Nico on course with hotel project | The Times Group

Nico on course with hotel project | The Times Group: "Nico on course with hotel project
Posted By: Chimwemwe Mangazion: May 11, 2018In: BusinessNo Comments
Nico Holdings Limited has said plans are at an advanced stage to commence construction of a $45 million hotel in Lilongwe as part of the company’s strategy to expand its accommodation business in the country.

Nico Holdings Chief Executive Officer, Vizenge Kumwenda, said the conglomerate will implement the project through one of its subsidiaries, Blantyre Hotels Limited. Further, he said Nico would partner a South African company to develop the property.

He said the project is likely going to commence before the end of this year.

“We will be able to do this project because of the partnership we have with experts in property development, Eris, from South Africa. Nico Asset Managers are the ones that will do the capital raise, Blantyre Hotels will be one of the investors and our target is to break ground on construction before December,” Kumwenda said."



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Treasury records K79.8bn deficit in q3 - The Nation Online

Treasury records K79.8bn deficit in q3 - The Nation Online:



Treasury records K79.8bn deficit in q3

Grace O May 14, 2018 o Comments

Treasury recorded a deficit of K79.8 billion in its budget operations in the third quarter

(January-March) of this fiscal year, figures from the Reserve Bank of Malawi (RBM) show.

Figures contained in the March 2018 Monthly Economic Review show that Treasury recorded a

deficit of K13-9 billion in January while in February and March, the deficits were recorded at

K39.6 billion K26.3 billion, respectively.





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Tobacco rakes in K32.5bn in four weeks - The Nation Online

Tobacco rakes in K32.5bn in four weeks - The Nation Online:

Tobacco rakes in K32.5bn in four weeks



Malawi has earned $44-3 million (K32.5 billion) in one-month from the sale of 29.1 million

kilogrammes (kg) of tobacco, figures from the Tobacco Control Commission (TCC) have

shown.

During the same period last year, Malawi earned $23.1 million (K16.9 billion) from of 13-4

million kg of the leaf.

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Mkango Resources Ltd says initial phases of the feasibility for Songwe Hill are underway

Mkango Resources Ltd says initial phases of the feasibility for Songwe Hill are underway: "Mkango Resources says initial phases of the feasibility for Songwe Hill are underway
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08:13 03 May 2018
Over 50 drill pads are being constructed for the drill programme, as well as an enlarged camp to accommodate the larger team versus previous drill programmes

Mkango is targeting completion of an updated Mineral Resource Estimate by the end of 2018
Mkango Resources Ltd (LON:MKA, CVE:MKA) said the initial phases of the feasibility study for the Songwe Hill rare earths deposit has started.

Drilling is targeted to commence within the next month, once all drill roads and pads are completed, Mkango said."



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MW needs 10% annual growth for improved economy—MCCCI - The Nation Online

MW needs 10% annual growth for improved economy—MCCCI - The Nation Online:



MW needs 10% annual growth for

improved economy—MCCCI

Grace O May 5, 2018 o Comments

TThe Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has said the

country needs an annual growth rate of 10 percent if the economy is to register ripple effects.

Speaking in an interview on Tuesday, MCCCI chief executive officer Chancellor Kaferapanjira

said at the rate Malawi is growing, there is little hope for the poor to get out of the poverty

trap.





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Cement prices raise eyebrows | The Times Group

Cement prices raise eyebrows | The Times Group:



Cement prices raise eyebrows

Posted By: Caroline Kandiero on: May 04, 2018 In: Business No Comments

Lafarge and Cement Products Limited (CPL) have dismissed allegations that they are colluding,

when setting prices for their products.

Last week, the two companies announced separate price reductions, a development some

analysts claim points to collusion between the companies as a strategy to frustrate external

competition.





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Current account deficit narrows to 10% - The Nation Online

Current account deficit narrows to 10% - The Nation Online:



Current account deficit narrows to 10%

Grace O May 5, 2018 o Comments

Malawi's current account deficit has narrowed to 10 percent of gross domestic product (GDP)

in 2017, from 13.6 percent in 2016, published figures from the International Monetary Fund

(IMF) show.

The current account deficit is the net of the balance of trade. In simpler terms, a country is

said to have a trade surplus if its exports exceed its imports and a trade deficit if its imports

exceed its exports.





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UPDATE 1-Malawi's president says economy to grow by 6 percent in 2019 | Reuters

UPDATE 1-Malawi's president says economy to grow by 6 percent in 2019 | Reuters: "UPDATE 1-Malawi's president says economy to grow by 6 percent in 2019
Reuters Staff

LILONGWE, May 4 (Reuters) - Malawi’s economy will grow by as much as 6 percent in 2019 from a 4 percent expansion expected in 2018, President Peter Mutharika said on Friday, in remarks ahead of the presentation of the national budget in parliament.

Malawi, which is heavily reliant on financing from foreign donors, mostly Britain, other European Union countries and the United States, has restored economic stability after a period when the siphoning off of funds by government officials led to donors freezing budgetary support in 2013."



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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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