Story of the Day:
What does 2021 Africa month mean to 1.2 billion Africans seeking a better and secure future amidst the global health pandemic? While the COVID-19 death toll is lowest in the continent of Africa compared to other parts of the world, Africa has to prepare for the worst in terms of the economic and social impacts of Covid-19. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The Zambia Forestry and Forest Industries Corporation (ZAFFICO) plc has made a profit after tax of K229 million in the financial year ended December 31, 2020, up 67% when compared to K137 million recorded in 2019. The recognition of compensation of K134.35 million payable by the Government included in other income significantly contributed to the recorded profit uptick of 67%. Read more: Zambian Business Times
Kalumbila Minerals Limited (KML), a subsidiary of First Quantum Minerals (FQM), says the mining firm’s quest to invest in cutting-edge equipment will boost copper production by about 15%. Speaking during a tour of its recently acquired In-pit copper ore crusher, a state-of-the-art mining machine, KML Project Manager, Albert Jonah said investment in the in-pit crushers is a milestone achievement as they are uncommon in the world. Read more: Lusaka Times
Vice President Inonge Wina has directed the Ministry of National Development Planning and the Ministry of Water Development, Sanitation and Environmental Protection to design and develop the Zambezi River Basin Investment programme. Read more: Lusaka Times
Women constitute about 50 percent of the Zambian population and cannot be ignored, Zanaco chief executive officer Mukwandi Chibesakunda has said. “If you ignore women, you will be ignoring a significant population in Zambia,” Ms Chibesakunda said. Read more: Zambia Daily Mail
International Business and Finance
Details claiming to reveal how little income tax US billionaires pay have been leaked to a news website. ProPublica says it has seen the tax returns of some of the world’s richest people, including Jeff Bezos, Elon Musk and Warren Buffett. The website alleges Amazon’s Mr Bezos paid no tax in 2007 and 2011, while Tesla’s Mr Musk paid nothing in 2018. Read more: BBC News
America is hiring like never before. Job openings in the United States soared by nearly a million in April, setting a record for the most openings added in a month and the highest overall number since the Bureau of Labor Statistics started tracking the data in December 2000. At 9.3 million new positions, it was far more than the 8.3 million economists polled by Refinitiv had predicted. Read more: CNN
China’s producer price index rose 9% in May from a year ago as commodity prices surged, the National Bureau of Statistics said Wednesday. That marked the fastest increase in production costs since September 2008, when the index rose 9.13%, according to Wind Information. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 32 trades recorded yesterday, 13,708 shares were transacted resulting in a turnover of K16,696. Trading activity was recorded in Airtel, BATA, Copperbelt Energy Corporation, Lafarge, Pamodzi, Standard Chartered Zambia, SHOP, Zambia Breweries, ZCCM, Zanaco. The LuSE All Share index (LASI) maintained its close at 4,292.98 points, as there were no share price movements. The market closed on a capitalization of K58,938,767,411 including Shoprite Holdings and K24,694,126,636 excluding Shoprite Holdings.
Chart of the Day: