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  • August 10, 2020
  • Kabamba Bwalya-Mulwale
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  • Business news sponsored by Professional insurance

ZACCI DAILY BUSINESS NEWS MONDAY AUGUST 10, 2020

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FOREIGN EXCHANGE: ZMW:

BID OFFER
USD/ZMW 18.3693 18.4193
ZAR/ZMW 1.0461 1.0495
GBP/ZMW 24.0381 24.1109
EUR/ZMW 21.7033 21.7679 (BOZ)
ZAMBIA REVENUE AUTHORITY EXCHANGE RATES 01-15 AUGUST

US DOLLAR                  ZMW 18.2571 EURO                 ZMW 21.6810
SOUTH AFRICAN RAND ZMW   1.0906 BRITISH POUND  ZMW 23.9641
AGRICULTURE COMMODITY PRICES
GTAZ reference prices

Commodity Purchase(USD) Sell (USD)  
Soya beans 310         337
Wheat 425           445
Maize 143 171
Sun flower 265 300
Cowpeas 190 200
G/nuts shelled 828 994
Unshelled G/nuts – –
Rice – –

Source: Grain Traders Association of Zambia (GTAZ) Secretariat

INTERNATIONAL COMMODITY MARKETS

 COMMODITY CURRENT   PREVIOUS
Oil (BRENT) ($/barrel)  44.69   44.86
COPPER ($/ton)  6,437.00   6,453.50
COBALT ($/ton)  33,095.00   33,000.00
NICKEL ($/ton)  14,335.00   14,250.00
ALUMINIUM ($/ton)   1,744.00   1,722.00
LEAD ($/ton)   1,921.00    1,913.00
ZINC ($/ton)   2,393.00   2,377.50
STEEL ($/ton)     446.50    451.50
ZAMBIA ECONOMIC INDICATORS

CURRENT  PREVIOUS
Inflation (%) 16.6% (JUNE, 2020) 15.9% (MAY, 2020)
Annual GDP (%) 2.30% (2019)              3.0% (2018)  (BOZ)
Gross Reserves (US$ Billion) 1.45 1.41
BOZ Policy Rate (%) 9.25%  11.5%
 LOCAL BUSINESS NEWS

Cobalt demand rises

Increases to $33, 100 per tonne on London Metal Exchange. Cobalt has recorded a Significant demand on the London Metal Exchange (LME) trading at US$33,100 per tonne, representing 14.14 percent spike from US$29,000 recorded two weeks ago.
Read more in daily mail

Lockdown deadlier

GOVERNMENT will not lock down the country in view of the increased cases of COVID-19 cases and deaths because it can have serious effects on the economy. President Edgar Lungu says the coronavirus pandemic has continued to pose a serious challenge to the country’s development path because it has exerted unexpected pressure on a number of sectors of the economy and the national treasury. The head of State was speaking at State House yesterday when he received a quarterly progress report from members of the economic diversification and job creation cluster. Members of the cluster are ministers of Tourism Ronald Chitotela, Agriculture Michael Katambo, and Mines Richard Musukwa.
Read more
INTERNATIONAL BUSINESS NEWS

Covid Travel Restrictions Devastate Africa’s Tourism

Global restrictions on travel have dealt a devastating blow to African nations who depend on tourists and their hard currency to support an industry that employs millions of people on the continent. National carriers in Mauritius, Kenya and Namibia ran into more financial trouble as flights were grounded. In South Africa, listed hotel group, Sun International Ltd., announced two of its casinos won’t reopen after the country’s coronavirus lockdown ends. The Kenyan government expects losses of as much as $511 million in hotel-room revenue if the pandemic persists. The following charts show the importance of the tourism sector to parts of the continent, as well as the pain lockdowns to curb the spread of the virus have caused.
Read More

Buffett Shows Faith in Berkshire Portfolio With Record Buybacks

Warren Buffett is betting on brighter prospects for his Berkshire Hathaway Inc. Bershire spent a record $5.1 billion buying back its own stock in the second quarter, and may have kept that higher pace going in July. The billionaire investor sought to seize on a bigger discount to the S&P 500 during a quarter when the conglomerate’s operating businesses held up better than expected. Buffett said in early May that he was keeping cash high to be prepared for any direction the pandemic might turn and wasn’t overly attracted to buybacks. But as he searched for undervalued assets to spend billions on, he gravitated to his own firm’s shares. “Even though we don’t know how long it’s going to be and how much it’s going to permanently affect people’s behavior, we think Berkshire Hathaway is in a really good position to survive,” said Bill Smead, chief investment officer at Smead Capital Management, which oversees $1.5 billion including Berkshire shares.

Read on

 

European Stocks, Oil Gain as U.S. Futures Steady: Markets Wrap

European stocks rose along with the bulk of Asian equity markets as investors weighed stronger Chinese economic data and ongoing U.S. stimulus negotiations. Energy producers led gains among European stocks and oil advanced after Saudi Aramco said demand will continue to improve. The dollar was steady, while gold retreated for a second day. Lebanon’s stock market is due to open Monday for the first time since the Beirut port explosion. In Asian markets, South Korea and Australia outperformed. Chinese shares rose as data showed the economy continuing to recover from the pandemic, with consumer inflation accelerating and factory price deflation easing.
Read more
 

 
 
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