Private sector credit rises to K421 billion | The Times Group

Private sector credit rises to K421 billion | The Times Group: Credit to the private sector increased for a third consecutive month in May 2018, as it grew by K15 billion to K421.1 billion, figures from the Reserve Bank of Malawi (RBM) have shown.

During the corresponding month in 2017, credit to the private sector had declined by K882.1 million.

“The picking up of private sector credit partly reflects the declining path of interest rates in the country and a seasonal increase in economic activities associated with the harvest season,” says RBM in it’s recent Monthly Economic Review.

Stable Kwacha pushes down interbank rate - The Nation Online

Stable Kwacha pushes down interbank rate - The Nation Online





Stable Kwacha pushes down interbank
rate
Orama Chiphwanya O July 30, 2018 0 Comments
The Bankers Association of Malawi (BAM) and a market analyst have said kwacha stability has
pushed down interbank rate (IBR) —rate of interest on short-term loans between banks.
Figures from Reserve Bank of Malawi (RBM) financial market development reports show that
IBR has eased by 13.1 percentage points from 26 percent in January last year to around 12.9
percent this year.

World Bank says corruption is one of Malawi's major obstacles to prosperity | Malawi Nyasa Times - Malawi breaking news in Malawi

World Bank says corruption is one of Malawi's major obstacles to prosperity | Malawi Nyasa Times - Malawi breaking news in Malawi



Corruption continues to be one of the major obstacles blocking Malawi's road to prosperity, this is according
to World Bank country manager Greg Toulmin.

Malawi Stock Exchange Weekly Trading Report - 27 July, 2018 - World News Report - EIN News

Malawi Stock Exchange Weekly Trading Report - 27 July, 2018 - World News Report - EIN News

Audit Report Reveals Misprocurement of K9.3 Billion at Escom, Admarc - World News Report - EIN News

Audit Report Reveals Misprocurement of K9.3 Billion at Escom, Admarc - World News Report - EIN News

Kamuzu Barrage Ready by October - World News Report - EIN News

Kamuzu Barrage Ready by October - World News Report - EIN News

Kamuzu barrage in Liwonde is set to be operational by the end October, 2018 thus according to Government Site Engineer at the barrage, Toney Nyasulu.

Engineer  Nyasulu  said the barrage was expected to be completed in October 2017 but this failed due to some technical problems the contracts were experiencing on site.

Malawi President asks BRICS to support his country's infrastructural development - The Maravi Post

Malawi President asks BRICS to support his country's infrastructural development - The Maravi Post: President Arthur Peter Mutharika Friday commended BRICS for establishing the New Development Bank (NDB) with a focus on infrastructure development and asked the bank to support the country’s development programmes.

In his statement to the 2018 BRICS Africa Outreach dialogue in Johannesburg, South Africa, Mutharika said Malawi is open to investment and ready to do business with the rest of the world.

Escom launches probe into fleecing of money syndicate | Malawi Nyasa Times - Malawi breaking news in Malawi

Escom launches probe into fleecing of money syndicate | Malawi Nyasa Times - Malawi breaking news in Malawi



Escom launches probe into fleecing of money syndicate
June 5, 2018 Owen Khamula - Nyasa Times 18 Comments
Board chairperson for technically insolvent power utility Electricity Supply Corporation of Malawi (Escom), Thom Mpinganjira has said he has instituted a grand investigation to find
out how some members of staff connived with the powerful ruling Democratic Progressive Party (DPP) officials to fleece the powerhouse huge sums of money which left Escom with a
debt trap of K54 billion.

Planning Commission for quick win projects - The Nation Online

Planning Commission for quick win projects - The Nation Online



The National Planning Commission (NPC), a body that nill be formulating long-term national vision and strategy
for socio-economic development, says it nill hasten in identifying quick nin projects to generate momentum and
confidence to the country's economy.
NPC chairperson Richard Mkandavvire, a socio-economist and rural development expert, said in an interview on
Wednesday that Malani has the human capital and untapped natural resources that have the potential to boost
socio-economic development and change the narrative for the country as one of the poorest in the world.

Patamanga power plant to produce 300 mega watts once completed-Malawi Govt - The Maravi Post

Patamanga power plant to produce 300 mega watts once completed-Malawi Govt - The Maravi Post: The Department of energy says it is soliciting money for installing Patamanga power plant a development said to reduce power outages in the country. Spokesperson of the department, Saidi Banda, made the remarks after inspecting the place were the machine will be planted. According to Banda after concluding works at Patamanga the plant will be producing 300 mega watts which will reduce current blackouts in the country. “We have inspected the place where the machine will be installed and they have already hold meetings with people around the area on how the project will be ran,” Banda said. Banda said works at the site are expected to commence next year and the installation will be completed in 5 years time.

Uranium price still low—Paladin | The Times Group

Uranium price still low—Paladin | The Times Group: The price of Malawi’s biggest mineral, uranium, remains subdued on the international market, figures from uranium miner, Paladin Energy Limited have shown. In its Quarterly Activities report released last week, Paladin says the TradeTech weekly spot price average for the June quarter was $21.95/lb, a 2 percent decrease compared to the March quarter. Paladin Chief Executive Officer, Scott Sullivan, said the price was, however, 3 percent better compared to the June 2017 quarter.

Chinese granted Mangochi licence in Malawi – Mining & Trade Review | Mining in Malawi

Chinese granted Mangochi licence in Malawi – Mining & Trade Review | Mining in Malawi: Government has awarded a mining licence for Makanjila heavy mineral sands (HMS) deposit in Mangochi to a Chinese firm, New Kin International Ltd, which is ready to invest US$78 million to develop the mine.

But the action has sparked outrage from members of the civil society who have berated the authorities for cloaking the deal in secrecy, a practice which they say counters tenets of good governance.

Economic fundamentals still stable, but risks rising - The Nation Online

Economic fundamentals still stable, but risks rising - The Nation Online

Economic fundamentals still stable, but risks 

rising 

Ephraim Munthali O July 2018 Comments 
 Malani's economic fundamentals remain stable generally despite a few setbacks and overall image/perception 
 issues that appear to be crowding out fairly positive news on economic stability. 
 Inflation is easing back to comfortable single digit levels after threatening to return to double digits in the first 
 quarter of the year. 
 In May this year, headline inflation retreated to 8.9 percent from 9-7 percent in April 2018, a much better position 
 than the 12.3 percent that was recorded at the same time last year. 

Board awards hotels, lodges improved star status - The Nation Online

Board awards hotels, lodges improved star status - The Nation Online



Board awards hotels, lodges improved star
status
Orama Chiphwanya O July 25, 2018 Comments
The Tourism and Hotel Board has awarded hotels and lodges star rating based on their improved performance.
In a statement, the board said it has awarded the three-star status to two hotels—sunbird Ku Chawe in Zomba
and Lotus by Serendib Hotel in Blantyre and three lodges Chelinda Camp in Nyika National Park in Rumphi, Mvuu
Camp Lodge in Liwonde National Park and Game Haven in Bvumbwe, Thyolo.

Maize prices up by 40% in Malawi | The Times Group

Maize prices up by 40% in Malawi | The Times Group: rices for Malawi’s stable food, maize, have skyrocketed by 40 percent as traders horde the commodity to create an artificial shortage, a snap survey by Business Times has revealed. Produce markets in selected townships around Blantyre on Tuesday showed that the price of maize has risen from K5 000 per 50 kg bag in April to K7 000. Some traders said the surge in prices has been created by a slow down in the supply of maize in districts such as Mulanje, Dedza, Ntcheu and Salima. Kennedy Chilambe, a vendor at Zingwangwa market, said for the past four weeks the price of maize has been up going up. “Maize is becoming scarce in the district we get it from. This is largely because most of the growers are hording their produce in anticipation for even better prices.

Malawi Vice President to Stand for Election on Anti-Graft Ticket - Bloomberg

Malawi Vice President to Stand for Election on Anti-Graft Ticket - Bloomberg



Malawi's vice president Saulos Chilima an_nou_nced h_is cand_idacy to ru_n for
presidency in the 2019 elections, vowing to fight corruption.
Annou_ncing the establishment of h_is Un_ited Transformation Movement on
Saturday in the capital, Lilongwe, Chi]ima, 45, said Malawians are tired of
corruption and nepotism and want change.

Mzuzu Strategic Fuel Reserves Inaugurated – Malawi Voice

Mzuzu Strategic Fuel Reserves Inaugurated – Malawi Voice: Government on Friday officially inaugurated newly constructed strategic fuel reserve facilities with a capacity of 10 million litres at Sonda in Mzuzu to ensure security of fuel supply in the country.

99.9995% PURITY GRAPHITE CONFIRMS SUITABILITY FOR MULTIPLE DOWNSTREAM APPLICATION

S Sovereign Metals Limited (“the Company” or “Sovereign”) is very pleased to announce that downstream application test work has produced ultra-high purity levels of 99.9995 weight % C from its Malingunde natural crystalline flake graphite. The purification process utilises a simple high temperature process, which as a result of inherent uniqueness of the Malingunde flake graphite, requires low energy input to efficiently achieve some of the highest purity graphite in the world. Sovereign has demonstrated the ability to produce a range of premium-quality products providing the potential to generate revenues from sales of premium priced flake graphite products to end-users in both traditional and emerging markets.
Read more

Who Owns Most Of Mkango Resources Ltd (CVE:MKA)? – Simply Wall St News

Who Owns Most Of Mkango Resources Ltd (CVE:MKA)? – Simply Wall St News: Who Owns Most Of Mkango Resources Ltd (CVE:MKA)?
Heidi Stubbs July 7, 2018
In this analysis, my focus will be on developing a perspective on Mkango Resources Ltd’s (CVE:MKA) latest ownership structure, a less discussed, but important factor. A company’s ownership structure is often linked to its share performance in both the long- and short-term. Different types of investors can have varying degrees of influence on a company’s management team. For example, an active institutional investor may be more likely to hold a company accountable for certain actions whereas a passive fund will move in and out of stocks without regards to corporate governance. The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. Therefore, it is beneficial for us to examine MKA’s ownership structure in more detail

Business slows down in first half | The Times Group

Business slows down in first half | The Times Group: The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has said performance of the business sector slowed down in the first six months of 2018 as compared to the second half of 2017. In its Second Quarter 2018 Economic Review, MCCCI says the slowdown was expected since the economy continues to face numerous macroeconomic challenges. The chamber said, in particular, intermittent power supply and stiff competition from smuggled products are the biggest challenges faced by the business sector.

Malawi plans alternative means for fuel haulage - The Nation Online

Malawi plans alternative means for fuel haulage - The Nation Online



Minister of Natural Resources, Energy and Mining Aggrey Massi says government is planning to have alternative
means of transporting fuel to control price hikes.
The minister said this on Friday in Mzuzu during the official opening of Mzuzu Strategic Fuel Reserves that have a
capacity of 10 million litres being managed by National Oil Company of Malani (Nocma).
Masi said government is in the process of connecting the fuel sites in Blantyre and Lilongure to the Nacala railway
line so that fuel is transported by rail.

Malawi falters on export trade—MCCCI - The Nation Online

Malawi falters on export trade—MCCCI - The Nation Online

Malani Confederation of Chambers of Commerce and Industry (MCCCI) says the country is failing to make strides 
 in exports due to dependency on a fewtrading partners. 
 The observation comes on the backdrop of statistics compiled by MCCCI which show Malani imports more 
 consumer goods and food products from South Africa (SA), generating more trade nith Malani than any of its 
 major trading partners. 

Mzuzu Strategic Fuel Reserves Inaugurated – Malawi Voice

Mzuzu Strategic Fuel Reserves Inaugurated – Malawi Voice: Government on Friday officially inaugurated newly constructed strategic fuel reserve facilities with a capacity of 10 million litres at Sonda in Mzuzu to ensure security of fuel supply in the country

Mera for cost-reflective electricity tariff regime - The Nation Online

Mera for cost-reflective electricity tariff regime - The Nation Online

Mera for cost-reflective electricity tariff 

regime 

Orama Chiphwanya O July 21, 201
 The Malani Energy Regulatory Authority (Mera) has tipped the country's electricity utility provider Electricity 
 Supply Corporation of Malani (Escom) to vie for the cost reflective tariff which is also in line nith Southern 
 African Development Community (Sadc) commitment. 
 In 2008, Sadc energy ministries agreed to implement cost reflective tariffs by 2013 but this far only two countries 
 have attained cost reflective tariffs. The attainment of cost reflective target has been pushed to 2019. 

Fuel Prices Go Up

Fuel Prices Go Up: Fuel prices have gone up effective May 7, 2015, the Malawi Energy Regulatory Authority (MERA) has announced.

Petrol is now selling K723.60 from K 696.30; diesel is now at K 734.60 from K 705.50; paraffin is now selling at K 633.20 from K 609.30.

A statement from MERA says the rise is as a result of increased importation costs for petrol, diesel and paraffin in the month of April 2015, when compared to the average of January.

The important prices for petrol, diesel and paraffin, said MERA, have increased by 32.97 %, 16.43% and 13.99% respectively

Energy compact works on schedule—MCA-M - The Nation Online

Energy compact works on schedule—MCA-M - The Nation Online



With just two months before the $350.7 million (about 1<257 billion) energy compact wids up, Millennium Challenge Account-Malawi (MCA-M), a local implementing agency, says works are within schedule with 12 megawatts (MW) already added to the power grid on trial.
The five-year energy grant provided by the United States Government Agency Millennium Challenge Corporation (MCC) is the largest single grant Malani has received to revamp its energy sector through the rehabilitation of Nkula A and modernisation of transmission and distribution lines to enhance electricity capacity.

Inflation falls to 8.6 percent | The Times Group

Inflation falls to 8.6 percent | The Times Group: Malawi’s headline inflation softened by 0.3 percentage points in June to hit 8.6 percent as food prices remained subdued.

In its inflation update released Wednesday, the National Statistical Office (NSO), said nonfood inflation was seen at 8.2 percent, down from 8.4 percent.

African rare earth developers gain the upper hand after Chinese cut-backs

African rare earth developers gain the upper hand after Chinese cut-backs: The demand for rare earth materials outside of China may quickly escalate as one of the largest producers of such materials in China has suspended production.

State-owned Aluminum Corp of China, or Chinalco, recently requested that its rare earth unit in southern China’s Guangxi region (Chinalco Rare Earth & Metals) suspend operations after inspectors found the company breached environmental rules – and more specifically, contaminating water sources.

Social engagement at the Malingunde graphite project in Malawi

Social engagement at the Malingunde graphite project in Malawi: AECOM is the provider for social services for Sovereign Metals’ Malingunde graphite project in the Lilongwe District in Malawi.

AECOM's scope of work highlights the importance of consulting firm’s when it comes to stakeholder engagement, social impact assessment, and the Resettlement Action Plan (RAP).

AECOM received a request for proposal from Sovereign Metals’ Environmental Assessment Practitioner (EAP), Dhamana Consulting of Perth, Australia.


AUTHOR: Karien Lotter is a senior social scientist at AECOM. She holds a Master’s degree in Research Psychology. With nine years’ consulting experience in the mining and infrastructure industries. She has conducted numerous Social Impact Assessments (SIAs) and Resettlement Action Plans (RAPs) across Africa, is proficient with stakeholder engagement and social surveys, and is well-versed in international best practice. Lotter has worked extensively with multi-disciplinary teams, has gained management experience both in the field and at the office and has been increasingly involved in business development as part of a larger team.
The EAP had approached three consulting firms, two in South Africa and one in Malawi, based on industry intelligence and recommendations from other professionals in the field.

Sovereign Metals Ltd produces ultra-high ‘5-Nines’ purity graphite from Malawi project

Sovereign Metals Ltd produces ultra-high ‘5-Nines’ purity graphite from Malawi project: Sovereign Metals Ltd (ASX:SVM) has produced some of the highest purity graphite in the world, using a loss on ignition process to assess the suitability of mine gate graphite concentrates from its Malingunde project in Malawi.

The achieved purity highlights the potential for Sovereign to enter the lithium-ion battery sector as well as high-tech and speciality markets, including the nuclear sector.

Malawi News Agency Online - Kamuzu International Airport equipped with modern aircraft control system

Malawi News Agency Online - Kamuzu International Airport equipped with modern aircraft control system: Lilongwe, July 13, 2018: Kamuzu International Airport in Lilongwe has been equipped with a Modern aircraft controlling system called “Radar Air Navigation system” which officials say will ensure reliability and safety of aircrafts.

The Radar Air Navigation System has been provided through a 36 million USD (about MK26.6 billion) project implemented by Japan International Cooperation Agency (JICA) through the School of Aviation (SOA).

Tobacco Earns K159 bn in 13 Weeks

Tobacco Earns K159 bn in 13 Weeks: The country has earned US$219 million, roughly K159 billion, from tobacco sales, the main cash crop, in thirteen weeks, a Tobacco Control Commission (TCC) official has confirmed.

Southern region manager Willard Singo told Zodiak the money has been realized after selling over 126 million kilograms of the green gold in all five tobacco auction flours across Malawi.

“We are impressed with how the market is progressing in spite of few challenges, but this year we have seen a great improvement,” said Singo.

Singo says at least 55 million kilograms of tobacco have been sold through Kanengo Auction Flours in Lilongwe and a total of US$96 million, roughly K70 billion, has been earned.

Press Corporation Limited sees 50% profit jump in H1 | The Times Group

Press Corporation Limited sees 50% profit jump in H1 | The Times Group: TAONGA SABOLA:

Conglomerate Press Corporation Limited (PCL) has said it expects its profit for the first six months of the year to be 50 percent above the corresponding period last year.

In the first half of last year, PCL recorded a pretax profit of K14.23 billion, up from K13.89 billion in 2016.

A 50 percent jump could see the firm’s profit before tax hitting K21.34 billion in the first half of 2018.

In a trading statement for the half year ended June 30 2018, released on Tuesday, PCL Company Secretary, Bernard Ndau, said the information on which statement is based has not been reviewed or reported on by the firm’s auditors.

RBM says some businesses under-declare proceeds - The Nation Online

RBM says some businesses under-declare proceeds - The Nation Online: “This issue is serious and we are currently investigating various cases. There are unscrupulous businesspeople in the country who export things and do not properly declare the exports so that they externalise foreign exchange.

“There is a business entity which exported 70 containers of pigeon peas and only declared two. This is a serious issue and even the President [Peter Mutharika] has condemned it.”

Kabambe was responding to a query that some businesses are exporting agriculture commodities to east Africa without declaring the total quantity of their exports.

Escom on steady path to reduce load-shedding - The Nation Online

Escom on steady path to reduce load-shedding - The Nation Online: Escom on steady path to reduce load-shedding
Frank Phiri July 12, 2018 0 Comments
�

Escom says diesel-powered generators have reduced load-shedding hours by nearly 75 percent in the last five months and the situation could stabilise further when an additional 20 megawatts (MW) imported from Zambia is added onto the grid by September.

This positive picture is contained in a report Electricity Supply Corporation of Malawi (Escom) senior manager for corporate planning Tanda Kadam’manja presented during a recent regional chapter meeting of the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) in Blantyre.

UN Malawi Bulletin - June 2018 - Malawi | ReliefWeb

UN Malawi Bulletin - June 2018 - Malawi | ReliefWeb: Malawi launches the 2018 Census Countdown Campaign

Malawi launched the 2018 Population and Housing Census publicity campaign on Tuesday 6th June in Lilongwe with Minister of Finance, Economic Planning and Development,
Goodall Gondwe emphasizing on the importance of census results in informing planning for the country’s development agenda.

He also called upon Malawians to aim at having smaller and manageable families to slow down the current rapid population growth.

“The last census for Malawi was in 2008, 10 years down the line Malawi has yet another opportunity to ensure that its development needs are accounted for through the census,” he said as he launched the countdown publicity campaign.

Sovereign Metals upgrades saprolite-hosted graphite resource in Malawi

Sovereign Metals upgrades saprolite-hosted graphite resource in Malawi: Sovereign Metals Limited (ASX:SVM) has revealed an updated resource of 45.7 million tonnes at 7.2% TGC (total graphitic carbon) for its Malingunde Project in Malawi.

The updated resource provides the basis for a future low-capex and low-opex natural flake graphite operation focused on the soft saprolite (clay)-hosted component.


It is worth noting that Malingunde is the world’s largest reported soft saprolite-hosted graphite resource.

Press Corporation Limited sees 50% profit jump in H1 | The Times Group

Press Corporation Limited sees 50% profit jump in H1 | The Times Group: Press Corporation Limited sees 50% profit jump in H1 Posted By: Tom Sangalaon: July 11, 2018In: BusinessNo Comments TAONGA SABOLA: Conglomerate Press Corporation Limited (PCL) has said it expects its profit for the first six months of the year to be 50 percent above the corresponding period last year. In the first half of last year, PCL recorded a pretax profit of K14.23 billion, up from K13.89 billion in 2016. A 50 percent jump could see the firm’s profit before tax hitting K21.34 billion in the first half of 2018.

Malawi Development Bank to open this year | The Times Group

Malawi Development Bank to open this year | The Times Group: Malawi Development Bank to open this year
Posted By: Tom Sangalaon: July 11, 2018In: BusinessNo Comments
RACHEL MPHEPO:

Finance Minister, Goodall Gondwe, has said government plans to open the long awaited Malawi Development Bank before the end of this year.

Malawians have for many years been waiting for the coming of the development bank, which would facilitate long-term local and international investment.

Malawi, Tanzania trade gap still wide - The Nation Online

Malawi, Tanzania trade gap still wide - The Nation Online: Malawi� Investment and Trade Centre (Mitc) says� bilateral trade between Malawi and Tanzania has been increasing over the years, but said more needs to be done to take advantage of the available opportunities.

In an interview on the sidelines of a news conference on Friday to create awareness on the forthcoming Malawi-Tanzania Joint Investment Forum, Mitc director of investment promotion and facilitation Joshua Nthakomwa said the investment forums are crucial for unlocking potential trade deals.

First Ever NFB Corporate Bond Listed on MSE

First Ever NFB Corporate Bond Listed on MSE: The New Finance Bank (FNB) has issued a first ever private corporate bond on the Malawi Stock Exchange which economists say is a great milestone in expanding the financial market.

The bank seeks to raise K14 billion in three years through the corporate bond. So far K4 billion has been listed on the Malawi Stock Exchange.

Zandire Shaba, chief executive officer for NFB, said the corporate bond signifies the banks’s desire to participate in the development of the financial market in Malawi.

“If it were possible to say my speech in one sentence, I should have simply said ‘the lion roars again with majestic pride’ we are celebrating that as we continue making strides in contributing to the development of this great nation we are have been listed on the Malawi Stock Exchange, let me say it this is the first ever corporate bond listed on this exchange market,” said Shaba.

Egenco says short-term energy solutions on course - The Nation Online

Egenco says short-term energy solutions on course - The Nation Online: Electricity Generation Company of Malawi (Egenco) has assured the country of improved electricity supply following near completion of its short-term energy solutions.

Presently, the country is facing acute power supply challenges with hydro-electric generation capacity reduced to around 200 megawatts (MW) which is anchored by diesel-powered generators installed in the country’s three cities.

K3bn loan to boost macadamia, coffee production - The Nation Online

K3bn loan to boost macadamia, coffee production - The Nation Online: K3bn loan to boost macadamia, coffee production
Moses Michael-Phiri July 7, 2018 0 Comments
The International Finance Corporation (IFC), a member of the World Bank Group, and the Global Agriculture and Food Security Programme (Gafsp) on Thursday announced a $4 million (about K3 billion) loan to support macadamia and coffee production in the country.

In a statement released on Thursday, IFC said the financing will benefit local farmers in Malawi by boosting production and exports of fair-trade certified macadamia and coffee.

Financial sector complaints up 88% | The Times Group

Financial sector complaints up 88% | The Times Group: Complaints against financial market players jumped by 88 percent in 2017 to hit 361, figures from the Reserve Bank of Malawi (RBM) show.

This is compared to a total of 192 cases the registrar of financial institutions recorded in 2016.

The development could mean that more customers continue to be satisfied with the level of customer service offered by the financial market.

In its Financial Institutions Supervision Report for 2017, released on Wednesday, RBM says it handled 392 complaints, including 31 that were brought forward from 2016.

Egenco to add 19.5MW to Tedzani Power Plant - The Nation Online

Egenco to add 19.5MW to Tedzani Power Plant - The Nation Online: YOU ARE HERE: Home → Egenco to add 19.5MW to Tedzani Power Plant

Egenco to add 19.5MW to Tedzani Power Plant
Orama Chiphwanya July 6, 2018 0 Comments
�

Construction works to add 19.5 megawatts (MW) to Tedzani Hydro Power Station started on Wednesday, raising hopes of increasing power supply in the next two years.

The Tedzani IV Hydro-electric Power Plant, which will be constructed by Japanese firm Mitsubishi Corporation to the tune of K38.3 billion, comes at a time Electricity Supply Corporation of Malawi (Escom) has been rationing power due to reduced generation capacity largely blamed on low water levels in Shire River, the main source of hydro power in Malawi.

Malawi is facing acute power supply challenges with generation capacity reduced to around 200MW from the installed capacity of 351MW.

Fertiliser plant to reduce fertiliser price - The Nation Online

Fertiliser plant to reduce fertiliser price - The Nation Online: YOU ARE HERE: Home → Fertiliser plant to reduce fertiliser price

Fertiliser plant to reduce fertiliser price
Edwin Nyirongo July 6, 2018 0 Comments
�

Smallholder Farmers Fertiliser Revolving Fund of Malawi (SFFRFM) has unveiled plans to set up a fertiliser manufacturing plant in Blantyre as part of its five-year strategic plan.

Speaking during the launch of the plan on Tuesday in Blantyre, the company’s chief executive officer Andy Kalinde said the plant will help to reduce the price of fertiliser on the marke

New vessels to ply on Lake Malawi | The Times Group

New vessels to ply on Lake Malawi | The Times Group: BY CHIMWEMWE MANGAZI, IN DAR ES SALAAM, TANZANIA:

Malawian business operators have been urged to make full use of two new Tanzanian vessels when transporting cargo between the two countries.

The vessels, with a capacity of 1,000 metric tonnes each, would start plying on Lake Malawi soon.

They are expected to help business operators cut on transportation costs.

This comes at a time Malawi is spending over $6.4 million [about K4.6 billion] every month importing fuel alone into the country through road transport.

Malawi's Ultra-Poverty Levels Down By 4 Percent - allAfrica.com

Malawi's Ultra-Poverty Levels Down By 4 Percent - allAfrica.com: Lilongwe — Malawi has reduced extreme poverty levels by at least 4 percent between the years 2011 and 2017, a recent report by the National Statistics Office (NSO) has said.

NSO released the latest Integrated Household Survey (IHS4) report Tuesday at Golden Peacock Hotel in Lilongwe

MPC maintains policy rate at 16% | The Times Group

MPC maintains policy rate at 16% | The Times Group: MPC maintains policy rate at 16%
Posted By: Tom Sangalaon: July 05, 2018In: BusinessNo Comments
BY TAONGA SABOLA:

The Monetary Policy Committee (MPC) meeting of the Reserve Bank of Malawi (RBM) yesterday resolved to maintain the indicative price of money, technically known as policy rate, at 16 percent.

This is the second time MPC has kept the policy rate unchanged since slashing it by 200 basis points in December 2017.

The MPC decision has not come as a major surprise to many Malawians as it comes barely two months after inflation threatened to run away, rising to 9.9 percent in March before crawling back to 8.9 percent in May.

Donors want justice on police fraud | The Times Group

Donors want justice on police fraud | The Times Group: The European Union (EU) and the United States (US) in Malawi have said they expect that the Anti-Corruption Bureau (ACB) will pursue investigations in relation to suspected fraud in a Malawi Police Service (MPS) contract without any interference.

A leaked document of investigations by ACB on the contract between MPS and Pioneer Investments implicated President Peter Mutharika as having benefitted from what the graft-busting body suspects were fraudulent transactions in the contract.

Lack of budget support Affects economy—IMF - The Nation Online

Lack of budget support Affects economy—IMF - The Nation Online: YOU ARE HERE: Home → Lack of budget support Affects economy—IMF

Lack of budget support Affects economy—IMF
Orama Chiphwanya July 5, 2018 0 Comments
�

International Monetary Fund (IMF) country representative Jack Ree says the absence of direct budget support for the past four years has inflicted pain on the country’s economy.

In an interview on Tuesday, the IMF official was, however, upbeat that things may turn the corner, saying there is potential for the country to do even better in the absence of budget support.

“Experience in the region suggests that countries can become financially independent only when it can raise financing from the financial market.

Declining inflation Draws mixed views - The Nation Online

Declining inflation Draws mixed views - The Nation Online: Declining inflation Draws mixed views
Grace Phiri July 2, 2018 0 Comments
�

Malawi’s year-on-year inflation for May 2018 dropped by 0.8 percentage points to 8.9 percent from 9.7 percent the previous month, a development that has drawn mixed reactions from two economists.

National Statistical Office (NSO) figures show that declining food and non-food inflation influenced overall inflation to drop in the month. This means that prices of goods and services in May increased at a declining rate compared to April.

Malawi in $98.9 million BoP deficit in Q1 | The Times Group

Malawi in $98.9 million BoP deficit in Q1 | The Times Group: Malawi recorded a Balance of Payments (BoP) deficit of US$98.9 million (K71.7 billion) in the first quarter of 2018, statistics from the Reserve Bank of Malawi (RBM) have shown.

This is compared to a BoP surplus of US$18.1 million (K13.2 billion) the country recorded in the quarter ended December 31, 2017.

The deficit represents a jump of 84 percent from US$53.8 million (K38.8 billion) deficit recorded in the first quarter of 2017.

Demand for Malawi Rice on the rise—EDF - The Nation Online

Demand for Malawi Rice on the rise—EDF - The Nation Online: With the allure of tobacco fast dwindling on the global market, demand for Malawi’s kilombero rice seems to be on the rise with countries such as Venezuela enquiring for 200 000 metric tonnes (MT) this year.

Malawi’s kilombero rice is famed for its aromatic flavour and is one of the most sought agricultural produce worldwide.

Figures from Export Development Fund (EDF), a financing institution for export business, show that the Democratic Republic of Congo (DRC) and Zambia are each looking for 100 000MT while Zimbabwe wants 56 000MT.

Budget: The devil is in the detail - The Nation Online

Budget: The devil is in the detail - The Nation Online: Budget: The devil is in the detail
Aubrey Mchulu June 28, 2018 0 Comments
Predictably, members of Parliament (MPs) on both sides of the National Assembly on Friday unanimously cheered after passing the K1.45 trillion 2018/19 National Budget.

They had all the reason to celebrate because-besides giving Treasury the mandate to raise and spend money in the new fiscal year rolling out this July 1 through the passing of the Appropriation Act—they personally benefitted after dramatically forcing the government to increase their salaries, allowances and development funding for their respective areas.

Cotton revenue set to soar this year—Aicc - The Nation Online

Cotton revenue set to soar this year—Aicc - The Nation Online: Cotton revenue set to soar this year—Aicc
Orama Chiphwanya July 4, 2018 0 Comments
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Players in the cotton sector are projecting revenue from the crop to rise to $12 million (about K8.7 billion), thanks to good prices and increased output than last year.

This means revenue will� rise by 200 percent from the previous year’s $4 million (K2.9 billion), according to African Institute for Corporate Citizen (Aicc) projections.

Aicc chief executive officer Felix Lombe said in an interview on Monday the country will produce slightly below 20 000 metric tonnes (MT) from last year’s 11 000MT.