Story of the Day:
Gemfields, the company that operates the Kagem emerald mine in Lufwanyama, is scaling up its community and conservation support in Zambia with the launch of a charitable foundation. The Gemfields Foundation’s work is in addition to the economic contribution created by local employment, tax payments and foreign exchange generation. Read more
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Zambia’s state mining investment arm ZCCM-IH has agreed to buy Glencore’s majority stake in Mopani Copper Mines in a $1.5 billion deal funded by debt and will seek a new investor, the government said on Tuesday. Read more: Reuters
Vedanta Resources has agreed to settle all claims brought against it by Zambian villagers following pollution by a copper mine run by Konkola Copper Mines Plc (KCM), Vedanta and law firm Leigh Day said on Tuesday. Read more: Reuters
The Office of the Auditor General has announced the commencement of the auditing of accounts for the financial year ending 31st December 2020. Read more: Lusaka Times
The Bank of Zambia (BoZ) has implored businesses and individuals in the Southern African Development Community (SADC) to embrace transacting using the regional body’s Real Time Gross Settlement (RTGS) system in a quest to save currency conversion costs. SADC-RTGS is an automated interbank settlement system, which settles payment obligations between participating banks. Zambia Daily Mail
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The UK and US have failed to do a much hoped for “mini-deal” over trade in the last days of the Trump administration. There were hopes the US would lift tariffs on imports of Scotch whisky and cashmere imposed last year as part of the Boeing-Airbus trade dispute. But those duties will now stay in place while President-elect Biden awaits confirmation of his trade team. Read more: BBC News
Audi is teaming up with China’s oldest carmaker FAW to produce luxury electric vehicles. FAW is China’s third largest carmaker, and counts Hongqi – or Red Flag – limousines for China’s communist party leaders among its products. The new joint-venture factory will build fully-electric Audi models. Read more: BBC News
The World Bank said in a press statement that the pandemic has caused “a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period”. Growth in Sub Saharan Africa is expected to resume at a “moderate average pace of 2 percent” in 2021, which is essentially zero in per capita terms and well below previous projections. Read more: Africa News
FedEx has announced plans to slash up to 6,300 jobs in Europe. The delivery company said in a statement on Tuesday that it would reduce its European workforce by between 5,500 and 6,300 as it completes the integration of TNT Express. Read more: CNN
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In 17 trades recorded yesterday, 11,916 shares were transacted yielding a market turnover of K31,558. Trading activity was recorded in AEL Zambia, Copperbelt Energy Corporation and SHOP. The LuSE All Share Index (LASI) maintained its close at 3,912.33 points, as there were no share price movements. The market closed on a capitalization of K57,358,966,682 including Shoprite Holdings and K23,119,760,702 excluding Shoprite Holdings.
Chart of the Day: