Story or the Day:
In ZCCM IH’s 2018 annual report, the investment group made a bold announcement when it unveiled its 2018 to 2023 strategic plan. Aptly titled “Taking Giant Steps”, the executive leadership announced that ZCCM IH would pursue a transformational agenda that would permeate through all operational landmarks with a view to sustaining growth and value extraction for the benefit of its shareholders. Read more
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Finance Minister Dr Bwalya Ng’andu is this week scheduled to hold a high-level virtual consultative meeting with World Bank Vice President for the Africa Region, Dr. Hafez Ghanem. A statement from the ministry indicates that the meeting will focus on development cooperation, public debt, economic reforms, and social sector investments. Read more: Zambia Reports
The Association of Mine Suppliers and Contractors has urged Government to come up with a legislation that will ensure 30% of the estimated US$5 billion spent by the mines is paid on local goods. And former ZCCM-IH CEO Pius Kasolo said more funding should be channelled to local banks to enable Zambians interested in gold mining to access affordable loans. Read more: Zambia Daily Mail
Ministry of National Development Planning says ascertaining and quantifying Zambia’s natural capital wealth in tourism, land, forest, water and other sectors is important in planning for the country’s economic growth and ensuring sustainable development. Read more: Lusaka Times
Association of Microfinance Institutions in Zambia – AMIZ has disclosed that only one micro finance institution has so far been approved by the Bank of Zambia – BOZ to access the K10 billion covid 19 stimulus package. Read more: Zambian Business Times
International Business and Finance
The plunge in travel caused by the coronavirus will drive airline losses of more than $84bn this year. The International Air Transport Association, which has 290 member airlines, said revenues would drop to $419bn, down 50% from 2019. That is steeper than initially forecast and comes despite recent signs that travellers are returning to the skies. Read more: BBC News
Goldman Sachs sees a correction in oil prices on the horizon even amid a significant recovery in the last month and the recent decision by OPEC and its allies to extend historically large production cuts through July. Read more: CNBC
France has pledged nearly $17 billion to support Airbus, Air France and its wider aviation industry, saying Europe cannot fall behind China and the United States in the global aerospace race as a result of the pandemic. Read more: CNN
The U.S. budget gap more than doubled in May, pushing the deficit for the fiscal year to near $2 trillion, as federal revenue plunged and spending soared amid the pandemic. Read more: Wall Street Journal
Capital Markets Report
In 20 trades recorded yesterday, 774,407 shares were transacted yielding a market turnover of K5,885,493. Trading activity was recorded in Zambia Breweries. The LuSE All Share Index (LASI) maintained its close at 4,013.14 points, as there were no share price movements. The market closed on a capitalization of K56,288,243,762 including Shoprite Holdings and K22,049,037,782 excluding Shoprite Holdings.
Chart of the Day: