NICO Asset Managers in Private Wealth Management awareness campaign

By Duncan Mlanjira NICO Asset Managers is on an awareness drive on how people can prudently invest their money in order to receive meaningful returns in order for them to meet the life goals and dreams that matter for their future. Dubbed Private Wealth Management, the campaign was unveiled on Monday at a press briefing at their offices at Chibisa House in Blantyre by Chief Investment Officer, Daniel Dunga. “We believe that every dream is possible, no matter how…

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Man convicted for 2 years for illegal electricity connections; or pay K2.2 million fine

Lumbadzi First Grade Magistrate Court has convicted and convicted a 38-year-old Davie Kade to pay a fine of K2.2 million or in default to serve a sentence of 24 months imprisonment with hard labour after finding him guilty of illegal ESCOM electricity connections.  Kade, who hails from Mtimaukanena Village, T/A Mkukula in Dowa District, was arrested in November 2018 after he had illegally connected ESCOM power supply without a meter to a total of 27 houses at Lumbadzi Trading…

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Likoma energy power to be to be upgraded to solar generation

By Duncan Mlanjira Electricity Generation Company of Malawi (Egenco) plans to upgrade energy power for Likoma and Chizumulu islands from diesel based to solar generated. This was announced at the 29th Africa Hydro Symposium (AHS) which Egenco is hosting from Tuesday scheduled at Sunbird Mount Soche Hotel in Blantyre that has attracted over 14 countries across Africa and Europe such as United Kingdom, Germany, Croatia and Austria. It is being held under theme ‘Quality Power for Sustainable Development in…

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Castel Malawi to increase number of staff to be retrenched as talks with government reaches stalemate

By Duncan Mlanjira Talks between government and Castel Malawi Ltd, which is at risk of closure due to continued decline in sales volume, turnover and heavy excise tax rate, have reached a stalemate and it plans to increase number of staff to be retrenched this month end. Meanwhile, the company’s Managing Director, Herve Milhade has since left the country for Paris, France to hold talks with Group Castel on the future of company. In a letter to members of…

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Reserve Bank stirs Mangochi in ‘cashless society’ awareness campaign

By Duncan Mlanjira After holding a conference at Sun ‘n’ Sand on the drive to impress on financial services stakeholders to accelerate the shift from paper-based payments instruments, such as cash and cheques to electronic based services, the Reserve Bank of Malawi (RBM) took the cashless awareness campaign through the streets of Mangochi on Saturday. The awareness campaign started with a march from M’mbaluku led by the members of staff from RBM and various financial service that was spiced…

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Cheque payments decline both in volume and value — Reserve Bank

By Duncan Mlanjira The Reserve Bank of Malawi (RBM) Governor Madalitso Kabambe says that more economic agents are preferring digital financial services than the use of cheques in their businesses. Kabambe said this during a conference at Sun ‘n’ Sand in Mangochi where RBM gathered digital financial service stakeholders to appraise them on its drive to to accelerate the shift from paper based payments instruments, such as cash and cheques to electronic based services. “Cheques have maintained a declining…

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Reserve Bank implements automated trading system for Malawi Stock Exchange

By Duncan Mlanjira The Reserve Bank of Malawi (RBM) has implemented Automated Trading System (ATS) for Malawi Stock Exchange which is linked to its Central Securities Deposits (CSD), which keeps details of the securities unlike in the past when trading and recording of securities was all manual. This was disclosed by RBM Governor Madalitso Kabambe on Wednesday during a conference at Sun ‘n’ Sand in Mangochi where RBM gathered digital financial service stakeholders to appraise them on its drive…

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Reserve Bank accelerating shift from paper-based payments to electronic sysyem

By Duncan Mlanjira The Reserve Bank of Malawi (RBM) is on the drive to consolidate the gains from the various innovations in the digital financial services space to accelerate the shift from paper based payments instruments, such as cash and cheques to electronic based services. In that vein, the RBM on Wednesday organised a conference at Sun ‘n’ Sand in Mangochi that attracted digital financial service stakeholders to appraise them that the transaction cost of using cash, whether by…

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Castel Malawi set to retrench more employees this month

By Duncan Mlanjira Castel Malawi Ltd, which is at risk of closure due to continued decline in sales volume, turnover and heavy excise tax rate, will continue to retrench its staff this month. The French company, which took over management of Carlsberg Malawi Brewery just a few years ago, retrenched close to 200 employees in August. In a recent memo dated 30th September, 2019 signed by Director of Human Resources, Naomi Nyirenda, informs the staff members that the second…

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Castel Malawi cuts more jobs

Castel Malawi has announced a second phase of retrenchments. This follows a memo that was signed by the director of human resources Naomi Nyirenda The company claims that this is a result of financial difficulties that they are facing due to the economic situation. The first phase of the retrenchment came in August 2019 when 200 members of staff were retrenched. Castel is also blaming it’s predicament on high taxes. Commentators are speculating that the current trend indicates that…

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