5TH EAST & CENTRAL AFRICA ROADS & RAIL INFRASTRUCTURE SUMMIT, 26-27 AUGUST 2014, DAR ES SALAAM

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Make sure your organization does not miss out on the 5th East & Central Africa Roads & Rail Infrastructure Summit & Expo 2014 which will be taking place in Dar es Salaam, Tanzania on August 26 & 27.  Benefit from the two-day transport sector gathering: Get the latest insights on projects, investment and partnership opportunities Network with top government officials from Tanzania responsible for projects, tenders and procurement Exchange views and ideas with more than 150 public and private industry professionals and executives who will be in attendance View some of the latest technologies and applications

Confirmed Speakers include: Pierrot Kasonga, Director of Regional Planning & Transport Economist, Ministry of Planning, DRC Apollo Kashanku, Senior Transport Economist, Ministry of Works and Transport, Uganda Dr Mahabubul Bari, Transport Adviser, Ministry of Infrastructure, Rwanda Edouard Nyandwi, Principal Technical Adviser, Cabinet of the Minister of Transport and Public Works, Bujumbura-Burundi Philip Wambugu, Director of Infrastructure, East Africa Community Ronah Serwadda, Commissioner, Ministry of East African Community Affairs, Uganda Eng Solomon Ouna, Railway Project Manager, Kenya Railways Ndayishimiye Jean-Pierre, Chief of Administration Board, Road Authority, Public Works, Bujumbura, Burundi Leo John Ngowi, Manager, Road and Monitoring, Surface and Marine Transport Regulatory Authority (SUMATRA), Tanzania Merian Sebunya Kyomugisha, President, Federation of East African Freight Forwarders Associations (FEAFFA) and Managing Director, BTS Clearing and Forwarding Ltd Eng Yonas Mchomvu, Senior Transport Specialist, The World Bank Patrick Tamba Musa, Transport Specialist, AfDB Eric Kaleja, Director, KfW/DEG, Germany Heiko Ifland, Senior Consultant, Railistics, Germany

See the attached event brochure for full agenda or view the event website at... http://www.magenta-global.com.sg/east-central-africa-roads-rail-transport-infrastructure-2014/

On behalf of the Programme Committee and the Hon Minister of Transport, Dr Harrison G Mwakyembe... we invite you to be part of the 5th East & Central Africa Roads and Rail Infrastructure Summit 2014... EXHIBIT!  An unprecedented platform to showcase your innovation, products, technology and services.  Join these exhibitors and more... SPONSOR!  Get premium branding and marketing exposure at this prestigious event and be among the select few to be on the panel of distinguished speakers... See you this August in Dar es Salaam at the 5th Roads & Rail 2014! Jose Carpio, International Marketing Manager Email: jose@magenta-global.com.sg Tel: +65 6391 2535 Magenta Global Pte Ltd Website:  www.magenta-global.com.sg Click here to access the full event brochure.

WHY CAN'T THE BANKING INDUSTRY SOLVE ITS ETHICS PROBLEMS?

Mark Carney, the governor of the Bank of England, was highly critical of Lloyd’s Banking Group, which stands accused of manipulating a key interest rate.

The financial crisis that nearly brought down the global economy was triggered in no small part by the aggressive culture and spotty ethics within the world’s biggest banks. But after six years and countless efforts to reform finance, the banking scandals never seem to end.

The important question that doesn’t yet have a satisfying answer is why.

Why are the ethical breaches at megabanks so routine that it is hardto keep them straight? Why do banks seem to have so many scandals — and ensuing multimillion dollar legal settlements — compared with other large companies like retailers, airlines or manufacturers?

Some of the world’s leading bank regulators are trying to figure that out. And they have taken to sounding like parents who have grown increasingly exasperated at teenage children who keep wrecking the family car.

LLOYDS BANKING FIRST-HALF PROFIT DOWN SHARPLY ON LEGACY CHARGES

Lloyds Banking Group Head Office

LONDON – The Lloyds Banking Group said on Thursday that its profit declined 63 percent in the first six months of the year as the bank was forced to set aside 1.1 billion pounds for a series of regulatory issues.

Lloyds, which is partly owned by the British government as the result of a bailout during the financial crisis, said profit fell to £574 million, or about $971.7 million, in the first half of the year, down from £1.56 billion in the period a year earlier.

Earlier this week, the bank agreed to resolve investigations by the British and United States authorities into the manipulation of rates, including one used to determine fees paid by Lloyds for taxpayer-backed funding during the financial crisis. The quarter included a charge of £226 million related to those issues.

BARCLAYS POSTS A PROFIT, BUT INQUIRIES LOOM

LONDON – Barclays said on Wednesday that it swung to a profit in the second quarter, but, like many of its investment banking peers, continued to be hampered by a series of litigation and regulatory issues.

For the three months ended June 30, Barclays posted net income of 161 million pounds, or about $273 million, in contrast to a loss of £168 million a year earlier. The results were ahead of analysts’ expectations.

It also said that the United States Justice Department had extended until 2015 the period of review imposed as part of a nonprosecution agreement after Barclays admitted to manipulation of global benchmark interest rates by its employees. Prosecutors want more time to review the bank’s conduct as part of an industrywide inquiry into the foreign exchange market.

UGANDA: NOTICE TO CRANE BANK CUSTOMERS & CLIENTS

Dear Esteemed Customer,

Greetings from Crane Bank Limited!!

We request you to avoid any type of rumours. Your money is completely safe.

Crane Bank has always assured the safety of its esteemed customers. Crane Bank has always complied with the regulations of Bank of Uganda.

Crane Bank has always been there for brighter future of Uganda and Ugandans. We are proud to be fastest growing Ugandan Bank.

We appreciate and thank all our esteemed customers for their ever growing support all over the country as the spread of the branch network continues.

With Warm Regards

Always with you

Crane Bank Limited

UGANDA: PRESS RELEASE FROM CRANE BANK LIMITED REGARDING THE ABSENCE OF ITS MANAGING DIRECTOR, MR. A. R. KALAN FROM OFFICE

ABOUT CRANE BANK

Crane Bank is the largest locally owned Commercial Bank in Uganda. The bank is a part of the Ruparelia Group of Companies whose business interest interalia includes Insurance, Hospitality, Education, Media, Horticulture, Property Ownership and Management. The Chairman of the group 

Dr. Sudhir Ruparelia is ranked #18 in the Forbes "AFRICA's 40 RICHEST".

Crane Bank is head quartered in Kampala and has 40 Branches across Uganda. The Branch network will increase to 50 by the end 2015. Crane Bank is the only Bank in Uganda with a paid up capital of Ush.100 billion, which is way above the regulatory requirements. With a CAGR of 36% lowest cost/income ratio and Tier I and Tier II well above 27%. Crane Bank is one of the strongest banks in Uganda.

PRESS RELEASE

Our attention has been drawn to rumours surrounding the absence of its Managing Director Mr. A. R. Kalan from office. The rumours with a variety of flavours ranging from loss of USD 18 million, others Shs. 60 billion etc are baseless and unfounded. They should be ignored.

Mr. Kalan is on leave with the approval of the Board of Directors.

On granting an extended leave the Board appointed one of its Executive Directors Mr. P. K. Gupta, a seasoned Banker, as the acting Managing Director.

The Board is pleased to announce that in compliance with the requisite regulations governing Financial Institutions , Mr. P.K. Gupta is the Acting Managing Director until further notice.

We appreciate the ever growing support of the Bank`s clientele all over the country as the spread of the branch network continues .

Thank you

J. N. Biribonwa
Chairman , Board of Directors

Click here to read more about the Crane Bank rumours

MBEKI, MOGAE, OBASANJO TO GRACE LEADERSHIP FORUM IN DAR ES SALAAM

Former Presidents Thabo Mbeki from South Africa, Olusegun Obasanjo of Nigeria and Festus Mogae of Botswana are set to arrive in Dar today to attend the African Leadership Forum to be held on July 31st, 2014.

Obasanjo

The forum, which has been convened by H.E. Benjamin William Mkapa, former President of the United Republic of Tanzania and coordinated by UONGOZI Institute will be kick started with a plenary session with H.E. Thabo Mbeki as the keynote speaker. 

Mogae

The plenary will also feature a panel discussion including Mr. Carlos Lopes, Executive Secretary of the United Nations Economic Commission for Africa, Ms. Wendy Luhabe, founder of The Women Private Equity Fund of South Africa, and Mr. Omari Issa, CEO of the Presidential Delivery Bureau in Tanzania.

Mbeki

According to a statement issued this week by UONGOZI Institute, the Forum, which will gather more than 150 participants from Tanzania and across Africa will discuss the challenges of meeting Africa’s transformation.

Mkapa

“The forum will provide a platform to reflect on the journey thus far, take stock of the challenges and opportunities and forecast prospects for Africa’s future,” said the statement.The African Leadership Forum will bring together selected number of key influential leaders and thinkers across the continent, including former heads of state or government, as well as leaders from the business sector, government, civil society and academia.

ABOUT 230 AIR UGANDA STAFF COULD BE JOBLESS NEXT WEEK

Entebbe. Air Uganda will next week inform its workers whether they still have jobs or not.

“We don’t know how long our aircraft will remain grounded, our staff have received their June salary and everyone will be coming to know the company’s plans for their future employment next week,” the company’s Managing Director, Mr Cornwell Muleya, told Saturday Monitor by telephone on Thursday.

Jobs of about 230 employees are in balance following the suspension of the company’s operations after Civil Aviation Authority (CAA) withdrew its Air Operators Certificate (AOC) over safety reasons last month.

Operations of two other companies, Transafrik Limited and the ministry of Defence-owned Uganda Air Cargo Corporation, were also suspended for the same reasons.

UCHUMI TO CROSS-LIST ON DAR BOURSE, AUGUST 15TH

Dar es Salaam. Supermarket chain Uchumi hopes to cross-list on the Dar es Salaam Stock next month.

It has overcome some technical challenges associated with the Business Registration and Licensing Agency that made it difficult for capital market authorities to approve the cross-listing process.

“We are happy that we have fulfilled all the requirements and that we will officially cross-list on August 15,” Uchumi’s country manager Chris Lenana told The Citizen.

Uchumi CEO Jonathan Ciano told Business Daily in Nairobi at the weekend that the retailer had completed all the plans for its part for the rights issue. Uchumi is yet to disclose the offer price but it is normally a six-month weighted average share price plus a discount or premium.

TWO OF TANZANIA'S RESORTS IN LIST OF TOP TEN WORLD'S MOST EXPENSIVE HOTELS

Singita Sasakwa Lodge in Serengeti

 Singita Sasakwa Lodge in Serengeti

Singita Sasakwa Lodge in Serengeti

Dar es Salaam. Two Tanzanian luxury resorts have made to the list of Top 10 most expensive hotels in the world this 2014, according to the recent survey conducted by TravelMag.com.

The two include Singita Sasakwa Lodge in Serengeti that ranks seventh and Mnemba Island Lodge in Zanzibar which ranks tenth in the list. They made to the list with their charges of $3,700 and $3,100 per night for couple this summer respectively. TravelMag.com survey which was done in June this year came to this conclusion after comparing the summer rates of luxury hotels across the globe.

The survey established the world’s 20 most expensive luxury hotels for the months of July and August 2014, the main summer holiday period –and the minimum price a couple can expect to spend to stay at each respective hotel served as the survey’s basis of comparison.

UCHUMI UNVEILS 24-HOUR OPERATIONS FOR SHOPPERS

Uchumi Supermarket at Makumbusho Bus terminal in Dar es Salaam.

Dar es Salaam. Late night shoppers in Dar es Salaam now have a window to engage in their nocturnal supermarket-love affair, thanks to Uchumi.

The retail company has announced it will from today operate non-stop at its new branch at Makumbusho, along the Ali Hassan Mwinyi road.  The move is being attributed to increasing customer demand. Speaking to The Citizen in an interview, Uchumi’s Country manager Chris Lenana said increasing customer demand, especially at Makumbusho and Shekilango branches, has forced the leading retail super market to start 24-hour operations.

“I am happy to tell our customers that now they can purchase goods at the two branches anytime they want,” said Mr Lenana.

MARK ZUCKERBERG IS GOING TO BE 'THE RICHEST GUY ON THE PLANET'

His current net worth is $33.3bn.

Mark Zuckerberg is now richer than Google co-founders Sergey Brin and Larry Page.

Bloomberg News reports that the Facebook chairman added $1.6bn to his fortune today after the world’s largest social network closed at a record. The surge elevated the 30-year-old’s net worth to $33.3bn, moving him past Brin, 40, and Page, 41, as well as Amazon.com Chief Executive Officer Jeff Bezos, 50, on the Bloomberg Billionaires Index.

Zuckerberg is No. 16 on the ranking. The Google founders are 17th and 18th. Bezos occupies the 20th spot.

'He’s just getting started', David Kirkpatrick, author of TheFacebook Effect, said in a telephone interview. 'He’s going to become the richest person on the planet'.

To access the complete Bloomberg News article hit the link below

Facebook Gain Makes Zuckerberg Wealthier Than Google Guys

LLOYDS SUSPENDS SEVEN EMPLOYEES AFTER £226M BILL FOR RIGGING INTEREST RATES

Lloyds Banking Group has suspended seven employees after it was hit with a £226m bill from regulators on both sides of the Atlantic for rigging crucial interest rates.

The 24% taxpayer-owned bank not only became the seventh financial firm to be fined by the Financial Conduct Authority for manipulating Libor, but the first to be censured for deliberately reducing the fees it paid to the Bank of England for emergency funding during the 2008 banking crisis.

Along with the US department of justice – which handed Lloyds a two-year deferred prosecution agreement – and the Commodities Futures Trading Commission, also in the US, the FCA published a series of emails and electronic chats showing jovial exchanges between traders. Referring to each other as mate, dude and lad, the trader emails are signed off with phrases such as "grovel grovel" and spelling errors such as "happy to ablige … rubbery jubbery".

Among those suspended by Lloyds on Monday were three of the four unnamed individuals cited by the FCA who may have been involved in depriving the Bank of England of emergency funding fees of almost £8m.

BARCLAYS - IT WILL BE ALL ABOUT INVESTMENT BANKING REVENUE AND COST CUTTING

Antony Jenkins’s two-year report card is due tomorrow, and it’s shaping up to be a bleak read.

Bloomberg News reports that Barclays’ chief executive officer, who has seen shares slump 20% this year following scandals involving high-frequency trading and currency probes, may report that revenue at the investment bank dropped at least 20% in the second quarter from a year earlier, according to six analysts surveyed by Bloomberg News. That’s about double the average decline for its U.S. peers.

“It will be all about investment-banking revenue” and cost cutting, said Chirantan Barua, an analyst at Sanford C. Bernstein who rates the shares market perform. “A mix of well-known structural headwinds added to a deleveraging business would lead to investment-banking revenue being down 26% in the quarter.”

Jenkins, 53, will end his sophomore year with the bank embroiled in a U.S. lawsuit alleging it hid the presence of high-frequency traders in its dark pool, or private-trading platform, and negotiating a settlement with the U.K. over a currency-rigging probe. The scandals on both sides of the Atlantic are overshadowing his pledge to overhaul the bank’s culture after it was fined for rigging Libor.

To access the complete Bloomberg News article hit the link below

Barclays’s Investment Banking Revenue Seen Falling 20%

BRITISH BANKERS MAY BE SUBJECT TO WORLD'S TOUGHEST BONUS CLAWBACKS

Staff at British banks could be made to hand back bonusesmore than six years after the money has been paid to them under a regime that will amount to the world's toughest rules on clawing back remuneration.

Sky News reports they have learnt that the Bank of England (BoE)'s Prudential Regulation Authority (PRA) has decided to enforce, and potentially augment, a draconian proposal outlined in March.

In a policy statement to be published on Wednesday, it will confirm that banks will have to amend the employment contracts of senior staff in order to implement the new rules, which will come into force on January 1 next year.

Coming in the wake of a series of market manipulation and mis-selling scandals which have triggered tens of billions of pounds in fines and compensation to consumers, the tougher pay framework is likely to be welcomed in Westminster but spark opposition from bank executives who argue that the City's international competitiveness will be undermined.

To access the complete Sky News article hit the link below:

Bankers Face World's Longest Bonus Clawbacks

GANG STORMS STANBIC BANK TANZANIA WITH BAGS OF STONES IN ABORTED ROBBERY

Commander Kova displays bags filled with stones found at Stanbic Bank Kariakoo branch which the suspected robbers left behind.

Dar es Salaam. Attempts by armed robbers to fool bank employees using black bags filled with stones backfired on Sunday when a hawk-eyed staffer blew the whistle on them.

The robbers posed as wealthy clients with a huge amount of money that they wanted to bank in a wicked move to rob the Stanbic bank branch in Kariakoo before the plot blew up.

They were, however, lucky to escape a police dragnet and are now being hunted down. Yesterday, the Dar es Salaam Special Zone police commissioner Suleiman Kova narrated to journalists the drama that unfolded inside the bank.

He denied social media reports that on the material day the robbers escaped with Sh70million. “They did not steal anything but grabbed a small unknown amount of money from a customer who was being served at the counter,” Kova said.

SHOCK OVER FBME BANK TANZANIA LICENSING

Dar es Salaam. The Bank of Tanzania (BoT) could have avoided the potential FBME licencing embarrassment had it heeded advice of banking supervision inspectors, The Citizen on Sunday investigations have established.

On Friday BoT took over the management of FBME which the US had accused of large-scale money laundering and financing of criminal activities such as funding terrorism.

The decision came a week after the Central Bank of Cyprus took over the management and operations of FBME branches there.

Tanzania is the headquarters of FBME.

Impeccable sources told The Citizen on Sunday that BoT had always ignored alerts on the dubious activities of the bank and rebuffed calls for FBME to abide by the ownership rules for commercial banks doing business in the country.

The experts say because of such negligence, BoT will not escape blame for tarnishing Tanzania’s image.

“What is really shocking in this case is the failure of the Bank of Tanzania to supervise it. This is a legal obligation…an obligation that starts with licensing of a bank to operate in Tanzania, to an obligation that is to ensure that the bank complies with the laws and regulations of the country,” said consultant Richard Mushi of Economic and Business Foundation (T) Limited.

TANZANIA PETROLEUM DEVELOPMENT CORPORATION TO CONNECT 40 INDUSTRIES WITH NATURAL GAS PIPELINE

Tanzania Petroleum Development Corporation (TPDC) has listed about 40 industries that will be connected to the natural gas pipeline. The move will enable manufacturers to considerably cut production costs which will lead to reduction of prices of goods and services.

According to TPDC Board of Directors Chairman, Michael Mwanda, the cost of the initial pilot project stands at Tshs 4.6 billion, all funded by the government through TPDC.

He said that the corporation has also launched the direct supply of natural gas to homes in Dar es Salaam, raising new hopes of accessing the crucial energy more cheaply.

“We have inaugurated the distribution pipelines that connect to 57 initial homes. The new system will supply gas from Ubungo main station to Mikocheni homes and will later be extended to other sections of the city. The aim is to see most homes in Dar es Salaam connected to the natural gas supply system,” he said.

Already three gas distribution centers have been constructed in Sinza, Mwenge and Manzese sections of the city for ease access.

DAR TARGETS 33BN/- IN OIL, GAS INSURANCE PREMIUMS

TANZANIA will be capable to underwrite at least US$20 million (about 33bn/-) in insurance premiums a year from oil and gas industry in the next few years, provided the country puts in place the right policy and law.

This was revealed in Dar es Salaam over the weekend, when the Minister of State in the President's Office (Special Duties) visited offices of the Tanzania Insurance Regulatory Authority (TIRA).

The Commissioner of Insurance, Mr Israel Kamuzora, said in his report that several countries with oil and gas economies, including Nigeria have clauses and provisions expressly directing insurance services to be provided locally. "Tanzania can learn a lot from those countries," Mr Kamuzora said.

He said 30 insurance firms operating in Nigeria in 2010 collectively underwrote over US$ 200 million premiums from companies involved in oil and gas activities.

INVESTMENT COMPANIES REAP BILLIONS AT DAR ES SALAAM STOCK EXCHANGE

TWO investment management companies have earned over 100bn/- through NMB Bank Plc's share trading at Dar es Salaam Stock Exchange (DSE) last year.

Bank of Tanzania (BoT) said in its 2013/14 Financial Stability report that troubled NICOL shareholders made a whopping 86.46bn/- while those of TCCIA Investment Company Limited made 16.92bn/-.

"NICOL investment in NMB shares reached 86.46bn/- which give comfort to its investors that at least one investment is safe. TCCIA Investment Company Ltd net assets doubled as at end December 2013 when it increased from 8.36bn/- to 16.92bn/-, mainly due to appreciation of share prices of listed companies, the company has invested into," the over 40 pages report said.

The report further noted that turnover at DSE and participation rate during the year ending March 2014 increased with a sharp increase last December 2013.

NAKUMATT RETAILER NOW IN DAR ES SALAAM

THE door is wide open for investors in the East African region and beyond to come to Tanzania, Deputy Minister for Industry and Trade, Ms Janeth Mbene, has said.

She vowed the government full cooperation with investors and creation of a conducive climate for doing business profitably in the country.

The deputy minister said this on Sunday at the launch of the first branch of a regional retailer, Nakumatt Holdings in Tanzania.

The firm has taken over properties of Shoprite, a South African retailer. "The launch of Nakumatt Mlimani store in the country, speaks volumes that Tanzania has made positive strides in assuring conducive environment to investors," Ms Mbene said.

She said Nakumatt Mlimani will provide all requirements under one roof for all shopping needs, limiting the need for consumers to visit more than one store. Ms Mbene urged farmers and manufacturers to take advantage of the opportunity provided by Nakumatt Holdings of stocking its stores with locally made produce.

BENKI YA EXIM YAWAANDALIA FUTARI WATEJA WAKE ZANZIBAR

Waziri wa Biashara Viwanda na Masoko wa Zanzibar, Mhe. Nassor Mazrui (kulia) akizungumza wakati wa Iftari iliyoandaliwa na Benki ya Exim Tanzania Tawi la Zanzibar kwa ajili ya wateja wake hivi karibuni. Wengine kulia kwake ni baadhi ya wafanyakazi wa benki hiyo na wateja walioalikwa katika tukio hilo.

Baadhi ya wafanyakazi na wateja wa Benki ya Exim Tanzania wakijumuika pamoja akatika Iftari iliyoandaliwa na benki hiyo Visiwani Zanzibar kwa ajili ya wateja wake.

Source: Michuzi Blog

BARCLAYS STILL STRUGGLING TO HOLD ON TO KEY EMPLOYEES

Barclays Wealth has suffered more senior departures, further indicating that the UK bank is struggling to retain key employees following a strategic overhaul of the business.

The Financial Times reports that at least three high-profile employees left Barclays Wealth in June, including Sarah Newman, head of alternatives, Helen Posner, head of private equity, and Laurent Perusset, who led the bank’s Swiss investment business. All three joined the bank in 2010.

It has also emerged that Stuart Cummins, managing director of private banking and wealth management, who worked at the bank from 2004 until 2014, left in February.

Barclays declined to comment on the departures, which add to thegrowing list of senior executives to have left the bank since it announced it would pull out of 200 wealth markets last September. Barclays subsequently decided in April to roll its wealth and investment management unit into its retail banking division.

Hit the link below to access the complete Financial Times article:

Barclays Wealth fails to halt talent drain