Story of the Day:
Zambia’s Mines and Mineral Development Minister has advised key stakeholders that progress on the reopening on Kasenseli Gold Mine in Northwestern Province was progressing well with one of the key issues that was being addressed being having in place a ‘sound social contract’ with the community around the mine. Read more
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Vice president Mutale Nalumango has said that the mismanagement of the public service procurement process has potential to cripple the government. Mrs. Nalumango says it is for this reason that the government will continue to explain the public service procurement process for effective management. Read more: Lusaka Times
The United States government, through the U.S. Agency for International Development (USAID), has signed an agreement with National Rural Electric Cooperative Association (NRECA) International to support widespread electrification and economic development in rural communities in Zambia. Read more: Zawya
Staff-level agreement between the IMF and Zambia’s government on an extended credit facility (ECF) marks an important step forward in the country’s debt-restructuring process, says Fitch Ratings. However, IMF Executive Board approval of the ECF – and access to the USD1.4 billion in financing – is unlikely before significant progress towards an agreement with creditors, including bondholders, in the context of its application for treatment under the G20 Common Framework (CF). Read more: Fitch Ratings
Postal and Courier Services Association president Gabriel Mumba says there is need to vigorously promote Zambia as a hub for trade in the region. Mr Mumba said Zambia needs to open up more routes for trade to enable it to benefit from taxes. Read more: Zambia Daily Mail
International Business and Finance
Emerging markets will face challenges in managing their economic recovery – but Asia is likely to fare better than other regions, according to Moody’s Investor Service. “The pandemic was tougher on emerging Asia markets than it was on advanced economies… the recession was tougher in emerging markets than it was on advanced economies,” Atsi Sheth, managing director of credit service and research at Moody’s, told “Streets Signs Asia” on Monday. Read more: CNBC
Investors hoping for an easy Christmas week could be sorely disappointed as stocks and oil prices slid in the face of growing threats to the global economy. In the US the Dow fell more than 430 points, or 1.2%, on Monday. The S&P 500 was down 1.1% while the tech-heavy Nasdaq dropped 1.2%. All three indexes finished well off their lows of the day. Read more: CNN
Australia’s central bank is optimistic the spread of the omicron variant will not derail an ongoing economic recovery, giving it the option to end quantitative easing early should the run of activity data stay upbeat. Minutes of the Reserve Bank of Australia’s (RBA) Dec. 7 policy meeting showed its Board remained committed to keeping interest rates at a super-low 0.1%, but was considering how and when to wind up its A$4 billion ($2.84 billion) in weekly bond buying given the economic pick up. Read more: CNBC
Boeing Chief Executive Dave Calhoun and Airbus Americas CEO Jeffrey Knittel on Monday urged the Biden administration to delay planned deployment of new 5G wireless services, saying it could harm aviation safety. The executives in a joint letter seen by Reuters asked U.S. Transportation Secretary Pete Buttigieg to support postponing AT&T and Verizon’s Jan. 5 deployment of C-Band spectrum 5G wireless. Read more: Yahoo Finance
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In 47 trades recorded yesterday, 200,026 shares were transacted resulting in a turnover of K325,801.41. Trading activity was recorded in Copperbelt Energy Corporation, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 5,797.57 with a percentage change of 0.
Chart of the Day: