Malawi: Inflation Rate Increases to 22.6% in June | Medafrica Times

Malawi: Inflation Rate Increases to 22.6% in June | Medafrica Times: The national statistics office of Malawi, on Monday, said the country’s inflation has accelerated to 22.6 percent year-on-year in June from 21.5 percent in May, driven partly by higher food prices

Struggling tobacco industry earns $158 million | The Times Group

Struggling tobacco industry earns $158 million | The Times Group: The tobacco industry is still struggling to impress with the market so far earning $158.6 million against $240 million earned during the same time last year.

A trading update for week15 of this year’s tobacco market shows that 85 million kilogrammes of burley tobacco went through the auction against 124 million kilogrammes auctioned same time last year.

Talks underway for power purchase deal | The Times Group

Talks underway for power purchase deal | The Times Group: One of the Independent Power Producers (IPPs) Atlas Energy has confirmed holding negotiations with the Millenium Challenge Corporation (MCC) and Power Africa Transactional Advisor to pave way for a Power Purchase Agreement (PPA) with the Electricity Supply Corporation of Malawi (Escom)

Malawi –China forum courts 11 investors | The Times Group

Malawi –China forum courts 11 investors | The Times Group: "The Malawi – China forum has yielded positive results with 11 Chinese companies showing interest in investing in the country.

A joint statement by the Ministry of Industry, Trade and Tourism and the Chinese Embassy in Malawi indicates that the investors are from the energy, agriculture and banking sectors."



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AHCX, others push for commodity market reforms | The Times Group

AHCX, others push for commodity market reforms | The Times Group: "Stakeholders are calling for the establishment of new regulatory requirements aimed at encouraging the use of structured markets when exporting commodities.

The players argue that Malawi would be in a better position to absorb shocks impacting the economy following dwindling revenues from tobacco if the country is to set up special export mandates, where all exportation of commodities and other produce would go through the structured market."



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Survey finds mineral traces in Thambani | The Times Group

Survey finds mineral traces in Thambani | The Times Group: "An airborne survey which the government undertook with support from the World Bank has found significant potential  for  uranium,  niobium,  tantalum  and  other  minerals  in some parts of Thambani where Mkango resources is carrying out mineral exploration activities.

The Survey also highlighted a number of magnetic anomalies not previously identified which require further  investigation  to  determine  the  significance  of  the  magnetic  anomalies, and whether they are related to mineralisation or geological features.

According to a statement from Mkango Resources,  the  magnetic  high  anomalies  provide  an  excellent  focus  for  future  exploration  for  niobium and tantalum at Thambani."



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Reports paint gloomy outlook for economy | The Times Group

Reports paint gloomy outlook for economy | The Times Group: "As Malawi’s economy struggles in the face of double-digit inflation among other negative indicators, two new reports have presented another bleak outlook of the economy.

The reports predict a further depreciation of the kwacha in the coming months with food inflation also expected to increase as the food deficit becomes more pronounced.

The projections are contained in Alliance Capital’s Quarterly Economic Report for the second quarter of 2016 and Mid-Year Economic Report released by Nico Asset Managers."



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Tea prices improve | The Times Group

Tea prices improve | The Times Group: "Tea prices have improved after week, of slow trading. At the Limbe Tea Auction, the market recorded one of the highest prices in weeks at $2.20 as compared to last week’s auction where the highest bidder offered $1.80 for the best tea.

The lowest price on offer during the auction was $0.72.

Coffee and Te a Merchants Association of Malawi Chairperson, William Sichinga, said the development is as a result of off season market dynamics.

“We are going into off season and buyers are scrambling for the little tea that is available on the auction. This has pushed the price upwards which is a good development,” said Sichinga."



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UN Appeals for $204 Million for Hungry in Southern African - ABC News

UN Appeals for $204 Million for Hungry in Southern African - ABC News: "The U.N. food agency has declared its highest-level emergency in drought-stricken southern Africa and is appealing for $204 million immediately to purchase food and transport it to the region to help millions of hungry people.

World Food Program Executive Director Ertharin Cousin told reporters in a telephone briefing from hard-hit Malawi on Tuesday that the El Nino-induced drought — which also affected South America and Ethiopia — has devastated crops and caused harvests to fail in southern Africa."



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Paladin Energy eyes cash injection

Paladin Energy eyes cash injection: "Uranium miner Paladin Energy is closing in on a recapitalisation deal that will usher in another strategic investor and ease looming debt concerns.

As this column reported in March, the fresh stakeholder is likely to be a Chinese player, entering via a strategic placement struck at a significant premium to the volume weighted average price."



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