Story of the Day:
Entrepreneurs want success as soon as possible. We don’t want to wait too long to enjoy our incomes. We want big deals, big offers and maximum profits pronto. After all, success in business today seems to happen overnight. Read more
Local Business and Finance Sponsored By Liquid Telecom
ZCCM Investments Holdings is seeking to buy a controlling stake in Glencore Plc’s local copper unit to keep the operations running and protect jobs, Mines Minister Richard Musukwa said. Read more: Bloomberg
ABSA Retail Banking Director, Harton Maliki, says the bank has instituted a repayment holiday plan for players in the tourism industry to help protect businesses in the sector during the outbreak of the Covid-19. Read more: ZNBC
Commerce Minister Christopher Yaluma has fired Zambia Development Agency (ZDA) Board Chairperson Fisho Mwale with immediate effect for unknown reasons. Read more: News Diggers
Cipla Uganda, the biggest manufacturer of drugs in that country, has suspended exports to Zambia, over unpaid invoices on products worth almost $12m, over two years. Read more: Lusaka Times
International Business and Finance
The United States and China say they’re optimistic about the state of their trade agreement — even as the two superpowers fight over a slew of other issues, including technology and national security. Read more: CNN
Bustling skyscrapers and office parks packed with workers could be a relic of the pre-pandemic world. More than two-thirds (68%) of large company CEOs plan to downsize their office space, according to a survey released Tuesday by KPMG as signs indicate that working from home may become permanent. Read more: CNN
Virgin Atlantic has won backing from its creditors for a £1.2 billion rescue plan that would secure its future for at least 18 months and save 6,500 jobs. The airline said shareholders, banks, aircraft owners and suppliers owed money had approved the plan. Read more: BBC News
American Airlines said on Tuesday that it will cut more than 40,000 jobs, including 19,000 through furloughs and layoffs, in October as it struggles with a sharp decline in travel due to the coronavirus pandemic. Read more: Yahoo Finance
U.S. bank profits were down 70% from a year prior in the second quarter of 2020 on continued economic uncertainty driven by the coronavirus pandemic, a regulator reported Tuesday. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 6 trades recorded yesterday, 7,550 shares were transacted yielding a market turnover of K5,670. A share price loss of K0.06 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in PUMA. The LuSE All Share Index (LASI) closed at 3,818.99 points, 0.59% down from its previous close of 3,842.39 points . The market closed on a capitalization of K55,447,536,730 including Shoprite Holdings and K21,208,330,750 excluding Shoprite Holdings.
Chart of the Day: