Story of the Day:
The background and milestones of Global Corporate Tax has spurned over the years and it is one of the most difficult processes in recorded history with careful and tentative steps. It was in 1996 that G7 made the problems of tax evasion and avoidance a priority. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambia published a full list of its 44 external creditors that shows the central government owes Chinese lenders more than one-third of its total $13.4 billion of foreign-currency debt stock. The list includes more obscure funding sources, such as a $306 million loan from a local furniture supplier called Mikalile Trading Co. Read more: Bloomberg
Government says it will propose partial amendments to the trade and economic cooperation agreements signed between Zambia and Turkey. This is to realign them to the vision of the New Dawn Administration of attracting Foreign Direct Investment -FDI- that promotes value addition to raw materials. Read more: ZNBC
Labour and Social Security Minister Brenda Tambatamba says Zambia and Zimbabwe can collaborate in the labour sector in view of the implementation of the Tripartite Free Trade Area. Speaking when Zimbabwean Ambassador to Zambia Charity Charamba paid a courtesy call at her office, Ms Tambatamba said the Free Trade Area calls for more cooperation between the two countries. Read more: The Zimbabwe Mail
Despite over subscription in the auction of treasury bills, Government, through the Bank of Zambia (BoZ), has maintained its domestic borrowing limit within the target range of K1.4 billion. And the Kwacha is anticipated to weaken further against the United States (US) dollar due to high demand for the greenback from importers while supply remained thin. Read more: Zambia Daily Mail
International Business and Finance
Africa’s commercial aviation market is projected to be valued at $400 billion by 2040 and African airlines will need to recruit some 63,000 new professionals (including pilots, technicians and cabin crew members) over the next twenty years in order to ensure optimal service delivery. Read more: Business Insider
Nigeria’s central bank digital currency (CBDC), the eNaira, has gone live after an official launch by President Muhammadu Buhari on Monday. Buhari launched the eNaira at the State House in Nigeria’s capital Abuja after a previous plan to unveil the digital currency on October 1 was put on hold. Nigeria is one of the few countries in the world to have develop an official digital currency. Read more: Business Insider
The Bank of England’s new chief economist has warned that UK inflation is likely to hit or surpass 5% by early next year. Huw Pill told the Financial Times that the Bank would have a “live” decision to make at its next interest rate-setting meeting on 4 November. Read more: BBC News
The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years. US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014. Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 69 trades recorded on Friday, 224,605 shares were transacted resulting in a turnover of K223,725.14. Trading activity was recorded in Airtel, CEC Africa, Copperbelt Energy Corporation, Madison Financial Services, Standard Chartered Limited Zambia, ZAFFICO and Lafarge. The LuSE All Share Index (LASI) closed at4,832.46 points with a percentage change of -1.39%.
Chart of the Day: