Story of the Day:
Prima Reinsurance has announced the appointment of Brian Musonda as a Director on its board, according to a statement from the company. Read more
Local Business and Finance
Finance Minister Bwalya Ng’andu has called on Management at Zambia Public Procurement Authority (ZPPA) to ensure that it regulates public procurement in order to promote compliance. Read more: ZNBC
President Edgar Lungu says the Industrial Development Corporation (IDC) has been engaged to revamp the Mwinilunga Pineapple Factory in North Western Province. President Lungu says once operational, the factory will create more than 3,000 jobs. Read more: ZNBC
Information and Broadcasting Minister Dora Siliya says the government has NOT come up with a fee that will be paid by those who want to invest in the cultivation of Marijuana. Read more: Lusaka Times
Indo-Zambia Bank (IZB) has disbursed more than K2.2 billion to various sectors of the economy in a quest to remain a key player in the transformation of Zambia. Read more: Zambia Daily Mail
Government is considering banning the importation of tiles to enable local industries to develop and contribute to economic growth. Read more: Zambia Daily Mail
International Business and Finance
Boeing said on Monday that it had fired its chief executive, Dennis A. Muilenburg, who was unable to stabilize the company after two crashes involving its best-selling 737 Max plane. Read more: New York Times
West Africa’s monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region’s common currency since its creation soon World War Two. Read more: Reuters
The Securities and Exchange Commission is investigating BMW, the German automaker confirmed Monday. A source familiar with the investigation said the SEC is looking into the manner in which BMW reported its sales figures in the United States. Read more: CNN
Tesla apparently has a hard time holding on to executives. Another high-ranking executive is leaving, following a pattern of high-profile departures after short stints with the electric-vehicle pioneer. Investors aren’t worried though. Tesla shares keep hitting new all-time highs, including on Monday. Read more: Barron’s
Just a few years ago, Greece stood out from the rest of the developed world for its devastated economy. Its unemployment rate was 25% and its high debt levels had brought on default and crisis. Read more: Wall Street Journal
Canada’s economy contracted slightly in October, with real gross domestic product down 0.1 per cent from September, the first month-to-month decline since February, Statistics Canada reported Monday. Read more: Canada TV
Capital Markets Report
In 27 trades recorded yesterday, 49,179 shares were transacted, resulting in a market turnover of K36,774. Trading activity was also recorded in AEL Zambia, Copperbelt Energy Corporation, Zambia Consolidated Copper Mines and Zanaco. The LuSE All Share Index (LASI) maintained it previous closes at 4,264.51 points. The market closed on a capitalization of K56,516,055,827 including Shoprite Holdings and K22,276,849,847 excluding Shoprite Holdings.
Chart of the Day: