Story of the Day:
The only listed metal fabricator company on the Lusaka Securities and Exchange has unveiled a ‘recently available executive’ following his departure from ZAFFICO, as the next CEO of the company. Read more
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A delegation from the African Union (AU) is expected in Zambia this week for a series of meetings on how to work with the government on accelerating and sustaining inclusive growth in Africa, a spokesperson from the Zambian embassy in Ethiopia said on Monday. Read more: Big News Network
Zambia’s mines minister Paul Kabuswe on Monday criticised the previous administration’s push to liquidate Vedanta’s Konkola Copper Mines (KCM) unit, which sparked years of wrangling between the company and government. Read more: Nasdaq
MTN Zambia has become the first telecommunication company in the Country to achieve the 2021 GSMA (Global System for Mobile Communications, originally Groupe Spécial Mobile) Mobile Money Certification. The GSMA Mobile Money Certification is a global initiative to bring safer, more transparent, and resilient financial services to millions of mobile money users worldwide. Read more: ZNBC
Zambia’s progress towards meeting the goals of the 2030 Agenda has been negatively impacted by the coming of the COVID-19 pandemic, President Hakainde Hichilema has told the United Nations (UN). President Hichilema says the COVID-19 pandemic has compounded the pre-existing vulnerabilities and inequalities in all the spheres of Zambia’s economy, including agriculture production, trade and supply chains. Read more: Lusaka Times
International Business and Finance
The US economy is further from being back to normal again. Thanks, Delta. The more infectious variant of Covid-19 is making people anxious about being around others. That’s bad news for the economy going into the winter months, and might mean it’s time to get used to a slower recovery. The Back-to-Normal Index created by CNN Business and Moody’s Analytics, which tracks how the US economy is doing compared with pre-pandemic times, dropped to its lowest level since early June. Read more: CNN
Global stock markets have been on high alert as crisis-hit Chinese giant Evergrande faces a key test this week. The world’s most indebted real estate developer is due to make interest payments of $84m on its bonds this Thursday. Read more: BBC News
Investors have been pouring money into India’s stock market, and it could grow to more than $5 trillion to surpass the U.K. as the fifth largest in the world within three years, according to Goldman Sachs. Indian start-ups have raised $10 billion through IPOs so far this year — more money than was raised in the last three years, the investment bank said in a report. Read more: CNBC
U.S. stocks began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market. The S&P 500 fell 1.7% to 4,357.73, posting its worst daily performance since May 12. It was a broad sell-off with each of the main 11 sectors of the benchmark registering losses. The Dow Jones Industrial average lost 614.41 points, or 1.8%, to 33,970.47 for its biggest one day drop since July 19. The tech-heavy Nasdaq Composite dropped 2.2% to 14,713.90. Read more: CNBC
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In 12 trades recorded yesterday, 102,045 shares were transacted resulting in a turnover of K190,572. A share price gain of K0.35 was recorded in CEC. Trading activity was also recorded in Lafarge, PUMA, Standard Chartered Zambia, ZAFFICO and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 4,876.92 points, 2.67% up from its previous close of 4,746.58 points.