Story of the Day:
DID YOU KNOW THAT…
More and more women are leaving formal employment because of gender bias, a change in patterns of behavior after child birth, because it has been said that women do not know how to apply for jobs, some find it daunting to ask for help, but for those without any of those reasons, it is because they want to run their own businesses. The statistics show that there is a global downhill fall in the desire for women to join the formal sector. Read more
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In the week beginning December 05, the odds of the copper currency, the Kwacha, rallying is higher given the outcome of the IMF Staff Mission agreement with Zambias MinFin. This however will be supported by an array of factors key of which include increased liquidity flows from offshores that still seek yield in light of global record high inflation in an ultra thin treasury rate environment and general flows on the market as sovereign risk sentiment for the copper producer improves. Dollar returns for investment in Kwacha assets remain higher in real terms than in US treasuries making government securities still attractive. Read more: The Business Telegraph
Amidst growing optimism following improving sentiment in Africa’s second largest red metal hotspot Zambia, manufacturing pulse for the month of November scaled to a 3.5 year high as the Markit Economics Purchasing Managers Index (PMI) headlined 51.8 from 51.2 previous month. This was the third expansion in the year 2021 as business conditions improved. Read more: The Business Telegraph
Zambia and Malawi have agreed to accelerate work and open up the Mwami – Mchinji Border post in Eastern Province to enhance trade between the two countries. The two countries have also agreed to fast track the removal of all bottlenecks to trade facilitation. This follows bilateral talks held by President Hakainde Hichilema and his Malawian Counterpart Lazarous Chakwera at Kamuzu Palace in Malawi today. Read more: ZNBC
Government says it will turn Indeni Oil Refinery Company into an Oil marketing company (OMC). Copperbelt Province Minister Elisha Matambo has disclosed that no worker at Indeni Oil Refinery will lose their job while the company is under care and maintenance. Mr. Matambo said this when he addressed the workers who expressed disappointment at the decision taken by the government to place the company under care and maintenance. Read more: ZNBC
International Business and Finance
The share of wealth owned by the world’s richest people soared during the Covid pandemic, a major study on inequality has found. The World Inequality Report said that 2020 saw the steepest increase in billionaires’ wealth on record. Meanwhile, 100 million people sank into extreme poverty, the report from the Paris-based World Inequality Lab said. The richest 10% of the population now takes 52% of global income and the poorest half just 8%, it said. Read more: BBC News
China has decided it’s time to loosen its purse strings and pump money into the economy in a bid to stave off threats to the recovery. The People’s Bank of China on Monday said it would cut the reserve requirement ratio for most banks by 0.5%, starting December 15. That move, which reduces the amount of money that banks have to keep in reserve, will unleash some $188 billion for business and household loans. Read more: CNN
Visa is launching new consulting and advisory services to help its clients navigate the world of cryptocurrencies. The payments processor said Wednesday its crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features to exploring non-fungible tokens. Read more: CNBC
U.S. stock futures rose in overnight trading on Tuesday after stocks continued their upward climb from the omicron sell-off. Dow futures rose about 100 points. S&P 500 futures gained 0.4% and Nasdaq 100 futures were up by 0.54%. Read more: CNBC
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