Story of the Day:
On Friday 27th August 2021, the new inaugurated President of Zambia announced his first cabinet minister. Situmbeko Musokotwane has been tasked with translating the UPND’s economic agenda for Zambia into reality. Read more
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International Monetary Fund (IMF) resident representative Preya Sharma today held her first meeting with Finance Minister Situmbeko Musokotwane since his appointment. The meeting which was held in Lusaka at the Ministry of Finance was called to discuss various aspects of strengthening the partnership between Zambia and the Fund. Read more: ZNBC
The Zambia National Building Society (ZNBS) has declared an K8 million dividend to be paid to shareholders. ZNBS Chairperson David Nama says the balance sheet of the Society grew by 38 percent supported by increase in customer deposit of 34 percent from March 2020 to March 2021. Read more: ZNBC
The Tanzania Zambia Railway Authority (TAZARA) procurement processes has come under scrutiny following the company losing funds in advance payments that has left the company taking legal action to recover the said funds. TAZARA has dragged Embrace Zambia Limited to the High Court for failing to adhere to contractual obligations and is demanding a total amount of K252,400. Read more: Zambian Business Times
The Association of Mine Suppliers and Contractors of Zambia – AMSCZ has called for a balanced approached were the needs of both local and foreign players in the mining industry is taken onboard to ensure that more investments and sustainable jobs are created in the country. Read more: Zambian Business Times
International Business and Finance
India’s economy rebounded at a record rate in the three months to the end of June even as a devastating second wave of Covid-19 hit the country. Looser pandemic curbs allowed for more economic activity compared to the country’s first nationwide lockdown in 2020. Gross domestic product (GDP) grew by 20.1% for the April to June quarter compared to a year earlier. During the same period last year, India’s economy shrank by 24%. Read more: BBC News
The Central Bank of Nigeria (CBN) has announced Bitt Inc., a global fintech firm, as the Technical Partner for its digital currency, dubbed eNaira, which would be unveiled before the end of this year. Read more: Business Insider
Capital Markets Report Sponsored By ZCCM-IH
In 35 trades recorded yesterday, 368,490 shares were transacted resulting in a turnover of K543,822. A share price gain of K0.91 was recorded in Zambia Sugar. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation Africa, Lafarge, Pamodzi and Copperbelt Energy Corporation on the quoted tier. The LuSE All Share Index (LASI) closed at 4,713.13 points, 1.40% up from its previous close of 4,647.11 points. The market closed on a capitalization of K61,308,641,120 including Shoprite Holdings and K26,525,955,680 excluding Shoprite Holdings.
Chart of the Day: