International Monetary Fund, Malawi agree on Extended Credit Facility priorities | The Times Group

International Monetary Fund, Malawi agree on Extended Credit Facility priorities | The Times Group:

International Monetary Fund, Malawi agree on  Extended Credit Facility priorities


Malawi and the International Monetary Fund (IMF) have agreed that any programme engagement

within the Extended Credit Facility (ECF) should focus on increasing growth and reducing poverty

to consolidate the hard-won macroeconomic stability.

The agreement took centre-stage during a meeting between the two parties, which was meant to

take stock of the objectives and performance of the ECF, and the lessons for future engagement.





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SAA Dumps Malawi

SAA Dumps Malawi: "South African Airways (SAA) is dumping its Malawi route in a bid to stay financially viable.

South African media quotes sources familiar with the plan that the airline will also reduce flights on its profitable Johannesburg-Cape Town route by more than a third.

The South African flag carrier has been struggling financially and is facing possible liquidation."



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FMB slashes interest rates | Malawi 24 - All the latest Malawi news

FMB slashes interest rates | Malawi 24 - All the latest Malawi news: "FMB slashes interest rates 0
BY LUKE BISANI ON AUG 24, 2017 BUSINESS
First Merchant Bank (FMB) in Malawi has disclosed that it has slashed interest rates effective today.

This follows the announcement of a cut in interest rate to 18 percent by Reserve Bank of Malawi (RBM) due to economic stability and projected economic growth."



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Experts Call for Investment in Oil Grains

Experts Call for Investment in Oil Grains: "An economic expert in the agriculture sector believes oil grains such as, soya, sunflower and groundnuts, could bring in more money to the country than tobacco, which is the current main forex earner.

Dr. Ted Nakhumwa, chief economist at the Auction Holdings Limited Commodity Exchange told Zodiak on Thursday that legumes can generate about US440 million per year, if they are sold through properly structured markets just like tobacco."



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World Bank Yet To Release Aid To Malawi

World Bank Yet To Release Aid To Malawi: "The World Bank has not released the $80 Million support which it approved for the Malawi Government, the Reserve Bank of Malawi confirms.

The Breton Wood organisation approved the amount as budgetary support to Malawi almost two years after direct budgetary support was suspended.

During the presentation of the 2017/2018 National Budget, the Finance Minister Goodall Gondwe hinted that the funds would go towards the settlement of government arrears."



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Mkango renews Thambani licence

Mkango renews Thambani licence: "OHANNESBURG (miningweekly.com) – Aim- and TSX-V-listed Mkango Resources has been granted a further two years on its exclusive exploration licence for its Thambani project, in south-west Malawi, effective September 8, 2017."



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Malawi News Agency Online - CEAR exceeds previous volumes moved

Malawi News Agency Online - CEAR exceeds previous volumes moved: "Blantyre, August 08, 2017: The Central East African Railways (CEAR) says the volume of cargo the company has moved in the first half of 2017 has surpassed the volumes moved in the last 10 years.

CEAR Public Relations Officer, Chisomo Mwamadi disclosed this in a questionnaire response attributing the trend to the improvements and investments the company has made in locomotives, wagons, rail track and systems.

“During the first half of the year, we managed to transport 60 percent of our budgeted cargo volume for the period.

“However, compared to the same period last year, we have moved 60 percent more cargo in 2017 as compared to 2016."



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Malawi’s sugar exports to United States increase — Ambassador Palmer | Malawi Nyasa Times - Malawi breaking news in Malawi

Malawi’s sugar exports to United States increase — Ambassador Palmer | Malawi Nyasa Times - Malawi breaking news in Malawi: "“Malawi exported $10.7 million worth of sugar to the United States in 2016, an increase of 25% from 2015.  This quota increase for fiscal year 2017 could mean an additional $4 million worth of Malawian sugar exports to the United States.  The United States remains committed to increasing trade between the United States and Malawi,” said Ambassador Palmer."



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World Bank Yet To Release Aid To Malawi

World Bank Yet To Release Aid To Malawi: "he World Bank has not released the $80 Million support which it approved for the Malawi Government, the Reserve Bank of Malawi confirms.

The Breton Wood organisation approved the amount as budgetary support to Malawi almost two years after direct budgetary support was suspended.

During the presentation of the 2017/2018 National Budget, the Finance Minister Goodall Gondwe hinted that the funds would go towards the settlement of government arrear"



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Tea prices surge in June | The Times Group

Tea prices surge in June | The Times Group:



Malawi's tea prices surged by 26.8 percent in June 2017 as compared to the same month last
year. The development has resulted in an increase in earnings from the beverage, the Reserve
Bank of Malawi (RBM) has said.
According to RBM's economic report for June 2017, tea prices averaged $1.89 per kilogramme in
June 2017 compared to $1.49 per kilogramme realised in June 2016.

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International Monetary Fund meets government, Reserve Bank on next extended credit facility | The Times Group

International Monetary Fund meets government, Reserve Bank on next extended credit facility | The Times Group:



International Monetary Fund meets government, Reserve Bank on next extended credit facility

Posted By: George Mhango on: August 23, 2017 In: Business No Comments

The International Monetary Fund (IMF) has set aside two days, next week, when it will meet

authorities from Capital Hill and Reserve Bank of Malawi to brainstorm on the just ended and next

extended credit facility (ECF).

The previous programme—which was valued at $146.7 million—aimed at the achievement and

maintenance of macroeconomic stability and implementation of policies and structural reforms to

spur growth, diversify the economy and reduce poverty.

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Big banks in mixed fortunes | The Times Group

Big banks in mixed fortunes | The Times Group:



'via Blog this'Big banks in mixed fortunes


Posted By: Chimwemwe Mangazi on: August 21, 2017 In: Business No Comments

Two of the country's biggest banks' National Bank of Malawi and Standard Bank have registered

mixed fortunes-in profits, in the first six months of the year, their half-year financial results have

showed

National Bank has registered a 22 percent growth in its group pre-tax profit to K14.4 billion by

June 30 when compared to the KII .8 billion it registered in the same period last year. Standard

Bank, on the other hand, has registered an 11.8 percent decrease on its profit before tax after

posting KII .1 billion in the same period, compared to K 13.6 billion.

Malawi’s inflation down to 10.2% in July; food prices fall - The Maravi Post

Malawi’s inflation down to 10.2% in July; food prices fall - The Maravi Post: "LILONGWE-(MaraviPost) – The National Statistical Office (NSO) reports that Malawi’s inflation steeped downward by 1.1 percentage points from 11.3 percent in June to 10.3 percent in July.

An NSO statement released on Tuesday, states that this is the result of falling food prices in the market."



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Investment bank to open September - The Nation Online

Investment bank to open September - The Nation Online:







Malawi is this September set to open the Malawi Investment Bank to promote local investme

and maximise production of goods that will compete favourably on the international market.

Malawi Investment and Trade Centre (Mitc) chief executive officer Clement Kumbemba said

this on Thursday in Blantyre during a workshop Mitc organised for the private sector and

authorising bodies.

He said with the coming in of the bank, local companies will be able to buy shares from other

public companies or get enough capital to improve their production.



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RBM to maintain falling inflation, kwacha stability - The Nation Online

RBM to maintain falling inflation, kwacha stability - The Nation Online:





The Reserve Bank of Malawi (RBM) has vowed to continue with the tight monetary policy to

maintain the trajectory taken by inflation and the kwacha over the past 12 months.

In an interview on Friday in Mangochi, RBM Governor Dalitso Kabambe said what is critical

now is to grow the economy and grow it fast. RBM has projected a real gross domestic product

growth (GDP) growth rate of about five percent this year, which the governor said is

attainable.



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Shortage of Chinese rare earths spot material bodes well for Mkango – report

 Structural changes in China’s rare earths supply chain bode well for companies outside of that country that are developing new rare earths projects."



http://www.miningweekly.com/article/shortage-of-chinese-rare-earths-spot-material-bodes-well-for-mkango-report-2017-08-15



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Mozambique-Malawi power transmission lines to evacuate 200MW

Mozambique-Malawi power transmission lines to evacuate 200MW: "Mozambique-Malawi power transmission line to evacuate 200MW

Following two decades of having signed a power trade agreement, the Mozambique-Malawi power transmission line project is officially set to begin in 2018.

According to the Southern Times, the delay in the project has been due to former Malawian president Bingu wa Mutharika, who argued that Malawi was too poor to afford the monthly bill, expected to cost $480,000."



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Paladin crashes: Malawi uranium miner files for insolvency in Australia | Malawi Nyasa Times - Malawi breaking news in Malawi

Paladin crashes: Malawi uranium miner files for insolvency in Australia | Malawi Nyasa Times - Malawi breaking news in Malawi: "Paaladin Energy, operators of Kayelekela Uranaium Mine in Karonga Malawi and Langer Heinrich in Namibia has filed for insolvency at the Australian high court after the company failed to pay a debt of USD277 million to a France based company called Electricite de France.

Ahmed Dassu: A Malawian governance campaigner says he now expect the government will make public the so far secret development agreement it signed with Paladin so that Malawians are aware of what was agreed

Kayelekera Uranium Mine in northern Malawi was the country’s only large-scale mining operation. But for more than five years, the mine is not operating and is under ‘care and maintenance’ because of global low uranium prices"



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Multi billion Kwacha Malawi railway project launch Friday | Malawi Nyasa Times - Malawi breaking news in Malawi

Multi billion Kwacha Malawi railway project launch Friday | Malawi Nyasa Times - Malawi breaking news in Malawi: "Vale Logistics is set to launch its US$1billion (K750billion) trans-Malawi railway project that connects two pivotal points of its operations in Western and Eastern Mozambique through Malawi.




One of the magnificent bridges built at Nkaya in Balaka

Created and built by multidisciplinary construction company Mota Engil Africa, the railway line is part of the Nacala Development Corridor that seeks to benefit several SADC countries Malawi inclusive."



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Tobacco sales short of import expectations | The Times Group

This year's tobacco earnings are only enough to cover imports for a month. Figures from Auction

Holdings Limited (AHL) Group indicate that as at the close of tobacco sales on Friday, the country

realised $212.9 million from 106,450, 187 kilogrammes of tobacco, sold at an average price of $2

per kilogramme.

Malawi needs a total of $210 million per month to finance the import of various essential

commodities such as fuel and drugs. This means that the $212,900,374 from tobacco sales could only be enough to cater for 30.4 days
 of imports.

Profit boom | The Times Group

Profit boom | The Times Group:



'Improvements in key macroeconomic fundamentals are courting hopes for growth as firms


continue to report positive results in the first half of 2017.

Our desk research shows that most firms listed on the Malawi Stock Exchange (MSE) have

registered an increase in pre-tax profits in their half-year statements.

In its published statement, intergraded mobile network provider, TNM, reported a 71.73 percent

increase in net profit to K4.75 billion from K2.77 billion due to high level of service revenue and

moderate subscriber base.

Malawi stalls probe on oil contracts

Malawi stalls probe on oil contracts: "By Collins Mtika
MUZUZU – Malawi’s graft busting body, the Anti-Corruption Bureau (ACB) has stalled investigations on suspicious donations that were allegedly made to former president Joyce Banda’s Mudzi Transformation from Rakgas in exchange for the controversial awarding of exploration licences for oil blocks.   
ACB is putting its foot down saying it has no money despite having a raise in the 2017/18 fiscal budget.
"



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Malawi’s extractives on global transparency radar

Malawi’s extractives on global transparency radar: "By Collins Mtika
MUZUZU – Two years after admission into the Extractive Industries Transparency Initiative (EITI), Malawi launched its first ever transparency report, showing the sector raked $8 million into state coffers.   
The production of the EITI report means Malawi’s natural resources will be stewarded with global standards of transparency and accountability.
In accordance with EITI Standards, Malawi was required to publish its first report within 18 months of becoming a candidate, publish an annual activity report for 2015 by 1 July 2016."



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$563 million Shire Valley project targets export market | The Times Group

$563 million Shire Valley project targets export market | The Times Group: "The government jointly with the World Bank, Africa Development Bank and the Global Environmental Facility has invested over $500 million in an irrigation programme that targets to produce for export through value addition.

The project being implemented by the Ministry of Agriculture, Irrigation and Water Development falls under the Shire Valley Transformation Programme and targets Chikwawa and Nsanje districts in the first phase."



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National Bank Of Malawi Making Billions

National Bank Of Malawi Making Billions: "One of the country’s high street banks, National Bank of Malawi, is boasting of a MK14.4 Billion pre-tax profit in the first half of the year.

In an unaudited financial statement for the first six months of 2017, the company reveals it has made the said profit which is an improvement to what was made during the same period in 2016.

During the first half of 2016 the bank post an MK11.8 Billion profit before tax, representing a 22 percent growth in its profits."



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Malawi News Agency Online - CEAR exceeds previous volumes moved

Malawi News Agency Online - CEAR exceeds previous volumes moved: "Blantyre, August 08, 2017: The Central East African Railways (CEAR) says the volume of cargo the company has moved in the first half of 2017 has surpassed the volumes moved in the last 10 years.

CEAR Public Relations Officer, Chisomo Mwamadi disclosed this in a questionnaire response attributing the trend to the improvements and investments the company has made in locomotives, wagons, rail track and systems."



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Malawi Stock Exchange thinks positive | The Times Group

Malawi Stock Exchange thinks positive | The Times Group: "Malawi Stock Exchange thinks positive
Posted By: William Kumwembeon: August 10, 2017In: BusinessNo Comments
Expectations are high that the Malawi Stock Exchange (MSE) will continue on a bullish run on the basis of the recent downward revision of the policy rate by the Reserve Bank of Malawi (RBM) coupled with improved performance of the most listed companies during the first six months, according to market experts."



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Malawi Stock Exchange thinks positive | The Times Group

Malawi Stock Exchange thinks positive | The Times Group: "Malawi Stock Exchange thinks positive
Posted By: William Kumwembeon: August 10, 2017In: BusinessNo Comments
Expectations are high that the Malawi Stock Exchange (MSE) will continue on a bullish run on the basis of the recent downward revision of the policy rate by the Reserve Bank of Malawi (RBM) coupled with improved performance of the most listed companies during the first six months, according to market experts.

Commentators are of the view that the recent policy rate cut from 22 percent to 18 percent has resulted in shifting of investor attention from the money market to the stock market.

Further, with most listed companies reporting positive strides in the first half of the year, they say, it may entice most investors into the capital market, thereby increasing demand."



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Mera maintain Escom tariff and fuel prices | The Times Group

Mera maintain Escom tariff and fuel prices | The Times Group: "Mera maintain Escom tariff and fuel prices
Posted By: Caroline Kandieroon: August 08, 2017In: BusinessNo Comments
Malawi Energy Regulatory Authority (Mera) has maintained pump prices of petrol at K824.70 per litre, diesel price at K815.80 per litre and paraffin at K648.70 per litre as well as the Escom tariff rate at K57.72 per kilowatt hour."



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Kamuzu International Airport expansion to boost flights into Malawi | The Times Group

Kamuzu International Airport expansion to boost flights into Malawi | The Times Group: "Kamuzu International Airport expansion to boost flights into Malawi
Posted By: Chimwemwe Mangazion: August 07, 2017In: BusinessNo Comments
Expectations are high that the number of airlines flying into the country will increase by mid next year following the commencement of the terminal building expansion project at the Kamuzu International Airport (KIA)."



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Mega Fraud Trial Of Illovo Sugar Vs PHL Resumes With Re-examination Of Key Witness – Malawi Voice

Mega Fraud Trial Of Illovo Sugar Vs PHL Resumes With Re-examination Of Key Witness – Malawi Voice: "Blantyre, June 27: A mega fraud trial in which Illovo Sugar (MW) is accused by its minority shareholder Prudential Holdings Ltd (PHL) of falsifying financial statements and holding information, resumed sitting at the Commercial Court in Blantyre on June 27, with PHL’s chief witness being re-examined by its own lawyer"



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Challenges facing Malawi Stock Exchange | The Times Group

Challenges facing Malawi Stock Exchange | The Times Group: "Challenges facing Malawi Stock Exchange
Posted By: Taonga Sabolaon: August 02, 2017In: BusinessNo Comments
The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) says there are a number of reasons why local firms are failing to access cheap capital through listing on the Malawi Stock Exchange (MSE).

The development comes at a time when the local stock market, which has 13 listed companies, has not seen any new listings since 2008."



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Mining sector to save $9 million | The Times Group

Mining sector to save $9 million | The Times Group: "Malawi will soon be able to save about $9 million from importation of clinker following the construction of two clinker factories by Shayona in Kasungu and Cement Products Limited Njereza Plant in Mangochi.

A mining and energy expert, Grain Malunga, made this observation in an interview in view of reports that the two factories are expected to start operating in the next two months.

Malunga said that the coming in of the two factories has energised the mining sector and the entire construction industry through provision of affordable cement products on the local market."



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Malawi launches first EITI report with calls for minerals and mining Act enactment - The Maravi Post

Malawi launches first EITI report with calls for minerals and mining Act enactment - The Maravi Post: "LILONGWE-(MaraviPost)- The country’s much awaited Extractive Industry Transparency Initiative (EITI) report was launched this week with participants calls for Government to amend the 1981 Minerals and Mining Act.

The report, which is the first of its kind, was to enable Malawi attain world compliant status in the extractive industry.
The study covers payments by extractive companies, revenues received by Government entities, and other material payments between July 2014 and June 30, 2015.
The total revenue received from the extractive industries amounted to MK5.9 billion, of which only 60% was generated and accounted for by the Malawi Revenue Authority (MRA)."



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Reserve Bank of Malawi raises flag on asset bubble | The Times Group

Reserve Bank of Malawi raises flag on asset bubble | The Times Group: "Reserve Bank of Malawi raises flag on asset bubble
Posted By: Taonga Sabolaon: July 31, 2017In: BusinessNo Comments
Reserve Bank of Malawi Governor, Dalitso Kabambe, has said Malawi could plunge into an asset bubble in 2018 if the prevailing rapid growth of pensions and insurance funds is not addressed.

An asset bubble is a situation where the price of an asset, such as housing or stocks, becomes over-inflated. It could also be described as a situation in which asset prices appear to be based on implausible or inconsistent views about the future."



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