Fight illegal forex trade, dealers dared

The Reserve Bank of Malawi (RBM) has warned financial market dealers not to be used as a conduit for foreign exchange externalisation. RBM executive director of corporate affairs Henry Mathanga said on Saturday in Mangochi during the Financial Market Dealer Association (Fimda) Annual Lakeshore Conference that some forex is slipping through the border while the…

Development needs sense of urgency—Lumumba

Institute of Chartered Accountants in Malawi (Icam) lakeshore conference wound up on a high note on Saturday in Mangochi, with Kenya’s renowned motivational speaker Patrick Loch Otieno Lumumba challenging leaders in Africa, including Malawi, to have a sense of urgency in implementing development plans. In his speech titled Harmonising Africa’s Resources for Africa’s Development: From…

Judge Ntaba chides corruption

High Court Judge Zione Ntaba has called for aggressive fight against corruption if the country is to make strides in economic development. In her keynote address at the Institute of Chartered Accountants in Malawi (Icam) Annual Lakeshore Conference in Mangochi on Thursday she said corruption is the cancer that disintegrates national development and the country’s…

TNM plc H1 profit down 3%

TNM plc first-half profit dropped by three percent to K6.7 billion from K6.9 billion during the same period last year, blamed on depreciation expenses from investment in network infrastructure. Unaudited financial results for the first-half of the year published on Thursday show that the Malawi Stock Exchange-listed firm achieved an eight percent growth in service…

Insurers told to adapt to change or crumble

With Malawi’s insurance penetration stuck at paltry 1.4 percent, a former insurance guru has advised firms to adapt to the ever-changing landscape by adopting technology to avoid being left behind. In his presentation at the Insurance Institute Malawi (IIM) Annual Lake Conference in Mangochi on Thursday titled The Future Ready Insurer, former chief executive officer…

Cotton global demand, prices on the rise

Local netball powerhouse Kukoma Diamonds have set out on a drive to beef up its squad as they look forward to repeat last season’s impressive showing. This follows the team’s sponsor Capital Oil Refining Industries’ (Cori) approval to invade the transfer market. As a first step, the Rainbow Paints Southern Region Netball League (SRNL) champions…

Egenco needs K3.2tn for energy projects

Electricity Generation Company (Malawi) Limited (Egenco) has set ambitious targets in its 15-year strategic plan, which will require $4.3 billion (about K3.2 trillion) to implement outlined projects. The cost is about 68 percent of the country’s nominal gross domestic product (GDP) at $6.3 billion. (about K4.7 trilion). In the plan (2018-2033), launched on Wednesday in…

FDH Group CEO shares tips on success

FDH Financial Holdings Limited group chief executive officer (CEO) Thom Mpinganjira has reiterated the need for business operators to be ethical in their dealings, stressing that reputation is key to success. In his presentation titled Building a Business Empire at the Institute of Chartered Accountants in Malawi (Icam) corporate gurus conference in Lilongwe on Wednesday…

Indian under fire for threatening Malawi

Malawi and India have condemned a   disgruntled Indian national Chandrashekar More for claiming to have held demonstrations at the Malawi High Commission in India. The two countries’ reactions come after More—who was deported from Malawi in May 2017 following his arrest on alleged tax evasion charges—penned the Malawi High Commission in India threatening to lobby…

Inflation rate dropped to 8.9% in May

Malawi’s annual inflation rate eased by 0.2 percentage points to 8.9 percent in May 2019 from 9.1 percent the previous month, the National Statistical Office (NSO) said yesterday. The slight drop was a result of a drop in food inflation, which eased to 13 percent from 13.8 percent while non-food prices ticked up to 5.7…

Illovo makes K8.1bn profit in six months

Malawi) plc has reported a jump in profit to K8.1 billion in the six months ended February 28 2019 from K7 billion despite a drop in revenue. Extracts from unaudited financial statements published yesterday show that revenue for the Malawi Stock Exchange (MSE)-listed sugar manufacturer dropped by K3.8 billion to K62.4 billion from K66.2 billion…

Group moves to reduce  dependence on tobacco

Agriculture Transformation Initiative (ATI), an organisation which aims to diversify tobacco-dependent economies, says there is need for a comprehensive plan to prepare farmers for reduced demand for the leaf on the market. In view of this, ATI has partnered Opportunity International, a global micro-finance organisation, First Capital Bank Malawi, Horizon Farm and Pyxus International in…

BAM touts corporate leadership business breakfast

Bankers Association of Malawi (BAM), a representative body of nine commercial banks, has highly rated its first-ever corporate executives business breakfast, saying they will make it an annual event. In a statement, BAM chief executive officer Violette Santhe said the banking profession cannot be stuck in the archaic leadership policies and philosophies that are not…

FDH Bank pledges more investment in digital products

FDH Bank has pledged continued investment in digital products and other distribution channels to improve customers’ experience as well as diversifying sources of non-interest income. In a statement accompanying audited financial results for the year ended December 31 2018 jointly signed by the bank’s managing director Eric Ouattara and board chairperson Arthur Oginga, the bank…

Seed Bill 2019 less restrictive—ministry

The Ministry of Agriculture, Irrigation and Water Development says the Seed Bill, 2019 when enacted, will ensure free movement of seed within Sadc and Comesa trade blocs as it is less “restrictive”. Speaking in Lilongwe on Wednesday on the sidelines of the Seed Bill Stakeholders Validation Workshop, the ministry’s Principal Secretary Grey Nyandule Phiri also…