Story of the Day:
Works at the manganese mine in Serenje have commenced following the end of the heavy rains that had hampered kick-starting operations, posing a challenge in accessing the mine site areas. Read more
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Running two offices, one in Lusaka the capital and the other on the Copperbelt of Africa, Bank of China’s (BOC) lending model and cost efficiency, amplified its first quarter after tax earnings 24.1% higher to K59.5million compared with 1Q19 which was 23.2% higher than its fourth quarter profit after tax last year. Read more: The Business Telegraph
Deep in a disease pandemic that has crippled the business ecosystem through supply disruptions and social distancing protocols through a partial lockdown, the Pensions and Insurance Authority (PIA) in Zambia has provided guidelines to safeguard the industry. Read more: The Business Telegraph
The African Development Bank (AfDB) has noted that Zambia’s Itezhi-Tezhi Hydropower Dam, has increased the country’s power generation capacity by 7.5%, supplying an extra 50,000 people with electricity. Read more: ESI Africa
Government says privately owned television station Prime TV should make a new application for its broadcasting license. Ministry of Information and Broadcasting Services Permanent Secretary Amos Malupenga says this is because the closure of the TV station was purely done on the expiration of its broadcasting license. Read more: Zambia Reports
The European Union (EU) and the Common Market for Eastern and Southern Africa (COMESA) have given the Cotton Association of Zambia (CAZ) over US$250,000 to establish a centre of excellence in a bid to add value to the commodity. Read more: Zambia Daily Mail
International Business and Finance
Nigeria’s economy is projected to contract by 3.4%, government officials said on Tuesday, as dwindling oil revenues and the new coronavirus forced the country to cut budget plans for a second time to assume a lower petroleum price of $20 per barrel. Read more: Reuters
Walt Disney Co suffered a $1.4 billion hit to profits in the first three months of the year, as it closed its parks, cancelled movie releases and reduced advertising sales. Read more: BBC News
Europe’s leading global airline group,Lufthansa is locked in crunch talks with the German government on the terms of a rescue deal, as it fights to avoid bankruptcy while keeping state influence at bay. The airline its first virtual annual general meeting on Tuesday, unveiling a €1.2 billion ($1.3 billion) first quarter loss. Read more: CNN
Airbnb is laying off about 25% of its workforce as the coronavirus pandemic upends the travel industry and threatens the company’s core business. Read more: CNN
Oil prices surged for a fifth day by 20%, the first time since July, on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. Read more: CNBC
Bitcoin has rallied to near $9,000 in anticipation from around $6,000 just a month ago, adding more than $1.3 billion in value. And is expected to stage a comeback reminiscent of the token’s glory days in 2017. Read more: Bloomberg
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In 2 trades recorded yesterday, 600 shares were transacted yielding a market turnover of K4,420. Trading activity was recorded in AEL Zambia and Copperbelt Energy Corporation. The LuSE All Share Index (LASI) maintained its close at 4,149.17 points, as there were no share price movements. The market closed on a capitalization of K56,878,720,993 including Shoprite Holdings and K22,639,515,013 excluding Shoprite Holdings.
Chart of the Day: