Maize prices drop 36.8% | The Times Group

Maize prices drop 36.8% | The Times Group: "Maize prices drop 36.8%
Posted By: William Kumwembeon: July 27, 2017In: BusinessNo Comments
Maize prices have gone down by an average of 36.8 percent in the first six months of 2017, according to our findings.

This is in sharp contrast to the trend in the past two years when the country faced an acute shortage of the staple due to harsh weather conditions."



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MRA Registers K42bn Excess in 2016/17

MRA Registers K42bn Excess in 2016/17: "The Malawi Revenue Authority (MRA) registered an excess of K42 billion revenue collection in the 2016/2017 fiscal year, officials have confirmed.

According to information Zodiak sourced from the MRA website, the revenue collecting body collected K760 billion against a target of K725 billion.

MRA Commissioner General Thom Gray Malata says Malawians are voluntarily complying with tax laws, hence the increase in the figures."



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Malawi Govt to Probe Unreconciled K810mil Mining Revenue - Minister - allAfrica.com

Malawi Govt to Probe Unreconciled K810mil Mining Revenue - Minister - allAfrica.com: "Newly appointed Minister of Natural Resources, Energy and Minning, Aggrey Massi has said government will investigate the missing of about 43 percent of the total revenue Malawi government generated from the mining sector in 2014 amounting to K810 million.

The money cannot be reconciled in accounting books, according to the country's first Extractive Industry Transparency Initiative (EITI) report launched in Lilongwe."



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Tobacco earns $199 million | The Times Group

Tobacco earns $199 million | The Times Group: "Tobacco earns $199 million Posted By: William Kumwembeon: July 25, 2017In: BusinessNo Comments Over 99 million of the 124 million kilogrammes of tobacco grown this year have been traded at the auction floors since the opening of the 2017 selling season in April. The tobacco market, now in its sixteenth week, has so far realised about $198.9 million"



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ESCOM Rolls Out National Fiber Project

ESCOM Rolls Out National Fiber Project: "The Electricity Supply Commission of Malawi (ESCOM) this Sunday, July 16, rolls out the multimillion kwacha Malawi National Fiber Backbone Project, which seeks to connect all the districts to Capital Hill in Lilongwe.

Speaking at a media briefing in Blantyre Wednesday, ESCOM Head of Optic Fiber Chester Kabinda Mbewe said the new fiber connection will among other things reduce corruption and theft within the government machinery.

“The National Fiber connection project is very important because ICT aids fast development for any country; this project will make control easier because all districts will be connected to Capital Hill so all systems such as IFMIS, the national payroll, and processes such as issuing of passports will all be done online,” he said."



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Power sector gets further boost | The Times Group

Power sector gets further boost | The Times Group: "The Electricity Generation Company (Egenco) has signed a contract with Mitsubishi Corporation for the expansion of Tedzani Hydro Power Station.

The three-year project will include the construction of a new power plant to add 18 megawatts to the national grid.

This is coming at a time the nation is facing power supply challenges owing to an increase in electricity demand.

According to Egenco, the power plant will be housed in a separate building from the other three power plants already operating at the station."



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Good news for Malawians: electricity capacity to increase | Malawi 24 - All the latest Malawi news

Good news for Malawians: electricity capacity to increase | Malawi 24 - All the latest Malawi news: "Good news for Malawians: electricity capacity to increase 1 BY BRIGHT MALENGA ON JUL 19, 2017 TOP NEWS Electricity Generation Company (Malawi) Limited (EGENCO) on Tuesday signed a contract with Japan’s Mitsubishi Corporation for a multimillion project that will see the company expanding the Tedzani hydropower station."



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US$23m fibre backbone project underway in Malawi - ITWeb Africa

US$23m fibre backbone project underway in Malawi - ITWeb Africa: "US$23m fibre backbone project underway in Malawi

Published on 17 July 2017
By Michael Malakata

The Electricity Supply Corporation of Malawi (Escom), in association with Huawei Technologies, has begun with the implementation of a US$23 million national fibre backbone project."



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Uranium Prices: Spot Uranium Higher for Sixth-Consecutive Week

Uranium Prices: Spot Uranium Higher for Sixth-Consecutive Week:  Share
TradeTech’s weekly spot uranium price indicator climbed last week for the sixth consecutive session; however, the rise was very modest. Uranium spot prices advanced by just $0.05 to reach $20.25 per lb. The six-week rise has taken uranium prices up just $0.75.

July is typically a very quiet month for uranium buying interest; therefore, we are unlikely to see any significant moves in the coming weeks."



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Inflation down to 11.3 percent in June | The Times Group

Inflation down to 11.3 percent in June | The Times Group: "Malawi’s headline inflation decelerated by 100 basis points in June 2017 to 11.3 percent from 12.3 percent in May, thanks to continued improvements in food availability, the National Statistical Office has said.

This year’s June inflation is 11.3 percentage points better than the 22.6 percent recorded in June 2017 but is 0.6 percentage points shy of the 10.7 percent predicted by the Reserve Bank of Malawi in its monetary policy statement released last month."



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Millennium Challenge Account optimistic with Malawi Compact deadline | The Times Group

Millennium Challenge Account optimistic with Malawi Compact deadline | The Times Group: "Millennium Challenge Account optimistic with Malawi Compact deadline
Posted By: Audrey Kapalamulaon: July 17, 2017In: NationalNo Comments
Millennium Challenge Account (MCA) Malawi has expressed optimism that the $350 million (approximately K257 billion) Malawi Compact will be completed within the stipulated deadline of September 2018.

MCA Communications and Outreach Director, Zilani Khonje, said on Saturday, that despite the project meeting compensation challenges in other areas, the implementation of the project is progressing smoothly.

Khonje spoke after touring rehabilitation and upgrading works at Bunda Turn-Off substation in Lilongwe. She said 49 percent of the committed funds to the project, which involves infrastructure development, power sector reform and environment and social performance, has been committed."



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Nico, Eris in properties Pact | The Times Group

Nico, Eris in properties Pact | The Times Group: "Nico, Eris in properties Pact
Posted By: George Mhangoon: July 14, 2017In: BusinessNo Comments
Conglomerate Nico Holdings Group has sealed a partnership deal with South Africa’s Eris Property Group, which will see a joint capital injection of not less than $50 million into property development and investment in Malawi.

This pact will be handled through a company called Eris Property Malawi Joint Venture and Property Development and Property Management to be established by the two groups in August this year."



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Government, Admarc differ on PTA bank’s Letter of Credit | The Times Group

Government, Admarc differ on PTA bank’s Letter of Credit | The Times Group: "Minister of Finance, Economic Planning and Development, Goodall Gondwe, has disclosed that grain marketer, the Agricultural Development and Marketing Corporation (Admarc), has to pay more than K1 billion to the Eastern and Southern African Development (PTA Bank) for the Letter of Credit the bank issued to Admarc."



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Sovereign Metals study reveals lowest cost for Graphite Project

Sovereign Metals study reveals lowest cost for Graphite Project: "Sovereign Metals’ (ASX:SVM) scoping study has revealed capital and operating costs at the very bottom of the graphite supply cost-curve for its Malingunde Graphite Project in Malawi.

The results of the scoping study demonstrate the potential for the Malingunde Project to support an annual graphite concentrate production of circa 44,000 tonnes over an initial mine life of 17 years."



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GCR - News - Portuguese and Chinese team signs deal to build $1.4bn Mozambique railway

GCR - News - Portuguese and Chinese team signs deal to build $1.4bn Mozambique railway: "Portuguese and Chinese team signs deal to build $1.4bn Mozambique railway

15 June 2017 | By GCR Staff
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A consortium made up of Mota-Engil of Portugal and the China National Complete Engineering Corporation (CNCEC) has signed a contract to build a 500km railway in Mozambique. The $1.4bn scheme will connect the Moatize coal mining area near the Malawi border with the port of Macuse, reports Macauhub.

The consortium, which is equally divided between the two companies, was picked by the client for the project, Thai Moçambique Logística (TML) out of a shortlist of seven. The other contractors included ones from Brazil, South Korea and another Chinese company. "



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Malingunde shows high potential for graphite | The Times Group

Malingunde shows high potential for graphite | The Times Group: "Malingunde shows high potential for graphite Posted By: Taonga Sabolaon: July 13, 2017In: BusinessNo Comments AUSTRALIAN Stock Exchange listed Sovereign Metals, currently exploring graphite at Malingunde graphite project in Lilongwe, says the project has demonstrated very strong commercial potential which is centred on low operating and capital costs. The company estimates that deposits at the site could last 17 years."



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IMF optimistic on new programme with Malawi | The Times Group

IMF optimistic on new programme with Malawi | The Times Group: "IMF optimistic on new programme with Malawi Posted By: George Mhangoon: July 12, 2017In: BusinessNo Comments TWO weeks after the International Monetary Fund ( IMF) approved the disbursement of the ninth and final tranche under its Extended Credit Facility (ECF) programme with Malawi, the bank says chances are high for Malawi authorities to negotiate a new programme. Earlier, Finance Minister, Goodall Gondwe, said government was considering making a fresh application for the same facility in the near future. Then, IMF Resident Representative to Malawi, Jack Ree, had indicated that Malawi may not need an extension."



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Policy rate down to 18 percent | The Times Group

Policy rate down to 18 percent | The Times Group: "Policy rate down to 18 percent
Posted By: Taonga Sabolaon: July 06, 2017In: NationalNo Comments
In what could be described as a pleasant Independence Day gift to Malawians, the Reserve Bank of Malawi (RBM) Monetary Policy Committee yesterday slashed the indicative cost of money, technically known as policy rate, by 400 basis points from 22 to 18 percent.

This is the second time the monetary authorities have slashed the policy rate this year, following a 200 basis points reduction early this year."



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