Story of the Day:
When I was young and still searching for “Miss Right”, a wise man once told me “if you are pursuing a young lady at the same time as other potential suitors, do not be tempted to badmouth them to the young lady lest she thinks you are immature and have nothing to offer”. Over the years, I have held this conviction true especially when competing for jobs, business opportunities and/or taking over a role from another leader. Read more
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ZESCO says it is carrying out a feasibility study for the establishment of the Luapula Hydro Power scheme that will produce 1200 megawatts. ZESCO Public Relations Manager Hazel Zulu says the joint venture with the Democratic Republic of Congo will add 600 megawatts into the national grid. Read more: ZNBC
Ninety eight percent of Small-Scale Gold Mining in Zambia has not been formalized. This is according to a report released this year by the Zambia Environmental Management Agency ZEMA together with stakeholders. Read more: ZNBC
The top three cement companies who were last month ordered to cut cement prices and revert to what was described as pre-cartel prices ranging between US$4.5 to US$5 per 50kg bag have all defied the order. All the three cement producers who had been ordered to cut prices has revealed that non of them has reduced prices. And Lafarge Zambia has confirmed with ZBT that they have mounted a legal challenge against the decision. Read more: Zambian Business Times
CIVIL Society Scaling-Up Nutrition (CSO-SUN) Alliance country coordinator Mathews Mhuru says the record of maize production in the 2020/21 agricultural season is not a guarantee that mealie meal prices will be reduced. Read more: News Diggers
International Business and Finance
The UK economy shrank by 1.5% in the first quarter of 2021, as the country experienced a lengthy winter lockdown. School closures and a large fall in retail sales earlier in the quarter dragged down economic growth, said the Office for National Statistics. The economy is now 8.7% smaller than where it was before the pandemic. Read more: BBC News
Tesla’s recent run of bad publicity in China is apparently hurting its sales there, raising investor concerns. The electric car leader sold fewer than 26,000 cars in China in April, down 27% from March, according to figures released by the China Passenger Car Association. The drop came as Chinese EV manufacturers such as Nio, Xpeng, and Li Auto, all reported improved domestic EV sales. Read more: CNN
US stocks sold off Tuesday, making it the worst day since February. The Dow briefly tumbled more than 600 points, as investors grow increasingly concerned about raw material price spikes, shortages and inflation. Prices are rising all over the place as commodities, shipping costs and more related categories become more expensive. Read more: CNN
Toyota Motor Corp said on Wednesday it expects operating profit to grow by 14% to $23 billion this year as it shrugs off a coronavirus sales slump and a chip shortage that has hindered other car makers. The world’s biggest automaker by vehicle sales expects renewed demand in the United States, its biggest market, to drive that recovery and forecast overall sales to grow 6.4% to 10.55 million vehicles for the year. Read more: Reuters
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In 72 trades recorded yesterday, 42,892 shares were transacted resulting in a turnover of K72,484. Trading activity was recorded in BATA, Copperbelt Energy Corporation, First Quantum Minerals and Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 4,140.66 points, as there were no share price movements. The market closed on a capitalization of K58,232,069,546 including Shoprite Holdings and K23,987,428,771 excluding Shoprite Holdings.
Chart of the Day:
