Story of the Day:
If at all there is one young Zambian woman that is focused on enabling the financial inclusion and empowerment of women in Zambia and the sub-Saharan region, then Lelemba Phiri is one of them. Recently, she made a big announcement of the establishment of the first Venture Capital fund that would focus on investing in women entrepreneurs in the SADC region. Read more
Local Business and Finance
With approximately K625million long cash on 15 October, an autopsy effect of the K2billion of tax (provisional) outflows, K1billion in treasury bill settlement offset by K300million in maturities (as at Monday 14 October), it is very unlikely that Thursdays bond sale may have adequate purchasing power to absorb K1.65billion of fixed income assets on offer. Read more: The Business Telegraph
Zambia is losing huge revenue from illegally-exported gold, says Minister of Mines and Minerals Development Richard Musukwa. Read more: News Diggers
The Zambia Development Agency (ZDA) says the current energy crisis which the country is facing has harnessed great opportunities for people to invest in alternative sources of energy such as solar and bio energy. Read more: News Diggers
The launch of the Zambia-Angola Chamber of Commerce and Trade is expected to boost trade and investment relations between countries, Zambia’s Ambassador to Angola Lawrence Chalungumana said. Read more: Zambia Daily Mail
Commerce Minister Christopher Yaluma says Zambia continues to create a conducive business environment that is cardinal for attracting and enhancing trade and investment. Mr Yaluma says Government has prioritised the Industrialisation Agenda in its 7th National Development Plan to enable the country increase economic growth. Read more: ZNBC
National Milling Corporation, a local unit of the United States based Seaboard Corporation, with a history dating back more than 90 years invested in a new plant meant to grow its Zambian Business. President Edgar Lungu commissioned the modern US$ 37.5 million National Milling plant in Lilayi. Read more: Zambian Business Times
International Business and Finance
WeWork is expected to lay off at least 2,000 people as soon as this week, as angry staff at the troubled office rental company turn on its co-founder Adam Neumann. Read more: MSN
Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria’s commercial capital Lagos to attract commuters seeking to avoid the megacity’s notoriously congested roads. Read more: Africa News
Zimbabwe is targeting a fourfold increase in revenue from minerals by 2023 but an ambitious plan unveiled by Mines Minister Winston Chitando on Monday gave little detail on how the government would achieve this.
The policy document, known as the Strategic Road to the Achievement of US$12 Billion By 2023, sees gold exports at $4 billion and platinum at $3 billion. Read more: Bloomberg
As Facebook’s libra faces headwinds, China is racing to launch its own global cryptocurrency. Read more: CNBC
Last-ditch talks between Britain and the European Union to get a Brexit deal ahead of a summit of the bloc’s leaders this week went on past midnight to Wednesday, but it was still unclear if London could avoid postponing its departure due on Oct. 31. Read more: Reuters
Capital Markets Report
In 38 trades recorded yesterday, 1,383,750 shares were transacted, resulting in a market turnover of K1,603,722. A share price loss of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, PUMA, Standard Chartered Bank Limited, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 4,365.93 points down by 0.09% from its previous close of 4,369.84 points. The market closed on a capitalization of K56,977,423,685 including Shoprite Holdings and K22,738,217,705 excluding Shoprite Holdings.
Chart of the Day: