Toshiba to assist Malawi in developing geothermal power

Toshiba to assist Malawi in developing geothermal power: "Japanese multinational conglomerate Toshiba and Malawi’s Ministry of Natural Resources, Energy and Mining (MNREM) have concluded a memorandum of understanding (MoU) for the development of geothermal power.

The MoU anticipates a comprehensive partnership in geothermal power projects including capacity building programmes in relation to the technology.

Under the terms of the MoU, Toshiba will collaborate in the development and supply of major equipment for a geothermal power plant, develop operation and management guidelines, and facilitate capacity building programmes."



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IMF Executive Board Approves US$112.3 Million under the ECF Arrangement for Malawi

IMF Executive Board Approves US$112.3 Million under the ECF Arrangement for Malawi: "The Executive Board of the International Monetary Fund (IMF) today approved a new three-year arrangement for Malawi under the Extended Credit Facility (ECF) for SDR78.075 million (about US$112.3 million), equivalent of 56.25 percent of Malawi’s quota in the IMF, to support the country’s economic and financial reforms. [1]

The Executive Board’s decision enables an immediate disbursement of SDR11.15 million (about US$16 million). The remaining amount will be phased over the duration of the program, subject to semi-annual reviews."



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Uranium prices force Paladin into Namibia mine shutdown | The West Australian

Uranium prices force Paladin into Namibia mine shutdown | The West Australian: "Paladin Energy’s Langer Heinrich mine in Namibia.
Refloated uranium miner Paladin Energy has flagged the closure of its Langer Heinrich mine in Namibia in response to “stubbornly low” uranium prices.

The company said yesterday it had taken steps towards a decision to place the mine on care and maintenance, which could see the asset closed in three to four months.

No mining activity is taking place at Langer Heinrich with the processing plant operating on medium-grade ore stockpiles."



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Tobacco Fetches K13bn in Two Weeks

Tobacco Fetches K13bn in Two Weeks: "Tobacco has fetched over $17, 979, 266 (equivalent to K13.3 billion) in the first two weeks since the opening of markets this season.

The official figures provided by Auction Holdings Limited indicate that as of Friday 20th April 2018, over 12 million kilograms of tobacco had been sold at an average price of $1.42 per kilogram.

AHL Corporate Affairs Manager Mark Ndipita says the results indicate that the market is performing better this year than last season when during the same period only $6, 056,929 dollars was realized from 3, 750 000 kilograms of tobacco at an average price of $1.61 per kilogram.

Ndipita told Zodiak Online that over 3, 000, 000 kilo of auction burley worth over $3, 579, 377 was sold at an average price of $1.19."



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IMF decides Malawi’s Extended Credit Facility Monday | The Times Group

IMF decides Malawi’s Extended Credit Facility Monday | The Times Group:



The International Monetary Fund (IMF) is Monday expected to decide on whether or not to give

Malawi a new Extended Credit Facility (ECF) programme.

The IMF Mission Team— which came to Malawi in February this year and had discussions with

Capital Hill— is today expected to present the Malawi case to the institution's board in Washington

DC.

Malawi's last ECF programme valued at $156.2 million expired in 2017. The facility was approved

in 2012 during the leadership of former president Joyce Banda—and was meant to cushion

Lilongwe from economic shocks such as dry spells and floods.

Ahead of today's meeting, both Capital Hill and IMF have indicated that the pillar for the next ECF

programme— if approved—would be microeconomic stability so as to enhance growth of Malawi's

economy.





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Remittances rise to $38 million in 2017 | The Times Group

Remittances rise to $38 million in 2017 | The Times Group:



Remittances rise to $38 million in 2017

Posted By: Taonga Sabola on: April 27, 2018 In: Business No Comments

Malawians living in the diaspora sent back home about US$38 million in 2017, a latest report by

the World Bank has shown.

The amount, according to the Migration and Development Brief released on Monday is $4 million

more than $34 million recorded in 2016.

The bank says remittances to low- and middle-income countries rebounded to a record level in

2017 after two consecutive years of decline.

World Bank estimates that officially recorded remittances to low- and middle-income countries

reached $466 billion in 2017, an increase of 8.5 percent over $429 billion in 2016.

Global remittances, which include flows to high-income countries, grew 7 percent to $613 billion in

2017, from $573 billion in 2016.





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$18M OF TOBACCO SOLD - The Express

$18M OF TOBACCO SOLD - The Express: "THE TOBACCO selling season in Malawi has started on a promising note after realising $17, 979,266.53 (about K13 billion) in the first two weeks of trading, a report by official seller, AHL Group and regulator, Tobacco Control Commission, TCC, has revealed.

According to the report, as on Friday almost 12, 620,569 kilograms of tobacco were sold at an average price of $1.42 per kilogram realizing $18 million while last year 3.8 million kilograms were sold at an average price of $1.61 per kilogram with proceeds amounting $6.1 million.

The report, however, has indicated that despite weather challenges experienced during production of tobacco in the 2017-2018 season, the quality of tobacco presented on the market has so far proven to be good."



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AIRTEL says data prices are falling - The Express

AIRTEL  says data prices are falling - The Express: "MOBILE data prices in Malawi have been on a significant downward spiral over the past two years, dropping by an average of 40 percent per annum contradicting claims by subscribers that the country had some of the most expensive data tariffs in the SADC region.

Airtel Malawi’s corporate communications manager, Norah Chavula-Chirwa told The Express that the costs were even lower than in some coastal countries, considering the fact that data costs more in landlocked states"



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EGENCO still need more rains | Malawi 24 - Malawi news

EGENCO still need more rains | Malawi 24 - Malawi news: "Electricity Generation Company (EGENCO) says there has not been enough rains for the company to generate enough power.

EGENCO public relations officer Moses Gwaza told Malawi24 that the water level in Lake Malawi is still not at the required point."



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Capital Hill Eyes $3 bn Investment Pledges From Investment Forum

Capital Hill Eyes $3 bn Investment Pledges From Investment Forum:



Ministry of Industry Trade and Tourism has disclosed that the third Investment Forum

will take place between the 11th and 12th of June this year in Lilongwe.

The third Investment Forum will be held after a similar event was suspended last year for

failing to produce tangible results over the past three years.

Minister of Industry, Trade and Tourism Henry Musa however believes the annual

Investment Forum has proven to be an effective strategy of marketing Malawi's

I nvestment potential


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