Story of the Day:
Liquid Telecom has appointed Mark Townsend as CEO of Liquid Telecom Zambia. He will be directly responsible for the leadership and strategic management of Liquid Telecom’s business operations across Zambia. Read more
Local Business and Finance Sponsored By Liquid Telecom
Mines Minister Richard Musukwa says government is hoping to announce a strategic partner to take over Konkola Copper Mine (KCM) operations by June this year. Read more: News Diggers
Government has written to Mopani Copper Mines chief executive officer Nathan Bullock informing him of its intentions to revoke mining license for its two units in Kitwe and Mufulira. According to impeccable sources at the Ministry of Mines, this is in retaliation to the mining giant’s decision to defy government’s directive and placing its Nkana and Mufulira mines on care and maintenance. News Diggers
Information and Broadcasting Services Minister Dora Siliya has urged the business community affected by the Covid-19 to take advantage of loans that the Bank of Zambia will avail to commercial banks in the country. Read more: ZNBC
Zambia and South Africa have formed a private sector working group to create a framework that is targeted at ensuring the smooth flow of essential goods and services during the COVID-19 lockdown of most SADC countries. Read more: Zambia Reports
International Business and Finance Sponsored by Royal Air Charters
The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic. Read more: IMF
The South African Reserve Bank has cut the repo rate by 100 basis points or one percent point brining South Africa’s repo rate to 4.25%. Read more: Zambian Business Times
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday. Read more: Reuters
JPMorgan reported a 69%, loss coming in at $2.9 billion as the bank increased its reserves by $6.8 billion in anticipation of credit losses spurred by a slowing economy and low oil prices. Read more: Barron’s
China has started the process of potentially merging its two biggest brokerage firms to create a company that can better compete with the global investment banks as the country opens up its financial markets, according to people familiar with the matter. Read more: Bloomberg
Boeing customers canceled orders for 150 jets in March, as the virtual halt in demand for air travel caused the sharpest drop in demand in decades. Read more: CNN
The EU and UK will return to the Brexit fray on Wednesday to figure out how to salvage negotiations on London’s future relationship with the Brussels in the face of disruption caused by the coronavirus pandemic. Read more: Financial Times
Nearly 7.5 million U.S. small businesses are at risk of closing their doors permanently over the next several months if the coronavirus pandemic persists, according to a survey. Read more: CNBC
Capital Markets Report Sponsored by ZCCM-IH
In 35 trades recorded yesterday, 29,276 shares were transacted yielding a market turnover of K22,373. A share price loss of K0.10 was recorded in British American Tobacco Zambia. Trading activity was also recorded in PUMA, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambia Breweries, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 4,147.19 points, 0.12% down from its previous close of 4,152.07 points. The market closed on a capitalization of K56,018,151,360 including Shoprite Holdings and K21,778,945,380 excluding Shoprite Holdings.
Chart of the Day: