Macadamia nuts farmers get K3bn boost from IFC – The Nation Online

Macadamia nuts farmers get K3bn boost from IFC – The Nation Online: macadamia nuts farmers in Malawi are expected to get a $4 million (about K3 billion) boost for their farming business through Global Tea and Commodities Limited project.

The money, which will come from the World Bank’s private sector financing arm, International Finance Corporation (IFC), seeks to help expand macadamia nuts processing operations in Malawi, the world’s seventh largest producer of the cro

‘Scale up investment in energy sector’ – The Nation Online

‘Scale up investment in energy sector’ – The Nation Online: Scale up investment in energy sector’
Orama Chiphwanya September 28, 2019 0 Comments
Malawi Institution of Engineers (MIE) has expressed concern over the slow rate of increasing power generation and heavy reliance on the Shire River for hydro-power generation, citing this as a draw-back to the economic growth.

In its analysis of the 2019/20 National Budget, the engineers’ body said there is direct correlation between power supply and economic development; hence, government should allocate more funds towards support and for the� implementation of budding and existing power projects.�

Malawi: Mozambique Says Issue of Malawi Nsanje Inland Port a Closed Affair | South Africa Today - Africa

Malawi: Mozambique Says Issue of Malawi Nsanje Inland Port a Closed Affair | South Africa Today - Africa: An influential newspaper in Mozambique has described as a closed affair the issue of Nsanje Inland Port.



Nsanje Port dream crumbles Noticias newspaper says Maputo is not in talks with Lilongwe on Nsanje port

The Portuguese language Noticias newspaper says Maputo is not in talks with Lilongwe and has nothing to talk to Malawi about the port in Nsanje.

Pigeon peas export market falters – The Nation Online

Pigeon peas export market falters – The Nation Online: Ministry of Industry, Trade and Tourism� says it is working on facilitating the absorption of pigeon peas through investments in value addition as they await to secure a quota from the Indian market.

The ministry’s spokesperson Mayeso Msokera said in a written response on Tuesday that the Indian Government has not been forthcoming because it has sufficient quantities of the crop from last season.

Tobacco rakes in K174 billion - The Times Group Malawi

Tobacco rakes in K174 billion - The Times Group Malawi: With a day before this year’s tobacco selling season closes, Malawi has so far realised $232.26 million (about K174 billion) from sales of the green gold.

The proceeds are from the sale of about 160.87 million kilogrammes (kgs) of all tobacco types from all the country’s tobacco floors.

Inflation surge to 9.5% - The Times Group Malawi

Inflation surge to 9.5% - The Times Group Malawi: Malawi’s headline inflation inched up again in August but this time around only by 0.2 percentage points to stand at 9.5 percent as food prices continued biting hard.

This comes after another 0.3 percentage points rise in inflation in July 2019, a development the Reserve Bank of Malawi (RBM) then rated as surprising.

Energy sector hails K42 billion project - The Times Group Malawi

Energy sector hails K42 billion project - The Times Group Malawi: Players in the energy sector have hailed the K42.1 billion ($57 million) Malawi-Mozambique Power Interconnection Project saying it would enable the country ease its age-old power challenges.

World Bank Board of Executive Directors nodded to the project last week.

Proposed 1% mobile money tax causes stir – The Nation Online

Proposed 1% mobile money tax causes stir – The Nation Online: he proposed one percent withholding tax on non-bank mobile money transactions threatens the financial inclusion agenda as the cost of the service will likely rise.

Law lecturer at University of Malawi’s Chancellor College Sunduzwayo Madise, who has written a number of papers on mobile money, argued that instead of using mobile money services to empower the rural masses and the unbanked or under-banked, the tax will now disempower them.

Rugged roads of Mzimba – The Nation Online

Rugged roads of Mzimba – The Nation Online: Mbalachanda and Euthini residents in Mzimba are forced to commute at night to beat time-wasting bumps on the abandoned M1, our Staff Reporter JOHN CHIRWA writes.

It is a chilly Monday morning at Mbalachanda Trading Centre in Mzimba. Silhouettes of people waiting to catch a bus to Mzuzu City can be seen loitering in the dark.

Among them, a trio—apparently a husband and his two wives—has braved the biting weather all the way from Chikweyeye Village to the buzzing trading centre in Mzimba North West.

Parastatals liquidity position worsening – The Nation Online

Parastatals liquidity position worsening – The Nation Online: The build-up of trade debtors has worsened the liquidity position of most parastatals, a situation that has impacted on their working capital, a government annual report has shown.

The situation, which was most prevalent among the water boards and other trading parastatals, forced many of them to turn to banks for overdrafts to cushion their cash flows while others resorted to deferring payment of tax obligations, pensions and other trade payables.

World Bank approves K42bn for MW-Moz power project – The Nation Online

World Bank approves K42bn for MW-Moz power project – The Nation Online: The World Bank Group board of executive directors has approved $57 million (about K42 billion) towards the Malawi-Mozambique Regional Interconnector Project.

The project is designed to interconnect Mozambique and Malawi transmission systems to enable both countries to engage in bilateral and regional power trade in the Southern African Power Pool (Sapp).

Sovereign identifies more rutile targets in Africa | Business News

Sovereign identifies more rutile targets in Africa | Business News: erth-based African multi-commodity developer, Sovereign Metals, has successfully identified six new highly promising rutile targets across its Malawi ground holdings in Africa.

The company has been on a systematic campaign to explore for rutile mineralisation since receiving some very encouraging preliminary metallurgical test work results at its Wofiira rutile prospect.

Sovereign successfully recovered a concentrated ore product that contained 96% titanium dioxide at a recovered grade of 1.1% rutile at Wofiira, a result that is on par with many of the world’s leading rutile producers.

Mkango Resources invests in rare earth magnets recycler

Mkango Resources invests in rare earth magnets recycler: Mkango Resources invests in rare earth magnets recycler

Malawi economy to grow 4.5% in 2019 -IMF - Reuters

Malawi economy to grow 4.5% in 2019 -IMF - Reuters: Malawi economy to grow 4.5% in 2019 -IMF
2 MIN READ

LILONGWE, Sept 18 (Reuters) - Malawi’s economy is likely to expand by 4.5% this year, the International Monetary Fund (IMF) said late on Tuesday, boosted by improved agricultural production and the rebuilding of infrastructure damaged by Cyclone Idai.

The growth projection is down slightly from the fund’s March forecast of a 5% expansion to gross domestic product. Earlier in September the finance ministry said growth would advance 5%, up from 4% growth in 2018.

Lending rates hit 38-year low - The Times Group Malawi

Lending rates hit 38-year low - The Times Group Malawi: Malawi’s lending rates by commercial banks have sunk to a 38- year low, figures from the Reserve Bank of Malawi (RBM) indicate.

Following introduction of reference rate, cost of borrowing stands at 13.4 percent as at September 1 before risk is factored in.

Government borrows K1 trillion in 5 years - The Times Group Malawi

Government borrows K1 trillion in 5 years - The Times Group Malawi: Government has borrowed about K1.009 trillion since 2014 when Democratic Progressive Party (DPP) bounced back into power, Malawi News investigations have revealed.

The investigations have revealed that, in the past five years, Parliament has passed a total of 36 loan authorisation bills, giving a go-ahead to government to borrow the money.

Paladin remains optimistic about uranium market potential

Paladin remains optimistic about uranium market potential: JOHANNESBURG (miningweekly.com) – ASX-listed uranium miner Paladin Energy’s two mines in Namibia and Malawi remain under care and maintenance to preserve resource and shareholder value in the current low uranium price environment; however, the company is positive that uranium demand will pick up in the near future.

#Simbi Phiris struggles :: Evil cooks good pasta -The construction mafia and corrupt politicians seized our Parliament

Mmegi Blogs :: Evil cooks good pasta -The construction mafia and corrupt politicians seized our Parliament: Evil cooks good pasta -The construction mafia and corrupt politicians seized our Parliament

I was reading former FBI Director, James Comey’s Book, “A Higher Loyalty”, the other day. He makes reference to an encounter with one of the most dangerous mafia he had gone to interview at a safe house in Italy and how ordinary the man looked

The Explorers: Force's Jason Brewer on that 2400g/t silver hit at Tshimapala - Stockhead

The Explorers: Force's Jason Brewer on that 2400g/t silver hit at Tshimapala - Stockhead: he silver and lead grades at Force Commodities’ (ASX:4CE) recently acquired Tshimpala project in Malawi are truly ridiculous.

In 2018, assays on a 100-tonne bulk sample returned 60 per cent lead and 765 grams per tonne (g/t) silver.

Then last week, Force reported 2411g/t silver and 60 per cent lead from a grab sample which looks like this:

IMF team in today for Extended Credit Facility review - The Times Group Malawi

IMF team in today for Extended Credit Facility review - The Times Group Malawi: An International Monetary Fund (IMF) Mission team arrives in the country today for review of its $112.3 million (K85 billion) Extended Credit Facility (ECF) programme.

Minister of Finance and Economic Development, Josephy Mwanamvekha told Parliament Monday, when presenting his inaugural full budget, that the Treasury was upbeat of positive outcome from the review.

Among other things, the IMF mission team will meet top government officials.

The ECF-supported programme is aimed at entrenching macroeconomic stability and fostering higher, more inclusive, and resilient growth.

Ulendo extends to Blantyre route - The Times Group Malawi

Ulendo extends to Blantyre route - The Times Group Malawi: Barely three months after launching its Lilongwe-Mzuzu – Likoma Island route, Ulendo Airlink has announced that it is extending its services to Blantyre.

A press statement says, starting from September 23 2019, Ulendo Airlink is set to introduce flights between Lilongwe and Blantyre.

Ulendo Airlink Chief Executive Officer, Rob McConaghy, says the addition of Blantyre to Ulendo’s domestic network was designed to offer comprehensive air services to all key destinations in the country.

Malawi: Mwanamvekha Unveils K1.7 Trillion 2019/20 Malawi Budget - Key Points At-a-Glance - allAfrica.com

Malawi: Mwanamvekha Unveils K1.7 Trillion 2019/20 Malawi Budget - Key Points At-a-Glance - allAfrica.com: Joseph Mwanamvekha has delivered his first Budget as Minister of Finance, Economic Planning and Development. The 2019/2020 budget is pegged at K1.7 trillion up from K1.4 trillion in the 2018/2019 budget. These are the key points of what he has said.

Mwanamvekha with the black box in Parliament which has been a common feature on Budget day for decade

Malawi: Mwanamvekha Says Govt to Curb Illicit Foreign Exchange, Issue Diaspora Bond - allAfrica.com

Malawi: Mwanamvekha Says Govt to Curb Illicit Foreign Exchange, Issue Diaspora Bond - allAfrica.com: Minister of Finance, Economic Planning and Development Joseph Mwanamvekha on Monday presented a 2019/20 budget in Lilongwe which many have described as an "inspiring" fiscal plan as he projected that Gross Domestic Product (GDP) will expand by 5% in 2019 and by 7% in 2020.

Finance minister Mwanamvekha presenting the budget: Malawi's economy to grow 5% in 2019, 7% in 2020

Mkango Resources Appoints SENET As Songwe Hill... | Morningstar

Mkango Resources Appoints SENET As Songwe Hill... | Morningstar: NewsMkango Resources Appoints SENET As Songwe Hill Project Manager(Alliance News) - Rare earths development company Mkango Resources Ltd said Monday it has ...
Alliance News9 September, 2019 | 12:56PM
(Alliance News) - Rare earths development company Mkango Resources Ltd said Monday it has appointed SENET as lead engineer and project manager for completing the feasibility study for the Songwe Hill project in Malawi.

SENET is a project management and engineering firm, which is part of diversified engineering, project delivery group DRA Global.

SENET's appointment is said to be another key milestone for completing the feasibility study and developing the project.

Perth’s Force To Let Key Contracts This Month For New Open-Pit Lead-Silver Mine In Malawi

Perth’s Force To Let Key Contracts This Month For New Open-Pit Lead-Silver Mine In Malawi: APerth company which has already pre-sold to a major Swiss global trading house its entire high grade lead-silver entitlement from a mine yet to be built in Africa, says it expects to finalise the key exploration, mining and beneficiation contracts for the mine by the end of this month.

Speaking on the third and final day of the Paydirt 2019 Africa Downunder mining conference in Perth, Force Commodities Managing Director, Mr Jason Brewer, said the key project milestones would also coincide with a start to a new onsite drill program at the Company’s 51%-owned 1,400km� Tshimpala base metals project in Malaw

Coal power plant critical for electricity tariffs—Mera – The Nation Online

Coal power plant critical for electricity tariffs—Mera – The Nation Online: Malawi Energy Regulatory Authority (Mera) has advised Electricity Generation Company Malawi Limited (Egenco) to speed up the building Kamwamba Coal Plant, saying the delay could affect electricity tariffs in the medium-term.

Mera chief executive officer Collins Magalsi said in an interview on Wednesday at the construction site of Tedzani IV Power Plant after Minister of Natural Resources, Energy and Mining BintonyKutsaira toured Phombeya Power Sub-station in Balaka, Kamwamba in Neno and NkulaA Hydropower Plant.

Savings rate remains unchanged at 4.58% – The Nation Online

Savings rate remains unchanged at 4.58% – The Nation Online: The reduction in policy rate in May this year by 100 basis points to 13.5 percent is yet to impact the commercial bank’s savings rate, it has been established.

The savings rate has been maintained at 4.58 percent since the first quarter when the policy rate fell by another 100 basis points to 14.5 percent.

Exports up 28% in second quarter - The Times Group Malawi

Exports up 28% in second quarter - The Times Group Malawi: Malawi’s exports rose by 28 percent in the second quarter of 2019 to hit $316.6 million fuelled by a jump in sugar exports, figures from the Reserve Bank of Malawi (RBM) indicate.

Election challenges dampen PCL profit – The Nation Online

Election challenges dampen PCL profit – The Nation Online: Dual-listed conglomerate Press Corporation plc has posted a 52 percent drop in first half profit after-tax to K11.1 billion from last year’s K23 billion largely due to pre and post-election challenges.

In the summary of unaudited financial results for the period ended June 30 2019 published on Monday, PCL said as a result of the “challenges and uncertainties in the business environment posed by a general election year” and the aftermath, the group did not reach its full potential and registered an eight percent revenue growth.

Grand Business Park creates jobs for youths – The Nation Online

Grand Business Park creates jobs for youths – The Nation Online: The Grand Business Park, which is under construction in Lilongwe, has created job opportunities for the youth, including graduates from community technical colleges, Minister of Lands, Housing and Urban Development has said.

Invest in business ideas with potential— Reserve Bank of Malawi - The Times Group Malawi

Invest in business ideas with potential— Reserve Bank of Malawi - The Times Group Malawi: NGWENYA— Commercial banks are ready to
invest in loans
With seven recessions that have affected rain-fed agriculture in Malawi’s 55 years of independence, Reserve Bank of Malawi Governor Dalitso Kabambe believes that banking commercial banks’ hopes solely in investments in the agriculture sector is akin to putting all eggs in one basket.

It is a tricky situation, but one fraught with opportunities for investments in other sectors of the economy, Kabambe told delegates to the Institute of Bankers (IoB) fourth annual general meeting held under the theme ‘Financial Sector Synergies: A Catalyst for Financial Inclusion’ held on Friday and Saturday in Mangochi Distric

Low tea prices worry Malawi growers – The Nation Online

Low tea prices worry Malawi growers – The Nation Online: The Tea Association of Malawi (Taml) has expressed concern over continued low tea prices that buyers are offering at its Limbe market, fearing it may affect growers revenue and its contribution to the economy.

Taml chief executive officer Beyani Munthali on Tuesday said on average—as of this month (August)—the prices per kilogramme (kg) of tea is $1.25 (about K925) compared to last year’s $1.95 (about K1 443)