Opportunity Bank of Malawi is retrenching 250 employees, almost half of its 450 work force, Nyasa Times understands. Deputy CEO Bernard Mkandawire confirmed the job cuts. “We will downsize the staff but I cannot certainly confirm the numbers now,” he said. A meeting has been scheduled Thursday when the employees will be briefed on the […]
My first blackout, on my very first day back home on vacation early December, lasted all of an interrupted 19 hours.A recent report on electricity access in Africa stated that Malawi has 14 million of its people living without electricity. For those lucky few with access, supply is not guaranteed—even if one is ready and […]
Majority of Malawians who live in grinding poverty remain trapped in a in a world without prospects as the gap between rich and poor has widened sharply, a report on Malawi Growth and Development Strategy II (MGDS II) has indicated. “Under MDGS II Malawi has not achieved the poverty reduction conistsent with her international commitments represented […]
Malawians celebrated the entering of the New Year with fireworks, parties, dances and prayers although economically the future still looks blurred and bleak. The main official activities of celebrating the coming of 2017 was held in Blantyre city the commercial capital where the city council teamed up with TNM and Rab Processors to organise a […]
President Peter Mutharika’s New Year message is a rather sober one, but it’s not downbeat as his aim is to demonstrate to Malawians that his policies are putting the country on the right track, and to that end he makes some strong points on igniting economic growth and to make performance-related changes. Mutharika described 2016 […]
Malawi Congress Party (MCP) president and leader of opposition in parliament, Lazarous Chakwera has used his New Year message to talk about the cost of living crisis facing Malawi and that Peter Mutharika led administration is a bad government that is letting down the good people of this country. He said 2016 has been a tumult and […]
The governing of the country and economic development is being done in the most cursory way like a five-year project, Consumers Association of Malawi (CAMA) executive director John Kapito has observed. The Cama boss has hit on the Democratic Progressive Party (DPP)-led government for the socio-economic woes facing the country. He argued that the country’s […]
Malawians are facing a Christmas of discontent as they have to battle it out for survival since the cost of life for November was much higher than October, Minister of Finance, Economic Planning and Development Goodall Gondwe has conceded. Centre for Social Concern says the basket needs, an average cost of life, has gone up […]
The Centre for Development for People (Cedep) Christmas message has added its voice to remarks made by Malawi Congress Party (MCP) President and Leader of Opposition, Lazarus Chakwera that President Peter Mutharika has failed to govern Malawi amid economic turmoil. The statement signed by Cedep executive director Gift Trapence, mentions the high cost of living […]
NBS Bank, a subsidiary of conglomerate Nico Holdings Limited is in trouble. The Bank will be laying off close to 300 employees between now and March 2017, Nyasa Times can reveal. Insiders said a culmination of bad debts which included one from its former Chairman retired Insurance guru Felix Mlusu of close to K200 million and […]
The opposition parties in the country have bemoaned the failure by President Peter Mutharika to grant them an audience to discuss and find solutions to the current social-economic problems facing the country. Last month Mutharika during his national address expressed a willingness to meet opposition parties and critics on issues of national importance. And two […]
The Nation Publications Limited (NPL) has announced it is increasing the cover price ofon both its daily newspaper and weekend editions. The price of the daily edition of The Nation newspaper is being raised to K600 from K450 as well as that of Nation on Sunday by the same amount, while the Saturday issue of Weekend […]
Malawi’s debt situation is worrying after Ministry of Finance spokesperson Nations Msowoya confirmed that the country is owing foreign institutions $1.9 billion (about K1.31 trillion) while domestic borrowing is at K0.7 trillion. The development is worrying as a significant amount of the budget and foreign currency is shipped out of Malawi to repay the foreign […]
Members of Parliament have lamented over sky-high interest rates, rolling over personal loans, saying many Malawians are facing hardships as commercial banks have been accused of ripping off customers . Lilongwe City Centre MP, David Bisnowaty of ruling Democratic Progressive Party (DPP) who is also a businessperson, accused the banks of profiteering. Bisnowaty in his […]
Secretary to the Treasury Ronald Mangani has put a positive spin to the country’s economic turmoil by dsecriding the Reserve Bank of Malawi (RBM) decision to cut the bank rate or policy rate by 3 percentage points from 27 percent to 24 percent as a sign that economy is on turnaround for better times. RBM’s […]
Commentators and opposition leaders have criticised President Peter Mutharika’s national address as ‘underwhelming’, saying it was lacking in substance to inspire the nation which is facing economic turmoil. Mutharika on Monday made the address on state controlled Malawi Broadcasting Corporation (MBC) Radio and Television and outlined measure to boost water and electricity supply, strides his administration […]
President Peter Mutharika on Monday 21November 2016 completely left Malawian youths with no hope about their future as he addressed the nation through national broadcaster MBC in what ciritics say he recycled the same old story. Given that the President does not easily give media interviews, Monday night many Malawians were eagerly waiting for the President […]
Reserve Bank of Malawi (RBM) Governor Charles Chuka in now ready to be a loose cannon and expose the Peter Mutharika administration on wrongful enrighment that members of his administration are doing impacting negatively in the fluctuation of the kwacha against major international currencies. Chuka is reportedly unhappy with some of the underhand dealings within the […]