Fincoop Sacco upbeat  on capital requirement

Financial Cooperative (Fincoop) Savings and Credit Cooperative (Sacco) is upbeat that it will solve capital challenges to comply with Reserve Bank of Malawi (RBM) regulatory requirements. Fincoop Sacco president Fletcher Mhango said this in an interview recently on the sidelines of the Sacco’s annual general meeting in Lilongwe to review the 2018 performance. Fincoop Sacco…

Treasury reviewing double taxation pacts

Ministry of Finance, Economic Planning and Development says it is reviewing old double taxation agreements with other countries. This follows concerns from tax justice campaigners who say that double taxation agreements Malawi signed with other countries compel multinationals to use them for tax avoidance.  The campaigners, supported by ActionAid and partners, interested in fair and…

NPL, others in Tilitonse governance project

Tilitonse Foundation’s quest for improved governance and accountability will see Nation Publications Limited (NPL) along with four non-governmental organisations implementing a series of advocacy and accountability projects across the country The state of governance and management project will be implemented in the country’s main urban areas of Lilongwe, Zomba, Blantyre, Mzuzu and other district councils…

Small businesses  get Comesa boost

The Common Market for Eastern and Southern Africa (Comesa) has set aside 920 767 euros (about K825 million) to help small and medium enterprises (SMEs) under phase three of Malawi Enterprise Productivity Enhancement (Mepe) project. In a statement, Ministry of Industry, Trade and Tourism spokesperson Mayeso Msokera said the 21-member Comesa and the Malawi government…

Tama faults strict tobacco regulations

Tobacco growers has faulted strict regulatory measures and tax increases on the leaf and its products, saying they are affecting demand for the crop. Tobacco Association of Malawi (Tama) president Abiel Banda said in a statement on Tuesday that strict regulatory measures create strong incentives for illegal tobacco marketing which undermines the initial scope of…

Watermelon producers challenged on export market

Synthesis Agriculture, a local agricultural firm promoting production of high-value crops, has challenged farmers to produce watermelons of the desired quantity and quality to penetrate the export market. The firm’s operations manager Aaron Chitimbe said during a watermelon production training in Lilongwe on Monday that supermarkets locally and internationally want high-value products. He said many…

TC confident of selling excess tobacco

The Tobacco Commission (TC) says it is confident that the 35 percent excess tobacco produced this year will be bought following on-going discussions with buyers. In the ongoing season, buyers initially indicated they will buy 152 million kilogrammes (kg) but growers produced 205 million kg of tobacco, representing 35 percent over production. In an interview…

Mbeya, Dar es Salaam ports to cut costs by 30%

Local hauliers using Mbeya and Dar es Salaam ports in Tanzania are expected to enjoy between 25 and 30 percent reduction in transport costs thanks to improved efficiency and effectiveness of cargo handling at the two ports. The development follows discussions between representatives from Malawi and Tanzania cargo handling institutions who have agreed to revitalise…

I fear no one—APM

President Peter Mutharika yesterday poked fun at his political rivals and dismissed claims that he is in hiding after his triumph in the disputed May 21 presidential race, saying he has no reason to hide. In a rare brief address that lasted about five minutes at the commissioning of the 800-hectare Bwanje Valley Irrigation Scheme…

Mutharika lauds mega irrigation project

President Peter Mutharika on Tuesday hailed the European Union (EU) for financing the Bwanje Valley Irrigation Dam project in Dedza District, saying it is a game-changer for the surrounding communities and the country at large. The President said the project is in line with Democratic Progressive Party (DPP) government’s agenda as it will enhance food…

AfDB pumps K27bn for Nacala Corridor project

The African Development Bank (AfDB) on Wednesday granted Malawi $37 million (about K27 billion) financial support for the completion of phase V of the Nacala Corridor project in the country. Once completed the project is expected to, among other things, improve transport infrastructure in the country that remains a concern for private sector’s doing business…

Provisional budget unveiling Friday

Minister of Finance, Economic Planning and Development Joseph Mwanamvekha yesterday said he will present the provisional budget in Parliament this Friday. Speaking in an interview in Lilongwe, the minister said the provisional budget, as provided for in the Constitution, has a maximum timeframe of four months, giving room for government to prepare a full budget.…

Comesa strategy touted to enhance local industrialisation

Ministry of Industry, Trade and Tourism says the Common Market for Eastern and Southern Africa (Comesa) industrial strategy is set to enhance the country’s industrialisation. In a statement, Comesa secretariat said the implementation of the strategy started last week following approval of an action plan and regional guidelines on local content policy. Through the strategy,…

New law blamed for low tobacco sales

Tobacco Association of Malawi (Tama), the country’s largest tobacco growers association, has attributed low tobacco volumes being brought on the floors this year to the new Tobacco Industry Act. Tama chief executive officer Felix Thole said in an interview on Friday that the new Act has introduced some changes which the market is struggling to…

Standard Bank explains 13% profit slump

Standard Bank plc shareholders on Friday took the management to task to explain why the bank’s profitability slumped by 13 percent in 2018 compared to the previous year. The Malawi Stock Exchange (MSE)-listed bank’s profitability went down from K12 billion in 2017 to K10.5 billion in 2018, according to audited financial results for the year…