MPICO declares K5.1bn profit: Owed K9bn rental arrears by Malawi govt | Malawi Nyasa Times - Malawi breaking news in Malawi

MPICO declares K5.1bn profit: Owed K9bn rental arrears by Malawi govt | Malawi Nyasa Times - Malawi breaking news in Malawi

(MSE) listed company MPICO Group
has declared a K5.1 billion profit for the year ending 2017, representing
a year-on-year increase of 155 percent from last year's K2.o billion turnover.
This is despite the company being owed a whooping K9 billion by
the government of Malawi, which presently holds 32 of
the percent company's portfolio.

IMF outlines threats to expenditure cut - The Nation Online

IMF outlines threats to expenditure cut - The Nation Online: IMF outlines threats to expenditure cut

IMF outlines threats to expenditure cut
Orama Chiphwanya
June 30, 2018
0 Comments
International Monetary Fund (IMF) has described Treasury’s move to cut expenditure in the 2018/19 National Budget as not an easy goal, citing pressure to spend during elections as the major threat.

Ministry of Finance, Economic Planning and Development announced the revision of the fiscal deficit—the difference between total revenue and total expenditure of the government—by K50 billion from a total expenditure and net lending of K1 504 billion as provided in the draft budget to K1 454 billion.

Capital Hill Plans To Start Financing Salima-Lilongwe Water Project

Capital Hill Plans To Start Financing Salima-Lilongwe Water Project: The government plans to soon start discussions with the IMF and the World Bank on the financing of the Salima-Lilongwe Water project.

The project intends to tap water from Lake Malawi from the Salima point into Lilongwe with an aim of easing sporadic water supply in the capital city.

In a statement made available to capital FM, the Ministry of Finance explains that the project was still in the offing and that it has not been abandoned.

Capital Hill estimates the project at $500 million.

Malawi Govt Warns Non Performing, Limping Parastatals - allAfrica.com

Malawi Govt Warns Non Performing, Limping Parastatals - allAfrica.com: Government has given chief executives of non performing and limping parastatals up to one year to turn tables or face drastic action.

Secretary to Treasury Ben Botolo sounded the warning in Lilongwe during a stakeholders meeting.

Botolo said the parastatals, who are state companies are supposed to give dividends or profits to the government.

National News - The Nation Online

National News - The Nation Online: CATEGORY: NATIONAL NEWS

Govt audit exposes rot
JUNE 28, 2018 0 COMMENTS
Unsupported payments rise to K5 billion Missing payment vouchers and other important documents rose to K2 billion in 2017 from K158 million in 2016.…

After Floods, Famine, Malawi's Leader Is Bullish on Growth - Bloomberg

After Floods, Famine, Malawi's Leader Is Bullish on Growth - Bloomberg





Malawian President Peter Mutharika had to deal with

devastating floods, a famine and a foreign-aid freeze during

his first term. Now, he's seeking re-election to tackle the

challenges of attracting billions of dollars in investment and

reducing the economy's reliance on tobacco.

Mutharika, 78, is expected to be the sole contender for the

leadership of the ruling Democratic Progressive Party when

it meets next week. With the opposition fragmented and a

first-past-the-post election system that awards the

presidency to the candidate who gets a plurality of votes,

Mutharika is the frontrunner to win the May vote.

Uranium: Interest is building - Rudi Filapek-Vandyck | Livewire

Uranium: Interest is building - Rudi Filapek-Vandyck | Livewire:


The spot uranium price ticked up again last week and growing 2019 demand suggests further upside. In this wire, Greg Peel discusses improving prices, the US conundrum, and new reactors for Japan.

Improving prices
Following the prior week’s spurt of activity and breakout 5% price jump, the uranium spot market was again busy last week before fading towards the US long weekend. Utilities were once again among the buyers. Industry consultant TradeTech reports 1.4mlbs U3O8 changed hands in ten transactions. The consultant’s weekly spot price indicator rose a further US35c to US$22.85/lb.

Funfair as Old Mutual lists on Malawi Stock Exchange | The Times Group

Funfair as Old Mutual lists on Malawi Stock Exchange | The Times Group: There was pomp and funfair in Blantyre Tuesday when Old Mutual Limited finally listed on the Malawi Stock Exchange (MSE).

The development followed the listing of the firm on the Johannesburg Stock Exchange earlier in the day.

Yesterday also saw the firm making a standard listing in London and secondary listings on the stock exchanges of Namibia and Zimbabwe.

MPs approve K113 billion loans | The Times Group

MPs approve K113 billion loans | The Times Group: Malawi’s debt profile, currently at K2.9 trillion, is likely to hit K3 trillion in the next financial year as Parliament Tuesday authorised government to obtain two more loans amounting to K113 billion from China for internet development.

The loans—$99 million (approximately K72 billion) from Industrial and Commercial Bank of China and $56.98 million (approximately K41 billion) from Exim Bank of China—received less scrutiny from Members of Parliament (MPs), a departure from previous experiences.

With massive absenteeism prevalent during the day’s sitting, only a few MPs, notably Dedza �East representative Juliana Lunguzi, expressed concern over excessive borrowing which they argued is saddling future generations with unsustainable loans.

Geological mapping commences in northern Malawi | Mining in Malawi

Geological mapping commences in northern Malawi | Mining in Malawi: The Ministry of Natural Resources, Energy and Mining has commenced field surveys marking the second phase of the Geological Mapping and Mineral Assessment Project (GEMMAP) in the northern region.

The Ministry is implementing the project through the Departments of Mines and Geological Survey, and engaged a consortium of the Geological Survey of France, Geological Survey of Finland and Council for Geosciences of South Africa as technical partners.