Story of the Day:
Airtel Annual Report (2020). Airtel Africa is a leading provider of telecommunications and mobile money services, with a presences in 14 countries in Africa. Airtel Africa offers an integrated suite of telecommunication solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. Read more
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Minister of Finance and National Planning Dr. Situmbeko Musokotwane says the IDC Group of Companies should take advantage of their numbers and invest more in job-rich sectors of tourism and construction, to foster economic transformation and wealth creation. Read more: Lusaka Times
The cumulative volume of refined copper exported from January to October this year has reduced by 4.7 percent to 735,200 metric tonnes (MT) compared to 771,600MT for the same period in 2020. This means Zambia may not surpass the 882,061MT produced in 2020 unless the country’s mining companies ramp up production to exceed over 147,000MT in the remaining one month. Read more: Zambia Daily Mail
World Bank Country Manager, Sahr Kpundeh says the completion of the $49 Million Mwomboshi Dam in Central Province will increase productivity. Dr. Kpundeh says he’s happy to note that smallholder farmers in the area are already using the dam and producing various crops throughout the year. Read more: ZNBC
President Hakainde Hichilema has tasked relevant authorities to enforce measures that will recover public resources paid for undelivered goods and services to government. President Hichilema says it is unacceptable that contracts worth about K12 billion were signed for feeder roads and some contractors were given down payments but no works have been done. He says over $63 million was also paid for two projects which were never delivered. Read more: ZNBC
International Business and Finance
Twitter co-founder Jack Dorsey is stepping down as chief executive of the company. He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said. Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief executive of both Twitter and payment firm Square. “It’s finally time for me to leave” he wrote in a statement, saying the company was “ready to move on.” Read more: BBC News
Uganda nation is on the brink of losing its only international airport to China after failing to pay back the $200 million loan borrowed from the Export-Import Bank of China in 2015. According to reports, the Ugandan government waived off the clause for international immunity for securing the loan. This meant the Chinese lender could retake possession of Entebbe International Airport without any international arbitration. Read more: Business Insider
In a new report on Monday, JPMorgan warned clients that Brent crude oil will hit $125 a barrel next year and $150 in 2023, in large part because OPEC doesn’t have nearly as much firepower to respond to high prices as many assume. Read more: CNN
Stock futures tumbled in early Tuesday trading, reversing from a rebound on Wall Street as investors reassessed risks associated with the new omicron Covid variant. Futures on the Dow Jones Industrial Average dived 555 points, or 1.58%. S&P 500 futures was down 0.86%, and Nasdaq 100 futures fell 0.5%. Read more: Business Insider
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In 74 trades recorded yesterday, 8,385 shares were transacted resulting in a turnover of K31,549.31. Trading activity was recorded in CEC Africa, Copperbelt Energy Corporation, Lafarge and Zanaco. The LuSE All Share Index (LASI) remained at 5,352.41 with a percentage change of -1.51.
Chart of the Day: