Business

MBS Bemoans Traders Defrauding Consumers

MBS Bemoans Traders Defrauding Consumers

Business
An investigation by the Malawi Bureau of Standards (MBS) has shown that more traders are defrauding consumers by offering expired or counterfeit goods on the market. This comes against a background of complaints from consumers about some shops stocking expired products. In an interview, MBS director general Davlin Chokazinga said the tendency is a cause of worry to the standards body. He said MBS has been cautioning one retailer (name withheld) against selling expired products more than once. “We have been to some big shops more than once and issued them warnings to desist from the misconduct. Their response is that the expired product just skipped their eyes,” said Chokazinga. He said while MBS Act calls for penalties if found on the wrong side of the law, this time around the retail
Illovo’s Fraud Case To Resume In Court Next Week

Illovo’s Fraud Case To Resume In Court Next Week

Business, National
The high profile civil case in which Illovo Sugar Malawi (ISM) has been sued by its minority shareholder Prudential Holdings Ltd (PHL) over disputed payments abroad, returns to the Commercial Court in Blantyre on Monday and Tuesday, December 11-12. The trial was postponed six months. Justice John Katsala is hearing the civil suit. When it was being postponed, Senior Counsel Shabir Latif, representing Illovo, had been grilling Gordon Tembo, a partner of KPMG, whose firm had produced an assessment of the disputed payments on behalf of PHL. ISM is listed on the Malawi Stock Exchange. Its minority shareholder PHL is disputing a litany of payments ISM made to Illovo Sugar South Africa and also to its UK based parent company Associated British Foods (ABF). Illlovo is Africa's largest sugar  comp
TNM Projects 60 Percent Profit Increase

TNM Projects 60 Percent Profit Increase

Business
Exciting news for Telekom Networks Malawi Limited (TNM) shareholders as the mobile phone network and ICT service provider has projected to register profit increase of about 60 percent. TNM has revealed about the prospects in a trading statement notice for the last half of the year 2017, signed by the Company Secretary, Christina Mwansa. Mwansa however stressed that the expected 60 percent profit after tax growth financial statement, have not yet been audited. A consolidated financial statement for the firm is expected to be made public by March next year following the board’s approval. The statement, which is in fulfillment of Malawi Stock Exchange listing requirements, comes after the company also posted an impressive profit in the first half of the year. In a year ending June 2017,
Malawi Commissions 60 Million Litres Fuel Reserves

Malawi Commissions 60 Million Litres Fuel Reserves

Business, National
Malawi has finally commissioned its fuel reserves which will help to reduce the impact of fuel scarcity especially at the time the country faces problems importing the commodity. Government constricted the reserves through the National Oil Company of Malawi (NOCMA). NOCMA Public Relations Officer, Telephorus Chigwenembe said the reserves have a combined storage capacity of 60 million litres, giving Malawi a two month fuel cover. “The reserves will ensure that there is continuous availability of fuel in the country. The reserves were constructed by Government of Malawi with a loan from Exim Bank of India,” he said. Lilongwe and Blantyre reserves will each have 25 million litre capacity while Mzuzu’s capacity is 10 million litres, and they will be managed by NOCMA which is wholly owned b
Commission’s Verdict On Water Increase January

Commission’s Verdict On Water Increase January

Business
The Competition and Fair Trading Commission (CFTC) says it will make known its determination on recent reversed water tariff increase, in January 2018. The country’s water boards secretly increased water tariffs without giving prior notice to their customers, a decision which prompted the CFTC to institute investigation. Government through Ministry of Agriculture, Irrigation and Water Development was forced to call off the hike following growing concerns by consumers and Parliamentarians. The board of commissioners of CFTC meets every quarter to consider and adjudicate over cases relating to unfair trade practices, anti-competitive business conducts and mergers. The last meeting was held in October. “We have a robust investigation system where we process allegations of unfair conduct a
LWB Dangles K200,000 Bounty For Illegal Connection

LWB Dangles K200,000 Bounty For Illegal Connection

Business, National
Facing an upsurge in illegal connection cases, the Lilongwe Water Board (LWB) has set a bounty of K200,000 for any person who reports illegal connections to the Board. LWB has since warned that apart from penalizing the illegal connection offenders, it will start prosecuting them. Recently, several institutions have been penalized by the Board after being found to have connected water illegally. The institutions include Malawi Congress Party (MCP) which was slapped with K106 million penalty; Pacific Village which is owned by Pacific Group Properties in Area 9, and Central Medical Stores Trust Warehouse in Area 6 owned by Manobec Limited- the two were fined K1.5 million each apart other charges. In a press statement issued out over the weekend, LWB said those to come forth with information ...
Mutharika Declares Public Holiday For Civil Servants

Mutharika Declares Public Holiday For Civil Servants

Business, Politics
President Professor Arthur Peter Mutharika, who is also Minister responsible for the Public Service, has granted this year’s days between 27 to 29 December as public holidays for civil servants. According to a statement signed by, Chief Secretary to Government, Lloyd Muhara, the holiday extension means that civil servants will wind up officials duties on 22 December 2017 and resume on 2 January, 2018. Reads part of the statement: “The granting of the public holidays for the said extended period of festivities does not mean a declaration of public holidays in Malawi. The extended holidays are meant to enable the Civil Servants to celebrate Christmas and New Year festivities with their families and to allow them have adequate time to travel to and from various destinations during the fest
Escom Loses 13MW, More Woes For Consumers

Escom Loses 13MW, More Woes For Consumers

Business
Malawians should continue to brace for more blackouts as Electricity Supply Corporation of Malawi (Escom) has lost 13 mega watts (MW) out of the current 160 mega watts as Lake Malawi waters continue to dwindle. Escom in its published update on the power capacity available for distribution in the country said it has lost a capacity of 13MW from the 160MW it has been operating on for the past three week. “As the current water levels in Lake Malawi keep on dropping and negatively affecting the flow of Shire River, it is also expected that the power capacity available for distribution will reduce below the current 147MW. “To ensure quality and fairness in sharing available power, Escom will continue implementing load shedding. Escom will also continue to monitor available power capacity and wi
Medef Launches Fertilizer Loan Scheme

Medef Launches Fertilizer Loan Scheme

Business
The Malawi Enterprise Development Fund (Medef) has opened opportunity for firms and individuals to get fertilizer on credit. Medef on Friday launched its fertilizer loan scheme in the Southern Region during a ceremony held in Luchenza, Thyolo, and the initiative comes at a time the number of beneficiaries under the government-led Farm Input Subsidy Programe has been shrinking in recent years. Medef Head of Operations, Hillary Jalafi, said Medef has set up an efficient mechanism to identify beneficiaries of the scheme. “This is a big opportunity for Malawians to access fertilizer on credit,” Jalafi said. Among the yardsticks, borrowers will be expected to have about 20 percent of the loan amount. Thyolo District Crops Officer, Fredson Banda, urged farmers in the district to take advant
Malawi Inflation Rate Now At 8.3%

Malawi Inflation Rate Now At 8.3%

Business
National Statistical Office (NSO) has revealed that the country’s inflation is continuing to drop with current rate stands at 8.3 Percent. The year-on-year inflation rate for October 2017 has dropped by 0.1 percentage points to 8.3 percent from the previous month’s 8.4 percent, NSO said on Wednesday. According to NSO, the drop reflects an increase in non-food inflation by 0.1 percentage points to 11.7 percent in October from the previous month’s 11.6 percent. This shows that the drop in food inflation by 0.3 percentage points from 5.1 percent to 4.8 percent did not have an impact on the drop of inflation in October. Food has a huge weight at 50.1 percent in the Consumer Price Index (CPI), a measure that examines the weighted average price of a basket of consumer goods and services. Du