Thursday 17 August 2017
(Reuters (Eng) 08/16/17)
Elias Kanyangale is ecstatic about his maize harvest. Balancing on a homemade ladder, the farmer retrieves cobs from a full granary, the bounty of this year's good rains, which broke three years of drought in Malawi. Kanyangale, 44, from Kalumbu village, part of the capital city Lilongwe, says his 5-ton harvest of maize is double the previous year's crop, and he has some soya beans too. But he is still worried about his income. “I am not sure I will get good prices for my crop. I planted more maize for home consumption and more soya beans for sale because the rains were good after the drought of last year, but if I do not...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal of establishing a true partnership for the future", Lighthizer said. "By lowering barriers and tackling other constraints that impede trade and investment, we are poised to see U.S.-Africa trade flourish", he said, underscoring that "much more work needs to be...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(Nyasa Times 07/21/17)
Malawi Revenue Authority (MRA) says during the fiscal year just ended, the tax collecting body has collected K767.61 billion against a projection of K725.06 billion, registering a surplus of K42.56 billion. MRA Commissioner General, Tom Malata said all tax lines namely Corporate Tax, Pay As You Earn, Withholding Tax, Provisional Tax, Value Added Tax, Import Duty and Excise Duty among others performed well above their projections. Malata said this in his appreciation report dubbed Voluntary Tax Compliance. “The exceptional performance...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced...
(Malawi News Agency 07/14/17)
Rumphi — Senior Chief Mwankhunikira of Rumphi District has asked government to ban taking of beer and other alcoholic substances during morning hours saying the practice has negative impact on productivity. Mwankhunikira made the call Wednesday during a Rumphi Police Station Executive Committee (SEC) meeting. He said the country needs to learn from neighbouring Tanzania where drinking joints are not allowed to operate during morning hours. "As a nation, let's borrow a leaf from Tanzania where drinking during morning hours...
(Bloomberg 07/10/17)
Many cell phone companies are rethinking their headlong rush into the continent. Only Orange is staying the course. Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa,...
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Nyasa Times 06/02/17)
The World Bank has painted a gloomy economic outlook for Malawi by revising downwards the country's real gross domestic product (GDP) growth rate to 4.4 percent contrary to Reserve Bank of Malawi estimate of 5.6 percent made in January. World Bank s says t in its latest biannual publication Malawi Economic Monitor (MEC) that the GDP rate will driven by improved conditions in the agriculture sector. The agriculture sector's contribution to GDP--the monetary value of all finished goods and services...
(Zambia Daily mail 06/02/17)
Zambia and Malawi have signed a memorandum of understanding (MoU) to promote bilateral co-operation in telecommunications and broadcast services on cross- border frequency co-ordination. Under the MoU, the Zambia Information and Communications Technology Authority (ZICTA) and Malawi Communications and Regulatory Authority (MACRA) will focus on key and diverse issues involving telecommunication and broadcasting such as promotion of expansion of roaming agreements to all operators in both countries. ZICTA acting director general Patrick Mutimushi and MACRA director general Godfrey Itaye signed...
(The East African 06/02/17)
A Malawian bank has bought a majority stake in Barclays Plc's Zimbabwean unit. The move by the First Merchant Bank (FMB) of Malawi ends months of speculation after the British financial institution announced it was disposing of its African assets. FMB Malawi's pursuit of the controlling stake had been facing resistance from the management of Barclays Zimbabwe, which had also tabled a bid to take over the iconic financial institution. However, the deal between FMB and Barclays Plc sailed through...
(Lusaka Times 05/29/17)
Malawi and Zambia has signed a bilateral agreement on One Stop Border Post (OSBP) at Mwami- Mchinji Border whose main objective is to enhance trade facilitation through efficient movement of goods and people within the COMESA and SADC regions. Malawi’s Minister of Industry, Trade and Tourism, Joseph Mwanamveka speaking during the signing ceremony in Lilongwe, said the signing of the Bilateral Agreement will take the two nations a step forward in a bilateral economic relationship. “I am convinced that a...
(Voice of America 05/27/17)
Three years of El Nino-induced drought and flooding left half of Malawi's population dependent on food aid, but this year, the country is reporting a good maize harvest. Malawi’s government banned the export of maize and maize products in 2015 amid food shortages. But now things are changing. Latest crop production estimates by the Ministry of Agriculture show that maize production will rise to 3.2 million tons, up from last year’s 2.3 million tons. The surplus has already sent local...
(Xinhuanet 05/24/17)
Entrepreneurs from East Africa on Tuesday called for increased investments in the power generation so as to develop a strong value-added manufacturing base in the region. Delegates participating in the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda's capital city Kigali, said that heavy investments by both private and the public in the energy sector will enhance the production capacity of manufacturing industries in the region. Rwanda hosts the forum from May 23 to 25...

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