Category Archives: Business

The Maravi Post is a leading source for reliable Business news and analysis on Business. Top African Business like  Dangote  Group in Nigeria, Mulli Brothers in Malawi

The 10 Greatest Living Business Leaders In Africa Today
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  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
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Business, Law and order, Malawi

Malawi’s Greenbelt Authority terminates Salima Sugar Limited shareholding agreement

Maravi Post Reporter

LILONGWE-(MaraviPost)-President Lazarus Chakwera’s Tonse Alliance government, through the Green Belt Authority, has terminated its shareholder agreement with an Indian company, Aum Sugar and Allied, for Salima Sugar Company operations.

In a letter by the Green Belt Authority to the Indian company says the decision was reached at an extraordinary shareholder meeting on December 6 following a breach of contract by the Indian company.

The letter signed by Green Belt Authority Chief Executive Officer Eric Chidzungu observes that the Indian Company was not timely paying its equity contribution and that it has been defrauding the company.

Greenbelt Authority terminates Salima Sugar Limited shareholding agreement

The Greenbelt Authority has terminated the shareholders’ agreement between AUM Sugar and Allied Limited and GBI Holdings Limited dated 27th August 2015.

“The clause mentioned above is to the effect that: The Agreement can be terminated at any time by either JV Partner for good cause, such as causes mentioned below In particular, but without limitation, this Agreement may be terminated for good cause, which means and includes by a JV Partner, if the other JV Partner does not pay any amount payable by it under or in connection with this Agreement and such amount remains unpaid after the expiry of one hundred and eighty (180) days after such JV Partner in default received a notice by the Company or by the other JV Partner requiring such payment to be made.

The Green Belt Authority has therefore given the Indian shareholders a 90-day notice to prepare for the new arrangement and, by default, sell its shares to the government at a reasonable and agreeable price.

The termination of the shareholder agreement follows forensic audit results conducted at the company recently and it is per Section 12(3) of the Shareholders Agreement.

AMA, Business

Africa’s top 25 Best Places to Work revealed for 2023

MaraviPost

LONDON, UK, 18 December 2023 -/African Media Agency (AMA)/- The Best Places to Work organization announced today the top 25 most performing employers in Africa for 2023. The program recently compiled its annual list based on the assessment of over 500 organizations operating across the continent. Findings from this year indicated that the top performing organizations in Africa continued to invest in creating a highly-engaged workforce, with an average engagement score of 80%,1 point lower compared to last year average and 16 points higher compared with the continent average of 64% engagement score. Additionally, the increased number of participating companies in Africa demonstrates the commitment of organizations in Africa to prioritize employee satisfaction and well-being.

Topping this year’s ranking was Novo Nordisk, a global pharmaceutical company followed by AstraZeneca, a leading biopharmaceutical company operating across a number of countries in Africa. Les Eaux Minérales d’Oulmès, a leading company in bottled water secured the third position. To be considered, companies must be identified as an outstanding employer at least in one of the countries across the continent. 

The ranking was determined based on feedback from employees gathered through anonymous surveys along with an HR assessment evaluating the people management practices against the best workplace standards. The top 25 list includes: 

  1. Novo Nordisk 
  2. AstraZeneca
  3. Les Eaux Minérales d’Oulmès
  4. Allianz Trade
  5. BSH
  6. Konecta Group
  7. Alten 
  8. MoneyGram
  9. Mass Analytics
  10. Lundbeck 
  11. Schneider Electric 
  12. Armatis
  13. CMS Company 
  14. eHealth Africa
  15. Beko 
  16. Faderco 
  17. Societe Generale Africa Technologies & Services
  18. Kepler Technologies 
  19. Madaef 
  20. British American Tabacco 
  21. Cipla
  22. Ecobank 
  23. Paratus 
  24. Kitea
  25. Global ENR

“This year’s best employers in Africa outperformed the market in couple of HR performance pillars that highlighted their strong purpose-driven culture and execution capability. These companies succeeded in being responsive and agile, maintaining high levels of employee engagement, and fostering a culture where employees stay and become brand advocates.” commented Hamza Idrissi, Program Manager for the Best Places to Work in Africa.

Every year, the program partners with many organizations in Africa, across different industries, to help them measure, benchmark, improve their HR practices and have access to the tools and expertise they need to deliver effective and sustainable change in their organizations.

Distributed by African Media Agency (AMA) on behalf of Best places to work .

For more information, visit www.bestplacestoworkfor.org

hamza@bestplacestoworkfor.org | +44 208 895 6562

The post Africa’s top 25 Best Places to Work revealed for 2023 appeared first on African Media Agency.

Source : African Media Agency (AMA)

AMA, Business

Ripples of 2023: FBS’s Insight on the 2024 Global Financial Outlook

MaraviPost

JOHANNESBURG, South Africa, 18 December 2023 -/African Media Agency(AMA)/-  With 2023 coming to an end, leading global broker FBS looks back at the significant economic events and delves into the perspective of the financial landscape in 2024. FBS financial market analysts point out that next year, financial markets will stand at the cusp of transformation under the influence of the US economy, global and local military conflicts, and the sprawl of AI.

As FBS experts further stress, the cautious stance of the Federal Reserve on monetary policy and the rising cycle in 2023 weakened the US dollar, impacting major currency pairs like EURUSD. The FOMC press conference speech by Jerome Powell on the possible easing of US monetary policy in 2024 pushed EURUSD to the resistance at 1.1000.

FBS anticipates that economic growth will slow down to 2-3% due to monetary tightening in 2023 and geopolitical tensions impacting international trade. In this context, traders should consider volatile events and focus on risk management to mitigate stop-outs and losses.

FBS analysts describe 2023 as a time when traders faced multiple liquidation risks amid media-covered geopolitical and economic events. Global military conflicts heated      market uncertainty and      provoked gaps in XAUUSD and oil prices. By the end of the year, oil prices went down due to the anticipated deterioration of economic conditions in 2024, and gold prices experienced an upswing due to USD weakness, emphasizing the need for prudence during unpredictable news periods. The turbulence will likely continue in 2024, with oil prices fluctuating between $70 and $100 per barrel and gold rallying to $2,300 as investors will await      the next inflation spike.

2023 was marked by optimism for the cryptocurrency market, FBS analysts point out. BTCUSD demonstrated remarkable strength, gaining over 120%. Cooling US inflation, anticipation of Fed rate cuts, and the collapse of tech-focused banks earlier this year contributed to Bitcoin’s resilience. Speaking about the potential 2024 dynamic, FBS experts underscore the high incidence of a bearish trend in the first half of the year. Over the past weeks, Bitcoin has been going up to the resistance      of $47,000. In this context, FBS analysts anticipate the recurrence of the 2019 events, when the Fed      cut the key rate due to a weakening economy, which sent risky assets, like Bitcoin, down – this time, the asset may      fall to the supports between $36,000 and $25,000. Although the second half of 2024 is expected to be      positive      for      Bitcoin,      crypto movement will hinge on regulatory changes, institutional adoption pace, and blockchain technology advancements.

The rise of artificial intelligence (AI) was another driver of 2023 and significantly influenced the stocks of AI-related companies. This way, NVIDIA’s stocks experienced a remarkable increase by 165%. However, FBS analysts highlight their overbought nature and advise traders to monitor performance – if the per-share price exceeds $500, it will likely go up to the $700 level.

Emerging markets are expected to play a more significant role in the global economy in 2024, where Asia will be especially attractive. According to FBS analysts, traders can consider India, some Southeast Asian countries, and Brazil when planning their trades. These geographies are poised for significant growth, offering new investment opportunities and influencing global trade dynamics.

FBS’s outlook on 2024 underscores the need for vigilance and strategic planning to navigate uncertainties and opportunities in trading. Careful consideration of the ripple effects of 2023 and emerging events will be critical in making informed decisions.

Distributed by African Media Agency (AMA) on behalf of FBS.

FBS, global broker

For more information, visit www.fbs.com.

The post Ripples of 2023: FBS’s Insight on the 2024 Global Financial Outlook appeared first on African Media Agency.

Source : African Media Agency (AMA)

AMA, Business

ATIDI becomes partner of the Lusophone Compact

MaraviPost
AfDB Vice President Marie-Laure Akin-Olugbade (l) and Kodjo Attaty, senior underwriter for ATIDI (r) following the signing of ATIDI’s membership into the Lusophone Compact. Abidjan 13 December 2023

ABIDJAN, Côte d’Ivoire, 18 December 2023 -/African Media Agency(AMA)/-The African Development Bank Group and ATIDI, the pan African multilateral insurer, have signed an agreement making the insurer a strategic partner of the Lusophone Development Compact.

This marks a significant step forward for both the Lusophone Compact initiative and ATIDI in their joint efforts to provide de-risking instruments and credit enhancement solutions to attract private investments and mobilize capital for transformative projects in Portuguese-speaking African member countries or the PALOPs.

The partnership was signed on Wednesday, 13 December at the African Development Bank headquarters in Abidjan, by African Development Bank Vice President Marie Laure Akin-Olugbade, Acting Chair of the Lusophone Compact Steering Committee and Kodjo Attaty, senior underwriter for ATIDI.

The Lusophone Compact, a financing platform involving the African Development Bank, Portugal, and the six signatory PALOPs, provides risk mitigation, investment products and technical assistance to accelerate private sector development in the member countries. The initiative became effective in December 2018.

As part of the agreement, ATIDI will deploy its risk-mitigating solutions to the Compact’s member states. ATIDI’s investment grade A-rated guarantees has already benefited a number of PALOP countries, including Angola and Mozambique. In April 2023, the Republic of Angola became the first Lusophone member state of ATIDI with a capital subscription of $25 million from proceeds of the landmark BITA Water Project supported by ATIDI. Recognized by the 2022 African Bankers Awards as Infrastructure Deal of the Year, the BITA water development project benefited the lives of over two and a half million people, enabling them to gain access to potable water services in Luanda.

The African Development Bank is a shareholder in ATIDI and supports the organization’s mandate and efforts to expand its geographical footprint across the continent, alongside other strategic development partners such as the European Investment Bank (EIB) and the German Development Bank (KfW). The Bank has   supported seven African member countries using resources from the African Development Fund (ADF), its concessional lending window, to become members of ATIDI, through loans and grants totalling UA 52.82 million (USD 71 million).

Akin-Olugbade said: “Through this partnership agreement, the Lusophone Compact Initiative intends to leverage ATIDI’s broader ability to support the private sector, using its innovative products to reduce reliance on sovereign guarantees and diversify their economies. “This aligns with the Compact’s efforts to create an enabling environment for private sector development.”

“This partnership is a milestone for ATIDI and is aligned with is one of the pillars of our 2023-2027 corporate strategy. Bringing our unique risk mitigation solutions to member states of the Lusophone Development Compact can only fast-track private sector investment within Portuguese speaking Africa, and enable transformational, responsible, sustainable and eco-friendly projects f benefit the people and governments of PALOP countries. ATIDI will play its critical role to the fullest to help achieve this noble development goal,” said Manuel Moses, ATIDI’s CEO.

In next steps, the Compact anticipates the signature and ratification of ATIDI legal instruments by PALOP governments for ATIDI’s membership and an update on ATIDI’s efforts to identify alternative sources of membership financing for African member countries.

To learn more about the Lusophone compact click https://www.afdb.org/en/compacto-lusofono

Distributed by African Media Agency (AMA) on behalf of African Development Bank.

About ATIDI

ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and Surety Insurance. Since inception, ATIDI has supported USD78 billion worth of investments and trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive.

The post ATIDI becomes partner of the Lusophone Compact appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business, Lifestyle

EPM for more CSR Projects in Mulanje and Thyolo

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Eastern Produce Malawi (EPM) Limited, one of the leading tea growing companies in the country says it will continue implementing Corporate Social Responsibility (CSR) projects in the two districts of Mulanje and Thyolo.

The company has recently constructed a classroom and drilled a borehole at Katole Primary School and Ranken village respectively in Mulanje district.

Speaking after handing over the classroom and the borehole to the community, EPM Managing Director David Reynolds said the relationship between the company and the surrounding community is good.

He said this is the reason the company does not hesitate to respond to the needs of the community whenever funds are available.

 “We are part of the community and we find it necessary to implement developmental projects within and beyond our surrounding communities,” said Reynolds.

 Head teacher of Katole Primary School, Sammy Aramson thanked the company for constructing the classroom at the school.

“With this structure, we are close to reaching the country’s recommended 1 to 60 classroom- learners ratio,” said Aramson.

Assistant Coordinating Primary Education Advisor for Mathambi Education Zone Chipiliro Ngochera asked the company to construct a secondary school within the area saying the nearest Bango Community Day Secondary School is at a distance of over 10 Kilometers.

And speaking after receiving the borehole, village head Ranken said shortage of water is now a thing of the past and he thanked EPM for the gesture.

One of the women present at the handover ceremony, Grace Lloyd said there was only one borehole in the village which was not enough to serve over 200 households in the village.

“To show our appreciation, we will ensure that we take care of this borehole with guidance from the borehole committee,” said Lloyd.

According to EPM’s Corporate Affairs Manager Rabson Kachilele, MK 10 million was used on the classroom project while the borehole cost MK9 million.

Business

PCL eyes Puma Energy growth

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Conglomerate Press Corporation Plc Chief Executive Officer (CEO) Ronald Mangani says PCL will continue to grow the Puma Energy Limited brand to create an impact on the domestic market and the country’s economy.

Mangani said this after opening a new Puma Sam Singh Filling Station on 2 Hannover Avenue in Blantyre CBD, where he also promised to see four more stations opened by the end of the year 2023.

“We are very excited to be associated with the PUMA brand. This means a lot to us because it means the brand is growing. It is increasing its footprints in the market and that’s the trend we see and we are very happy with. As PCL, we want to be associated with investments that are actually making a huge impact on the domestic economy, and PUMA is one of them.”

“We are actually expanding all over. This year alone, we have expanded into several places and the expansion will continue into December. We are looking at opening another four before the end of the year and another two by January. It is an expansion that is cutting across the geography of the country,” said Mangani.

Puma Energy Africa Chief Operating Officer, Ben Hassan Outtara, said in an interview, that the expansion signifies the company’s commitment to ensuring creation of investment opportunities in Malawi.

“We are on a growth trend. We want to be aggressive commercially to be able to create opportunities and jobs for Malawi.

“For us, it is important to show our strategy that we want to develop here in Malawi in terms of investment, job creation and sustainability. We need to be finding solutions by working with the Government and talking to the regulator,” said Outtara.

PCL has a 50 percent stake in the Puma franchise in Malawi.

Business

Old Mutual Malawi’s top performing staff members off to Thailand

Maravi Post Reporter

BLANTYRE-(MaraviPost)-The leading financial services provider Old Mutual (Malawi) Limited has sent its top performing 2023 sales staff to Thailand for holidays.

The seven employees left Malawi on December 12 for an 8-day adventurous trip to the Asian country and are expected back on December, 20.

According to Old Mutual’s Human Capital Executive, Rex Kadzongwe, the 8 achieved 50% above their annual target by the end of October 2023 and the trip is a reward attached to this record.

“We are a company that believes in recognizing and rewarding exceptional performance. These trips are one of the many incentives that Old Mutual offers as a way of encouraging staff to work hard and meet their targets,” he said.

Kadzongwe said, that as a responsible business, the company recognises staff as a key stakeholder. We believe that these type of rewards create an environment where our employees find a deep sense of connection and meaning in our purpose of enabling our customers financially thrive.

He said; “The travelling team will come back rejuvenated and more motivated for the next financial year which in turn translates to superior customer experience.

One of the people travelling, Grey Tewete, said they are looking forward to enjoying their time and that they chose Thailand because of its weather particularly in December, the number of tourist sites and the country’s rich history.

Others travelling include Philip Waluza, Johnas Mwanja, Kenneth Kaund, Asa Mwalwanda, Emmie Madikhula, and Sharon Mkandawire.

Business

Castel Malawi donates visibility vests to Kabaza operators

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Giant alcoholic beverages producer Castel Malawi has donated visibility vests worth K3.5 million  to motorcycle taxi operators known as ‘Kabazas’ as one way of helping reduce accidents in the country.

Presenting the donation during this year’s African Road Safety Day commemoration in Chikwawa on Friday, Castel Malawi Corporate Social Responsibility (CSR) Manager Linda Kolomba said the donation is a continuation of the company’s road safety campaign which it launched in September this year.

“We thought of donating these visibility vests to the Kabaza operators as one way of reducing accidents on our roads because they will be visible to other road users. We have a pillar in our CSR strategy on road safety and we are pushing this to make sure that we help reduce road accidents in the country hence our commitment to this cause.”

“We launched our road safety campaign in September this year where we have engaged road users including pedestrians on road safety issues in more than 20 busy trading centres across the country so that we help reduce these road accidents,” said Kolomba.

Receiving the items, Minister of Transport Jacob Hara who was a Guest of Honour at the function hailed Castel Malawi and other companies who donated visibility vests for their efforts in helping road users reduce accidents.

“I would like to thank Castel Malawi and other companies who have donated the visibility vests because this will address the issue of road users which is contained in the National Road Safety Strategy which we are launching today to make sure that road users are visible and therefore help in reducing accidents,” said Hara.

AMA, Business, Technology

Chipper Services 100% of States in the US and Holds 40 Money Transmitter Licenses 

MaraviPost

The announcement significantly strengthens Chipper Cash’s global licensing portfolio taking the total to a 55-strong book of individual authorisations. 

San Francisco, 13 December 2023 -/African Media Agency (AMA)/-  Chipper Cash, a financial services company serving over five million customers across Africa and the US, has announced it now provides 100 per cent coverage in the US, enabling retail and business customers to use the Chipper app to securely send money domestically and internationally in every US state.

The fintech has steadily been delivering on its US licensing program over the past three years. The output has seen the company obtain money transmitter licenses for 80 per cent of US states, with well-established banking partnerships supporting operations across the remaining 20 per cent. State money transmitter licenses are important as they govern the safety and integrity of the payment infrastructure.

“The expansion of our US licensing program now totals money transmitter licenses for 40 individual states, marking a substantial leap forward in our journey to fulfilling our mission – and setting us apart in the fintech landscape,” said Naledi Ngubeni, Chief Compliance Officer, Chipper Cash.

Naledi continued: “We extend our deepest appreciation to regulators in all the jurisdictions that we operate in. Their guidance and oversight have been invaluable in ensuring we maintain the highest standards of financial security and integrity. These licenses aren’t just legal formalities, they embody our core values of providing reliable, safe and trusted financial services. They symbolize our pledge to adhere to stringent regulatory standards, ensuring the utmost security for our customers’ transactions.”

Working in close partnership with regulators, the company aims to acquire all 53 US state and territory money transmitter licenses next year.

Distributed by African Media Agency (AMA) on behalf of Chippers.

About Chipper Cash

Chipper Cash is a financial technology company serving more than five million customers across the African continent. In 2018, Chipper Cash revolutionized moving money in Africa by providing a frictionless way to send and receive money cross-border. Since then, Chipper has increased its product suite by offering personal investments, digital business transactions and AI-led services, and expanded its reach into the US. Led by co-founders Ham Serunjogi and Maijid Moujaled, Chipper Cash is focused on its mission to provide the most trusted and accessible financial services for people living in Africa and beyond www.chippercash.com.

Contact

Becca Watts: rwatts@chippercash.com

The post Chipper Services 100% of States in the US and Holds 40 Money Transmitter Licenses  appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business, Lifestyle

Standard Bank excites nurses, midwives with affordable loans

Maravi Post Reporter

…….Loans can be accessed through the nearest Standard Bank Branch..

LILONGWE-(MaraviPost)-Standard Bank Plc in partnership with Nurses and Midwives Council of Malawi has unveiled an offering which allows registered members to access loans at a discounted interest rates.

This is facilitated through Standard Bank and applies to duly registered nurses and midwives who have an account with the Bank

Within this partnership registered nurses and midwives holding their annual membership certificate will be eligible to access loans at a discounted rate once they have an account with Standard Bank Loans will be made available promptly and deposited directly into the customer’s account.

The Bank’s Head of Products Alipo Nyondo told launch loan event on Wednesday, December 13, 2023 in capital Lilongwe that nurses and midwives play a critical role in the provision of healthcare by contributing significantly to the well-being of patients and the smooth functioning of medical facilities.

“With this in mind, our objective is to play our part in crafting appropriate offers that allow nurses and midwives to access financial services with the most favourable terms.”

“Standard Bank has seen positive response to its services from Malawians of all walks of life”.

He adds, “The Bank is cognisant that nurses and midwives are on the frontline of providing care and support for all Malawians in times of greatest need.

“This takes a lot of personal sacrifice and a high level of discipline to undertake. This offer is one way that the Bank is providing some relief to a key group in a time of greatest need”.

Nyondo explains further, “As Standard Bank we believe that Malawi is our home and we drive her growth. It is only through the impact that we can achieve at the level of individual lives and careers that we can make the broadest and greatest impact With their account held at Standard Bank existing members of the Council can access loans through their nearest Standard Bank Branch.

“The current financial landscape is characterised by high interest and complicated loan processes Standard Bank is offering a streamlined and efficient process”.

He adds, “A heritage of innovation is evident in the broad work the Bank has done in crafting various accounts for professionals in the Private sector and Government.

“The Nurse and Midwife loan is just one solution and entry point into the Standard Bank suite of Services. Where one can choose a dedicated offering, or tailored solution as they go through all the stages of their career:.

The Registrar and CEO of the Nurses and Midwives Council of Malawi, Judith Chirembo said that “As medical professionals we are a key enabler to the health and wellbeing of all Malawians from birth to when we depart this earth.

“For many of us in this noble profession our dreams can only become a reality when we have access to material and financial resources The Registrar assured nurses and midwives that by choosing to access this financing facility they are making a prudent financial decision and will benefit from the dual expertise of the Council and Standard Bank as a financial partner”.

The Chief of Health Services, Dr. Martias Joshua who was also present during the event, commended Standard Bank for offering this discounted loan facility, since credit drives most modern economies.

“Nurses and midwives are looking to achieve their dreams, whether it is further education, purchase of goods in the home, renewable energy equipment, a vehicle of their own, a home or property.

“This solution is comprehensive and intuitive taking from the need for personal development and self-actualization”, lauds Dr. Joshua.

He adds, “Standard Bank has a proven track record from its genesis as Commercial Bank of Malawi to more than 54 years in the current iteration as Standard Bank Malawi Plc.

“This has been achieved through the introduction of products and services which are streamlined to propel the growth of Malawi”.