Category: Business

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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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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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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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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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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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 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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By Duncan Mlanjira ICON Properties, the subsidiary company of the NICO Group that became a limited company in November last year, made profit after tax of K1.28 billion for two months period that ended 31st December, 2018. This was disclosed on Monday at Marriot Protea Ryalls Hotel in Blantyre at the company’s annual general meeting with its shareholders. Standing in for their chairman, Robert Scharar, ICON Properties director, Vizenge Kumwenda, who is Managing Director of NICO Group, said ICON…

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By Duncan Mlanjira In her key note address at the opening ceremony of the 2019 Institute of Chartered Accountants of Malawi (ICAM) conference at Sun ‘n’ Sand Holiday Resort in Mangochi on Thursday evening, guest of honour High Court Judge Justice Zione Ntaba said professionalism should not only be evidenced through academic and professional papers but the output they can provide as a result of such glorious qualifications. “It is imperative that professionals should be the key ingredient in…

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