Business – Page 191 – Maravi Express – Your Kind of News. Clear and accurate.

ActionAid raised red flags in 2015 on “harmful” tax incentives that Malawi government awarded to Australian mining company Paladin

July 26, 2022

* This money could have paid for 431,000 annual HIV/AIDS treatments * or 17,000 annual nurses salaries; * or 8,500 annual doctors’ salaries * or 39,000 annual teachers salaries By Duncan Mlanjira ActionAid, the global federation working for a world free from poverty and injustice, contended in a issued in 2015 that Malawi, “the poorest country in the world, lost out on US$43 million in revenue from 2009 to 2015 from a single company — the Australian mining company…

Globe Internet Ltd offended that MACRA “scared” its customers when imposing regulatory sanctions on the company

July 22, 2022

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* Globe Internet using frequencies in the 700 MHz frequency band from April 1, 2022 without a frequency spectrum licence from MACRA * Further warns customers that use wireless internet services may be affected when the sanction becomes operational * MACRA maintains it is only protecting the interests of the customers by ensuring that they are not inconvenienced * The statement that MACRA has issued is within the mandate of raising proper awareness around communication services By Duncan Mlanjira…

ESCOM upgrading power sub-stations in Kanengo and parts of old town

July 20, 2022

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Power infrastructure for ESCOM * Ministry of Energy to orient media on its operations * The project will help facilitate power supply consistency and assist in the realization of the MW2063 By Twimepoki Mangani, MANA Co-funded with Japan International Cooperation Agency (JICA), Electricity Supply Corporation of Malawi (ESCOM) is upgrading power sub-stations in Kanengo and parts of old town in the Capital City, Lilongwe to address challenges being faced due to power supply limitations. At the ground breaking ceremony…

CDH Investment Bank invests K2m towards CEO’s summit scheduled for July 29-30

July 19, 2022

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Mosiwa-Ndovi presenting CDH’s contribution to Chima (right) * Summit is under the theme: ‘Catalyzing Our Economic Growth Through Partnerships and Radical Investment’ * CEO’s from various companies and organizations to share ideas on growth of economy and creation of conducive business environment By Victor Singano Jnr, Correspondent CDH Investment Bank contributed K2 million towards Malawi companies Chief Executive Officer’s (CEO) Summit scheduled from 29-30 July at Bingu International Conference Centre (BICC) in Lilongwe. Under the theme: ‘Catalyzing Our Economic…

ESCOM losing 5 transformers every month due to vandalism

July 19, 2022

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A transformer that’s usually targeted for by saboteurs * Over 400 transformers currently lost due to vandalism across the country * Very costly to replace them as one costs around K4 million * ESCOM needs about K2 billion every year to replace vandalised transformers By Loness Gwazanga, MANA As the country keep experiencing power load shedding due to many factors that include loss of 130 megawatts lost at Kapichira Hydro Power Station due to Cyclone Ana in January, Electricity…

NICO General inspired with clients’ overwhelming response for ‘Eyetu Drive Better Rewards’ promotion as first draw produces 9 winners

July 17, 2022

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* NICO General understands the frustration that may come with paying premiums * The campaign has been well received on the market and the number of people inquiring about it proves that By Victor Singano Jnr, Correspondent NICO General has expressed deep satisfaction of the response being shown by the public — both existing and new clients — in the newly introduced ‘Eyetu Drive Better Rewards’ promotion, saying it is receiving a tremendous feedback in its first quarter. The…

200 farmer groups to benefit from Malawi Watershed Improvement Project matching grants

July 16, 2022

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* Agriculture Minister Lowe impressed with Mega Farm concept implementation by Chimpeni Estate in Zomba * After finishing harvesting tobacco in April, Chimpeni Farm grew sugarbeans seed on a land over 100ha using center pivot irrigation * Come July, they intend to grow another crop to be harvested in October or thereabout * Before planting tobacco again this same season — three times cropping in a year By Loness Gwazanga, MANA & Duncan Mlanjira, Maravi Express About 200 farmer…

K8.6 billion earmarked to boost Karonga tourism

July 16, 2022

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Minister of Tourism Michael Usi addressing people in Karonga * Under the National Tourism Investment Master Plan launched by President Lazarus Chakwera on April 4 * The investment in Karonga includes a Songwe Border transit facility which will consist a 40-seat restaurant * A 24-room motel, fast food outlet, ATM facilities, children’s playground and public toilets By Zenak Matekenya, MANA Minister of tourism, Culture and Wildlife Michael Usi has said government will this year start investing K8.6 billion in…

NGO reaffirms commitment to restore natural fisheries productivity along Lakeshore districts

July 16, 2022

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* Calls for ownership of fisheries initiatives to ensure targeted Lake Malawi aquatic habitats are healthy and well-managed By Fostina Mkandawire, MANA Acting chief of party for Restoring Fisheries for Sustainable Livelihoods in Lake Malawi-REFRESH project, Marianna Balampama has reaffirmed her organizations commitment to restore natural fisheries productivity in Lakeshore districts. Speaking during a closing ceremony for the ‘Pause and Reflect Workshop’ in Salima on Thursday, Balampama commited that they will continue working to ensure that targeted Lake Malawi…

Illovo Sugar (Malawi) Plc posts K9.213bln half-year profit after tax

July 15, 2022

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* An interim dividend was declared of K5.56 per share — up from K4.00 in 2021 * Revenue went up by 24% from K74 billion in 2021 half year to K92.0 billion By Duncan Mlanjira Illovo Sugar Malawi Plc, which made a net profit K20.5 billion in its 2021 financial year, has posted K9.213 billion as its 2022 half-year profit after tax — up from K6.116 billion performance of the same period in 2021, representing 51% increase. This was…