District – Eastern Province. The project that will power the newly created district is being financed through the Rural Electrification Authority. Read more: ZNBC
International Business and Finance
The UK government is preparing to change course over the role of Huawei in its 5G telecoms network. Six months after agreeing it could have a limited role, ministers look set to exclude the Chinese company, with no new equipment installed from next year. The move is in part a result of pressure from Washington. Read more: BBC News
Singapore’s economy entered a technical recession after shrinking by 41.2% in the second quarter compared to the previous quarter, advance estimates by the Ministry of Trade and Industry showed on Tuesday. Read more: CNBC
The U.S. federal budget deficit in June surged to $864 billion from single digits a year earlier amid continued strong spending on coronavirus relief programs and a drop in individual and corporate tax receipts, the Treasury Department said on Monday. The June deficit brought the year-to-date fiscal deficit to $2.7 trillion, far eclipsing the previous full-year record of $1.4 trillion in 2009. Read more: Reuters
China’s exports unexpectedly rose in June as overseas economies reopened after lockdowns, while imports grew for the first time this year, reinforcing views the recovery from the pandemic is gaining traction in the world’s second-largest economy. Read more: Reuters
The UK economy grew by 1.8% in May as businesses across the country started to unlock. The figures from the Office of National Statistics will have done little to boost hopes of a V-shaped recovery as the economy remains much smaller than in February earlier this year before lockdown was implemented. Read more: Evening Standard
Google is planning to invest $10 billion in India as part of plans to make the internet “affordable and useful” for a billion people. Read more: CNN
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In 13 trades recorded yesterday, 44,015 shares were transacted yielding a market turnover of K34,748. A share price loss of K0.06 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Madison Financial Services and PUMA. The LuSE All Share Index (LASI) closed at 3,893.15 points, 0.58% down from its previous close of 3,915.55 points. The market closed on a capitalization of K55,765,979,203 including Shoprite Holdings and K21,526,773,223 excluding Shoprite Holdings.
Chart of the Day: