Story of the Day:
BBC Africa recently reported Zambia as being the first African country to default on its sovereign debt during the Covid-19 era. The questions that might linger on many people’s minds would be; how did will get to this level as a country? Or what is the way forward from here as country? Perhaps Zambia need to draw some lessons from countries such Brazil or Mozambique. This article will look at the Mozambican debt situation whilst trying to relate to the Zambian situation. Read more
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Minister of Commerce, Trade and Industry, Christopher Yaluma says government plans to grow the manufacturing sector so as to enable it contribute to the GDP. Mr Yaluma predicted that the increase in the manufacturing sector will contribute about 36% of GDP while manufactures exports as a share of merchandise will surge to 71%. Read more: Lusaka Times
President Edgar Lungu says he will engage the Bank of Zambia (BOZ) on the need for financial institutions to extend more financial support for long term investment in the agriculture sector .
President Lungu wondered why Banks in the country are willing to support long term projects in the energy and not in the agriculture sector. Read more: ZNBC
Government says its keenly exploring means of settling the three billion dollars Euro-bond loan. Finance Minister Bwalya Ng’andu has however bemoaned the negative response by the G- 8 countries’ creditors to defer the payment period. Read more: ZNBC
The Copperbelt Energy Corporation (CEC) says its sales volumes in the Democratic Republic of Congo (DRC) this year should not be expected to hit more than the 25% growth it achieved last year. And CEC says Konkola Copper Mines’ (KCM) continued failure to pay its US $150 million electricity bill remains a source of concern. Read more: News Diggers
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Germany’s coalition government has agreed to a mandatory quota for women on the boards of listed companies in what’s being hailed as a landmark moment for Europe’s biggest economy. Read more: CNN
For all their environmental overtures, banks are still pumping billions of dollars into fossil fuel companies. That could become a high-priced habit, as regulators move to tighten rules around how lenders reflect climate-related risks in their accounts. Read more: CNN
Bank of England Governor Andrew Bailey said on Monday a no-deal Brexit would cause longer-term damage to Britain’s economy than the COVID-19 pandemic, and the impact of the change might be felt for decades. Read more: Reuters
Tesla stock added 6.6% more on Monday, after hitting a 52-week intraday high at $526 a share. The gain puts the company’s market capitalization a hair below $500 billion. Tesla has been eclipsing market cap milestones at an astonishing pace in 2020. The top 25 or so auto makers, including Tesla, are worth almost $1.7 trillion. Tesla is 30% of the entire industry value. Read more: Barron’s
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In 4 trades recorded yesterday, 867,977 shares were transacted yielding a market turnover of K607,339. Trading activity was recorded in Copperbelt Energy Corporation, PUMA and Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,898.56 points, as there were no share price movements. The market closed on a capitalization of K57,447,993,287 including Shoprite Holdings and K23,208,787,307 excluding Shoprite Holdings.
Chart of the Day: