Business – Page 135 – Maravi Express – Your Kind of News. Clear and accurate.

Fiscal Police, Financial Intelligence Agency, National Intelligence Service given stronger mandate to crack down on all illegal foreign exchange trade

November 13, 2023

| Business, Law Enforcement, National, News

Chithyola Banda at the press conference in Lilongwe today * An Action Plan that has been effected towards the recovery, development and protection of the economy * Aimed at cushioning the most vulnerable Malawians from the economic shock the devaluation has caused * Dealing in foreign exchange without authorization or licence from RBM is illegal under the Exchange Control Act, 1984 By Duncan Mlanjira Minister of Finance & Economic Affairs, Simplex Chithyola Banda says government is putting up water-tight…

Blantyre mobile money agents divided over participation of protest match against Airtel and TNM

November 12, 2023

| No Comments

| Business, News

The letter that Lilongwe District Council has granted approval to * Some mobile money agents in Blantyre have expressed their unwillingness to participate * Saying it would disrupt their business to waste away valuable hours of business at the demonstration By Duncan Mlanjira A demonstration march by mobile money agents has been planned in Lilongwe for Tuesday, November 14, in protest of the decision made in September last year by Airtel Malawi Plc and TNM Plc to revise the…

FDH Bank Plc seals landmark trade deal with Afreximbank of US$10m for agricultural procurement in Southern African region

November 12, 2023

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| Agriculture, Business, National, News

* The facility agreement will empower FDH Bank to efficiently pool procurement for the upcoming 2023/2024 growing season * Aligning with Malawi Government’s strategy to bolster agricultural activities * The deal is a milestone that not only reinforces the bond between Afreximbank and FDH Bank * But also positions FDH as the first bank in Southern Africa to access a facility under Africa Trade Exchange By Duncan Mlanjira FDH Bank Plc has signed a landmark trade deal of US$10…

Illovo Sugar Malawi invests high-tech ICT server for MUBAS

November 11, 2023

| No Comments

| Business, Education, News

* In order to produce relevant graduates that are problem solvers, the University requires different types of equipment for its laboratories and workshops * Illovo have just made a huge contribution towards reducing the deficiency we have in terms of equipment and other teaching and learning resources By Duncan Mlanjira Malawi University of Business & Applied Sciences (MUBAS) has described Illovo Sugar Malawi Plc that it represents excellence by contributing to the nation’s education sector after the company presented…

Fiscal, trade, industry policy framework and structural issues are key elements resulting in currency devaluation in Malawi—DCG Chief Economist Chifipa Mhango

November 11, 2023

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| Business, National, News

* The Malawi Government should rather be creating a conducive environment to expand the size of the economy * Which is not growing enough in terms of its Gross Domestic Product, with a share of only 0.01% of the global economy * It is concerning that Malawi’s ability and capacity to produce per person is diminishing relative to other nations * Putting the country in a most vulnerable situation economically By Duncan Mlanjira The Malawi economy is suffering from…

Trade Ministry, CFTC to intensify market surveillance to detect unreasonable price adjustments due to Kwacha devaluation

November 10, 2023

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| Business, Law Enforcement, National, News

* As pump prices of fuel have been raised with effect from today with petrol up by 44.90% from K1,746 a litre to K2,530 * Diesel at 42.40% from K1,920 to K2,734 while kerosene is up by 51.47% from K1,261 to K1,910 * MERA has also adjusted upwards electricity tariffs from K123.26/kWh to K173.70/kWh * Reserve Bank of Malawi undertakes measures to strengthen the foreign exchange market By Duncan Mlanjira Following the announcement of the devaluation of the Kwacha…

NICO Group injects K30 million towards Export Development Fund’s Intra Africa Trade Fair exhibition

November 9, 2023

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| Business, National, News

* We have small medium enterprises which do not have resources to solely participate at the fair * So we thought it wise to partner EDF so that Malawi should participate as a nation * To showcase Malawi products and investment opportunities so that they should be able to interact at continental scale By Victor Singano Jnr NICO Group has sponsored K30 million to Export Development Fund (EDF) which will help towards the participation of the forthcoming Intra Africa…

Finance Minister to address the nation on Monday following devaluation of the Kwacha

November 9, 2023

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| Business, National, News

Chithyola Banda, (left) who was recently appointed Finance Minister * Yesterday, RBM announced the devaluation of the Kwacha at 44% * From selling rate of K1,180.29 to K1,700.00 to the US$ with effect from today, November 9 * This devaluation is just as reckless as the previous one—former RBM Governor, Dalitso Kabambe * Given that fundamentals of the monetary policy stance remains helpless and fiscal consolidation is nonexistent By Duncan Mlanjira Minister of Finance & Economic Affairs, Simplex Chithyola…

Slow progress M1 rehabilitation works between Kacheche in Mzimba and Chiweta in Rumphi irks Minister

November 9, 2023

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| Business, National, News

* I am really not impressed because they have not started crushing quarry for the main works—Minister Hara * They say that they have not found the right material stone; besides that the designs are not ready By Manasse Nyirenda, MANA Minister of Transport & Public Works, Jacob Hara has advised contractor for the M1 road rehabilitation works between Kacheche in Mzimba and Chiweta in Rumphi to consider working 24 hours in shifts for them to catch up on…

Automatic generation control system to help maintain electricity frequency at 50+ or –1 hertz

November 9, 2023

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| Business, National, News

Acting EGENCO CEO, Eng. Dr. Maxon Chitawo * When we maintain the frequency at this level, it means that the power that we generated and supply to people is of good quality—EGENCO * As the world grapples with climate change and energy security challenges efforts to build resilient, efficient, and sustainable electricity supply networks have never been more critical By Duncan Mlanjira The electricity that Malawians use every day in their homes must be quality power and must meet…