Business – Page 261 – Maravi Express – Your Kind of News. Clear and accurate.

Housing Investment Cooperative declares 20% patronage refund

June 10, 2020

By Duncan Mlanjira In the one and half years since its its inception, Housing Investment and Development Cooperative (HIDCO) has made an accumulated net profit of K14.5 million, up by K1.5 million it made in 2019 of over K13 million. During its first annual general meeting held on May 31, which is its registration anniversary, the members resolved to set aside 15% of its assets into Statutory Reserves and some funds went into education and marketing reserve and retained…

Airtel Africa plc celebrating 10th anniversary in July

June 8, 2020

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Maravi Express Airtel Africa, a leading provider of telecommunications and mobile money services in 14 countries across sub-Saharan Africa, celebrates its 10-year anniversary this month. The anniversary follows another recent milestone for Airtel Africa, when the company was listed on the London and Nigerian stock exchanges, and Malawi branch followed suit on February 24, 2020 by listing on Malawi Stock Exchange. In reflecting on the past 10 years, Airtel Africa Chief Exective Officer, Raghunath Mandava is quoted as saying…

Airtel Malawi posts K15.9 billion profit after tax

June 5, 2020

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By Duncan Mlanjira Airtel Malawi Plc has posted K15.908 billion as profit after tax as at December 31, 2019 which is up by K13.598 from the K2.310 billion it made the previous year. According to the financial results prepared by chartered accountants Deloitte, on behalf of the Airtel Malawi Board, the profit after tax went up mainly due to increase in operating profit and that the previous year’s had one-off impact on reversal of unrealised exchange gain on unpaid…

Machinga small scale farmers become active players in value chain after attending farm market school

June 5, 2020

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By Chimwemwe Mphande, MANA Small scale farmers in Traditional Authority Kawinga in Machinga have become active prayers in various agricultural value chain following an innovative marketing skills training that was provided by Adventist Relief Agency (ADRA) through Farmers Market School (FMS). Chairperson for Mpapa Farmers’ Cooperative, Haji Mandowa gratitude to the faith-based organization on Wednesday after the training, the small scale farmers have learnt how to negotiate with customers and all the processes involved in the value chain. …

Three arrested over ESCOM transformer oil theft

June 3, 2020

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By Peter Kanjere, ESCOM PRO Blantyre Police have arrested three suspects in connection with recent cases of theft of Electricity Supply Corporation of Malawi (ESCOM) Limited transformer oil in Blantyre. Blantyre Police Station spokesperson, Augustus Nkhwazi confirmed the arrest on Tuesday of Foster Chalera and Mission Nkonda for allegedly syphoning fuel from ESCOM Customs Road sub-station on the night of May 28. Another suspect was also arrested over a similar incident. “They have since been charged with theft and…

MultiChoice launches MyDStv and MyGOtv apps

June 2, 2020

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Maravi Express MultiChoice has launched a new milestone for its customers, MyDStv and MyGOtv apps which will enable customers to manage notifications settings for payment history, changing their subscription package, updating contact details and fixing decoder errors using their mobile devices. Through this digital transformation initiative, customers will enjoy the benefits MultiChoice’s deliver through minimal data consumption and ease of use. “When we set out to develop our core services, we wanted to set up platforms that enriches the…

Asian Business Community is the artery of Malawi’s major economic trading

May 31, 2020

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By Duncan Mlanjira The Asian Business Community (ABC) is the artery of major economic trading in the country and constitutes a very large footprint of the supply chain. This was said by ABC’s COVID-19 task force’s chairperson Faizal Aboo on Saturday when the community handed over final COVID-19 preventive materials at Victoria Gardens in Blantyre. “There is no district in Malawi where you cannot find products businesses owned by Malawians of Asian descent — from sugar to biscuits to…

8 unscrupulous pharmacies fined for unconscionable conduct in relation to COVID-19

May 27, 2020

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By Duncan Mlanjira At its extra-ordinary board meeting in Lilongwe on April 24, the Competition and Fair Trading Commission (CFTC) imposed fines to eight pharmacy shops for unconscionable conduct, specifically excessive pricing, in relation to the supply of essential protective and preventive equipment used in the management of the global COVID-19 pandemic. The meeting by the Board of Commissioners was convened specifically to consider and adjudicate over 16 cases of alleged unfair trading practices and found guilty eight pharmacy…

Online network business CROWD1 membership hits 5.25m worldwide

May 21, 2020

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By Duncan Mlanjira Membership for the online network business, CROWD1 Marketing, which South Africa-based football legend Kennedy Malunga brought to Malawi, has reached 5.25 million at the close of business on Thursday. Malunga, who brought Crowd1 in February through marketing seminars in Blantyre and other parts of the country, says he is impressed that many Malawians have joined the online network business and numbers are expected to go up since the members are enticing each other to join this…

Mixed fortunes in tobacco market as sales hit US$28m

May 21, 2020

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By Sylvester Kumwenda, MANA Four weeks after opening, the tobacco market has seen mixed trends compared to the 2019 market as so far it has realised around US$28 million, which is nine percent short of revenue generated last year in the same period. Approximately 18 million kilograms of all types of the crop has been sold, which is 19 percent lower than figures from the initial four weeks of the 2019 market. There has also been a high rejection…