Story of the Day:
Zambia’s largest alcohol distributor by volume announced the resignation of its CEO effective 1st July 2021, according to a statement from Zambian Breweries. According to statements attributed to the company, its Country Director Jose Moran will be leaving the business to take up a new appointment as Country Director of its parent company AB InBev’s Tanzania operations. Read more
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London Institute Banking Fellow – LIBF and Housing Development Finance Professional Joseph Mwansa Chikolwa has been named Board Chairman by Ecobank Zambia effective June 21 taking over from Chileshe Kapwepwe. Read more: The Business Telegraph
A programme to influence direct positive change in the economy by informing market initiatives while functioning as a think-tank has been launched in Zambia by accountants. The Africa Advocacy Programme (AAP) which launched yesterday in Lusaka, ensures alignment with Association of Chartered Certified Accountants (ACCA’s) 2025 strategic agenda. Zambia is the second ACCA market to inaugurate the AAP following Nigeria closely. Read more: Times of Zambia
According to Zambia Association of Manufacturers, there is need for Government to attract more foreign direct investment (FDI) to stimulate the growth of the leather sector. In recent years, leather and its products have been receiving increased attention around the world and are identified as one of the most lucrative businesses in years to come. Read more: Zambia Daily Mail
Crushers and Edible Oil Refiners Association (CEDORA) and the Ministry of Agriculture have partnered to promote the growing of oil seeds to reduce dependence on imported crude edible oil, which contributed to the high cooking oil prices recently. Read more: Zambia Daily Mail
International Business and Finance
United Airlines has placed its biggest aircraft order to date in a bet on travel returning post-pandemic. The US airline confirmed it had ordered 270 Boeing and Airbus planes worth more than $30billion on Tuesday. Its chief executive Scott Kirby said the purchases would “accelerate our business to meet a resurgence in air travel”. Read more: BBC News
China is in the middle of a huge power crunch as extreme weather, surging demand for energy and strict limits on coal usage deliver a triple blow to the nation’s electricity grid. It’s a problem that could last for months, straining the country’s economic recovery and weighing on global trade. Read more: CNN
Ethiopia, Kenya and South Sudan reiterated their commitment to advance the implementation of a mega infrastructure project in the East Africa region, also known as the LAPSSET Corridor Program. Read more: CGTN
Fitch Solutions has ranked African countries in terms of the most digitally matured and likeliest nation to receive bulk of data centre investments over the coming years. The report indicated that the African telecoms market is poised to offer long-term demand for data centres as it undergoes significant technological development. This will provide a boost for investment and job opportunities in the ICT space. Read more: Business Insider
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In 14 trades recorded yesterday, 25.426 shares were transacted resulting in a turnover of K119,280. Shre price gains were recorded in Copperbelt of K0.15 and in Lafarge of K1.95. Trading activity was also recorded in Airtel, Pamodzi, Standard Chartered Zambia, ZCCM, Zambeef and Zanaco. The LuSE All Share index (LASI) closed at 4,619.80 points, 3.14% up from its previous close of 4,474.55 points. The market closed on a capitalization of K60,364,930,298 including Shoprite Holdings and K26,120,289,523 excluding Shoprite Holdings.
Chart of the Day: