Story of the Day:
The handing over of ownership of Mopani Copper Mine to ZCCM-IH by Glencore, has stirred up more debates among Zambians. Read more
Local Business and Finance Sponsored By Liquid Telecom
Energy Minister Mathew Nkhuwa says all the filling stations in the country will have enough fuel stocks before the end of this week. Mr. Nkhuwa has assured the nation that consumers and the public should not panic since all filling stations will be serviced with enough fuel within the course of the week. The Minister emphasized that the government and oil marketing companies are in total control of the situation. Read more: ZNBC
Democratic Republic of Congo President Felix Tshisekedi says his government is committed to working with Zambia to actualise the Kasomeno-Mwenda toll road and Luapula bridge project. Mr. Tshisekedi says the project which is being promoted by GED Africa and Duna Aszfalt of Hungry will offer economic benefits to both countries. Read more: ZNBC
Zambia is expected to deposit its first instalment of the US $1.5 billion debt acquired following the attainment of majority shares in Mopani Copper Mines in April, 2021, Ministry of Mines Permanent secretary Barnaby Mulenga has revealed. Read more: News Diggers
Mines and Minerals Development Minister Richard Musukwa says 49 per cent of the smelter at Konkola Copper Mines (KCM) has been sold to recapitalise operations at the mine. Read more: News Diggers
International Business and Finance Sponsored By Royal Zambian Airlines
The US economy will recover at a much quicker pace than previously expected in 2021, as coronavirus vaccines and fiscal stimulus power the strongest growth since the 1980s, the International Monetary Fund predicted on Tuesday. The IMF upgraded its forecast for US economic growth in 2021 to 5.1%, an entire 2 percentage points higher than its October prediction. Read more: Business Insider
Microsoft posted $43.1 billion in revenue for its fiscal second quarter — a 17% increase from the same period in the prior year and well above the $40.2 billion analysts had predicted. Income hit $15.5 billion, or $2.03 per share, compared with the $1.64 earnings per share Wall Street predicted. Read more: CNN
Goldman Sachs’ chief executive David Solomon will get a $10 million pay cut for the bank’s involvement in the 1MDB corruption scandal. 1MDB was an investment fund set up by the Malaysian government that lost billions due to fraudulent activity. Read more: BBC News
MPs have accused banking giant HSBC of “aiding and abetting” China’s crackdown in Hong Kong. Chief executive Noel Quinn, appearing before the Foreign Affairs Committee, was told the bank was turning a blind eye to the situation. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 25 trades recorded yesterday, 1,086,739 shares were transacted yielding a market turnover of K967,958. A share price loss of K0.01 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in Copperbelt Energy Corporation, Lafarge, and Standard Chartered Zambia. 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: