Malawi ranked 102 on paying taxes

A 2016 Paying Taxes report jointly conducted and released by World Bank and PwC has rated Malawi 102 out of 189 countries in the overall paying taxes index. The Paying Taxes study focused mainly on the administrative efficiency of the tax system and the overall burden imposed on businesses as measured by the total tax…

Mitc records K120bn investment pledges in Q3

  Malawi Investment and Trade Centre (Mitc) has attracted investment pledges worth K120 billion (about $200.7 million) in the third quarter (July to September) of 2015. In 2014, Malawi attracted investment pledges totalling $1.9 billion (about K1.1 trillion), a big jump from $656 million (K398 billion) the year before. “At the moment, our records indicate…

Alliance Capital hires Mary Waya

  Alliance Capital netball team has roped in legendary netballer Mary Waya as coach on a two-year renewable contract starting January next year. This was announced last Friday during the Alliance One Capital Limited’s 10-year celebrations. The development brings to an end Thunder Queens and Waya’s lengthy romance spanning over a decade as both coach…

Debt within managable levels—government

  The Malawi Government has said is borrowing within required thresholds, but is set to limit debts as too much debt could be ‘dangerous to the country’s economy’, director of debt and aid in the Ministry of Finance and Economic Peter Simbani has said. According to the International Monetary Fund (IMF), government overspent by as…

Alliance Capital celebrates 10 years of service

  Government has praised Alliance Capital Limited for innovations that have led to capital market development in the country. Ministry of Finance, and Economic Planning director of debt and aid Peter Simbani made the sentiments on Friday at Alliance Capital Limited’s 10 years celebrations in Blantyre. He said: “Young companies are very crucial in influencing…

Mining firms to be taken to task over duties

The Ministry of Natural Resources, Energy and Mines has disclosed that government will be holding mining firms accountable for their community engagement plans which shall be registered through the office of the Registrar. Spokesperson for mines in the Ministry of Natural Resources, Energy and Mining, Levy Undi, told Business News that the arrangement ensures that…

Global cotton price upturn to benefit mw

  A World Bank report has indicated that a moderate price recovery for cotton is expected in 2016 and 2017 based on the assumption that no sharp drawdown in Chinese stocks will take place. The Commodity Markets Outlook Report dated October 2015 has noted that cotton prices declined marginally in the third quarter (July to…

Serving Mpatsa through business

  For 16 years, EfriKangala has been serving the people of Mpatsa and the surrounding areas in Phalombe through his shop. Business has become part of his life that he no longer thinks of other alternatives of earning a living. “I have been in this business for quite a long time and I cannot lie…

Cotton farmers default on loans

  Over 70 percent of cotton farmers are failing to repay about K1.6 billion ($2.8 million) in loans they took from ginners during the just ended season, a development which is likely to sink the industry despite its enormous potential as a forex earner.   Some ginners have since threatened to pull out if the…

MSE share value, volume drops

  Malawi Stock Exchange (MSE) registered a drop in total value of shares traded and volume in October 2015 compared to the month before, a monthly market report shows. The local bourse also registered a negative return on index of -3.11 percent, according to the report. MSE monthly report for October 2015 shows the market…

Legumes trust decries poor coordination

The Legumes Development Trust (LDT) has decried poor coordination among stakeholders in the legumes sub-sector as impacting on its ability to develop viable legumes. In an interview last week, LDT chairperson Martha Movet said the development is affecting production levels of legumes such as groundnuts, soybeans, beans and pigeon peas. Data from the Malawi Investment…

Cear invests K400m for rail line renovations

Central East African Railway (Cear) plans to invest K400 million ($714,286) to renovate the country’s railway line ahead of the rainy season. During last year’s rainy season, Cear suspended its Limbe-Makhanga passenger train for about five months due to the washing away of Nansadi Bridge in Thyolo, which was rendered impassable due to flooding. Cear…

AfDB invests K19.5bn in water, sanitation

  The African Development Bank (AfDB) Group has invested $35.5 million (about K19.5 billion) into a five-year Sustainable Rural Water and Sanitation Infrastructure for Improved Health and Livelihoods Project covering five districts. Being implemented through AfDB, Nigeria Trust Fund and Water Supply and Sanitation Initiative (RWSSI), the project will be implemented in Phalombe, Mangochi, Ntcheu,…

Cear decries vandalism

Central East African Railways (Cear) has decried acts of vandalism, saying the company is losing a lot of money through the vice which also threatens new investments. Speaking in an interview on Friday on the sidelines of the Railway Safety Sensitisation Awareness at St Theresa Primary School in Liwonde, Machinga, Cear communications officer Chisomo Mwamadi…

Govt plans to add 1 550mw by 2020

Ministry of Natural Resources, Energy and Mining says Malawi plans to add 1 550 megawatts (MW) of electricity to the national grid by 2020. The new plan is to be implemented through the yet to be launched Electricity Plan early next year as part of the National Energy Plan. Malawi is currently facing prolonged load…

No investor for pipeline

Government is yet to find a contractor for the multi-billion kwacha oil pipeline from Beira in Mozambique to Nsanje—five years after plans to construct it were developed. The oil pipeline—estimated to cost $186 million (about K103 billion)—is aimed at helping the government to secure regular supply of oil products, particularly diesel, petrol and paraffin. Spokesperson…

Unilever Malawi stops production of non-strategic brands

Unilever Malawi says it has discontinued manufacturing and marketing of non-strategic brands as part of the company’s reorganisation plan announced earlier this year. Unilever Malawi country manager Chikondi Ng’ombe said in an e-mailed response to a questionnaire on Tuesday the company is optimising its growth in Malawi in the years ahead. “Unilever is now focusing…