Story of the Day:
When the board of Standard Chartered Bank Zambia meets with shareholders during the forthcoming e-AGM, they will be pushing forward a “No-Dividend” resolution, according to a SENS announcement from the bank. Read more
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The Industrial Development Corporation – IDC, the holding company of Zambia State Insurance Corporation – ZSIC Life & ZSIC General Insurance has confirmed that it plans to list ZSIC Life on the Lusaka Securities Exchange – LuSE this year 2020. Read more: Zambian Business Times
The Competition and Consumer Protection Commission – CCPC has disclosed that it has instituted investigations of top four (4) cement companies in Zambia for possible market abuse following the recent ‘uniform’ hike in cement prices on the market. Read more: Zambian Business Times
The Zambia Revenue Authority (ZRA) has in the last three years collected K25.7 million using mobile tax payment solutions. ZRA Commissioner General Kingsley Chanda says currently 90% of all tax payments are online. Read more: Lusaka Times
Finance Minister Bwalya Ng’andu says Government intends to introduce electronic payment system for social cash transfer. Read more: ZNBC
Maamba Collieries limited has this year invested US$7 million out of the eleven million it pledged during the Southern Province Investment exposition held in Livingstone last year. Company General Manager David Kumar says the US$7 million was invested in various mining activities and equipment. Read more: ZNBC
Konkola Copper Mines (KCM) Provisional Liquidator Milingo Lungu says not all debt owed by KCM to the stakeholders has been paid off. Read more: The Independent Observer
International Business and Finance
The S&P 500 closed at an all-time high for the first time since the Covid-19 pandemic hit the United States. The index, which is the broadest measure of Wall Street, had been hovering in record territory for days but repeatedly fell short of reaching the milestone. But Tuesday was finally the day. It closed up 0.2%, the first record since February. Read more: CNN
President Donald Trump said he called off last weekend’s trade talks with China, raising questions about the future of a trade deal that is now the most stable point in an increasingly tense relationship. “I canceled talks with China,” Trump said Tuesday in Arizona. “I don’t want to talk to China right now.” Read more: Bloomberg
US banking giant Citigroup has asked a federal court to force hedge fund Brigade Capital to return $176m. The money is part of the $900m the bank accidentally transferred to creditors of the struggling cosmetics company Revlon. Read more: BBC News
The Japanese yen and Swiss franc remain relatively safe bets, Morgan Stanley said Tuesday, but the investment bank picked the U.S. dollar as the best safe-haven currency in what’s left of turbulent 2020. Read more: CNBC
President Donald Trump said on Tuesday that Oracle Corp is a good company and could take over popular Chinese-owned social media app TikTok in the United States, after he issued an order mandating its sale in 90 days. Read more: Reuters
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In 6 trades recorded yesterday, 119,529 shares were transacted yielding a market turnover of K864,195. Trading activity was recorded in Zambia Breweries. The LuSE All Share Index (LASI) maintained its close at 3,842.39 points, as there were no share price movements . The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings.
Chart of the Day: