HR function critical to firms’ performance

Standard Bank Malawi has said the human resource (HR) function plays a critical role in any company’s performance, hence the need to give it priority. The Malawi Stock Exchange (MSE)—listed bank’s head of human resources Laston Chilando, speaking at workplace connection breakfast the firm organised in Blantyre on Tuesday, said there is a tendency by companies…

Illovo Malawi still glowing in Africa

Illovo Sugar (Malawi) Limited’s performance continues to shine on the African continent, with the latest being ranked one of the only top performing listed companies in Malawi in Africa’s top 250 companies in the African Business’ annual rankings. The influential African Business magazine for June 2013, based on the market capitalisation of companies on March…

Kwacha stability critical

The Malawi kwacha, which has somewhat stabilised in July thanks to tobacco and donor inflows, marginally lost value against all major trading currencies in June, figures have shown. But Nico Asset Managers Limited economic report for June 2013 believes the sustainability of the value of the kwacha will be critical particularly after the sales of…

PCL H1 profit to jump 70%

From the look of things, most of the Malawi Stock Exchange (MSE)—listed companies will enjoy good tidings based on the half-year projections of profits. Over the past few weeks, some of the companies have published their trading statements indicating that their half-year profits will jump by a certain margin, albeit, based on unaudited financial results.…

Iata, DCA to review Malawian Airlines plan

Ethiopian Airlines Limited, a strategic equity partner in Malawian Airlines Limited with 49 percent shareholding, will have to get a licence from the Department of Civil Aviation (DCA) and certification from International Air Transport Association (Iata) before flights start. The company, which has made an initial investment of $20 million (K6.9 billion) in the new…

Malawi’s year-on-year inflation rate for June dropped 3.1 percentage points to 27.9 percent from 31 percent in May, the National Statistical Office (NSO) said on Monday. This means that prices of goods and services in the month went up at a decreasing rate, giving a respite to consumers who have been feeling the pinch of rising…

Globe Metals and Mining, the Australian Stock Exchange (ASX)—listed company exploring for niobium at Kanyika in Mzimba has appointed the miner’s chief executive officer (CEO), Alistair Stephens, as managing director. According to an ASX media announcement, the appointment is with effect from July 8 2013. Stephens was appointed CEO on May 20 2013 to lead…

Real’s H1 profit to jump 20%

Real Insurance Company of Malawi Limited expects its half-year performance and profitability to be more than 20 percent compared to the same period last year. In the year ended December 2012, the company reported a pre-tax loss of K157 million due to two key factors; the cancellation of policies at year-end in compliance to the…

Seed Co Malawi, a wholly-owned subsidiary of Zimbabwe Stock Exchange (ZSE)-listed Seed Co Limited, has unveiled plans for a $7 million (K2.4 billion) worth business premises in Kanengo, Lilongwe, to boost production. The company’s managing director Dellings Phiri told Business News the new plant will increase the company’s capacity and output through modernised processing. “The desired result…

NBM introduces pay day loan scheme

National Bank of Malawi (NBM), the biggest Malawi Stock Exchange (MSE)-listed bank in terms of assets, has introduced pay day loan to be availed to salaried employees who require short facilities. NBM corporate affairs manager Anne Magola, in a statement, said the scheme will assist their customers with emergencies, travel, medical expenses, pay for utility…

Three counters close higher on MSE

  The Malawi All Share Index (Masi), the overall measure of Malawi Stock Exchange (MSE) performance, went up 12.18 points last week on account of share price gains in three counters. The Masi closed the week at 6 926.63 points. The gain in NBS Bank, National Investment Trust Limited (Nitl) and Press Corporation Limited (PCL)…

MSE raises K2 billion

  The 14-counter Malawi Stock Exchange (MSE) raised K2.1 billion ($5.5 million) in the second quarter (Q2) of this year, a jump from K1.1 billion ($4.7 million) during the same period last year. This is out of a one billion shares changing hand in 268 trades from last year’s 309.7 million share in 290 trades,…

TEA EXPORT REVENUE AT $11.9 MILLION

Cumulative export revenue for Tea, one of the country’s foreign currency earners, stood at $11.9 million out of 15.6 million kilogramme of the commodity export, Tea Association of Malawi (Taml) figures have shown. A breakdown of figures provided by Taml chief executive officer Clement Thindwa shows that the export value has been on the upward…

Ethiopian invests $20m in Malawi Airlines

Ethiopian Airlines Limited, a strategic equity partner in the national flag carrier with 49 percent stake, has invested $20 million (K6.9 billion) and requested change of name to Malawian Airlines Limited, which has been granted. Government, which has approved the negotiated deal awaiting signing by the two parties, will invest about $10.2 million (K3.5 billion)…

Budget delicate balance on MDGS II, ERP, NES

The K630 billion ($1.5bn 2013/14 budget has endeavoured to strike a balance between poverty reduction and private sector growth, in line with the Economic Recovery Plan (ERP) and the second generation Malawi Growth and Development Strategy (MGDS II). But economic experts have cautioned that as a ‘transitional and recovery-based budget’, it may be too soon…

MRA impounds goods worth K40m

The Malawi Revenue Authority (MRA) on Tuesday impounded a truck loaded with copper wires and copper scraps worth more than K40 million at Kaporo in Karonga. MRA deputy director corporate affairs Steven Kapoloma said the goods were intercepted following a tip-off about a vehicle carrying animal hides that had concealed copper wires. “A physical check…

Malawi legislation to curb govt borrowing

Malawi Government, reeling from the K170.6 billion (about $426.5m) domestic debt in the 2012/13 fiscal year, is mulling on a new legislation to limit borrowing from the Reserve Bank of Malawi (RBM) to 10 percent of domestic revenue from the current 20 percent. Treasury, smarting from accusations of insatiable appetite for domestic borrowing, argues this…