Story of the Day:
Zambeef’s official financial year came to a close on 30th of September 2020, and with that came release of the company’s trading status as of then. According to their update, the Group seems to be thriving this particular financial year despite of all the set-backs and challenges they and the majority of other businesses faced due to the global Covid-19 pandemic. Read more
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A key bondholder group is set to reject Zambia’s request for an interest-payment holiday, putting the country on course to become the first African sovereign defaulter since the onset of the coronavirus pandemic. There is consensus among the so-called Zambia External Bondholder Committee to reject the proposal, with a voting deadline of Wednesday ahead of meetings with creditors on Friday. Read more: Bloomberg
Zambia’s revenue collection agency on Tuesday launched a mobile tax application aimed at easing the payment of taxes by citizens. The TaxOn App will help clients to use their phones to pay and access various types of taxes and related services like taxpayer registration, filing of returns, verification, and clearance of vehicles among others. Read more: Xinhua
Local processing plants have been urged to buy manganese from legitimate sources as illegal suppliers of the industrial metal are distorting the market price and robbing the treasury the much needed revenue. Minister of Mines and Mineral Development Richard Musukwa said prices are low on the market due to the supply of manganese ore by illegal sources to buyers. The price of manganese is between US$25 and US$45 per tonne due to the rampant illegal supply on the market. Read more: Zambia Daily Mail
President Edgar Lungu says the setting up of processing plants countrywide will contribute to job creation. The President says the program is also in line with government’s desire to promote value addition. He says the setting up of a Cassava processing plant in Chitambo will create jobs for skilled and unskilled work force. Read more: ZNBC
International Business and Finance
The European Commission has charged Amazon with abusing its dominant position in online retail to gain an unfair advantage over competitors. It said Amazon had used data on third-party sellers that use its marketplace to boost sales of its own-label goods. The Commission also launched a fresh probe into the possible preferential treatment of sellers that use the tech giant’s logistics services. Read more: BBC News
Chinese financial technology giant Ant Group, which was gearing up for the world’s biggest IPO, could see its valuation come crashing down after its public listing was suspended, experts said. “The proposed regulation decimates Ant’s valuation to more than 1/2 taking it under $150 billion.” Read more: CNBC
Britain left the door open for European Union financial firms to operate in Britain after a post-Brexit transition period ends on Dec. 31, pledging on Monday to help “renew” the City of London’s pre-eminence in global finance. Finance minister Rishi Sunak said he was no longer waiting for Brussels to decide on access to its markets in return and castigated the EU for holding out on a deal key to Britain’s £130 billion ($171 billion) financial sector. Read more: Reuters
Apple Inc. is taking greater control of its Mac lineup with its first computers featuring custom personal-computer semiconductors made by the tech giant instead of a traditional chip maker like Intel Corp. The company Tuesday announced new MacBook Air, MacBook Pro and Mac mini PC models, all of which use Apple’s M1 Silicon chip. Read more: Market Watch
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In 27 trades recorded yesterday, 673,346 shares were transacted yielding a market turnover of K264,809. A share price gain was recorded in Lafarge of K0.39. Share price losses were recorded in ZCCM of K0.20 and in Zanaco of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, ZAMEFA and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 3,775.30 points, 0.39% up from its previous close of 3,760.73 points. The market closed on a capitalization of K56,910,191,528 including Shoprite Holdings and K22,670,985,548 excluding Shoprite Holdings.
Chart of the Day: