Story of the Day:
Listed metal fabrication company, ZAMEFA Plc, has announced the resignation of its Managing Director, according to a statement from the company. The company has indicated that “a new Managing Director will be appointed in the next few weeks”. However, due to the delay in the appointment of the new Managing Director, the Board announced Louis Johann du Plessis, the marketing Director of ZAMEFA, as acting Managing Director of the company until the appointment the new Managing Director. Read more
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Bankers Association of Zambia (BAZ) chief executive officer Leonard Mwanza says the banking sector has recorded impressive profitability during the first quarter of 2021. Read more: News Diggers
The use of formal financial services offered by the banks has decreased from 24.8 percent to 20.7 percent. 58 percent of the adults are instead using mobile money according to the introduction of the new FinScope study for the year 2020 for Zambia. Read more: Lusaka Times
A Turkish tourism expert says Zambia possesses abundant tourism attractions needed to fascinate international tourists with unique experiences. And 1,500 Zambians visited Turkey in 2019, representing a 40 percent increase compared to 2018. Read more: Lusaka Times
Asides increased liquidity from stimulus interventions by central banks and general re-opening of economies after concerted vaccine efforts that are fueling demand backlogs, the world faces other upside risks such as geopolitical tension, rising shipping and airline freight costs. Read more: The Business Telegraph
International Business and Finance
China maintained its position as the largest investor in Africa over the last 10 years by the number of new jobs created (18,562 on average), with a gradual substantial increase of newly created jobs on a yearly basis, according to a new report. Finally, the report also ranked the UK as the fifth largest investor in Africa, adding that it is quickly losing ground, as Japan and UAE have both given Africa more weight in terms of share of Africa in their global investments over the last 10 years. Read more: Business Insider
More than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic. While many poor people became poorer, the number of millionaires increased by 5.2 million to 56.1 million globally, Credit Suisse research found. In 2020 more than 1% of adults worldwide were millionaires for the first time. Read more: BBC News
The European Commission has opened an investigation into whether Google is dominating the online-advertising market at the expense of its rivals.It will examine Google’s role in collecting data, selling advertising space and acting as an online-advertising intermediary. The commission is concerned the technology giant is making it hard for other online advertisers to compete. Google has said it will co-operate with the inquiry. Read more: BBC News
Microsoft has officially entered the most elite of clubs: corporations with a market value exceeding $2 trillion. The tech giant is only the third publicly traded company to reach such a valuation. Microsoft’s market capitalisation topped $2 trillion during trading on Tuesday, and closed just $300 million shy of that mark. Its stock on Tuesday climbed 1.1% to $265.51. Read more: CNN
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In 38 trades recorded yesterday 854,872 shares were transacted resulting in a turnover of K3,639,670. A share price loss was recorded in Lafarge of K0.96. Trading activity was also recorded in AEL Zambia, Copperbelt Energy Corporation, National Breweries, PUMA, Zanaco, Zambia Sugar and ZAFFICO. The LuSE All Share index (LASI) closed at 4,399.64 points, 1.00% down from its previous close of 4,443.65 points. The market closed on a capitalization of K59,404,217,621 including Shoprite Holdings and K25,159,576,846 excluding Shoprite Holdings.
Chart of the Day: