Malawi has awarded oil exploration licences to UK-based firm Surestream Petroleum to search for oil in the country’s main lake, the minister of energy said on Monday. “We engaged Surestream Petroleum to do some exploration on the lake and we expect them to do a thorough environmental impact assessment before they can go any further,” […]
Reserve Bank of Malawi says the country has been hit by counterfeit money especially targeting biggest bill of 500 kwacha, has since put a K50 000 rewards if anyone will come forward with information leading to the people behind the syndicate dealing in fake money, promising that all information received from well wishers will be kept […]
Uranium miner Paladin Energy says Kayelekera mine in Malawi has suffered a one week delay because of reinforcement work taking one week to complete after which plant operation will commence. Plant commissioning of the Kayelekera upgrades commenced 29 August as planned with a four day programme to get the plant online. “With the drying and packaging […]
Kingsley Mulewa, an auditor at Malawi Union of Savings and Credit Cooperative (Muscco) has been elected Institute of Internal Auditors Malawi (IIA), a national registered professional body dedicated to the promotion and development of the internal audit profession in Malawi. Mulewa was ushered into office during the 2011 Internal Audit Annual Conference held in Mangochi […]
Blantyre Print and Publishing managing director Leonard Chikadya has challenged internal auditors to play their rightful advisory roles in organisations and consider themselves as drivers of business sustainability in addition to their usual role of protecting corporate resources. “As accountants and auditors either in leadership or as advisers, we have a responsibility to bring sanity […]
Uranium miner Paladin Energy on Monday advised that its drying and packaging plant at its Kayelekera uranium Mine, in Malawi, was temporarily off-line to allow for planned maintenance Paladin’s CEO John Borshoff said that plans were in place to divert Kayelekera concentrates through the Langer Heinrich operations, in Namibia, for final drying and packing en […]
Airtel Malawi IT director Dr Matthews Mtumbuka has been elected president of the Malawi Institution of Engineers (MIE) during their annual general meeting held in Mangochi. Mtumbuka was ushered into office on Friday replacing Dr Ignacio Ngoma who has been heading the engineers’ body for the past two years. The 33-year-old Mtumbuka said his priorities […]
Tongole Wilderness lodge opened its doors just 3 months ago, and is already proving popular and successful – with nothing but 5 star reviews from its guests. The first ever upmarket lodge in the genuine wilderness of Malawi’s Nkhotakota Wildlife Reserve, this is another exciting addition to the growing number of quality lodges in the […]
By Nyasa Times Reporter National Statistical Office (NSO) said on Friday that the country’s annual consumer inflation quickened to 7.4 percent in July from 7.0 percent in June. “The year on year headline inflation for the month of July 2011 stands at 7.4 percent, an increase of 0.4 percentage points on the month before,” the […]
By Wanga Gwede, Nyasa Times Vendors have started selling their merchandise in the streets of Malawi’s capital Lilongwe claiming President Bingu wa Mutharika allowed them to do so. But presidential spokesman Hetherwick Ntaba said Mutharika never gave that directive when he met vendors. Almost all streets of the Malawian capital, Lilongwe, from Kamuzu Procession Road, […]
By Jerome Kadewere, Nyasa Times Digital Satelite Television (DSTV) subscribers have to dig deeper in their pockets, as Multichoice Malawi has increased their rates. Multichoice Malawi has however said that rising subscription fees are due to the fluctuations in the exchange rate of the US dollar to the Malawi Kwacha. However, this development has irked […]
By Nyasa Times Reporter Diversified Dairibord Holdings Limited has increased its shareholding in Dairibord Malawi Limited (DML) to 68,4 percent from 60 percent, according to the Herald Newspaper of Zimbabwe. Group chairman Timothy Chiganze told shareholders in the group’s financial statement for the six months ended June 30, 2011 that the transaction was funded through […]
By Nyasa Times Reporter NBS Bank, Malawi’s third largest bank, will get up to $10 million investment in equity from International Finance Corporation (IFC) Capitalization Fund and Africa Capitalization Fund in terms of loans and deposits, to support its capital base and help it increase lending to small and medium enterprises, including those in the […]
By Collins Mtika, NyasaTimes Chinese shop owners in Mzuzu and their Indian counterparts have beefed up security at their shops to avoid looting on the scheduled August 17 nationwide demonstrations. They have also indicated that they intend to hire many armed Policemen to guard their shops on the day. “What we have been doing since […]
By Funny Chipala, Nyasa Times Reserve Bank of Malawi has set both luring and harsh conditions as a compensation to devalue the kwacha against the green-buck by 10 percent. The private sector and the donors cried for it, but the central bank has tied a price to the much anticipated devaluation of the local unit. […]
By Andrew Nyayah, NyasaTimes Nyasa Express Limited, trading as Ulendo Airlink, a partner of South Africa-based CFA Air Charters, a proudly Malawian owned airline, has secured a USD30 million (MK50 billion) liability cover for its aircraft, a development that ensures that the company meets and satisfy even the most demanding safety and service delivery criteria. […]
By Charles Kufa, Nyasa Times Reserve Bank of Malawi has devalued the kwacha currency by about 10 percent against the U.S. dollar to 165, it has been reported. According to a Reuters report, unnamed bank source said on Monday that Kwacha has been devalued, citing a directive, although the new rate is still well short […]
By Nyasa Times Reporter Protea Ryalls Hotel in the commercial city of Blantyre has been named s the top hotel in Malawi. Ministry of Tourism, Wildlife and Culture which handling the new star grading system said they have given Ryalls Hotel a four star status. Apart from star grading with one to five stars, the […]