Business

Raw Deal: TNM Accused Of Staging Promo

Raw Deal: TNM Accused Of Staging Promo

Business
Consumer Association of Malawi (CAMA) says will investigate into the TNM's Green Friday promotion where customers are accusing TNM of allegedly not offering what it advertised. CAMA Executive Director, John Kapito, blamed the mobile network service provider for advertising a product but failed to provide it on stock. “TNM will have to be taken to task," he said. TNM Spokesperson, Limbani Nsapato, has dismissed the claims, saying that they had enough phones in stock. Consumers in Mzuzu expressed anger for what they said was cheating by TNM. "We have been cheated because the phones that they promised to offer are not the ones that are in the store," one complained. "I am disappointed with TNM. Imagine, wasting time and money coming here [Mzuzu] just to find that the phone
Tea Production Increases

Tea Production Increases

Business
Malawi has finally managed to register an increase in terms of tea production, two years after the output was on a downward spiral. Tea is the country’s second foreign exchange earner after tobacco. According to Limbe Auction Floors information, tea production increased in 2017 from 43.12 million kilograms to 45.5 million kilograms (kg). In 2015 production was at 39.44 million kg. The tea sector witnessed production falling by about 22 percent in recent years due to effects of climate change. Tea production has been going down since 2009 when the country produced about 52 million kg and since then there has been a decline year-in-year-out until last year when it picked up largely due to the good rains. The local tea industry is faced with a number of challenges holding back the indust
Malawi Mangoes Eyes USA, Europe And India Market

Malawi Mangoes Eyes USA, Europe And India Market

Business
Malawi Mangoes is exploring new foreign markets as one way of growing its business. The company has its market base in Dubai and Kuwait, and currently is exploring USA, Europe and India. Malawi Mangoes General Manager, Charlie Leaper said his company is targeting to export over 80 metric tonnes of Malawi mangoes following huge demand for the products on the international market. “After successful fresh mangoes’ trials in 2016, 2017 was the first year of commercial fresh mango exports of eight metric tonnes in market development. We exported to India and Europe and now we are expanding to fresh and dried mango end products for export to regional and international markets,” Leaper told the local media. “Exports since Malawi Mangoes started commercial production in 2015 are 1,700 metric t
Chiradzulu District Council Loses K6 Million Revenue

Chiradzulu District Council Loses K6 Million Revenue

Business, National
Poor management has contributed to a loss of K6 million in form of revenue at Chiradzulu District Council. Records from the council indicate that it lost the revenue in a period of four months. One of the council’s revenue collectors, Margaret Kanjuchi, told Malawi News Agency (Mana) on Friday that since September 2017, she has been failing to collect revenue from businesspeople at a market near Chiradzulu District Hospital. According to her, the matter was reported to council officials, but nothing has been done. “I reported the matter to our office and all responsible persons were aware, but no action has been taken,” Kanjuchi explained, adding that she stayed for one and a half months without collecting revenue as there were conflicts between her and the vendors. Shire Market, whic
MRA Records More Electronic Tax Payment Users

MRA Records More Electronic Tax Payment Users

Business
Malawi Revenue Authority (MRA) has registered 3,270 active users of newly introduced electronic tax payment system since its launch in June 2017, increasing compliance rate amongst tax payers, MRA Head of Corporate Affairs Steven Kapoloma has said. Kapoloma disclosed this to Malawi News Agency (MANA) during electronic tax payment awareness meeting during the weekend in Zomba where MRA officials interacted with over seventy tax payers. E-tax payment system is the process of paying taxes online with immediate update on one’s tax account through automated dealer bank. “MRA registered 500 electronic tax payers in October 2017; and now the figure has surged to 3,270 active e-tax payers country wide,” said Kapoloma, adding that the development was good for the economy of the country. He said
Malawi Govt Revokes Sugar Import Licence

Malawi Govt Revokes Sugar Import Licence

Business
Malawi government has revoked import licence that was awarded to an investor who had expressed interest to invest in the sugar industry, the Ministry of Industry, Trade and Tourism has confirmed. Meanwhile, the ministry has been elusive as to what happened for the licence to be revoked as Principal Secretary in the Ministry, Ken Ndala told the media they will issue out a press statement on the same. The Sugarcane Growers Association of Malawi (Sugam) has since hailed the decision to revoke the licence, saying the latest development will ensure the sustainability of the sugar industry and that rural sugarcane farmers will continue to benefit from the industry. Sugam Board Chairperson, Frighton Njolomole, said a secure domestic market would ensure consistent supply of the product. At lea...
Castel Recalls ‘Unsafe’ Sobo Orange Squash From Market

Castel Recalls ‘Unsafe’ Sobo Orange Squash From Market

Business
Castel Malawi Limited is recalling from the market Sobo Orange Squash drink after it was reported to be ‘unsafe’ as it has defects in its composition. Meanwhile, Malawi Bureau of Standards (MBS) has taken up the matter is testing the product to find out the cause of the problem. MBS Managing Director, Davlin Chokazinga confirmed about the complaints and said they running tests “to find out what went wrong.” According to consumers who happened to have consumed the drink, it is producing awful smell and is causing stomach upsets. In some cases the batch had started to show signs of fermentation – a process that converts sugar to acids, gases, or alcohol. A privately-owned French beverage company, Castel Group, confirmed it has recalled two batches of the product for precautionary measur
Monsanto Malawi Offers 500 Farmers Crop Insurance

Monsanto Malawi Offers 500 Farmers Crop Insurance

Business
Monsanto Malawi has offered crop insurance to about 500 farmers whose maize seed did not germinate. The company under its crop insurance initiative which was launched earlier this year is reimbursing maize seed to farmers’ whose initiation that they bought did not germinate. Monsanto Malawi Country Manager, Gift Kawamba, said they expect the number of farmers to benefit under the initiative to grow as most of them in some parts of the Central and Northern regions have just started planting. “Most farmers in Malawi like to plant with the first rains and, then, you find that the seeds do not grow very well. So, as a responsible company, we are not just interested in selling the seeds but also helping the farmers have bumper yields,” Kawamba said. Insurance Association of Malawi represent
Malawi Inflations Drops to 7.7 Percent

Malawi Inflations Drops to 7.7 Percent

Business
The country’s headline inflation continues to drop and it is now at 7.7 percent, the National Statistical Office (NSO) has confirmed. According to NSO, the headline inflation for November has gone one step down from October’s 8.3 percent compared to the headline inflation of 20.1 percent for the same period last year (October 2016). The continued fall in inflation is largely driven by wide food availability, resulting in prices remaining subdued. Currently, the country’s staple food, maize, is trading at an average price of K4,500 per 50 kilogramme bag. The November inflation is just 1.4 percentage points shy of the record low of 6.3 percent in December 2010. Nico Asset Managers have expressed hope that the drop will continue and has since urged monetary authorities to induce a further
Malawi Kwacha Gains Ground Against Dollar

Malawi Kwacha Gains Ground Against Dollar

Business
The country’s currency, Kwacha, this week registered positive trends when it appreciated against major foreign currencies especially the United States dollar. Malawi Kwacha has been largely stable for the past one year or so despite the country’s inflation going down to a single digit. According to the Reserve Bank of Malawi’s (RBM) Financial Market Development, Kwacha appreciated from around K734 to a dollar to K730 this week. RBM spokesperson, Mbane Ngwira told the local media that the slight appreciation is just one of those normal movements that occur from time to time largely due to market dynamics. “The bigger picture is that the central bank is confident that at the close of this year and at least into the foreseeable future, the country is not likely to experience the usual sea