Story of the Day:
In one of the annual events held by the Economics Association of Zambia, they had their Third edition on the 11th of December 2020. Sponsored by ZESCO as a platinum sponsor as well as STANBIC and WWF as silver sponsors under the theme A Resilient Economy post COVID-19, its main focus is on revealing opportunities for self-sustainability. Read more
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Zambia expects to produce 1 million tonnes of copper in 2021 thanks to growing demand for a metal that is used in electric vehicles, improving prices and more small mines coming into production, the government said on Monday. Read more: Nasdaq
Finance Minister Dr Bwalya Ng’andu says long term sustainability of Zambia’s economy will only be derived from increased local production of food and clothing. During the Economics Association of Zambia (EAZ) annual gala dinner, Friday, Dr Ng’andu said the country’s failure to produce is what undermined the significant transformation of the economy. Read more: News Diggers
The Zambia National Building Society (ZNBS) has posted a profit after tax of over K27.3 million during its financial year period ending March 31, 2020, mainly boosted by higher interest income. Read more: News Diggers
Zambia’s Ambassador to Germany, Anthony Mukwita is elated that tourism and business interest from Europe into Zambia continues to rise despite the challenges of the coronavirus pandemic. Read more: ZNBC
International Business and Finance Sponsored By Royal Zambian Airlines
The US has ordered nine tech companies including Amazon, Facebook and TikTok to hand over information as part of a new review of consumer privacy. The study is intended to help regulators understand what data the companies collect and how that information is used, especially to target children. Read more: BBC News
The European Union is set to unveil new rules it says will “overhaul” the digital market, including how tech giants operate.
A pair of laws – the Digital Services and Digital Markets Acts – will be announced later on Tuesday. They are expected to be the biggest revision in 20 years, focusing on competition and making platforms responsible for hosted content. Read more: BBC News
US drugmakers Pfizer and Moderna could rake in around $32 billion in revenues from their COVID-19 vaccines in 2021, according to Wall Street estimates. Read more: Business Insider
China’s central bank on Tuesday rolled over maturing medium-term loans while keeping the interest rate unchanged for an eighth straight month. The People’s Bank of China (PBOC) said in a statement it was keeping the rate on 950 billion yuan ($145 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions steady at 2.95% from previous operations. Read more: CNBC
Kenya and the United Kingdom on Tuesday formally signed a trade agreement in London. The trade deal will enable Kenyan exporters to continue accessing the UK market under a duty free, quota-free arrangement. Read more: Africa News
Capital Markets Report Sponsored By ZCCM-IH
In 50 trades recorded yesterday, 772,034 shares were transacted yielding a market turnover of K1,415,077. Share price gains were recorded in Copperbelt Energy Corporation of K0.04, in Lafarge of K0.23 and in Zanaco of K0.06. A share price loss of K0.09 was recorded in Real Estate Investments Zambia. Trading activity was also recorded in CCHZ, PUMA, Standard Chartered Zambia and Zambia Sugar. The LuSE All Share Index (LASI) closed at 3,899.89 points, 1.13% up from its previous close of 3,855.85 points. The market closed on a capitalization of K57,454,189,733 including Shoprite Holdings and K23,214,983,753 excluding Shoprite Holdings.
Chart of the Day: