Business – Page 175 – Maravi Express – Your Kind of News. Clear and accurate.

Two of Old Mutual subsidiaries found guilty of unconscionable conduct by CFTC in under 8 months

November 20, 2022

| Business, Law Enforcement, National, News

* Old Mutual Pension Services Company Limited determined in April, 2022 * This time around involves Old Mutual Life Assurance Company — both fined K500,000 * 9 service providers have been punished that include Wella Medical Society (Wemas); Southern Region Water Board * Others are Capital Foods Limited DAAM Project; Pep Stores shop in Mangochi; SMB Electronics and Yellowman Machines * Habitual offenders need to be given stiffer punishments in order to address the malpractices by most public service…

CFTC fines 4 companies and orders 5 more to refund over K2m to consumers for committing unfair trading practices

November 20, 2022

| No Comments

| Business, Law Enforcement, National, News

On top of the fine, Wemas also been ordered to refund K1 million to a client * The Commission considered and adjudicated over a total of 73 cases * That included 63 on unfair trading practices, one merger and nine cases on restrictive business practices *The Commission authorised the proposed acquisition of Kapani’s Prime Poultry and Mchezi Abattoir businesses by Go Fresh Limited By Duncan Mlanjira Wella Medical Society (Wemas), Southern Region Water Board, Old Mutual Life Assurance Company…

Next time someone promises an economic miracle out of the blues, do not listen to them—Kabambe

November 19, 2022

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| Business, National, News, Politics

Presidential aspirant Dalitso Kabambe * Chakwera’s government couldn’t even understand the formula on Net International Reserves by accusing the DPP of cooking figures * Malawi economy is crumbling, the GDP is sluggish, falling with each year, tanking to a paltry 0.9% as of this year * In 2019 it was at 5.5%. In 2021, it dipped to 1.2%. This year, it is such an uninspiring figure. * The promise from my campaign is simple — fix the economy, let…

NICO’s ICON Properties to introduce car park management system at Chichiri Shopping Mall

November 19, 2022

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| Business, News

* System is expected to discourage abuse including speeding motorist passers-by and use of the car park by non-customers * During weekends football fans park at the mall to watch matches at the neighbouring Kamuzu Stadium * In the almost 3 hours they are at the stadium, the car park gets congested — denying customers chance to shop By Duncan Mlanjira ICON Properties, a subsidiary of NICO’ Group is introducing car park management system at Chichiri Shopping Mall to…

CAMA demands of Chakwera to identify sustainable multiple sources of generating funds than over-reliance on borrowing or grants

November 17, 2022

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| Business, National, News

Chakwera addressing the Global Climate Change in Egypt * The Carbon Tax Credits as source of funding is disturbing, humiliating and worrisome * CAMA has on several times appealed to Government to invite and engage key local stakeholders from all sectors of economy * To a national economic recovery conference to discuss and find solutions over the current economic challenges * That suggestion has been rejected and the economy continues facing serious challenges with no sign of recovery By…

Illovo launches affordable 90 grams packet of sugar at K150 amidst unbearable economic challenges

November 17, 2022

| 1 Comment

| Business, Health, News

* While the product is affordable for low income earners, it is also one way of enhancing hygiene * Taking cognizance that the traders pack the sugar into the thin plastics with bare hands By Duncan Mlanjira As the low income earning citizenry are facing tough and unbearable economic challenges, Illovo Sugar Malawi Plc has launched an affordable 90 grams packet of sugar at K150 as a solution for everyone to afford to buy sugar. A 1kg packet of…

Ministry of Information describes Buluma’s resignation as misleading and should be treated with contempt it deserves

November 16, 2022

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| Business, National, News

Buluma at the centre of the country’s fuel crisis * Her resignation has circulated on social media platforms following her relief from her responsibilities as acting head of NOCMA * But had not yet been submitted to the office of the President & Cabinet * Her relief from duties is in line with the expectations of the determination of the office of the Ombudsman By Duncan Mlanjira A public notice from the Ministry of Information & Digitalization says Helen…

Buluma accuses of receiving pressure to surrender NOCMA Chipoka depot to MCP politician’s Asian investor

November 16, 2022

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| Business, National, News, Politics

One of NOCMA’s fuel reserve depots * One big transporter brokerage company was working directly with politicians to take all of NOCMA’s transportation business * And claim billions from Malawi Energy Regulatory Authority (MERA) whilst passing the cost to the consumers * NOCMA has tirelessly worked hard against all odds to sustain fuel supply with very little and no forex at all since January 2022 By Duncan Mlanjira A day before being fired as deputy chief executive officer of…

Drama over Buluma: Resigns as acting NOCMA CEO, gets fired by her Board the next day

November 16, 2022

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| Business, National, News

Buluma accuses NOCMA Board chair, Secretary for Energy of flouting energy laws as reason for tendering resignation * Citing the Public Finance Act 2022; Public Procurement & Disposal Act and other legal frameworks * Contract termination was based on the determination made by the Ombudsman that ordered the NOCMA Board to relieve her of duties By Duncan Mlanjira A day after Helen Buluma tendered in her resignation as acting chief executive officer for National Oil Company of Malawi (NOCMA),…

Public incredulous that RBM failed to detect reg flags that led to collapse of Alliance Capital Limited

November 13, 2022

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| Business, Courts, Law Enforcement, National, News

* The Registrar of Financial Institutions proved on the requisite standard of proof that the company is insolvent * And not likely to return to solvency within a reasonable time * Private practice lawyer hints that RBM should not regulate other banks and financial institutions * The industry should have an independent regulator to also regulate the Reserve Bank By Duncan Mlanjira Billions of kwachas have been lost which many government institutions, private Limited companies invested into financial service…