Story of the Day:
When Ab Inbev’s Zambian Breweries Plc reports its earnings for the period ending Q2 2021, they forecast an over 600% increase in bottom-line performance. Read more
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The International Monetary Fund (IMF) Board of Directors has approved a $1.3 billion general allocation of Special Drawing Rights (SDR) for Zambia. These funds are from the 650 billion dollars SDR for eligible member countries. The Ministry of Finance notes that the $1.3 billion that Zambia will receive doubles the country’s foreign exchange reserves. Read more: ZNBC
Zambia has signed a concession agreement with the Southern Africa Business Development Forum to develop resettlement schemes under the Office of the Vice President And Vice President Inonge Wina says the event is a turning point never seen in the history of Zambia as it will open up the 1 million hectares of land in the 93 resettlement schemes to economic activity. Read more: ZNBC
Zambia Association of Manufacturers (ZAM) has called on Government to expedite the implementation of Statutory Instrument (SI) 110 of 2020, which will help the manufacturing sector gain momentum. Government issued SI number 110 of 2020, which came into effect on January 1, 2021 and allows for suspension of customs duty on imported manufacturing inputs which cannot be sourced locally. Read more: Zambia Daily Mail
Qatar will work with Zambia to build strong economic ties in a quest to boost investment and trade. Qatar’s Ambassador to South Africa extraordinary and plenipotentiary Tariq Ali Faraj al-Ansari said in an interview recently that strengthening bilateral ties with Zambia is vital. Read more: Zambia Daily Mail
Secretary to the Treasury Fredson Yamba says the government is pleased with the performance of various revenue initiatives in the first half of the implementation of the 2021 national budget. Mr Yamba points out that the remarkable performance is a result of the increased stability of the economy. Read more: Lusaka Times
International Business and Finance
According to a new report, starting a new business is least affordable in Congo, where $1,232 in fees equates to 2,554% of the average monthly income. The report also affirms that the priciest place on the continent to set up a business is Equatorial Guinea ($2,322), where a $324 paycheck means a 718% affordability rate. Read more: Business Insider
Chinese technology giant Xiaomi has said it plans to be the world’s biggest smartphone maker within three years.The comments by the Beijing-based firm’s boss come after it recently overtook Apple to become the second largest mobile brand. South Korea’s Samsung Electronics currently holds the number one spot. Read more: BBC News
U.S. stock index futures were flat early on Wednesday, after the Dow and S&P 500 closed at record highs following the Senate passing the $1 trillion infrastructure bill. Futures contracts tied to the Dow Jones Industrial Average edged slightly lower. S&P 500 futures and Nasdaq 100 futures were flat. Read more: CNBC
India, the United States and parts of other emerging markets have seen fund inflows redirected from China as recent regulatory crackdowns in the world’s second-biggest economy have spooked markets, according to veteran investor Mark Mobius. Read more: Reuters
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In 14 trades recorded yesterday, 2,124 shares were transacted resulting in a turnover of K13,455. A share price gain was recorded in Zanaco of K0.01. Trading activity was also recorded in AECI, British American Tobacco Zambia, Copperbelt Energy Corporation, Lafarge, Pamodzi and ZCCM. The LuSE All Share Index (LASI) closed at 4,662.80 points, 0.07% up from its previous close of 4,659.49 points. The market closed on a capitalization of K61,090,615,597 including Shoprite Holdings and K26,307,930,157 excluding Shoprite Holdings.
Chart of the Day: