Story of the Day:
The Industrial Development Corporation has announced that it has successfully achieved key milestones on some of its Greenfield initiatives in 2019. Read more
Local Business and Finance
Government has started the process of formulating a statutory instrument (SI) which will compel mining houses in Zambia to give business to local suppliers and contractors. Read more: Zambia Daily Mail
Zanaco Bank is confident of repositioning itself against any economic shocks following continued innovation and investment in technology to boost operations. Read more: Zambia Daily Mail
At least US$5 billion is available for the construction of an oil pipeline to connect Angola and Zambia, aiming to make operational the Lobito corridor. Read more: Lusaka Times
Zambian Ambassador to Sweden Rose Salukatula has called for increased cooperation with Zambia’s partners in order to help Government achieve its developmental goals. Ms Salukatula has pointed out that despite some challenges, Government was resilient and focused on ensuring that the economy of the country grew and contributed to bettering the lives of Zambians. Read more: The Independent Observer
International Business and Finance
The Central Bank of Zimbabwe has announced it will introduce some notes and coins in Zimbabwean dollar in the next two weeks. Central bank governor John Mangudya said Tuesday, this is part of the latest steps to restore the domestic currency. Read more: Africa News
Boris Johnson’s Brexit deal will leave the UK £70 billion worse off a year than if it had remained in the EU, a study by the National Institute of Economic and Social Research (NIESR) has found. It concluded that growth would be 3.5% lower in 10 years’ time under the deal. Read more: BBC News
US lawmakers have accused Boeing of engaging in a “pattern of deliberate concealment” as it sought approval for its 737 Max 8 plane to fly. Senators said they had serious concerns that Boeing put profits over safety as it rushed to get clearance. Read more: BBC News
The world’s top central banks can do more to adapt their monetary policies to help mitigate climate-change risks without giving up on their other goals such as curbing inflation and boosting the economy, according to a new research paper. Read more: Wall Street Journal
British bank Standard Chartered said Wednesday its net profit for the three months that ended in September grew 3% from the same period a year ago. Read more: CNBC
Goldman Sachs has been sued for the alleged “unlawful” management of its company 401(k) plan related to the plan’s use of in-house actively managed mutual funds, which the lawsuit says provided the firm with a financial benefit at the expense of employees’ retirement savings. Read more: Investment News
Capital Markets Report
In 36 trades recorded yesterday, 19,910 shares were transacted, resulting in a market turnover of K61,582. Trading activity was recorded in Copperbelt Energy Corporation, PUMA, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambeef and Zambia Sugar. The LuSE All Share Index (LASI) maintained its previous close of 4,330.56 points as there were no price movements. The market remained on a capitalization of K56,846,537,472 including Shoprite Holdings and K22,607,331,492 excluding Shoprite Holdings.
Chart of the Day: