MPICO declares K5.1bn profit: Owed K9bn rental arrears by Malawi govt | Malawi Nyasa Times - Malawi breaking news in Malawi

MPICO declares K5.1bn profit: Owed K9bn rental arrears by Malawi govt | Malawi Nyasa Times - Malawi breaking news in Malawi

(MSE) listed company MPICO Group
has declared a K5.1 billion profit for the year ending 2017, representing
a year-on-year increase of 155 percent from last year's K2.o billion turnover.
This is despite the company being owed a whooping K9 billion by
the government of Malawi, which presently holds 32 of
the percent company's portfolio.

IMF outlines threats to expenditure cut - The Nation Online

IMF outlines threats to expenditure cut - The Nation Online: IMF outlines threats to expenditure cut

IMF outlines threats to expenditure cut
Orama Chiphwanya
June 30, 2018
0 Comments
International Monetary Fund (IMF) has described Treasury’s move to cut expenditure in the 2018/19 National Budget as not an easy goal, citing pressure to spend during elections as the major threat.

Ministry of Finance, Economic Planning and Development announced the revision of the fiscal deficit—the difference between total revenue and total expenditure of the government—by K50 billion from a total expenditure and net lending of K1 504 billion as provided in the draft budget to K1 454 billion.

Capital Hill Plans To Start Financing Salima-Lilongwe Water Project

Capital Hill Plans To Start Financing Salima-Lilongwe Water Project: The government plans to soon start discussions with the IMF and the World Bank on the financing of the Salima-Lilongwe Water project.

The project intends to tap water from Lake Malawi from the Salima point into Lilongwe with an aim of easing sporadic water supply in the capital city.

In a statement made available to capital FM, the Ministry of Finance explains that the project was still in the offing and that it has not been abandoned.

Capital Hill estimates the project at $500 million.

Malawi Govt Warns Non Performing, Limping Parastatals - allAfrica.com

Malawi Govt Warns Non Performing, Limping Parastatals - allAfrica.com: Government has given chief executives of non performing and limping parastatals up to one year to turn tables or face drastic action.

Secretary to Treasury Ben Botolo sounded the warning in Lilongwe during a stakeholders meeting.

Botolo said the parastatals, who are state companies are supposed to give dividends or profits to the government.

National News - The Nation Online

National News - The Nation Online: CATEGORY: NATIONAL NEWS

Govt audit exposes rot
JUNE 28, 2018 0 COMMENTS
Unsupported payments rise to K5 billion Missing payment vouchers and other important documents rose to K2 billion in 2017 from K158 million in 2016.…

After Floods, Famine, Malawi's Leader Is Bullish on Growth - Bloomberg

After Floods, Famine, Malawi's Leader Is Bullish on Growth - Bloomberg





Malawian President Peter Mutharika had to deal with

devastating floods, a famine and a foreign-aid freeze during

his first term. Now, he's seeking re-election to tackle the

challenges of attracting billions of dollars in investment and

reducing the economy's reliance on tobacco.

Mutharika, 78, is expected to be the sole contender for the

leadership of the ruling Democratic Progressive Party when

it meets next week. With the opposition fragmented and a

first-past-the-post election system that awards the

presidency to the candidate who gets a plurality of votes,

Mutharika is the frontrunner to win the May vote.

Uranium: Interest is building - Rudi Filapek-Vandyck | Livewire

Uranium: Interest is building - Rudi Filapek-Vandyck | Livewire:


The spot uranium price ticked up again last week and growing 2019 demand suggests further upside. In this wire, Greg Peel discusses improving prices, the US conundrum, and new reactors for Japan.

Improving prices
Following the prior week’s spurt of activity and breakout 5% price jump, the uranium spot market was again busy last week before fading towards the US long weekend. Utilities were once again among the buyers. Industry consultant TradeTech reports 1.4mlbs U3O8 changed hands in ten transactions. The consultant’s weekly spot price indicator rose a further US35c to US$22.85/lb.

Funfair as Old Mutual lists on Malawi Stock Exchange | The Times Group

Funfair as Old Mutual lists on Malawi Stock Exchange | The Times Group: There was pomp and funfair in Blantyre Tuesday when Old Mutual Limited finally listed on the Malawi Stock Exchange (MSE).

The development followed the listing of the firm on the Johannesburg Stock Exchange earlier in the day.

Yesterday also saw the firm making a standard listing in London and secondary listings on the stock exchanges of Namibia and Zimbabwe.

MPs approve K113 billion loans | The Times Group

MPs approve K113 billion loans | The Times Group: Malawi’s debt profile, currently at K2.9 trillion, is likely to hit K3 trillion in the next financial year as Parliament Tuesday authorised government to obtain two more loans amounting to K113 billion from China for internet development.

The loans—$99 million (approximately K72 billion) from Industrial and Commercial Bank of China and $56.98 million (approximately K41 billion) from Exim Bank of China—received less scrutiny from Members of Parliament (MPs), a departure from previous experiences.

With massive absenteeism prevalent during the day’s sitting, only a few MPs, notably Dedza �East representative Juliana Lunguzi, expressed concern over excessive borrowing which they argued is saddling future generations with unsustainable loans.

Geological mapping commences in northern Malawi | Mining in Malawi

Geological mapping commences in northern Malawi | Mining in Malawi: The Ministry of Natural Resources, Energy and Mining has commenced field surveys marking the second phase of the Geological Mapping and Mineral Assessment Project (GEMMAP) in the northern region.

The Ministry is implementing the project through the Departments of Mines and Geological Survey, and engaged a consortium of the Geological Survey of France, Geological Survey of Finland and Council for Geosciences of South Africa as technical partners.

Malawi Government to establish gemstone market centre – Mining & Trade Review | Mining in Malawi

Malawi Government to establish gemstone market centre – Mining & Trade Review | Mining in Malawi: The Malawi Government has planned to establish a gemstone market centre in the country to enable artisanal and small scale miners (ASMs) have a ready market for their gems and curb smuggling of the minerals which is rampant.

Director for the Department of Mines in the Ministry of Natural Resources, Energy and Mining Jalf Salima told Mining & Trade Review that the development is one way of formalising the ASM subsector to maximize income for the miners, owing to better prices to be offered at the organized market, and the government through an upsurge in collection of revenue in form of taxes and licence fee

Child labour rampant in tobacco industry | World news | The Guardian

Child labour rampant in tobacco industry | World news | The Guardian: Special report: the children working in the tobacco fields
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A 14-year-old boy at work on a tobacco plot in Kasungu district, Malawi. Photograph: David Levene for the Guardian
Child labour in tobacco is rampant and on the increase in poorer countries, a major Guardian investigation can reveal, in spite of claims by multibillion-dollar companies that they are tackling the issue.


Evidence from three continents shows how children aged 14 and under are kept out of school and employed in hard and sometimes harmful physical labour to produce the tobacco leaf that fills cigarettes sold internationally, including in the UK, US and mainland Europe.

Malawi to enjoy long term benefits of MCA compact – Mining & Trade Review | Mining in Malawi

Malawi to enjoy long term benefits of MCA compact – Mining & Trade Review | Mining in Malawi: Malawi to enjoy long term benefits of MCA compact

By Deborah Manda

The Millennium Challenge Account Malawi (MCA-Malawi) says though its Malawi compact winds up in September this year, the country will continue enjoying long term benefits of the five year programme.

MCA-Malawi, which is under the US Federal Agency, Millennium Challenge Corporation (MCC), rolled out its US$350.7-million compact to revitalize Malawi’s power sector and reduce poverty through economic growth in Malawi in September 2013.

Govt seeks partners for airports construction - The Nation Online

Govt seeks partners for airports construction - The Nation Online: YOU ARE HERE: Home → Govt seeks partners for airports construction

Govt seeks partners for airports construction
Christopher Jimu June 25, 2018 1 Comment
�

Minister of Industry, Trade and Tourism Henry Mussa says government is looking for investors to help in construction of modern airports at Likoma, Nyika National Park, Mangochi and Blantyre under the Public Private Partnership (PPP) arrangement.

The new airports are expected to boost tourism as some of them are located in tourist destinations such as Likoma and Mangochi in the Northern and Eastern regions, respectively

Government lauds Mkango on skills transfer | The Times Group

Government lauds Mkango on skills transfer | The Times Group: Posted By: Caroline Kandieroon: June 25, 2018In: BusinessNo Comments
The government through the Department of Mines has applauded Mkango Resources, a Canadian dual-listed firm, licensed to explore Rare Earth Elements in Phalombe for its efforts to impart technical skills to locals.

The firm, which is currently in its advanced stages of exploration at Songwe Hill, has partnered with the Department of Mines and Geological Survey and also Chancellor College , a constituent college of the University of Malawi.

Economy not reflecting situation on ground—SMEs | The Times Group

Economy not reflecting situation on ground—SMEs | The Times Group: Small and Medium Enterprises (SMEs) have lashed out at the government, claiming that despite all the claims of improvements in macro-economic indicators, there is little or nothing to show on the ground.

The government has been talking of stabilising the kwacha, reducing inflation to a single digit and reduction of interest rates within four years.

Remittances jump to K54bn in 5 months - The Nation Online

Remittances jump to K54bn in 5 months - The Nation Online: Remittances jump to K54bn in 5 months
Orama Chiphwanya June 25, 2018 0 Comment
�

Malawi has earned $73.48 million (about K54 billion) in personal remittances in five months from January and May this year, figures compiled by the Reserve Bank of Malawi (RBM) show.

The five-month figure is nearly double the $38 million (K27.7 billion) the country received last year through remittances, a feat RBM spokesperson Mbane Ngwira attributes to a number of initiatives instituted to increase remittances—money expatriates send to their country of origin via wire, mail or online transfer.

Parliament approves 1.454 trillion budget - The Nation Online

Parliament approves 1.454 trillion budget - The Nation Online: Parliament approves 1.454 trillion budget
Sam Chunga June 22, 2018 0 Comments
Members of Parliament (MPs) yesterday passed a K1.454 trillion National Budget for the 2018/19 fiscal year—after dramatically forcing the government to increase their salaries and allowances and increase development funding.

With the parliamentary Order Paper showing there were only 15 votes to screen before the passing of the budget in the Chamber in Lilongwe yesterday, the MPs paralysed the key Committee of Supply budgetary process, saying they could not proceed unless their needs, especially perks, were taken care of by government.

Our Weekly Comment

One of the factors that has contributed to the underdevelopment of Malawi is lack of continuity. New governments do not acknowledge the performance of preceding governments and often simply abandon whatever projects the government was implementing. They often assert that they inherited empty coffers. This is how Peter Mutharika reports the situation  he inherited when he came to power: “When I came in, we found only one month’s worth of import cover – the lowest in the history of our country”.

This is not true. We have plotted the available data in Figure 1. The situation actually applied to Joyce Banda when she came to office. Foreign exchange reserve began declining during second terms of Muluzi's presidency and the decline continued under Bingu, albeit at a slower pace. When Bingu took over office in 2004, Malawi’s forex was enough for 1.3 months of imports. By the time he died, this had fallen to 1.1. months. Under Joyce Banda, forex reserves  rose sharply to 2.2 within a period of two years. This was less than the 3 month norm but the trend, which has continued, was upward. The APM government benefited from the drastic and politically unpopular measures which Joyce Banda implemented and in terms of macroeconomic policies, the current regime still continues Joyce Banda’s policies.  

Such policies are often associated with low levels of investment and growth and an accumulation of foreign exchange.

What Mutharika can be proud of is that his government has managed without much donor aid.

EIU forecasts 4.6% growth in 5 years - The Nation Online

EIU forecasts 4.6% growth in 5 years - The Nation Online: YOU ARE HERE: Home → EIU forecasts 4.6% growth in 5 years

EIU forecasts 4.6% growth in 5 years
Grace Phiri June 18, 2018 0 Comments
�

The Economist Intelligence Unit (EIU) has projected that Malawi’s economy will grow by an average of 4.6 percent in the next five years. This is contrary to government’s expectation of an average seven percent growth in the medium-term, which according to the International Monetary Fund (IMF) and Minister of Finance, Economic Planning and Development Goodall Gondwe could trigger economic growth.

Financial inclusion seen rising to 70% - The Nation Online

Financial inclusion seen rising to 70% - The Nation Online: YOU ARE HERE: Home → Financial inclusion seen rising to 70%

Financial inclusion seen rising to 70%
Christopher Jimu June 19, 2018 0 Comments
Government is targeting over 70 percent of Malawians accessing financial services by 2021 from the current 34 percent.

This is according to the recent Financial Sector Development Strategy II which produced by the Ministry of Finance, Economic Planning and Development.

Budget reduced by K50 billion | The Times Group

Budget reduced by K50 billion | The Times Group: Minister of Finance, Economic Planning and Development, Goodall Gondwe, has said the proposed 2018/19 budget, which was initially pegged at K1.504 trillion, has been reduced to K1.403 trillion.

Gondwe said the reduction has been made as a response to concerns that a large budgetary deficit could result in a heavy burden in terms of domestic debt, which has a huge bill at the moment.

“We propose to reduce the total expenditure and net lending (in other words the budget) from K1.504 trillion to K1.453 trillion. This entails a reduction of the deficit inclusive grants or the overall balance by about K50.0 billion to 3.8 percent of GDP [Gross Domestic Product] instead of an earlier budgetary deficit of 4.5 percent of GDP inclusive grants,” Gondwe said.

Malawi earns $166.7 million from 67% tobacco | The Times Group

Malawi earns $166.7 million from 67% tobacco | The Times Group: Malawi earns $166.7 million from 67% tobacco
Posted By: William Kumwembeon: June 20, 2018In: BusinessNo Comments
Malawi has so far realised a total of $166.7 million from sales of top export crop, tobacco, a 33.6 percent jump when compared to same period last year, thanks to increased volumes traded, figures from regulator, the Tobacco Control Commission (TCC), have shown.

During the first 10 weeks of trading last year, the green gold had raked in $124.7 million.

The figures indicate that as at Friday last week, sales volumes for all types of tobacco stood at 98,596,916 kilogrammes (kg) compared to 65,148,859 kgs sold during the same time last year, representing a 51.34 percent rise.

The traded volume is 66.7 percent of the 149 million kg estimated to have been produced by farmers this year.

However, average price remains relatively weak this year at $1.69 per kg, which is 11.17 percent shy of the $1.91 per kg that the leaf was fetching during the same time last year.

All things being equal, at the rate tobacco sales are going, Malawi could earn slightly over $252.9 million this year, compared to about $212 million earned last year.

Access to formal financial services up | The Times Group

Access to formal financial services up | The Times Group: Access to formal financial services up
Posted By: Taonga Sabolaon: June 19, 2018In: BusinessNo Comments
Households’ access to formal financial services has jumped by 12 percentage points from 17 percent in 2013 to 29 percent in 2018, results of the latest Financial Literacy and Capability Survey have shown.

The survey results come at a time informal financial services such as village banks and chipereganyo appear to be gaining ground in the country.

The Reserve Bank of Malawi (RBM), under the Financial Sector Assistance Project, earlier this year commissioned the survey, which was conducted by A2F Consulting Group.

Sunbird shareholders want government out | The Times Group

Sunbird shareholders want government out | The Times Group: Sunbird shareholders want government out
Posted By: William Kumwembeon: June 18, 2018In: BusinessNo Comments
Minority shareholders for Malawi Stock Exchange (MSE)-listed hospitality chain, Sunbird Hotels plc, have reiterated the need for immediate recapitalisation of the business and have the government offload most of its shares.

This was the general outcry at the firm’s 30th annual general meeting (AGM) in Blantyre on Friday.

The shareholders are desperate to see the government, which holds 71 percent stakes in the hotel through a holding company, MDC, have its hands off the business.

They [shareholders] insist that doing so would help improve the business’ stand in the wake of stiff competition on the market.

Prophet Bushiri banks on tourism, mining and agriculture ventures;2018 Malawi Investment Forum - The Maravi Post

Prophet Bushiri banks on tourism, mining and agriculture ventures;2018 Malawi Investment Forum - The Maravi Post: LILONGWE-(MaraviPost)-Prophet Shepherd Bushiri, who is also the President of Shepherd Bushiri Investments (SBI) on Monday disclosed that his firm is interested to invest much on tourism, agriculture and mining.

The Prophet currently based in the rainbow nation-South Africa told the news conference after official opening of this year’s Malawi Investment Forum (MIF) which is under way at Bingu International Convention Centre (BICC) in the capital Lilongwe.

Wholesale dominates share of credit at 28%—RBM - The Nation Online

Wholesale dominates share of credit at 28%—RBM - The Nation Online: Wholesale dominates share of credit at 28%—RBM
Orama Chiphwanya June 14, 2018 0 Comments
�

�

Economists have asked authorities not to be carried away by the notable dominance of the wholesale and retail trade sector, saying this translates little to economic growth.

The sentiments come in wake of Reserve Bank of Malawi (RBM) figures showing that wholesale and retail trade sectors have dominated the share of credit at 27.6 percent.

RBM first half economic and financial report published this week shows that wholesale surpassed agriculture, manufacturing and community services which constituted 26.6 percent, 17.3 percent and 10.7 percent of the credit stock, respectively.

Contributory pension to double in five years—Treasury - The Nation Online

Contributory pension to double in five years—Treasury - The Nation Online: Contributory pension to double in five years—Treasury
Grace Phiri June 15, 2018 0 Comments
Ministry of Finance, Economic Planning and Development says it wants to increase coverage of contributory pension from eight percent to 15 percent of the workforce by 2021 by creating viable, long term investment avenues for growing reserves especially from the pension funds promoted.

The public service pension scheme is a defined benefit with unfunded liabilities estimated at 60 percent of the gross domestic product (GDP) in 2013. The Government is yet to roll out its pension scheme to defined contribution.

MIF yields $3 billion worth of deals | The Times Group

MIF yields $3 billion worth of deals | The Times Group: MIF yields $3 billion worth of deals
Posted By: Chimwemwe Mangazion: June 14, 2018In: BusinessNo Comments
About 24 business deals valued at over $3 billion [about K2.2 trillion] have been signed at the just ended 2018 Malawi Investment Forum (MIF) .

This is compared to seven companies which signed Memoranda of Understanding (MoUs) by end of the 2016 MIF, while the one held in 2015 yielded deals and MoUs worth $1 billion [about K734 billion].

The deals, most of which would lead to attraction of Foreign Direct Investments (FDI), come at a time a recent report by the United Nations Conference on Trade and Development suggests that Malawi’s FDIs remain unstable amid initiatives by the government to increase the inflow

Mkango upbeat on Rare Earth mining | The Times Group

Mkango upbeat on Rare Earth mining | The Times Group: Mkango upbeat on Rare Earth mining
Posted By: Caroline Kandieroon: June 14, 2018In: BusinessNo Comments
Canadian dual-listed mining firm, Mkango Resources Limited, has said its Rare Earth exploration project at Songwe Hill in Phalombe District is at an advanced stage, rating its preliminary findings as convincing for potential mining.

Earlier this month, the company commenced diamond core drilling at the hill to ascertain quality and volumes of Rare Earth.

Treasury to double private sector credit - The Nation Online

Treasury to double private sector credit - The Nation Online: YOU ARE HERE: Home → Treasury to double private sector credit

Treasury to double private sector credit
Grace Phiri June 14, 2018 0 Comments
�

Bankers Association of Malawi (BAM), a representative body of commercial banks,� has welcomed Treasury’s plans to double credit to the private sector in the next five years, but argued that sustainability will depend on macro-economic performance.

In an interview on Tuesday, BAM president Paul Guta observed that while the interest of the banking sector is to see credit extended to the private sector grow, the economy’s resilience and productivity will be key to achieving this plan.

Our Comment

The recent data on foreign dirct investment (FDI) inflows is not good. First, it suggests that the significant increases have been driven by mining and the infrastructure related to it (Nacala rail road) (hence the volatility See Figire below. The country has not been able to attract investment in the vital manufacturing sector.

The Malawi Investment and Trade Centre (MITC), the agency in charge of attracting foreign investment has time and again confused any signs of interest with actual investment and has thus made outlandish claims about the effectiveness of its campaigns. Its claims have been contradicted by data from UNCTAD . This is undermining the credibility of the agency. Investors want one agency they can trust in navigating new territory.

A major mistake of the agency is its focus on transaction costs or on the World Bank "Doing Business" indicators when the real issue is production costs (cost of finance, transport costs, electricity). What investors would like to know are: the precise information on when the dry port at Liwonde will be completed, when exactly will Malawi connect to Mozambique power grid and when are the power plants announced by the government to be completed.  This kind of data would have been useful during the recent investment forum.
.

Malawi FDI inflows unstable—Report - The Nation Online

Malawi FDI inflows unstable—Report - The Nation Online: "Malawi FDI inflows unstable—Report
Grace Phiri June 13, 2018 0 Comments


Malawi’s foreign direct investments (FDI)—the flow of capital between countries—have been fluctuating in the recent past, despite various ambitious initiatives to increase the inflows.

Figures released by the United Nations Conference on Trade and Development (Unctad) this week show that FDIs to Malawi have been fluctuating from $129 million (K94 billion) in 2012, $446 million (K327 billion) in 2013, $599 million (K439 billion) in 2014, $288 million (K211 billion) in 2015, $326 million (K239 billion) in 2016 and $277 million (K203 billion) last year."



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Electronic trading starts on Malawi Stock Exchange | The Times Group

Electronic trading starts on Malawi Stock Exchange | The Times Group: "Electronic trading starts on Malawi Stock Exchange
Posted By: Taonga Sabolaon: June 12, 2018In: BusinessNo Comments
The Malawi Stock Exchange (MSE) on Thursday opened a new chapter in its history when it kick started electronic share trading.

MSE Chief Executive Officer, John Kamanga, confirmed the development during FMB Capital Holdings and National Bank of Malawi annual general meetings on Thursday and Friday, respectively."



'via Blog this'

Songwe Hill project attracts 50 experts | The Times Group

Songwe Hill project attracts 50 experts | The Times Group: "Songwe Hill project attracts 50 experts
Posted By: Caroline Kandieroon: June 13, 2018In: BusinessNo Comments
The commencement of diamond core drilling of rare earth elements at Songwe Hill in Phalombe by Mkango Resources has attracted over 50 mining experts and investors.

The experts and investors have come from Canada, Britain, Germany, South Africa, Namibia and Malawi.

Diamond core drilling is used in the mining industry to probe the contents of known ore deposits and potential sites."



'via Blog this'

National Bank of Malawi says economic outlook uncertain | The Times Group

National Bank of Malawi says economic outlook uncertain | The Times Group: "Malawi Stock Exchange (MSE)- listed National Bank of Malawi (NBM) has said the country’s economic outlook remains mixed and murky despite registering improvements in some key indicators.

The country’s biggest bank by assets said the viewpoint mainly hinges on the prevalent power crisis which continues to cripple the private sector.

NBM Chairman, George Partridge, said this in Blantyre on Friday on the sidelines of the bank’s 46th annual general meeting (AGM)."



'via Blog this'

Public debt soars to k2.9 trillion - The Nation Online

Public debt soars to k2.9 trillion - The Nation Online: "Public debt soars to k2.9 trillion
Grace Phiri June 11, 2018 0 Comments


The International Monetary Fund (IMF) has said while the rising public debt, now at K2.9 trillion, is not too surprising given primary fiscal balance deficit performance in the 2017/18 financial year, fiscal authorities should tread carefully on the recent trend of a shift of debt composition toward domestic debt.

Speaking in an interview yesterday, IMF resident representative Jack Ree observed that the trend is not good because domestic debt is far more expensive than the external debt.

He said: “As highlighted lately, 2017/18 was a difficult year in terms of fiscal management. The budget implementation suffered both spending overrun, including one caused by Admarc bailout, and revenue shortfall. The recent trend of a shift of debt composition toward domestic debt, is however, not good because in the past, domestic debt was also a driver of runaway inflation and instability of kwacha"



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Malawi losing K360bn rice export opportunities annually - The Nation Online

Malawi losing K360bn rice export opportunities annually - The Nation Online: "YOU ARE HERE: Home → Malawi losing K360bn rice export opportunities annually

Malawi losing K360bn rice export opportunities annually
Andrew Nyondo June 11, 2018 0 Comments
 

Malawi is losing K360 billion (about $490 million) annually in foreign exchange earnings for failing to utilise export opportunities of over 800 000 tonnes of rice demanded globally.

This represents about 32 percent of the 2018/2019 National Budget, which stands at K1.5 trillion.

The loss covers budget estimates for top three priority ministries—of Agriculture, Irrigation and Water Development (K151.98 billion), Education, Science and Technology (K86.38 billion) and Health and Population (K75.15 billion)—which will get the budget’s lion’s share.

In an interview last week, African Institute for Corporate Citizenship (AICC) rice project manager Leonard Chimwaza said this is the case because farmers are not well organised.

"



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Uranium: Is this a breakout? - Rudi Filapek-Vandyck | Livewire

Uranium: Is this a breakout? - Rudi Filapek-Vandyck | Livewire: "Uranium: Is this a breakout?

RUDI FILAPEK-VANDYCK View the contributor's profile page
FNArena
6 days ago
Interest is building in uranium, and in this wire, Greg Peel discusses the third highest monthly volume on record, spot prices up 14% year on year, and uncertainties on both sides of the market.

Record month, with utilities buying
Uranium spot market activity increased considerably in May, industry consultant TradeTech reports. A total of 36 transactions representing 7.4mlbs U3O8 equivalent marks the third highest monthly volume on record and more than double the prior monthly average in 2018."



'via Blog this'

Uranium | 1988-2018 | Data | Chart | Calendar | Forecast | News

Uranium | 1988-2018 | Data | Chart | Calendar | Forecast | News: "Uranium  1988-2018 | Data | Chart | Calendar | Forecast | News
Uranium decreased to 23.50 USD/LBS on Friday June 8 from 23.75 USD/LBS in the previous trading day. Historically, Uranium reached an all time high of 143 in May of 2007 and a record low of 7.10 in December of 2000."



'via Blog this'

Mkango commences diamond drilling | The Times Group

Mkango commences diamond drilling | The Times Group: "Mkango commences diamond drilling
Posted By: George Mhangoon: June 08, 2018In: BusinessNo Comments
Dual-listed Canadian mining firm, Mkango Resources Limited, has commenced diamond drilling at the Songwe Hill in Phalombe District.

The drilling programme is a key component of the feasibility study for Songwe, which is being fully funded by Talaxis Limited, a subsidiary of Noble Group Ltd.

Talaxis would invest a further £7 million in funding completion of the feasibility study..

In a statement issued this week, the firm says the drilling programme is for a minimum of 5,000 metres and will be focused on infill, step-out and geotechnical drilling."



'via Blog this'

TCC, Tama upbeat on tobacco revenue - The Nation Online

TCC, Tama upbeat on tobacco revenue - The Nation Online: "

 TCC, Tama upbeat on tobacco revenue

TCC, Tama upbeat on tobacco revenue
Orama Chiphwanya June 8, 2018 0 Comments
Malawi has earned more revenue from tobacco in the first three months of the marketing season compared to same period in the previous year, tobacco figures show.

Figures provided by AHL Group indicate that after eight weeks of sales, 74.6 million kilogrammes (kg) of all types of tobacco have been sold at an average price of $1.64 per kg (about K1197.20) realising $122.6 million (about K890 billion)."



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World Bank sees Malawi GDP growth at 3.7% | The Times Group

World Bank sees Malawi GDP growth at 3.7% | The Times Group: "World Bank sees Malawi GDP growth at 3.7%
Posted By: Taonga Sabolaon: June 08, 2018In: BusinessNo Comments
The World Bank has said it expects the local economy to swell by 3.7 percent this year.

The growth projection is 0.4 percentage points shy of the 4.1 percent forecast Finance Minister, Goodall Gondwe, pronounced in the 2018/19 budget statement.

It also comes barely two months after the International Monetary Fund (IMF) predicted that the local economy would grow by 4 percent."



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Escom ponders on new tariff model - The Nation Online

Escom ponders on new tariff model - The Nation Online: "YOU ARE HERE: Home → Escom ponders on new tariff model

Escom ponders on new tariff model
Grace Phiri June 7, 2018 0 Comments
Escom says it is pondering on adopting a cost-reflective tariff model to sustain its operations on the market.

Speaking during a  press conference in Blantyre on Monday on the power situation and other issues, Electricity Supply Corporation of Malawi (Escom) chief executive officer Allexon Chiwaya said this follows a cost of service study on how much it costs to produce one unit if electricity and whether its selling price matches with cost price.

Rate cut fails to boost credit growth - The Nation Online

Rate cut fails to boost credit growth - The Nation Online: "YOU ARE HERE: Home → Rate cut fails to boost credit growth

Rate cut fails to boost credit growth
Grace Phiri June 5, 2018 0 Comments


Despite the Reserve Bank of Malawi (RBM) reducing the policy rate to 16 percent, the lowest in seven years, credit growth for the private sector remains subdued, the World Bank has said.

World Bank senior country economist Patrick Hettinger said in an interview on Friday the central bank has maintained a tight monetary stance, continues to monitor and mop up excess liquidity to keep the interbank rate (IBR) close to the policy rate to ensure that inflation remains under control.

He said low level of access to finance through the banking sector remains a significant constraint to private sector performance"



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Mystery over government’s K16 billion booty | The Times Group

Mystery over government’s K16 billion booty | The Times Group: "Mystery over government’s K16 billion booty
Posted By: Jameson Chaulukaon: June 05, 2018In: NationalNo Comments
While the country’s economy is struggling with local and international loans and their accumulative interest, the government says it does not know what to do with K16.2 billion it earned after selling Malawi Savings and Inde banks three years ago.

Ministry of Finance spokesperson, David Sado, said on Friday the money was still stashed at the Reserve Bank of Malawi (RBM) as the government has not figured out what to do with the money.

“The money is there at the Reserve Bank of Malawi. There are several options we are looking into and, when the government makes its decision, we will come back to you. We want to invest the money in projects that [may help us] benefit out of it. We are looking at several investment projects such as irrigation,” he said."



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Mkango Resources kicks off rare earths drilling in Malawi, 4 Jun 2018 09:55 | Shares Magazine

Mkango Resources kicks off rare earths drilling in Malawi, 4 Jun 2018 09:55 | Shares Magazine: "Source - SMW
Mkango Resources said a major drilling programme had commenced at the Songwe Hill rare earths project in Malawi.

The programme was a key component of a feasibility study for Songwe, which was being fully funded by Talaxis, a subsidiary of Noble Group.

It was for a minimum of 5,000 metres and would be focused on infill, step-out and geotechnical drilling.

Over 50 drill pads had been constructed, along with new access roads and enlarged camp infrastructure.

Mkango said it was targeting completion of an updated mineral resource estimate by the end of 2018.

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New Sunbird hotel to cost K3.5 billion | The Times Group

New Sunbird hotel to cost K3.5 billion | The Times Group: "New Sunbird hotel to cost K3.5 billion
Posted By: Chimwemwe Mangazion: June 04, 2018In: BusinessNo Comments
Malawi Stock Exchange (MSE)- listed hospitality chain, Sunbird Tourism PLC, has said its new100-bedroom three-star hotel to be constructed in Salima District will cost K3.5 billion.

Sunbird Tourism PLC Chief Executive Officer, Yusuf Olela said in an interview that the project is expected to commence in August 2018.

The development will bring the number of Sunbird hotels in the district to two, after Sunbird Livingstonia."



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Tobacco dollars continue to stabilise kwacha—RBM - The Nation Online

Tobacco dollars continue to stabilise kwacha—RBM - The Nation Online: "YOU ARE HERE: Home → Tobacco dollars continue to stabilise kwacha—RBM

Tobacco dollars continue to stabilise kwacha—RBM
Orama Chiphwanya June 4, 2018 0 Comments


The Reserve Bank of Malawi (RBM) says proceeds from tobacco have contributed to the stability of the kwacha and increased foreign exchange reserves.

In an interview on Friday, RBM spokesperson Mbane Ngwira said: “We cannot rule out the fact that the tobacco dollars are having an impact on the kwacha. There are some purchases that have been done from the market."



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Trade disparity up, hits K758 billion - The Nation Online

Trade disparity up, hits K758 billion - The Nation Online: "Trade disparity up, hits K758 billion
Grace Phiri June 2, 2018 0 Comments
At K758 billion, Malawi’s trade balance in 2017 continues to worsen despite various policy interventions to narrow the trade gap, figures from Ministry of Finance, Economic Planning and Development have shown.

In 2016, Malawi’s trade balance stood at K706.8 billion."



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High demand for Malawi’s legumes - The Nation Online

High demand for Malawi’s legumes - The Nation Online: "High demand for Malawi’s legumes
Grace Phiri June 2, 2018 0 Comments
The AHL Commodity Exchange Limited (AHCX) says there is high demand for Malawi’s soya, groundnuts and sugar beans on the international market with buyers offering competitive prices on offer.

AHCX communications manager Thom Khanje said in an interview that there are a lot of open export opportunities in South Africa, Botswana, Zimbabwe, Kenya as well as in India and China."



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