FedEx to acquire business operations in Malawi

FedEx Corp. (NYSE: FDX) has completed the first stage of a strategic acquisition by signing agreements to buy the businesses operated by its current service provider Supaswift (Pty) Limited in Malawi and four other countries, including Mozambique, South Africa, Swaziland and Zambia. The firm is also in discussions to acquire Supaswift’s businesses in Botswana and…

Firm to set up textile plant

The Malawi Cotton Company Limited (MCCL), a Balaka-based Chinese-owned cotton ginner, has unveiled plans to open a multi-million kwacha textile mill to add value to the country’s cotton, a development that will fill the gap in the textile industry. The company’s agriculture manager Trueman Kachale said on Friday the textile plant will create more job…

Flexible credit terms to boost SMEs

The newly-enacted Personal Property Security law will enhance the rights and obligations of both lending institutions and borrowers, the Bankers Association of Malawi (BAM), a grouping of 12 local commercial banks, has said. Parliament last week enacted the Personal Property Security Bill (PPSB) into law which Minister of Industry and Trade Sosten Gwengwe believes will…

Cotton price jumps 195% above minimum

Cotton farmers continue to smile all the way to the bank as the buying price for the commodity in all the markets except Karonga, has jumped more than 195 percent above the government set minimum price. Government through the Ministry of Agriculture and Food Security set the minimum farm-gate price for cotton, one of the…