Story of the Day:
In the battle to stay alive through the current Covid-19 crisis business leaders find themselves in crisis management and strategic planning. Coping with the economic challenges of a forced shutdown is exceptionally tough for every business. However, the unseen benefit of such a catastrophe is the creation of a window of opportunity to solve either newly created problems or systemic problems that have had no urgency for resolution or change. Read more
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Zambia will hold talks with the International Monetary Fund (IMF) on the southern Africa’s country request for an economic programme, its finance minister Bwalya Ng’andu said on Monday. Read more: Reuters
Glencore will reverse its earlier decision to shutter its Zambia subsidiary Mopani Copper Mines (MCM) if it reaches an agreement with the Zambian government, the company said on Monday. Read more: Reuters
The government unveiled an array of fiscal stimulus measures to fight COVID19 effects. Speaking in a press briefing in the capital Lusaka, Finance Minister Dr. Bwalya Ng’andu announced measures in consultation with the private sector and various bodies to include suspension of tax and interest penalties incurred during the coronavirus period for which the Zambia Revenue Authority – ZRA will guide on in due course. Read more: The Business Telegraph
The Zambia Chambers of Commerce and Industry (ZACCI) says the manner in which disputes in the mining sector are being handled has the capacity to disadvantage the country’s chances of atracting good investors. Read more: News Diggers
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South Africa’s economy will contract sharply this year as activity is hit by the coronavirus outbreak, despite expectations the central bank will cut interest rates again in May, a Reuters poll found on Monday. Read more: New York Times
The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Read more: BBC News
Spain’s economy could contract this year by more than 12% in a worst-case-scenario forecast by the country’s central bank, the first official figures that spell out the potential toll of the coronavirus pandemic on the European Union’s fourth-largest economy. Read more: Bloomberg
Almost a week after America’s largest airlines reached a bailout deal with the US Treasury, further details have emerged of the low interest rates the carriers will pay for taxpayer funding aimed at seeing them through the coronavirus pandemic. Chicago-based United Airlines said on Monday it would pay a rate of 1 per cent in interest on $1.5bn of funding for the next five years. Read more: Financial Times
If India can bring the coronavirus outbreak under control, its growth rate could bounce back to over 7% again in 2021, according to the International Monetary Fund’s mission chief for India. Read more: CNBC
Ghana’s President announced that Ghana has secured a $500 million freeze in debt and interest repayment for the rest of this year from the World Bank. Read more: Business Insider
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In 8 trades recorded yesterday, 6,962 shares were transacted yielding a market turnover of K6,962. Trading activity was recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) maintained its close at 4,140.56 points, as there were no changes in share price. The market closed on a capitalization of K56,841,276,360 including Shoprite Holdings and K22,602,070,380 excluding Shoprite Holdings.
Chart of the Day:
