Daily FiZ – Wednesday 19/01
Economy

Story of the Day

Real Estate Investments Zambia has announced the appointment of veteran engineer, Samson Zulu as a member of its board, effective 1st January 2022 following the resignation of Mr. Chikusi Banda on 10 June 2021, according to a published statement from the company. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

President Hakainde Hichilema has called for strengthened ties between Zambia and the United Arab Emirates (UAE) to foster social economic development. President Hichilema says Zambia has a lot to learn from the UAE on how the country has transformed amidst Covid – 19 challenges. He says Zambia needs to learn from the traits of UAE in the areas of planning, implementing and managing. President Hichilema was speaking on arrival at the Presidential Airport in Abu Dhabi in UAE. Read more: ZNBC

Minister of Science and Technology Felix Mutati says without the IMF deal, the debt restructuring that is critical to rebuilding the economy will not happen. And Mutati says the IMF deal is good because it no longer comes with foreign conditionalities as it is designed in Zambia and is therefore based on domestic economic policies. Read more: News Diggers

The Bank of Zambia (BoZ) has procured 282.79 kilogrammes (kg) of gold at a cost of K345.6 million from December 2020. Gold weighing 195.95 kg was bought from Kansanshi Copper Mines at the cost of K241.8 million, while 86.84 kg was purchased from Zambia Gold Company, a subsidiary of ZCCM-IH at the cost of K103.8 million. Read more: Times of Zambia

Zambia Airways (2014) Limited has appointed Abiy Asrat Jiru, an Ethiopian as its new chief executive officer effective January 14, this year. Zambia Airways board chairman Bonaventure Mutale said in a statement that Mr Asrat Jiru’s contract would come to an end in March 31, 2024 when the five year mandate for Ethiopian Airline Group to appoint the initial chief executive officer expires. Read more: Times of Zambia

International Business and Finance

The price of oil hit its highest level in more than seven years on Tuesday as traders worried that an attack on a fuel storage facility in the Middle East could affect supply. The surging price of oil is also thought to be partly down to growing optimism for a speedy global economic recovery from the coronavirus pandemic, which would increase demand for the fossil fuel. Read more: BBC News

Global tourism experienced a 4 percent increase in 2021, compared to 2020. However, the United Nations World Trade Organization (UNWTO) says in a report released on Tuesday that international tourist arrivals (overnight visitors) were still 72 percent below the pre-pandemic year of 2019. Read more: CGTN

Wall Street had another day in the red at the start of this shortened trading week as investors grapple with earnings seasons and rising Treasury bond yields. All three major indexes spent the entire day sharply lower. The Dow closed 1.5%, or some 540 points, lower, after falling as many as 650 points at its worst — its worst performance since late November. The broader S&P 500 fell 1.8%. Read more: CNN

On Tuesday, Microsoft said it’s buying video game publisher Activision Blizzard for almost $69 billion, a price that would narrowly eclipse the richest U.S. tech deal in history. In 2016, Dell purchased EMC for $67 billion. The JDS-SDL deal comes next, followed by IBM’s $34 billion acquisition of Red Hat, which closed in 2019. Read more: CNBC

Capital Markets Report Sponsored By ZCCM-IH

In 103 trades recorded yesterday, 2,051,803 shares were transacted resulting in a turnover of K12,393,206.74. Trading activity was recorded in Bata, Copperbelt Energy Corporation, CHIL, Standard Chartered Bank Limited, Zambia Breweries, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,297.92 points.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
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