Escom Loses 13MW, More Woes For Consumers

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.

 

Vale Ferries 82 Percent of Coal

Brazilian firm Vale Logistics says it has ferried over nine million tonnes of coal through the Nacala Corridor, representing 82 percent of their budget for this year.

 

Vale Logistics administration supervisor, Oscar Kanjala made the revelation at the Fifth Joint Stakeholders Progress Meeting of Nacala Corridor in Blantyre on Friday.

 

Kanjala said the nine million tonnes is proof that they are making progress and there is hope of reaching 100 percent.

 

Medef Launches Fertilizer Loan Scheme

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.

Kukoma Supports Mr. Malawi

Kukoma cooking oil manufacturer, Capital Oil Refining Industry (Cori) has donated K600,000 towards Mr. Malawi body building contest.

 

Cori made donation on Friday to support Weightlifting and Bodybuilding Association of Malawi (WBAM).

 

“We believe that to stay healthy life, people must do exercises. Bodybuilding is one of the sports disciplines that promote healthy lifestyle and good eating habits, so we felt that we should support them,” explained Cori Controller of Branches, Chrispin Sinjani.

 

Maize Prices Decrease By 1% In October

International Food Policy Research Institute (Ifpri) has revealed that an average retail maize prices decreased by one percent last month at K130 per kilogramme.

 

Ifpri in its monthly publication indicates that the largest price decrease was recorded in Mzimba at six percent, followed by Rumphi at three percent.

 

However, prices in the Northern Region remained higher than in the Southern and Central Region, according to the October monthly maize market report.

 

(MGDS) III Forecasts Income Double In Next Five Years

According to the final draft of the Malawi Growth and Development Strategy (MGDS) III has predicted a double increase in per capita income in the next five years from the current level of $380 (K277 billion) with the scaling up of the investment.

 

A draft copy of the MGDS III, highlights that the level of gross domestic product (GDP) per capita is achievable if the country is committed to slow population growth which is currently very high.

 

Per capita income is an average income earned per person in a given area.

 

Malawi’s Monetary Policy Rate To Remain At 18 Percent- NICO

Nico Asset Managers says it expects the Monetary Policy Rate to be maintained at 18 percent in the short term as pressure on the exchange rate gradually increases during the lean and growing seasons due to increased demand for foreign exchange (forex).

  

According to the firm,  if inflationary pressures continue to subside and the country has good rainfall, leading to a good maize harvest, the Policy Rate may fall in the medium term.

 

Nico Holdings Predicts Rosy Results This year

Nico Holdings Limited has expressed optimism that its subsidiaries will record good results this year.

 

Nico Holding Managing Director, Vizenge Kumwenda is quoted in the local media saying that the group’s companies have been able to provide the market with relevant products that meet customer needs.

 

MGDS III Forecasts 7% GDP Growth Rate

Government through the Malawi Growth and Development Strategy (MGDS) III is forecasting to maintain single-digit inflation at 7.1 percent and a growth rate of seven percent in the next five years.

 

The MGDS III will be implemented from 2017 to 2022.

 

It is the fourth medium-term national development strategy aligned to the country’s long-term development aspirations which are articulated in Vision 2020.

 

The previous development strategies include the Malawi Poverty Reduction Strategy Paper (MPRSP), MGDS I and II.

 

Local Banks Adopts Foreign Accounts Tax Compliance Act

Malawian financial institutions including commercial banks have started adopting the Foreign Accounts Tax Compliance Act (Fatca) which focuses on addressing issues of tax evasion.

 

Fletcher and Evance Head of Research and Consulting, Handsome M’bwana told local media that it was prerequisite for local financial institutions to adopt the Act if are to avoid facing huge financial and reputation risks.

 

But M’bwana said a few banks have shown interest to comply with the Act.