Story of the Day:
CEC Zambia Plc has advised shareholders that it has a number of legal cases pending in the Zambian judicial system that may have a material impact on the company financials. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The United Kingdom Supreme Court allowed complaint to proceed against Vedanta Resources Plc and its Zambian subsidiary Konkola Copper Mines (KCM), alleging serious harm from extraction activities in Zambia. The damage to health and livelihood was allegedly caused to local communities living in the Chingola District by the discharge of toxic waste from the Nchanga Mine operated by KCM. Read more: Business-HumanRights
Government has launched three trade manuals aimed at increasing information flow on trade from Government to stakeholders engaged in trade and industry. The documents are the coordination mechanism between the central and provincial levels, the trade related and the mainstreaming manuals. Read more: ZNBC
The government has challenged Non-Governmental Organizations (NGOs) to participate in the country’s energy diversification agenda. Assistant Energy Director at the Ministry of Energy Mafayo Ziba said there is an urgent need for NGOs to get involved in the promotion, development and provision of renewable energy, as an alternative source of power. Read more: Lusaka Times
In a bid to deepen digital financial inclusion through mobile money, Financial Sector Deepening (FSD) Zambia has distributed 44,000 mobile phones to vulnerable women. Read more: Daily Mail Zambia
International Business and Finance
Long working hours are killing hundreds of thousands of people a year, according to the World Health Organization (WHO). The first global study of its kind showed 745,000 people died in 2016 from stroke and heart disease due to long hours. Read more: BBC News
American businesses are bearing most of the cost burden from the elevated tariffs imposed at the height of the U.S.-China trade war, said Moody’s Investors Service. The ratings agency said in a Monday report that U.S. importers absorbed more than 90% of additional costs resulting from the 20% U.S. tariff on Chinese goods. Read more: CNBC
The World Economic Forum said Monday that it has canceled a summer version of its annual meeting that was due to take place in Singapore. The event, which brings together politicians and business leaders from around the world, had already been rescheduled twice and had been moved to Singapore from its usual location of Davos, Switzerland. Read more: CNBC
The top U.S. fuel pipeline operator said its lines were fully operational on Monday, but it will take some time for supplies to recover fully from a cyberattack that left thousands of gas stations without fuel. The national gas price on Monday rose to $3.045 a gallon, the highest since October 2014, according to data from the American Automobile Association. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 33 trades recorded yesterday, 5,111,246 shares were transacted resulting in a turnover of K4,600,481. Share price gains were recorded in La of K0.61 and in Zanaco of K0.15. Trading activity was also Copperbelt Energy Corporation, First Quantum Minerals and ZAMEFA. The LuSE All Share Index (LASI) closed at 4,218.25 points, 1.84% up from its previous close of 4,140.66 points. The market closed on a capitalization of K58,570,656,394 including Shoprite Holdings and K24,326,015,619 excluding Shoprite Holdings.
Chart of the Day: