Thursday, August 11News That Matters
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Business

Tipper Trucks Association Ask Govt To Bring Sanity In Transport Sector

Tipper Trucks Association Ask Govt To Bring Sanity In Transport Sector

Business
A group of owners of Tipper Trucks is asking the Ministry of Transport to bring sanity in the transport sector by stopping a growing tendency of mine owners that are now dominating the transportation of products such as quarry. The group represented by Richard Kokoliko alleged to Zodiak Online that Chinese nationals have dominated the transportation of the products and they fear of being pushed out of business if action is not urgently taken. Ministry of Traport Spokesperson, Ganizani Liwewe when contacted asked for more time to consult before commenting on the concerns. Angered by the current situation, the grouping has agreed to write the Minister of Transport through their association, Tipper Owners Association of Malawi.
Shoprite Closing its shops soon in MW

Shoprite Closing its shops soon in MW

Business
According to reports we have received are saying Shoprite Closing its shops soon in MW Zomba & Limbe - Closing this August. Lilongwe & Mzuzu - closing October. Last one will be Chichiri Shoprite closing in November. This is Inside Source that confided in us. Shoprite will be a third chain store to close its business in Malawi after Spur and PTC respectively. Shoprite says forex and kwacha instability is the big challenge for then to continue operating in Malawi. Shoprite says it is failing to stock up their shops because it can't import goods from outside the country.
RBM CLARIFIES ON NEW BANKNOTE RUMOURS

RBM CLARIFIES ON NEW BANKNOTE RUMOURS

Business
The Reserve Bank of Malawi (RBM) has refuted social media speculation claiming that the Bank is planning to release a K10,000 banknote in October 2022. A statement signed by RBM Governor, Wilson Banda, says the Bank has no intention of issuing the said banknote any time soon. The statement further says there are several conditions that the Bank considers before introducing a higher banknote.
Tobacco Rakes In K170 Billion Sales

Tobacco Rakes In K170 Billion Sales

Business
The 2022 tobacco marketing season has raked in about K170 billion as of 15 July. Tobacco Commission (TC) Spokesperson, Telephorus Chigwenembe, said this year farmers have enjoyed good prices despite the volumes of tobacco being low. "This year the average price has been on the higher side than it was during the last selling season," added Chigwenembe. The TC has since described this season as a success as farmers have enjoyed good prices from the onset of the market. Meanwhile, TC has disclosed that this year's tobacco marketing season will close on 12th August. "Chinkhoma Auction Floors in Lilongwe and Limbe will close on 5 August while Mzuzu will end the season on 12 August," said Chigwenembe According to Chigwenembe, Mzuzu will be the last to close because there are s...
SME’S THREATEN DEMOS AGAINST ILLEGAL REFUGEES’ BUSINESSES

SME’S THREATEN DEMOS AGAINST ILLEGAL REFUGEES’ BUSINESSES

Business
Small Scale Business Operators Association in Malawi has threatened to stage national protests should the judiciary continue to delay pronouncing a judgment on a case in which government wants refugees and asylum seekers to stop plying their trade illegally. General Secretary for the association, Tennyson Mulimbula, says the case has stalled for several months despite Chief Justice Rezini Mzikamanda’s ultimatum to the judiciary to conclude outstanding cases within 90 days. Mulimbula argues the delay by High Court Judge Mandala Mambulasa to pronounce judgment on the case is negatively affecting their businesses due to the influx of foreigners on the market. Registrar of the High Court and Supreme Court of Appeal, Kondwani Banda has since called for patience on the matter. Last ...
Umodzi Holdings Post Profit

Umodzi Holdings Post Profit

Business
Umodzi Holdings Limited, which owns BICC, Malawi Square, Presidents Hotel and Presidential Villas, has said it has posted it's first profit since it was established around 2013. Umodzi Holdings Limited Chairperson John Kamanga says the firm, which has been registering losses recorded a profit of K413 million in the year ended March 31, 2022. According to Kamanga, the firm has also audited financials dating back to 2015.
Minibus Fares Gone Up

Minibus Fares Gone Up

Business
Minibus fares have gone up in the central region and some parts of the southern region due to the fuel hike which was effected last night. Spot-checks indicate that a route from Lilongwe-Nkhotakota is now at K9000 from K7000, whereas those travelling from Kasungu-Lilongwe will now be paying K5500 from K4000. Lilongwe-Ntchisi the price is now at K4500 from K3000. From Zomba to Blantyre, people are now paying K4,000 from K3000, further affecting transport fares within the city as those traveling from Chinamwali and Matawale to Zomba Central business district will now pay K500 from K400.
Crown Fashions To Close Shop Friday June 17

Crown Fashions To Close Shop Friday June 17

Business
Malawi's economic crisis has forced Crown Fashions Limited, which was established in 1975, to close its manufacturing operations. A letter addressed to its employees, which 24hrs has seen, shows that the company can no longer continue with its operations. Closure will be effected on Friday June 17,2022, says the letter. The company citeshuge shortage of forex, devaluation of the Malawi Kwacha, fuel price increase, frequent power interruption and an increase in licence fees as reasons for the closure. The company has since said all employees will be given their money following discussions with the workers union. The letter has also been addressed to various ministries such as Trade and Industry, Finance and Labour for their information as well. Efforts to speak to Ministr...
Ethiopian Airways Resumes Ticketing Services In Malawi

Ethiopian Airways Resumes Ticketing Services In Malawi

Business
Ethiopian Airlines has resumed ticketing services for all travel agents in Malawi with effect from today, barely three weeks after suspending the same due to shortage of foreign currency in the country. The Airline's Area Manager for Malawi Andinet Ayichew has confirmed. He said the company’s decision to recommence the ticket sales locally follows a series of fruitful discussions with relevant government authorities. “We appreciate the involvement by all key stakeholders which has helped us to bring back uninterrupted service on the Malawi market for more than three decades,” said Ayichew. Asked whether the airliner is now able to access the required foreign exchange for its seamless services in the country, Ayichew said the restoration of their service has been reached on “co...
MyBucks Banking Corporation Expand Bancassurance

MyBucks Banking Corporation Expand Bancassurance

Business
One of the players in the financial market MyBucks Banking Corporation has announced that is has expanded its bancassurance offering to include home insurance, motor insurance and electronic insurance, dubbed CellSure. Speaking on the development, MyBucks Marketing & Customer Experience Manager, Linda Nkosi said the expansion of the Bancassurance products is in line with one of the bank's goals of making people’s lives better. She added that in addition to the existing funeral and credit life insurance that the bank always offered, they felt it was important to bring to the market, the home, motor and CellSure insurance because these have become essential and expensive realities of modern life and losing or breaking these entails real financial problems. Nkosi highlighted tha...