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Monday, 31 October 2016

ZANTEL LAUNCHES 4G NETWORK IN ALL CITIES OF TANZANIA

Zantel Chief Executive Officer, Benoit Janin (centre), addresses a media conference during the official launching of Zantel 4G whereby Zantel subscribers in all cities of Tanzania will now have access to newly improved Zantel 3G and 4G network. Looking are company’s Network Operations Manager, Ahmed Hassan Abdallah (left), and Head of Sales, Herbert Louis.

ZANTEL Tanzania has launched 4G Long Term Evolution (LTE) services, as part of the expansion and modernisation of its network that will improve the reach and quality of voice and internet services in the country.

The telecom firm’s Chief Executive Officer Mr Benoit Janin said at the weekend that the completion of the modernisation and rollout of the widest 4G network would benefit the present and potential customers. “The launch of 4G LTE marks the completion of phase one of the network modernisation to give customers the best, low cost and uninterrupted services,” he said.

ETIHAD AVIATION GROUP AND PARTNERS WILL SUPPORT ALMOST 425,000 JOBS AND CONTRIBUTE UP TO US$3.6 BILLION TO AFRICAN ECONOMY IN 2016

Etihad Aviation Group (EAG) and its equity airline partners will support almost 425,000 jobs and are expected to contribute US$3.6 billion GDP to the African economy in 2016, as Abu Dhabi becomes a key hub for business travel both into and out of the continent.

A report released by leading international research organisation Oxford Economics Group reveals that EAG and its partners make a substantial contribution to economic prosperity in Africa and throughout the global economy providing vital connections between leading commercial centres and emerging markets.

Sunday, 30 October 2016

BANKS FAILING COAST TO COAST SHOW SPREADING AFRICA DISTRESS

Bob Diamond, atlas Mara's founder.

  • Ugandan bank collapse adds to problems from Nigeria to Zambia
  • Atlas Mara may have ended up with bad asset, Exotix says
African banks are sinking deeper into trouble. Drowning in bad debt and swamped by slowing economies, more and more of the continent’s lenders are starting to fail.

The collapse of a Ugandan bank, said to be an acquisition target of Bob Diamond’s Atlas Mara Ltd., is adding to woes stalking the industry from Mozambique to Nigeria. High interest rates, soaring levels of unpaid loans and low commodity prices are just some of the factors felling banks as growth across the world’s poorest continent stutters.

Ugandan regulators on Thursday suspended the board of Crane Bank Ltd. and took over operations because the lender was under-capitalized, days after trying to ward off a run on deposits. Nigerian regulators in July replaced the management of the country’s eighth-largest bank. Kenya and Zambia both seized some of their smaller banks, Mozambique this month had to stabilize one of its lenders, while Democratic Republic of Congo had to step in for one of its biggest banks.

BANK OF TANZANIA TAKES OVER TWIGA BANCORP OPERATIONS

Central Bank Governor, Prof Benno Ndulu.

Bank of Tanzania (BoT) has, starting Friday, taken over the administration of Twiga Bancorp Limited, as it pronounced it undercapitalised. The announcement was made in Dar es Salaam on Friday by the Central Bank Governor, Prof Benno Ndulu, when speaking to reporters.

Prof Ndulu said BoT has already appointed a statutory manager to handle the affairs of the bank and has as well suspended the board of directors and management of the bank.

“The measures have been taken according to the powers bestowed to BoT under Section 56 (1) (g and i) and 56 (2) (a)-(d) of the Banking and Financial Institution Act of 2006,” he noted.

He further said that a systematic risk to the stability of the financial system and that of continuation of Twiga operations in its current capital position was detrimental to the interest of its depositors.

Friday, 28 October 2016

BENKI YA EXIM YABORESHA HUDUMA KWA WATEJA WAKE, WAZINDUA TAWI LA TEMEKE JIJINI DAR.

Mkuu wa Kitengo cha Fedha wa Benki ya Exim, Seleman Mponda akishirikiana na wafanyakazi wa benki hiyo tawi la Temeke kukata utepe kuashiria uzinduzi wa Tawi la Temeke jijini Dar es Salaam.

BENKI ya Exim imefanya maboresho ya huduma zinazotolewa kwa wateja wake wa maeneo ya Temeke, jijini Dar es Salaam kwa kufungua tawi jipya ambalo lina maboresho mengi tofauti na jengo ambalo walikuwa wakilitumia awali.

BAYPORT FINANCIAL SERVICES INCREASES CUSTOMER BASE

At least 518,000 customers have regularly benefited from microcredit facilities offered by Bayport Financial services (BFS) in the past 10 years.

The company’s Executive Officer, Mr John Mbaga, said recently that since its establishment in 2006, BSF has played a crucial role of improving people’s lives. He said that in 2015 the company disbursed over 48bn/- for business operations.

Mr Mbaga said that over the last 10 years, the micro-credit firm has contributed significantly to improving the lives of thousands of Tanzanians through provision of credit to formally and informally employed individuals in emerging markets.

“It has been an exciting journey filled with achievements.

Without all our stakeholders, we would not have achieved these great milestones. Bayport Tanzania is growing stronger every year. As we march into the next decade, we are determined and committed to achieve even higher standards of excellence in providing our unmatched products and services in Tanzania,” noted Mbaga.

He added that the company’s desire is to improve lives of customers and give them opportunity to set strong foundation for the future generation. “Our desire is to improve the lives of our customers and give them opportunities that will benefit not just them but their children and the entire community,” he said.

NMB TO SUPPORT TELKOMS MONEY AGENTS

NMB Acting Chief Retail Banking, Mr Abdulmajid Nsekela.

National Microfinance Bank (NMB) has partnered with Airtel and Tigo to support availability of cash and e-money for the telecoms agents to run their business smoothly.

The partnership seeks to help Tigo Pesa and Airtel Money agents overcome float and cash challenges and address Tigo pesa and Airtel Money agent’s liquidity management problems through NMB branches countrywide.

NMB Acting Chief Retail Banking, Mr Abdulmajid Nsekela, said the partnership clearly demonstrates the revolutionary role that the banks and mobile communications companies can play in improving the living conditions of the communities, while at the same time pioneering financial inclusion in the country.

“The NMB branches network captures the essence of our ‘Close to You’ slogan while believing that the integration to bring mobile agents and their customers closer to services wherever they are. Our aim is to also support other businesses get closer to their customers by giving them easy access to NMB channels,” he said.

TANZANIA AGRICULTURAL DEVELOPMENT BANK POSTS PROFIT IN QUARTER 3

Tanzania Agricultural Development Bank (TADB) has registered positive trend in the current year to September after posting 1.78bn/- net income compared to a negative growth of 1.10bn/- in the corresponding period in 2015.

According to the bank’s financial statement, net income after tax slowed to 490m/- in the quarter ended September compared to 499m/- in the quarter ended June, this year. The statement shows that net interest income increased to 7.09bn/- compared to 2.67bn/- in the comparative year 2015.

The bank has recorded outstanding performance in just one year of its operations since its launch in August, last year. Loans and advances to total deposits increased by 4 per cent in the quarter ended September to 2.56bn/- compared to increment of 3 per cent to 2.08bn/- in the previous quarter to June, this year. Also, property, plant and equipment increased to 2.12bn/- in the period under review compared to 1.99bn/- in the preceding quarter.

MOZAMBIQUE APPROACHES CREDITORS OVER DEBT RESTRUCTURING


NAIROBI, Kenya—Mozambique has approached international creditors, saying its debt is unsustainable and needs to be restructured, a move necessary to improve relations with its donors and the International Monetary Fund, as well as to avert a financial collapse.

According to a presentation on the southern African nation’s finance-ministry website, debt will amount to more than double gross domestic product this year.

Billions in hidden debt held by the small, gas-rich nation came to light when The Wall Street Journal disclosed that a number of state-owned firms secretly had borrowed as much as $2 billion using the sovereign as a guarantor.

After that disclosure, the IMF suspended a bailout for the country, which it had approved in late 2015. International donors such as the U.K. and European Union followed suit and suspended their budget-support programs, dealing a blow to the country’s finances.

The IMF and Mozambique’s donors have been demanding an independent audit of the country’s debt and how that money was spent.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


TANZANIA SHINES IN 2017 'DOING BUSINESS' REPORT

TPSF Executive Director, Godfrey Simbeye.
Tanzania has performed impressively in doing business report, scoring 54.48 points in distance to frontier (DTF) and rising seven places in the global ranking.

According to the World Bank’s 2017 Ease of Doing Business report, Tanzania, which has moved from the 139th position in 2016 to 132nd in 2017, is among the countries that have performed well in the Sub- Saharan Africa.

Reacting to the report, Private Sector Development Programme Coordinator in the Prime Minister’s Office Barney Laseko, said the government is keen to reform the business environment in the country, with the views of registering better performance in future.

He said the government is determined to make changes on four critical areas - business licensing, land reforms, easy registration of businesses and people’s registration -noting that the four areas have been identified as key factors to improve business environment in the country.

He said the government has been working closely with the private sector towards improving business environment and speeding up economic development. According to Mr Laseko, the government is more concerned with business environment reforms in support of the ambitious industrial driven economy.

PCCB, TRA PROBE NSSF PROJECT

NSSF Board of Trustees Chairman Samwel Wangwe.
Controversies shroud the National Social Security Fund (NSSF)’s joint venture with Azimio Housing Estate on the development of Kigamboni’s 20,000 acres, with separate investigations launched to uncover serious irregularities.

The Prevention and Combating of Corruption Bureau (PCCB) and Tanzania Revenue Authority (TRA) have both embarked on the separate extraordinary investigations on the mega project.

NSSF Board of Trustees Chairman Samwel Wangwe told the Parliamentary Public Accounts Committee (PAC) here yesterday that according to NSSF thorough assessment, the 653 million US dollar (over 1.3trn/-) project was marred by serious irregularities.

In the partnership to development, the Kigamboni Satellite City, Azimio Housing Estates was responsible for the development of 20,000 acres in Kigamboni, with the first phase covering 300 acres. NSSF controls 45 per cent stake in the project, with Azimio holding the remaining 55 per cent.

Under the terms of capital sharing, NSSF had to fund 45 per cent of the 1.3trn/- while Azimio was committed to fund 35 per cent cash plus the land value that was estimated at 20 per cent.

Prof Wangwe said NSSF injected in the project 129 million dollars (about 270bn/-) while Azimio provided 5.5 million dollars (over 11bn/-). During the parliamentary committee session, Members of Parliament (MPs) questioned the rationale of the majority shareholder injecting in the project less funds than the minority counterpart.

Thursday, 27 October 2016

ETIHAD AIRWAYS TO FLY ITS B787 DREAMLINER TO TOKYO

  •  Boeing 787 Dreamliner offers Etihad Airways’ luxurious First Suites, Business Studios and Economy Smart Seats on the Abu Dhabi-Tokyo Narita route for the first time.
  • An onboard Chef, Food and Beverage Manager and Flying Nanny offer innovative hospitality services inflight.
From 1 December 2016, guests flying between Abu Dhabi and Tokyo Narita will enjoy the luxury and comfort of a Boeing 787 Dreamliner when Etihad Airways upgrades its service on the route.

The state-of-the-art aircraft, configured in three classes, features the airline’s ground-breaking First Suites, Business Studios and Economy Smart Seats. It will replace the Airbus A340 which currently operates the non-stop service.

Kevin Knight, Etihad Aviation Group Chief Strategy and Planning Officer, said the upgrade to the B787 Dreamliner reflected the importance of the Japan route and the airline’s commitment to the market.

“The B787 Dreamliner is an exceptional aircraft from an operational and guest experience perspective.

Wednesday, 26 October 2016

SOUTH AFRICAN CEOs CALL FOR GORDHAN CHARGES TO BE DROPPED

South African Finance Minister, Pravin Gordhan.
JOHANNESBURG (Reuters) - At least 80 heads of top South African firms including Anglo American, Barclays Africa Group and Naspers want fraud charges against Finance Minister Pravin Gordhan to be dropped.

The top executives of mostly-listed firms in Africa's most industrialised country - ranging from mining, media, retail and banking - said in a newspaper advertisement on Sunday that political wrangling was damaging an already stalling economy at a time the country faced a sovereign credit downgrade.

"We stand as one for the rule of law and against the decision to prosecute the Minister of Finance on charges that are, according to the preponderance of expert legal opinion, without factual or legal foundation," they declared.

The charges say Gordhan, while running the tax agency, fraudulently approved early retirement for a deputy commissioner and re-hired him as a consultant, costing the tax agency around 1.1 million rand ($79,000).

DANGOTE SACKS 48 WORKERS AS ECONOMIC RECESSION PLUNGES DEEPER

Dangote Group, one of the biggest employers of labour, owned by Africa’s richest man, Aliko Dangote, has relieved 48 persons of their job with the company.

Those sacked include; 36 expatriates and 12 Nigeria workers, who were mainly based at their headquarters and one of the subsidiaries of Dangote Cement plc.

The decision to reduce the staff is because the company said they were spending so much on footing the bills of some of the relived staff who are expatriates, while the Nigerians were sacked in line with disciplinary action taken against them for their misconduct.

It was also gathered that the decision to sack some of the workers was also because of the low productivity and income generated by Dangote group as a result of the current economic recession which is biting deep in the economy especially on big companies who rely on foreign exchange to run their businesses.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


ZIMBABWE FINALLY SETTLES IMF DEBT


Zimbabwe has finally paid off its 16-year debt to the International Monetary Fund (IMF) as part of its arrears clearance strategy with multilateral institutions.

According to a statement released by IMF director of communications Gerry Rice on Friday, Zimbabwe settled its financial obligations on Thursday.

"On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust of the IMF. Zimbabwe had been in continuous arrears since 2001." The amount paid was about $107.9m.

"Zimbabwe is now current on all its financial obligations to the IMF," said the fund.

TSN PLANS TO BE MEGA-PROFIT MAKING PUBLIC INSTITUTION

TSN Managing Editor, Dr Jim Yonazi.
Tanzania Standard (Newspapers) Limited (TSN) plans to be a mega- profit making government institution, including improving its printing press to enhance quality of its publications and position itself well to cope with competition in the media industry.

TSN is a governmentowned media company that publishes the ‘Daily News’, ‘Sunday News’, ‘HabariLeo’ and ‘HabariLeo Jumapili’ as well as the sports bi-weekly ‘SpotiLeo’. TSN Managing Editor Dr Jim Yonazi outlined the company’s business plan on Monday when he appeared before the Parliamentary Public Investments Committee (PIC).

“In fact we are a businessoriented company and we are putting measures in place to make sure that we increase efficiency in business,’’ he told the committee.

Tuesday, 25 October 2016

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


PARLIAMENTARY COMMITTEE SUMMONS TREASURY PS OVER PSPF DEBT

Mr Dotto James.
The Parliamentary Public Accounts Committee (PAC) has summoned the Permanent Secretary (PS) in the Ministry of Finance and Planning, Mr Dotto James, to appear before the committee tomorrow afternoon to give concrete answers on the debt that the Public Service Pension Fund (PSPF) owes the government.

PAC Chairperson Naghenjwa Kaboyoka summoned Mr James to appear in person insisting that he should not send any representative as PSPF had many issues that required direct answers from either the fund’s Board Chairperson or the Paymaster General.

The decision came after the PS failed to appear before the committee yesterday without issuing any official communication on his absence although he had confirmed earlier before the committee that he would attend.

“This committee is legally recognised by law, we don’t want to be taken for granted by anyone because our duty is to supervise the government,’’ said Ms Kaboyoka adding: “We have lost a lot of time discussing the PSPF documents since morning because we want the public to know the fate of their money and the only person to give concrete answers here is the PS.’’

PAC was yesterday set to discuss the financial reports of PSPF but as per the Parliamentary Standing Orders, the committee decided to postpone the session after the PS went missing.

Only in attendance were PSPF Director General, Adam Maingu, the Director of Planning and Investment, Mr Gabriel Silayo, the Director of Finance and Administration, Yahaya Majid and the Director of Operations, Ms Neema Muro. MPs were unhappy after the PS skipped a key crucial meeting, insisting that they were not ready to discuss the PSPF financial reports when the PS was absent.

According to the PSPF DG, already the minister has appointed the board members while the board chairperson’s appointment awaited an announcement by President John Magufuli. “He understands that PSPF has no board chair, and he surely understands that PSPF owes the government huge debts.

AIR TANZANIA FOR DIRECT FLIGHTS TO MOROCCO SOON


Air Tanzania Company Limited (ATCL) and Moroccan Royal Air Maroc are scheduled to sign a codeshare agreement to open direct flight between Dar es Salaam and Rabat.

Speaking shortly after signing the 21 bilateral deals between Tanzania and Morocco in the city yesterday, President John Magufuli said he had principally agreed with his visitor to launch the direct flights between the two cities.

He said the flights will help boost tourist arrivals, with Moroccan figures indicating that last year, the North African country registering 10.5 million tourist arrivals amid the target of 14 million tourists this year.

“There will be direct flights to Rabat...we will enhance cooperation with Royal Air Maroc,” President Magufuli said at State House, noting that the two countries had agreed to strengthen security cooperation, with Tanzania expected to deploy some 150 uniformed personnel anytime next year for an exchange programme.

EX-TPA BOSS, THREE OTHERS ARRAIGNED OVER 8BN/- BRIBE

Four people, including estranged Tanzania Ports Authority’s (TPA) Director General Ephraim Mgawe were arraigned yesterday, charged with an 8bn/- corrupt transaction.

Besides Mgawe, before the Kisutu Resident Magistrate’s Court were former TPA Director of Engineering Bakari Kilo (59),TPA Procurement Unit Manager Theophil Kimaro (54) and 60-year old DB Shapriya Managing Director Kishor Shapriya.

Before Principal Resident Magistrate Thomas Simba, all accused denied the charges relating to a tender deal for the construction of an oil pipeline.

They were granted bail subject to each securing two reliable sureties, with every surety required to sign a 500m/- bond.

Magistrate Simba also ordered all accused to surrender before the court their passports or any other travel documents before adjourning the case for another mention to November 7. Investigations into the matter, according to the prosecution, have not been completed.

A prosecutor from the Prevention and Combating of Corruption Bureau (PCCB), Mr Emanuel Jacob, told the court that the accused committed the offences on diverse dates at unknown places in the city between 2009 and 2012.

DAR, RABAT INK 21 MEGA DEALS

President John Magufuli briefs his visitor, King Mohamed VI of Morocco, as he welcomes him for talks at State House in Dar es Salaam yesterday. The monarch is in the country for a tree-day state visit.
Tanzania and Morocco yesterday signed 21 mega deals involving about 4 trillion/-, thanks to the historic visit by Moroccan King Mohammed VI.

The inked deals cover the natural gas, energy, minerals, science and technology, agriculture, tourism, banking, insurance, export processing zones, transport and health sectors, involving the General Confederation of Moroccan Enterprises (CGEM), Bank of Africa, Moroccan Agency for Solar Energy (MASEN), Morocco’s Office Cherifien de Phosphate (OCP), Moroccan Insurer (MAMDA), Attijariwafa Bank and the government.

King Mohamed, whose trip to East Africa included a stopover in Rwanda last week, had talks with President John Magufuli in Dar es Salaam yesterday, focusing on broadening the cordial relations between the two friendly countries.

The Moroccan Monarch promised to support Tanzania’s renewable energy sector, promote private partnerships, south-south relations, support the tourism industry and improve trade relations between the two countries.

Monday, 24 October 2016

KUNDI LA MAKAMPUNI YA S & E GROUP LTD. NA S & E PHOTOS & VIDEO SERVICES LTD ZAZINDULIWA RASMI

Mchungaji Kiongozi wa K.K.K.T. Mbezi Beach hivi karibuni aliiweka wakfu na kuifungua rasmi Kundi la Makampuni ya S & E GROUP LTD pamoja na Kampuni dada ya S & E PHOTOS & VIDEO SERVICES LTD. (aka LB STUDIOS & VIDEO PRODUCTION). 

Mwenyekiti wa Makampuni ya S & E GROUP LTD. na Mkurugenzi Mtendaji Bw. Elihuruma Ngowi akitoa maelezo kwa Mchungaji Allen Mbiso wakati wa ufunguzi wa Kundi la Makampuni ya S & E GROUP LTD. pamoja na Kampuni ya S & E PHOTOS & VIDEO SERVICES LTD hivi karibuni.
Mchungaji Kiongozi wa K.K.K.T. Usharika wa Mbezi Beach, Mch. Allen A. Mbiso (kulia) akifanya maombi na hatimaye kufungua rasmi ofisi za Kundi la Makampuni ya S & E GROUP LTD. pamoja na Kampuni ya S & E PHOTOS & VIDEO SERVICES LTD hivi karibuni.Kushoto ni Mwenyekiti wa Kundi la Makampuni ya S & E GROUP LTD. na Mkurugenzi Mtendaji wa Kampuni ya S & E PHOTOS & VIDEO SERVICES LTD Bw. Elihuruma Ngowi.

TANZANIA INVESTMENT BANK BOARD TOLD TO BOOST INDUSTRIAL ECONOMY

Dodoma - The Minister for Finance and Planning, Dr Philip Mpango has urged Tanzania Investment Bank (TIB) board of directors to support establishment of industries so that the country could realize middle income economy by 2020.

Dr Mpango was speaking during an official launch of the TIB board of directors in Dodoma last week. According to Dr Mpango, board of directors played a significant role in the establishment and developing of the country’s economy in the past.

He said, likewise, TIB board of directors should focus on supporting the establishment of textile, leather, paper and many other industries across the country. He said TIB board of directors must ensure the bank is heading to the right direction by recording good performance in various areas including supporting development of industries in the country.

“I would like to ask you to support the bank to record good performance. This bank must support development programmes in all spheres,” he said.

SHILLING MAINTAINS STABILITY IN 9 MONTHS

The shilling has maintained its stability after fluctuating by 1.18per cent against US dollars in the last ten months. The Bank of Tanzania (BoT) data shows that the shilling fluctuated from 2,161/48 of the turn of the year to 2,187/16 of today.

The local currency firmness is good news since it stabilises price of imported goods and services. CRDB Bank said the shilling is however expected to remain stable against the greenback following a match in demand and supply.

Stability also “easing pressure on the dollar from importers,” the bank said in its daily highlight report. On other hand since the beginning of this month the shilling went down slightly by one shilling to 2,187/16.

National Microfinance Bank (NMB) said slight depreciation was noticed to be on higher side on Wednesday, specifically from retailers, tele-companies and manufacturers. “The local currency traded slightly thin Wednesday where there was no significant movement on the shilling,” NMB said in its daily e-market report.

CRDB said the local currency declined against the US dollar closing at an Interbank mean rate of 2187/13, a decline of 0.08 per cent from Monday's close.

Sunday, 23 October 2016

TANZANIA FINANCIAL SERVICES EXPO 2016


AFRICA PAYMENT SOLUTION EXPO 2016


TANZANIA MORTGAGE BUSINESS EXPO 2016


TANZANIA LENDERS EXPO 2016


AFRICA VENTURE CAPITAL EXPO 2016


BALOZI WA TANZANIA NCHINI UINGEREZA AWASILISHA HATI ZA UTAMBULISHO KWA MALKIA ELIZABETH II

Balozi wa Tanzania nchini Uingereza, Mhe. Dkt. Asha-Rose Migiro akisalimiana na Malkia Elizabeth II wa Uingereza mara baada ya kuwasili katika Ikulu ya nchi hiyo ya Buckingham kwa ajili ya kuwasilisha Hati za Utambulisho. Kulia ni mwenza wa Dkt. Migiro, Prof. Cleophas Migiro.
Mhe. Balozi Dkt. Migiro akiwasilisha Hati za Utambulisho kwa Malkia Elizabeth II wa Uingereza huku mwenza wake Prof. Migiro akishuhudia.
Malkia Elizabeth II akisalimiana na Prof. Cleophas Migiro.
Malkia Elizabeth II akizungumza na Mhe. Balozi Migiro.

ZANTEL UPGRADES ITS NETWORK FOR BETTER SERVICES

Benoit Janin, Zantel Chief Executive Officer.
Customers to select automatic Network Selectionand enable Data Roaming on their phones
Dar es Salaam, Friday 21st October 2016 - Zantel has set the pace in delivering innovative telecommunication solutions that have changed the lives of millions of people in Tanzania. The company is currently undertaking a modernization of it network in order to ensure that everyone can enjoy the best 4G data experience.

In a press statement issued in Dar es Salaam, Benoit Janin, Zantel Chief Executive Officer said, “we have invested continuously in our network to ensure that every one in Tanzania can enjoy the benefits of mobile technology with Zantel. The ongoing network upgrade will further strengthen our network quality, unmatched coverage and access the fastest internet services available in the market today on the new 4G network”

As a result of a technical requirement of the modernization process of the network, Zantel customers will temporarily need to ensure that their phone settings are adjusted as of the 1st of November until 31st December 2016.

TOYOTA TANZANIA'S NEW MODERN SHOWROOM UNVEILED

The Japanese Ambassador to Tanzania, Masaharu Yoshida, admires the newly introduced Toyota Land Cruiser VXR during the launch of Toyota Tanzania’s state of the art showroom in Dar es salaam over the weekend.
The Japanese Ambassador to Tanzania, Masaharu Yoshida congratulates the Chairman and CEO of Toyota Tanzania, Mahmood A. Karimjee during the launch of Toyota Tanzania’s state of the art showroom in Dar es salaam over the weekend.
Chairman of the Karimjee Jivanjee Foundation, Hatim Karimjee (left) and the Japanese Ambassador to Tanzania, Masaharu Yoshida (right) follow events closely during the launch of Toyota Tanzania’s state of the art showroom in Dar es salam over the weekend.
Toyota Tanzania Limited has taken its customer experience a notch higher by unveiling a state-of-the-art flagship showroom at its head office in Dar es Salaam.

Mahmood A. Karimjee, Executive Chairman and CEO of Toyota Tanzania, said: “The opening of the new showroom marks an exciting stage in the Toyota Tanzania journey, and demonstrates the Karimjee Group’s commitment to excellence across the board. Customers are now set to benefit from a world-class facility that will ensure that they continue to receive an unbeatable experience for years to come”.

The new larger state-of-the-art facility follows the Toyota global standard. With a 1.2 meter raised showroom to improve vehicle visibility from the road, impressive 6.0 meter floor to ceiling glass frontage to capture natural light, increased space by providing an opportunity to view more vehicles, intimate negotiating pods, VIP meeting facilities and equipped with the latest technologies such as Interactive displays and the chance to use tablets, The new showroom will house the Toyota and Hino model range including the recently launched 8th generation Hilux pickup, the second generation Fortuner SUV and the Land Cruiser VXR.

NEW MOZAMBIQUE ENERGY MINISTER APPOINTED AHEAD OF HUGE GAS DEALS

MAPUTO Oct 19 (Reuters) - Mozambican President Filipe Nyusi has appointed businesswoman Leticia Klemens as his new energy minister, just weeks after Maputo and Italy's Eni signed a 20-year deal to sell BP liquefied natural gas (LNG).

Mozambique's official news agency AIM said Klemens was chairwoman of Mozambique's largest commercial bank, the International Bank of Mozambique, and also headed the Association of Mozambican Businesswomen.

Her predecessor Pedro Couto was removed in late September and appointed as president of Mozambique's Cahora Bassa hydroelectric power company.

The southern African state discovered offshore gas reserves six years ago amounting to some 85 trillion cubic feet, one of the largest finds in a decade and enough to supply Germany, Britain, France and Italy for nearly two decades.

SOUTH AFRICA'S CENTRAL BANK SETS HIGH BAR FOR RATE CUT

South Africa's central bank may be nearing the end of its interest rate hiking cycle but the bar remains very high for reductions, Governor Lesetja Kganyago said on Thursday.

The bank kept its benchmark lending rate unchanged at 7 percent for a third consecutive time in September, and has since repeatedly said it might soon halt an incremental rise in interest rates that started in early 2014 to tame inflation.

Speaking at a business conference, Kganyago said there had been some improvement to the inflation outlook recently.

"The hiking cycle may be nearing its end. However, this does not mean the interest rate reductions are imminent, as we would like to see inflation more firmly within the target range on a sustainable basis over the forecast horizon," he said.

"We are also clear that the bar for any future rate cuts has been set very high."

The bank sees consumer inflation averaging 6.4 percent in 2016, outside of its target range of 3-6 percent, before falling back within the range in 2017.

CONGO CENTRAL BANK ACTS OVER FALLING CURRENCY AND RISING INFLATION

KINSHASA (Reuters) - Democratic Republic of Congo's central bank said on Wednesday it has increased the percentage of deposits banks must keep with it and plans to intervene in foreign exchange markets to prop up the franc currency and contain accelerating inflation.

The mining and oil sectors account for some 95 percent of export revenues in Africa's top copper producer and declining production has heaped pressure on the franc.

As a result, the government now forecasts inflation, which was less than 1 percent last year, to run close to 5 percent this year.

In a statement, the central bank said it had raised mandatory reserve requirements for domestic banks from 10 to 13 percent for short-term deposits and from 9 to 12 percent for long-term deposits.

It said the central bank would sell foreign currency on the market to further support the franc "if the economic fundamentals require it".

The bank has intervened repeatedly this year to support the franc, which has depreciated by more than 27 percent against the U.S. dollar on the parallel market to around 1,191 per dollar. Its official exchange rate was 1,086 per dollar last Friday.

MOROCCO'S ATTIJARIWAFA BANK SIGNS DEAL TO BUY RWANDA'S COGEBANQUE

KIGALI (Reuters) - Attijariwafa Bank, one of Morocco's biggest banks, has signed an agreement to buy Rwandan bank Compagnie Générale de Banque Limited (Cogebanque), the bank said on Wednesday.

Cogebanque is Rwanda's third largest bank by assets, which totalled 167.5 billion Rwandan francs ($226 million) at the end of the third quarter of 2015, according to the company.

“We have signed an memorandum of understanding to buy 75 percent stake in Cogebanque," Attijariwafa's chief executive Mohammed Kettani said after signing the deal.

A statement from Rwanda's president's office said the deal was worth around $41 million.

Like other large Moroccan companies, Attijariwafa Bank has been expanding in Africa. It has subsidiaries in Tunisia, Ivory Coast, Senegal, and Mali, among other countries, as well as branches in Europe.

The Cogebanque deal was signed during a visit to Rwanda by the Moroccan king, which began on Tuesday.

Attijarawafa Bank said the closing of the deal was conditional on signing the sale contract and receiving regulatory approvals.

KENYA LAUNCHES CONSTRUCTION OF $1.5 BLN RAILWAY LINE

NAIROBI (Reuters) - Kenya on Wednesday launched construction of a $1.5 billion-railway project that will connect the capital to the Rift Valley town of Naivasha, the country's presidency said.

The new Chinese-financed line being built by China Road and Bridge Corporation is an extension of a cross-country railway being constructed between the Indian Ocean port of Mombasa and the capital Nairobi.

That link is expected to reach Nairobi next year and open up to commercial services in mid-2017.

"This will not only expand our factories but also create more jobs for our people," President Uhuru Kenyatta said in a statement.

The two projects make up the first stage in a scheme that aims to extend to Uganda and other land-locked countries. The goal is to cut the cost of transport and boost trade, by replacing a slower, narrow-gauge line.

The project adds to a swathe of infrastructure deals in Africa won by Chinese firms.

China has replaced the U.S. and Europe as the main trading partner for many African countries and has bankrolled projects from infrastructure to energy as part of its growing commercial and diplomatic clout on a continent with some of the fastest-growing economies.

Saturday, 22 October 2016

NSSF, PPF LINK UP TO ESTABLISH SUGAR FACTORY


Arusha - The National Social Security Fund (NSSF) and PPF Fund have pooled in resources to establish a joint sugar processing factory at Mkunazini, Ngerengere in Morogoro Region, it has been revealed here.

Speaking at the Sixth NSSF Stakeholders Conference, the social security scheme’s Director General, Professor Godius Kahyarara, stated that the proposed factory will be in position to churn out 200,000 tonnes of sugar per year.

The joint NSSF-PPF sugar production venture will also open employment vacancies to more than 100,000 people at the beginning, with the number, as well as production, set to increase as the time goes on.

The meeting is taking place here to address and review the pension funds’ activities and performance in the past year, specifically focusing on the analysis of development and trends of the social security sector across the country and the funds’ extension of coverage.

DORMANT LAND REPOSSESSION RUNS INTO CHALLENGES

Minister for Lands, Housing and Human Settlement
Development, Mr William Lukuvi.
The ongoing exercise of repossessing dormant land in the country has begun to encounter challenges.

It has been discovered that most owners of the abandoned land have used the farms as collateral to access trillions of shillings from financial institutions.

However, the government yesterday said that plans were underway to meet with bankers to inform them about its stand of holding them accountable in case they will provide loans for land which will not be developed.

The Minister for Lands, Housing and Human Settlement Development, Mr William Lukuvi, revealed this yesterday before the Parliamentary Committee on Lands, Natural Resources and Tourism when responding to various issues raised by the committee members on idle land.

Mr Lukuvi said that he has a list of farms owned by famous people who used them as collateral and but they abandoned them. “I have the list of owners who have abandoned their farms. Most of them are famous in the country.

They have used the farms to obtain loans from the banks and invested the money in other businesses, leaving the land undeveloped,” Mr Lukuvi observed. He noted that if the money obtained through the farms could be invested in agricultural activities, it could highly boost the sector.

Mr Lukuvi cited one of the farms in Moshi, saying that it has been used to obtain 16 million US dollars eight times but the money has been spent on other activities, which do not relate to agriculture.

MOROCCAN KING JETS INTO DAR ES SALAAM ON SUNDAY

King Mohammed VI of Morocco.
King Mohammed VI of Morocco is expected to arrive in Tanzania on Sunday for a three-day state visit as part of a royal tour aimed at broadening cordial relationship, partnership and opening up investment opportunities worth about 4 trillion/-.

Foreign Affairs and East African Cooperation Minister, Dr Augustine Mahiga, told a press conference in Dar es Salaam yesterday that the king would be accompanied by more than 150 delegates, including government officials, businessmen and members of his family.

“This is the first time for Tanzania to receive a king from any other country. So it will be a visit of its own kind,” the minister pointed out, adding that all preparations for the special visit were on good course. According to the minister, already about 100 Moroccan officials were in the country for the mission.

During the visit, he said, more than 18 agreements involving different sectors would be signed and witnessed by King Mohammed VI and his host, President John Magufuli. Apart from holding talks with Dr Magufuli, the king was also expected to meet with Zanzibar President Ali Mohamed Shein.

Dr Mahiga told reporters that it would be a great opportunity for Tanzania and Morocco to strengthen bilateral ties and create opportunities for the people in the two African countries.

Dr Mahiga mentioned areas of cooperation between the two countries as including foreign relations, security, finance sector, notably on banking and insurance, infrastructure, particularly energy, education, investments and private sector development.