Economy

How Malawi got tricked on the Sale of the presidential Jet!

How Malawi got tricked on the Sale of the presidential Jet!

Posted on 06 Mar 2014 at 12:21am

Malawi government has finally confirmed Bhonnox Group of Companies (a subsidiary of paramount group of companies) tricked them on the sale of the presidential jet.

And it has also confirmed that money realized from the controversial presidential jet didn’t reach either Treasury or the Reserve Bank of Malawi (RBM).

But instead the Presidential Jet was sold in the old batter type of trade.

Speaking to journalists in Lilongwe, Finance Minister Maxwell Mkwezalamba said the presidential jet was sold to Bhonnox Limited at US$15 million.

Mkwezalamba said the money was not deposited into government’s consolidated account but highest bidder Bhonnox paid directly to…

Malawian Airlines Receives Another Aircraft

Malawian Airlines Receives Another Aircraft

Posted on 17 Feb 2014 at 1:19pm

Malawian Airlines Limited will, on Sunday, February 16, receive its second and biggest aircraft from Ethiopian Airlines Boeing 737-800.

According to the Malawian Airlines public relations officer, Maganizo Mazeze, the Ethiopian Airlines, with 49 per cent stakes in the local airline company while Malawi Government has a 51 per cent share, will deliver the plane at a function to be held at the Kamuzu International Airport in Lilongwe.

“The delivery of the plane, a new generation Boeing 737-800, with two configurations, has a 154 seat capacity. It will launch its first commercial flight to Johannesburg on Monday, 17 February, 2014.

“The airline’s…

How to Invest on the Malawi Stock Exchange

How to Invest on the Malawi Stock Exchange

Posted on 15 Feb 2014 at 10:54pm

A number of readers have been wondering about how to open a brokerage account on the Malawi Stock Exchange.

I can understand why. The little market in Blantyre posted the best return of any sub-Saharan stock exchange in 2013. Its All Share Index is up 75.2% over the past 12 months in US dollar terms.

Performance like that would make even the most jaded of investors take notice.

So, what do you need to do to put money to work in the warm heart…

Ernst & Young’s: Malawi tops the best permorming economy in Africa

Ernst & Young’s: Malawi tops the best permorming economy in Africa

Posted on 27 Dec 2013 at 12:33pm

VENTURES AFRICA – That Africa is set to become the world’s economic engine in the next 10 years or during the 21st century is no doubt a well-known fact. But that almost all the 54 countries on the continent compete fiercely to be in the top position of the 5 fastest-growing economies in Africa is little known. However, it becomes evident when the names of the top performing economies on the continent changes each year.

According to auditing firm Ernst & Young’s 2013 Competitive Survey, the projected GDP growth from 2012-2017 identify Malawi, Mozambique, Angola, Ethiopia and Zambia as economies that…

A passenger train to run between Chipata and Lilongwe

A passenger train to run between Chipata and Lilongwe

Posted on 26 Dec 2013 at 9:59pm

ZAMBIA Railways Limited intends to run a passenger train between Chipata and Lilongwe District in Malawi. Presenting a paper on the Chipata-Mchinji Railway line at a business forum organised by the Rotary Club of Chipata at Luangwa House on Tuesday, ZRL regional manager for the Nacala Corridor, Moses Sipumo, said ZRL wants to increase the passenger traffic to 400, 000 people per year from the current 200, 000.

Airtel Malawi Licence renewed for another 10 years

Airtel Malawi Licence renewed for another 10 years

Posted on 09 Dec 2013 at 4:06pm

By Gregory Gondwe, Blantyre, Malawi

Airtel Malawi’s application for a new operating licence has been approved by the Malawi Communications Regulatory Authority (Macra) and the company has since declared that the development will unlock its new investments in the country.

MACRA has announced in statement that the renewal of the licence means that the country’s second mobile phone operator is set to get permission to operate its services for another 10 years starting…

AfDB Provides U.S. $73.6 million to Malawi and Zambia for Multinational Nacala Road Corridor Phase IV

AfDB Provides U.S. $73.6 million to Malawi and Zambia for Multinational Nacala Road Corridor Phase IV

Posted on 05 Dec 2013 at 7:14pm
The Board of Directors of the African Development Fund (ADF), the concessionary arm of the African Development Bank (AfDB) Group (http://www.afdb.org), approved on Tuesday, December 3 a loan of US $65.0 million and a grant of US $900,000 to Malawi, and a loan of US $7.7 million to Zambia, respectively, for a total of about US $73.6 million, for the Multinational Nacala Road Corridor Development Project Phase…

Malawi: Ensuring that the rural masses have access to internet services

Malawi: Ensuring that the rural masses have access to internet services

Posted on 03 Dec 2013 at 11:05pm

The Minister of Information and Civic Education, Brown Mpinganjira has called on information and communications technology (ICT) players in the country to join hands with government in ensuring that the rural masses have access to internet services.

Mpinganjira said this in Zomba on Monday during the official commissioning ceremony of the Television White Spaces (TVWS) Pilot Project.

TVWS is a project which has been established by the Malawi Communication Regulatory Authority (MACRA) and the University of Malawi (Chancellor College’s Physics department) with an aim of providing broadband connectivity to rural Malawi at affordable cost using the identified gaps (White Spaces) in…

Malawi Finance Minister in ‘challenging’ €560m assignment in Europe

Malawi Finance Minister in ‘challenging’ €560m assignment in Europe

Posted on 28 Nov 2013 at 7:06pm

Malawi’s new Finance Minister Maxwell Mkwezalamba travels to Brussels, Belgium, next week on an assignment that has been described as both a “challenge” and “an opportunity” as he will negotiate a €560 million funding for Malawi for the next seven years.

“It is a challenging assignment but at…

Documentary: Malawi’s shocking tobacco plantation children exploitation

Documentary: Malawi’s shocking tobacco plantation children exploitation

Posted on 26 Nov 2013 at 2:33pm

Meet the 80,000 children working like slaves on Malawi’s tobacco plantations For downloads and more information visit: thousand Malawian children are enslaved by a worldwide addiction. Despite serious health risks and missing out on an education, the exploitation continues without effective government or industry action.”Without the kids the tobacco would rot”, says Josepha, whose son Shepherd works on her tobacco field.

Enticed by promises of high incomes and fertiliser loans, peasants are being encouraged to switch from corn to tobacco. In an ironic twist, the little money made from growing tobacco is being spent on corn. Handling tobacco with bare hands equals…

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