Malawi: Inflation Rate Increases to 22.6% in June | Medafrica Times

Malawi: Inflation Rate Increases to 22.6% in June | Medafrica Times: The national statistics office of Malawi, on Monday, said the country’s inflation has accelerated to 22.6 percent year-on-year in June from 21.5 percent in May, driven partly by higher food prices

Struggling tobacco industry earns $158 million | The Times Group

Struggling tobacco industry earns $158 million | The Times Group: The tobacco industry is still struggling to impress with the market so far earning $158.6 million against $240 million earned during the same time last year.

A trading update for week15 of this year’s tobacco market shows that 85 million kilogrammes of burley tobacco went through the auction against 124 million kilogrammes auctioned same time last year.

Talks underway for power purchase deal | The Times Group

Talks underway for power purchase deal | The Times Group: One of the Independent Power Producers (IPPs) Atlas Energy has confirmed holding negotiations with the Millenium Challenge Corporation (MCC) and Power Africa Transactional Advisor to pave way for a Power Purchase Agreement (PPA) with the Electricity Supply Corporation of Malawi (Escom)

Malawi –China forum courts 11 investors | The Times Group

Malawi –China forum courts 11 investors | The Times Group: "The Malawi – China forum has yielded positive results with 11 Chinese companies showing interest in investing in the country.

A joint statement by the Ministry of Industry, Trade and Tourism and the Chinese Embassy in Malawi indicates that the investors are from the energy, agriculture and banking sectors."



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AHCX, others push for commodity market reforms | The Times Group

AHCX, others push for commodity market reforms | The Times Group: "Stakeholders are calling for the establishment of new regulatory requirements aimed at encouraging the use of structured markets when exporting commodities.

The players argue that Malawi would be in a better position to absorb shocks impacting the economy following dwindling revenues from tobacco if the country is to set up special export mandates, where all exportation of commodities and other produce would go through the structured market."



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Survey finds mineral traces in Thambani | The Times Group

Survey finds mineral traces in Thambani | The Times Group: "An airborne survey which the government undertook with support from the World Bank has found significant potential  for  uranium,  niobium,  tantalum  and  other  minerals  in some parts of Thambani where Mkango resources is carrying out mineral exploration activities.

The Survey also highlighted a number of magnetic anomalies not previously identified which require further  investigation  to  determine  the  significance  of  the  magnetic  anomalies, and whether they are related to mineralisation or geological features.

According to a statement from Mkango Resources,  the  magnetic  high  anomalies  provide  an  excellent  focus  for  future  exploration  for  niobium and tantalum at Thambani."



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Reports paint gloomy outlook for economy | The Times Group

Reports paint gloomy outlook for economy | The Times Group: "As Malawi’s economy struggles in the face of double-digit inflation among other negative indicators, two new reports have presented another bleak outlook of the economy.

The reports predict a further depreciation of the kwacha in the coming months with food inflation also expected to increase as the food deficit becomes more pronounced.

The projections are contained in Alliance Capital’s Quarterly Economic Report for the second quarter of 2016 and Mid-Year Economic Report released by Nico Asset Managers."



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Tea prices improve | The Times Group

Tea prices improve | The Times Group: "Tea prices have improved after week, of slow trading. At the Limbe Tea Auction, the market recorded one of the highest prices in weeks at $2.20 as compared to last week’s auction where the highest bidder offered $1.80 for the best tea.

The lowest price on offer during the auction was $0.72.

Coffee and Te a Merchants Association of Malawi Chairperson, William Sichinga, said the development is as a result of off season market dynamics.

“We are going into off season and buyers are scrambling for the little tea that is available on the auction. This has pushed the price upwards which is a good development,” said Sichinga."



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UN Appeals for $204 Million for Hungry in Southern African - ABC News

UN Appeals for $204 Million for Hungry in Southern African - ABC News: "The U.N. food agency has declared its highest-level emergency in drought-stricken southern Africa and is appealing for $204 million immediately to purchase food and transport it to the region to help millions of hungry people.

World Food Program Executive Director Ertharin Cousin told reporters in a telephone briefing from hard-hit Malawi on Tuesday that the El Nino-induced drought — which also affected South America and Ethiopia — has devastated crops and caused harvests to fail in southern Africa."



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Paladin Energy eyes cash injection

Paladin Energy eyes cash injection: "Uranium miner Paladin Energy is closing in on a recapitalisation deal that will usher in another strategic investor and ease looming debt concerns.

As this column reported in March, the fresh stakeholder is likely to be a Chinese player, entering via a strategic placement struck at a significant premium to the volume weighted average price."



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World Bank contradicts Goodal Gondwe: attaining economic stability remains farfetched dream for Malawi - The Maravi Post

World Bank contradicts Goodal Gondwe: attaining economic stability remains farfetched dream for Malawi - The Maravi Post: "BLANTYRE-(MaraviPost)—Malawians should brace for long period of tough ride as the World Bank says attaining economic stability still remains a challenge for Malawi on the basis of adverse weather conditions and resulting food shortages, which are negatively impacting on the economic growth.The World Bank expects the economy to grow by 2.6 percent, a sharp contrast to Finance Minister, Goodall Gondwe’s, 5.1 growth estimate."



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AmaBhungane: Politically connected brothers, scandal, toxic loans – Malawi edition | Daily Maverick

AmaBhungane: Politically connected brothers, scandal, toxic loans – Malawi edition | Daily Maverick: "Sterling Timber received a 1.4-billion kwacha (R58-million) loan from Malawi Savings Bank (MSB) in 2011 to set up a timber processing plant, which it never built.

The Centre for Investigative Journalism Malawi has now been reliably informed that the treasury paid its debt to MSB – which allegedly still stood at R58-million – when the bank was sold to a private company last year."



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Let Malawi enjoy earnings from its pigeon pea exports | The Times Group

Let Malawi enjoy earnings from its pigeon pea exports | The Times Group: "Malawi produces and exports a lot of pigeon peas but the country hardly benefits from the trade due to the unregulated commodities market in the country which results in informal exports and massive under-declaration of proceeds by exporters.

With the pigeon pea marketing season now underway in Malawi, there are still no measures the government has put in place to ensure that exports for the crop and other agricultural commodities are fully accounted for despite evidence that a large chunk of foreign exchange earned from exports of these crops does not come back into the country."



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Malawi Kwacha falls 6% in 2016 first half | The Times Group

Malawi Kwacha falls 6% in 2016 first half | The Times Group: "A report shows that the kwacha lost value against the United States dollar by nearly six percent in the first half of 2016.

The report, released by Nico Asset Managers, has attributed the fall to low tobacco prices and high rejection rates that have negatively affected the inflow of foreign currency. It also cites the strengthening of the dollar against other currencies as a contributing factor."



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Pension assets now at K323bn | The Times Group

Pension assets now at K323bn | The Times Group: "Assets of Malawi’s pension sector grew by 6.86 percent from K302.27 billion in September 2015 to K323.0 billion in March 2016 as pension contributions and investment income surged, the Reserve Bank of Malawi has said.

In its June 2016 Financial Stability Report, RBM, however, notes that the growth was moderated due to a decrease in market value of listed equities from K123.6 billion in September 2015 to K111.30 billion in March 2016."



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Malawi Government Delays Civil Servant Pensions - Footprint to Africa

Malawi Government Delays Civil Servant Pensions - Footprint to Africa: "Government says it has delayed the mandatory contributory pension scheme for civil servants because of lack of resources.
Spokesperson for Finance ministry Nations Msowoya said the government needs K380 billion as a starter up fund to kick start the scheme"



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Embassy courting UK investors for 2nd MIF | The Times Group

Embassy courting UK investors for 2nd MIF | The Times Group: "The Malawi Mission in the United Kigdom says it has started to engage potential investors as Malawi gears up for the second Malawi Investment Forum (MIF) to take place in October.

The first MIF attracted investment pledges of over $1.5 billion.

Malawi High Commissioner in the UK, Kena Mphonda, said they are currently holding discussions with the Commonwealth Enterprise and Investment Council, the Portuguese Chambers of Commerce and the London Chamber of Commerce to mobilise business delegations from the United Kingdom to attend the event."



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Rail targeted for fuel imports | The Times Group

Rail targeted for fuel imports | The Times Group: "The National Oil Company of Malawi (Nocma) is planning to maximise use of the Nacala Port as an alternative route for transporting fuel imports as concerns surrounding petroleum products coming into the country through Beira deepen.

Recent reports indicate that some fuel tankers were intercepted while on their way to Malawi by unknown militia groups in Mozambique igniting suspicions of a fuel shortage hitting Malawi if authorities do not identify alternative routes to ferry the petroleum products."



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Mkango’s new listing lifts investment image | The Times Group

Mkango’s new listing lifts investment image | The Times Group: The Department of Geological Survey and the Malawi High Commission in United Kingdom have applauded Mkango Resources for raising �1 million to list on the AIM London Stock Exchange describing the move as a huge boost to Malawi’s investment image.

Mkango’s new listing lifts investment image | The Times Group

Mkango’s new listing lifts investment image | The Times Group: The Department of Geological Survey and the Malawi High Commission in United Kingdom have applauded Mkango Resources for raising �1 million to list on the AIM London Stock Exchange describing the move as a huge boost to Malawi’s investment image.

Malawi Reviewing Exports To Zimbabwe - Capital Radio Malawi

Malawi Reviewing Exports To Zimbabwe - Capital Radio Malawi: "Trade authorities are in the process of reviewing Malawi’s exports to Zimbabwe.

This is to assess the impact of the Zimbabwe’s recent import ban on the exports."



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Consortium to invest $4.2bn in power plant | | The Nation Online

Consortium to invest $4.2bn in power plant | | The Nation Online:

Staff @ July 4, 2016 0 Comments  
A consortium of companies from South Africa and overseas called Project DoXA plans to 

embark on a $4.2 billion (about K3 trillion) energy generation project to build a coal-fired 

power plant in Neno. Once completed, the plant is set to have an installed capacity of 2 400 megawatts (MW) to 

provide electricity to almost 80 percent of the country's households and companies. 

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Business confidence remains at low levels | The Times Group

Business confidence remains at low levels | The Times Group: "A report by the World Bank says most players in the business sector are still unsatisfied with the business conditions prevailing in the country and the bank has warned that this may lead to a decline in investment and growth.

In its third edition of the Malawi Economic Monitor, the World Bank blames the situation on the extended period of macroeconomic instability characterised by high interest and inflation rates that undermines the profitability of new investments.

The World Bank has also identified weather shocks, unreliable power supply and delayed payments and issuance of zero coupon bonds as being among the constraints making the business environment even more challenging."



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