Story of the Day:
Sugar processing company, Zambia Sugar has announced the appointment of Norman Mbazima as Board member and subsequently appointed him to replace the long-serving Fidelis Banda as Board Chair effective 1st November 2019. Read more
Local Business and Finance
Government says it will not import electricity from Mozambique due to the high importation cost. Zambia was supposed to import at least 100 Megawatts of Electricity from Mozambique. Read more: ZNBC
London based Energy Markets and Regulatory Consultants (EMRC), commissioned a one year Cost of Service Study (CSS) for Zambia’s energy sector. Read more: The Business Telegraph
Zambians should expect fuel prices to go up following the depreciation of the Kwacha. Energy Minister Mathews Nkhuwa says the public will soon be informed by the Energy Regulation Board on the changes once calculations are concluded. Read more: Zambian Observer
Government says regional integration is an important aspect of economic growth as it helps to resolve challenges that cannot be addressed by individual countries. Read more: Zambia Daily Mail
Contractors at Konkola Copper Mines (KCM) in Chingola yesterday staged a peaceful demonstration with a call on the government to expedite the mining firm’s liquidation process. Speaking on behalf of the contractors, Ronald Mwautene said the liquidation process has taken longer than expected, hence the need for the government to speed up the process. Read more: Lusaka Times
International Business and Finance
US President Donald Trump has set off a new bout of trade worries, firing tariff threats and hinting that a China deal may not happen for another year. Read more: BBC News
France bristled at President Trump’s plan to impose tariffs on French imports, saying the European Union stood ready to retaliate if the administration followed through. Read more: Wall Street Journal
Google Chief Executive Sundar Pichai will replace Larry Page as CEO of parent Alphabet Inc, extending a long retreat from public roles and active management by Page and Sergey Brin at the company they co-founded 21 years ago. Read more: Reuters
United Airlines on Tuesday announced an order for 50 long-range Airbus jets, handing another victory from a U.S. airline to Boeing’s European rival. Read more: CNBC
South African Airways said it’s waiting for the government to tell it whether it will provide the national carrier with the money needed to keep flying, rendering it unable to publish its results for the year through March. Read more: Bloomberg
Capital Market Report
In 27 trades recorded yesterday, 18,967 shares were transacted, resulting in a market turnover of K21,528. A share price gain of K0.04 was recorded in Zanaco. Trading activity was also recorded in Copperbelt Energy Corporation and Lafarge. The LuSE All Share Index (LASI) closed at 4,272.91 points, 0.33% higher than its previous close of 4,259.02 points. The market closed on a capitalization of K56,590,475,629 including Shoprite Holdings and K22,351,269,649 excluding Shoprite Holdings.
Chart of the Day: