AfDB TO INVEST US$24 BILLION IN AGRICULTURE IN NEXT 10 YEARS

The African Development Bank (AfDB) will invest US $24 billion dollars in agriculture as part of its Feed Africa programme- a strategy for agricultural development in Africa.

President of the Bank, Akinwumi Adesina, said this in a speech he delivered at the 50th anniversary celebration of the International Institute for Tropical Agriculture (IITA) in Ibadan, Nigeria,

Adesina emphasized that the goal of the Bank is to “ensure that Africa feeds itself within ten years, and unlocks the full potential of its agriculture.”

The IITA hosted a series of events to celebrate 50 years of excellence in research. Dignitaries attended the event from across the continent.

JEFF BEZOS BRIEFLY DETHRONES BILL GATES AS WORLD'S RICHEST PERSON

Jeff Bezos, Amazon CEO.

Just over two decades ago, Jeff Bezos started selling books online from his garage. Today, the Amazon CEO surpassed Bill Gates as the richest person on Earth, for a few hours at least.

Bezos's net worth topped $90 billion on Thursday morning, allowing the Amazon founder and CEO to dethrone Gates, the co-founder of Microsoft (MSFT, Tech30), as the richest man in the world, according to Forbes and Bloomberg.

However, an afternoon dip in Amazon's stock price caused Bezos to slip back behind Gates, who has been No. 1 since 2013 on the Bloomberg Billionaires Index. Bezos finished the day worth $88.8 billion, just behind the $89.8 billion for Gates.

What's a billion dollars between the world's richest guys anyway?

Bezos has been hailed as the smartest guy in business for turning a bookselling platform into a disruptive force that has flipped traditional retail on its head.

MIKONO SPEAKERS INTERNATIONAL SET TO EXPAND IN NORTH AND WEST AFRICA BY 2018

Deogratius Kilawe, C.E.O. Mikono
Speakers International.

One of the Africa Leading Speaking Bureau and exhibitions organizer with offices based in Tanzania and South Africa, Mikono Speakers International is planning to open offices in Nigeria - West Africa and Morocco in North Africa as part of its expansion in Africa and worldwide.

‘’Our plan for the first quarter of  2018  is to open offices in Lagos and for the third quarter  to open another one in Casablanca and this is in line with our Global expansion Strategy as Company. We also plan to commenced Setting  up offices in China, USA, Brazil, Russia, Turkey, London and Dubai from early 2019 soon after we finish our Africa Expansion.’’ Deogratius Kilawe C.E.O. Mikono Speakers International.

Currently Mikono Speakers International is hosting their 55^th upcoming event in Tanzania which is the Dar construction Trade expo 2017, alongside the Furniture Expo 2017. The exhibitions will be accompanied with theEast Africa Smart Building Summit which will begin with the 6^th Executive Breakfast Meeting themed “The Emerging of Smart Cities in East Africa. Challenges and Opportunities.” All these events will take place at the same time and venue thus the Julius Nyerere International Convention Centre on the 17th   -18^th   August 2018. More than 120 confirmed exhibitors with more than 9600 confirmed Visitors and 1324 confirmed professional visitors.

AIRTEL’S REVENUE REACHES $736 MILLION AS MOBILE SUBSCRIBERS IN AFRICA HIT 80 MILLION

Growth and development in industries specialized in giving services has recorded some huge expansion in terms of profits and revenue. The aid from the back-end has been the continuous innovative culture that has birthed effective ways of operations.

Airtel’s Africa operations, where the company has networks in 15 countries, including Tanzania, saw revenue growth of 1.5 per cent to reach $736 million, up from $732 million on a constant currency basis.

Data revenue for the region reached $138 million, up by 11.3 per cent year over year, and now contributes to 18.7 per cent of the region’s total revenue. Data traffic in the region also grew by 75 per cent.

The operator’s total mobile subscribers in Africa increased 4 per cent to 80 million, up from 77 million last year.

ETIHAD AIRWAYS REPORTS NET LOSS FOR 2016 ONE-OFF IMPAIRMENTS IMPACT BOTTOM LINE WHILE PASSENGER REVENUES REMAIN STABLE

•    One-off impairments on aircraft and equity investments contribute to US$1.87 billion net loss
•     Passenger revenues steady on record passenger numbers and 79% load factors
•    11% reduction in unit costs helps to offset pressure on yields
•    Group-wide strategic review well underway to drive change and improve performance

Abu Dhabi, UNITED ARAB EMIRATES – Etihad Airways today announced its 2016 financial results, recording a net loss of US$ 1.87 billion on US$ 8.36 billion in revenues as one-off impairment charges and fuel hedging losses weighed against a solid performance of the core airline. 

The core airline business achieved steady passenger revenues of US$ 4.9 billion and 79% load factors while carrying a record 18.5 million passengers. Available seat kilometres (ASKs) increased by 9% to 113.9 billion. Yields fell 8% amid market capacity pressures and the tough global economic climate, but this was partially offset by an 11% reduction in unit costs.

Total impairments of US$ 1.9 billion included a US$ 1.06 billion charge on aircraft, reflecting lower market values and the early phase out of certain aircraft types. There was also a US$ 808 million charge on certain assets and financial exposures to equity partners, mainly related to Alitalia and airberlin. 

THIS IS HOW NMB IS SET TO BOOST YOUR BUSINESS

NMB’s initiative to re-emphasize the importance of trade finance products is expected to boost local and international trade within the business community in Tanzania.

The Bank’s Trade Finance products target both existing and potential Customers across all the segments from MSE to Corporate Customers who require trade finance solutions to support their business.

Trade finance is essential for local and international trade. This financial intermediation will help NMB Customers to manage risks inherent in international transactions, improve their liquidity and enable them to optimally invest to enhance their growth.

The objective of NMB Trade Finance Campaign is to unveil NMB’s strength and capability in trade finance, raising awareness and understanding of trade finance products and solutions as well as encouraging Customers to use them for financing and risk mitigation of their day to day business.

AIR TANZANIA REDIES TO EXTEND WINGS TO BURUNDI

Air Tanzania is ready to take on established rivals airlines flying to Bujumbura as it finalizes preparations to fly to the Burundi capital city from next month.

The Director General of the state owned airline company, Mr Ladislaus Matinde said they were optimistic the new Bujumbura -Dar es Salaam route to be introduced would earn the state-owned carrier a slice in the Burundi airspace market share.

“We will go to the Burundi airspace market strategically targeting passengers flying to Dar es Salaam and other domestic destinations from other parts of the world,” he told the ‘Daily News’ in an interview.

ATCL will launch flights to Bujumbura from Dar es Salaam via Kigoma next month to compete with established airlines such as Kenya Airways, Ethiopian Airlines, and Brussels Airlines which fly to the capital city of the East African Community member state.

He said they would be prepared for the challenges in the Burundi market due to stiff competition from rivals. Mr Matinde said ATCL will start flights to Burundi pending the arrival of the new aircraft, Dash 8 – Q400 airline expected to jet in anytime next month.

EXIM BANK TANZANIA FORGES ALLIANCES WITH CHINESE FIRMS

Tanzania's High Commissioner to China Mr Mbelwa Kairuki.

29 July 2017 - A high level delegation of the Exim Bank Tanzania has travelled to China in an effort to explore partnerships with other financial institutions and intermediaries in the second largest economy in the world.

Prospective alliances were aimed at facilitating easy trade between China and Africa, more particularly to the cause of small-to-medium enterprises (SMEs) operating in Tanzania, Uganda, Djibouti and Comoros.

Exim Bank Group is a prominent financial player in all the four countries. According to a statement issued yesterday, the meetings were facilitated by High Commissioner to China Mr Mbelwa Kairuki.

The meetings, according to the statement, were instrumental in establishing linkages between Exim Bank and financial institutions in China.

Having arrived in China the delegation had successful meetings with some of the leading Commercial Banks and Development Finance Institutions (DFIs).

VIRGIN ATLANTIC FOUNDER SIR RICHARD BRANDON SELLS 31PC STAKE IN AIRLINE FOR £220M AS PART OF NEW TIE-UP WITH AIR FRANCE-KLM

Sir Richard Branson will remain the largest majority shareholder after the joint venture deal.

Sir Richard Branson's Virgin Group is to receive a major windfall by selling down part of its stake in Virgin Atlantic in a major joint venture deal set to include Air France-KLM and existing investor Delta Air Lines.

Air France-KLM is to buy a 31pc stake in Virgin Atlantic for £220m.

Virgin will hold on to a 20pc stake in the trans-Atlantic airline, and hold onto the chairmanship, as a result of the deal which will see a closer union between the four airlines.

Delta, which bought a 49pc stake in Virgin Atlantic from Singapore Airlines in 2013, will at the same time buy a 10pc stake in Air-France KLM for €375m, gaining a seat on the board of its European counterpart.

Alitalia’s involvement is through its existing partnerships with Air France-KLM and Delta, but the deal will not see the Italian carrier gain any equity interest in the joint venture or have a seat atop the entity.

BARCLAYS SINKS TO £1.2BN LOSS ON AFRICA WRITE-DOWN AND £700M PPI HIT

28 July 2017 - Barclays made a loss of £1.2bn in the first-half of the year after selling part of its Africa business and forking out an extra £700m to cover costs from the payment protection insurance scandal.

The FTSE 100 giant reduced its stake in Barclays Africa to around 15pc in June as part of chief executive Jes Staley’s ambition to focus the bank on Britain and the US.

That turnaround is now complete, Mr Staley said on Friday, adding that the sale of non-core assets means investors can "can benefit from the full earnings power of this business" sooner than expected.

That didn't stop shares in Barclays dipping , however, as the cost of Mr Staley's overhaul weighed on the results. Stripping out the Africa deal, the lender posted a 13pc rise in pre-tax profits to £2.3bn.

Mr Staley admitted that reducing the bank's footprint over the last year and a half had not been cheap, but added "we finally have clear wind in front of us and we'll let the results speak to ourselves in the quarters ahead."

AIRBUS CUTS A380 PRODUCTION AGAIN AS DOUBTS GROW OVER FUTURE OF 'SUPERJUMBO'

Airbus's A380 has failed to sell in the numbers the manufacturer hoped for.

The future of Airbus’s A380 super jumbo looks even more bleak after the pan-European aircraft company said it was cutting production of the double-decker airliner.

Reporting half-year figures, Airbus said that “considering the current order booking situation” delivers of the A380 will be reduced to eight in 2019.

At last year’s Farnborough airshow the company said it would slow production to just 12 a year by 2018, down from a rate of 27 the year before.

Demand for the giant four-engined aircraft has waned as airlines seek the efficiencies of smaller twin-engine aircraft. Airlines have ordered just 317 A380s; so far 213 have been delivered.

Industry commentators have long speculated that the A380 programme will be closed and even senior executives from the company concede Airbus will struggle to make money on it.

RCs, EXPERTS TASKED TO ASSESS PERFORMANCE OF PRIVATISED INDUSTRIES

Industry, Trade and Investment Minister Charles Mwijage.

The government has appointed an expert team to collaborate with Regional Commissioners (RCs) in assessing the performance of all privatised factories and identify the defunct plants.

Industry, Trade and Investment Minister Charles Mwijage told reporters in Dar es Salaam yesterday that all the non-functional factories would be repossessed unless their owners revive them, immediately.

Mr Mwijage said as the government strives to transform the country into an industrial based economy, all the privatised factories should function to create jobs to the youth and boost revenue collections.

Available statistics show that there are 156 privatised factories in the agriculture, livestock, natural resources and mineral sectors, with 54 of them or 34.6 per cent, not operating.

NMB TRADE FINANCE PRODUCT

Trade Finance provides clients with efficient and effective structures to support domestic and international trade business. Solutions offered by the bank’s Trade Finance unit include;

• Letters of Credit (import and export): A Letter of Credit issued by NMB Plc is an irrevocable undertaking which gives assurance to buyers and suppliers that, upon shipment and submission of compliant documents the buyer will take delivery of the specified goods while the supplier will receive the related payment. This creates comfort to the two parties, the buyer and seller that terms and conditions of the contract will be adhered to, reducing risks associated to delivery and payment. 

At NMB we maintain strong relationships with international and reputable correspondent banks and work closely to facilitate the end to end process of international trade finance transactions. This may be for purposes of routing, advising or confirming financial instruments on behalf of our clients.

• Guarantees: At NMB we do issue guarantees which allows our clients to gain better business contract conditions. The guarantee is an undertaking by the bank that the specified sum will be paid to the entitled beneficiary upon a written request the ordering party did not fulfil its commitments.

BARRICK, GOVERNMENT TALKS NEXT WEEK

BARRICK Gold will begin discussions with the government on the concentrate export ban and other issues next week.

“Barrick is doing so in its capacity as Acacia’s largest shareholder holding 63.9 per cent equity interest,” Barrick said in financial statement yesterday.

This follows a meeting between President John Magufuli and Barrick’s Chairman John Thornton last month agreeing to hold discussions to resolve the row.

Barrick holds 63.9 per cent equity interest in Acacia Mining which is a publicly traded company listed on the London Stock Exchange.

Barrick subsidiary Acacia Mining has three mines in Tanzania of which Buzwagi and Bulyanhulu have been hit by export ban on concentrates of gold and copper ore in March. The other one is North Mara Gold Mine.

BANK M, THE PREFERRED BANK CELEBRATES 10 YEARS!

Bank M's CEO Ms. Jacqueline Woiso talks to the reporters during a press conference held at Hyatt Regency yesterday. Bank M is celebrating its 10th Anniversary with tremendous achievements. With her is the Bank's Head of Communications, Allan Msalilwa.

Dar es Salaam; Bank M, a local young bank yesterday marked its tenth anniversary and it’s still rising.

Speaking during a press conference convened in Dar es Salaam, Bank M’s CEO Ms. Jacqueline Woiso said that the bank’s growth has been tremendous in the past ten years of its existence and the bank is the first bank to cross one Trillion in total assets in less than ten years. This landmark has been achieved by the bank in its 9^th year of operations, whereas the closest any other bank has taken to reach this landmark is 17 years. 

“While marking the 10^th year in the market, it’s not only the numbers which we are celebrating, but it’s the tremendous achievements which are evidently seen for the past 10 years. Considering the bank’s overwhelming in different aspects being in Technology, service delivery, Profitability as well as Corporate Social Responsibility” said Jacqueline.

The youngest bank in top 10, bank M has been growing steadily over the past 10 years of operation, “we have a high benchmark in performance and we have managed to attain incomparable success including turning profitable in the 2^nd year of our operations. The bank has consistently recorded one of the highest growth rate in the banking sector. We closed the year 2016 with a robust performance with the total assets growing to over TZS 1Trillion” added Ms. Jacqueline.

DEBT SWAP DEAL WANTS BANKS TO LEND KQ SH18BN

Commercial banks that agree to swap their multi-billion shilling debt for a stake in Kenya Airways will be required to lend the airline an extra Sh18.1 billion at an interest rate of about 6.65 per cent, principally to refurbish aircraft engines.

The Treasury, which is KQ’s top shareholder, has asked the 11 banks that the airline owes billions of shillings to set up the dollar-denominated fund that will earn them an annual interest based on three-month USD London Interbank Offer Rate (Libor) plus 5.35 percentage points.

The three-month USD Libor rate currently stands at 1.316 per cent.

Details of this facility are contained in a presentation KQ made to the banks earlier this month, explaining why they should join forces and own a 35.7 per cent slice of the business.

A LUXURY “AIR CRUISE” IS BRINGING WEALTHY CHINESE TO KENYA FOR $45,000 A TICKET

The bar inside the Crystal Skye luxury jet. (Crystal Aircruises).

Take a rest. (Photo courtesy of Crystal Cruises).

Crystal Skye, a luxury Boeing 777, will take its maiden flight from Hong Kong to Kenya at the end of September. Passengers on the 10-day trip, a so-called “air cruise,” will be waited on by butlers and served Michelin-star quality food.

The plane, which can hold up to 450 people, will only carry 86 elite travelers who pay 4.7 million Kenyan shillings (about $45,000) each. In Kenya, they’ll sleep in the Villa Rosa Kempinski in Nairobi, where former US president Barack Obama reportedly stayed on a visit in 2015, and go on safari in the Masai Mara national reserve. Then the group will fly out to Tahiti in French Polynesia.

The private jet tour operated by a Hong Kong airliner, Genting, is targeted specifically at China’s wealthy tourists who are increasingly coming to Africa. The trip coincides with China’s seven-day holiday in October, better known as “golden week” when much of the country’s middle class travel.

"NAME YOUR SUCCESSOR," WIFE URGES ZIMBABWE'S AGEING MUGABE

Robert Mugabe and his wife Grace

HARARE (Reuters) - Zimbabwean First Lady Grace Mugabe on Thursday challenged her president husband Robert to name his preferred successor to end deepening divisions over the future leadership of the ruling ZANU-PF party, state television said in an online report.

Africa's oldest leader, Mugabe, 93, has ruled the former British colony since independence in 1980 but has insisted that ZANU-PF, and not him, will choose his eventual successor when the time comes.

But at a meeting of ZANU-PF's women's wing in the capital Harare, Grace Mugabe contradicted the veteran leader, who also attended the meeting, saying he should name a successor.

"The First Lady and Zanu PF Secretary for Women's Affairs has challenged the President to name his successor saying this has been the trend in other countries," ZBC said online.

TIB SLASHES LOSSES, BAD LOANS UP

TIB Development Bank has considerably reduced its net loss 17 times to 582m/- in this year quarter two (Q2) after cutting expenses.

The bank net loss reduction came after slashing its workforce from 168 of similar quarter last year to 145 staff in Q2 this year.

The staff expenses, salaries and benefits, went down 10 per cent from 4.05bn/- to 3.63bn/- while other noninterest expenses cut from 2.24bn/- to 2.16bn/-.

According to the financial statement released yesterday, the development bank set aside 6.63bn/- in Q2 for impairment losses compared to 16.71bn/- of Q2 last year.

Also TIB wrote off 23m/- in bad debts in Q2 against a titanic 3.28bn/- struck off balance sheet in Q2 last year.

HALOTEL, MERCY CORPS AGRIFIN PARTNERS TO BOOST FINANCIAL INCLUSION TO FARMERS

Farmers in rural areas will be the beneficiaries of the financial inclusion initiative to be implemented by Halotel Tanzania under advisory by Mercy Corps AgriFin accelerate across the country.

 “Tanzania is currently experiencing transition towards industrialization and has a robust digital financial services (DFS) market with a competitive market structure and major advances in interoperability. In order to make the goal of industrialization a reality we must among other things seek to improve the Agriculture sector, currently dominated by smallholder farmers, with innovative solutions.

In making this project work we will be partnering with banks, agribusinesses and other ecosystem stakeholders who are committed to expanding delivery of services, particularly financial services, to smallholder farmers (SHF) on digital channels. The ultimate goal is not only providing financial services to farmers in rural areas but also to increase their productivity and income to enable rural communities improve their livelihoods,” Country Director for Mercy Corps’ AgriFin Accelerate program, Mr. Paul Kweheria said.

ETIHAD AIRWAYS LAUNCHES GLOBAL EARLY BIRD OFFER AND ENCOURAGES TRAVELERS FROM TANZANIA TO SEE THE WORLD

• Destinations include Abu Dhabi, Dubai, London, Ahmedabad and Delhi           

ABU DHABI, UNITED ARAB EMIRATES – Etihad Airways has launched an Early Bird offer with special fares to many of the airline’s destinations worldwide. 

Plan early and book Business and Economy Class tickets at attractive fares and enjoy dream breaks to a wide choice of cities, including Abu Dhabi, Dubai, London, Ahmedabad, New Delhi, Mumbai, Beijing, Hyderabad, Muscat and Paris.

The special fares in Economy Class can be booked between now and 31 July 2017 for travel from 17 September to 30 May 2018.

For those wishing to experience Etihad Airways' award-winning Business Class, special fares are also bookable immediately, up until 31 July 2017, for travel between 14 August and 30 May 2018.

NBC YAZINDUA KLABU YA BIASHARA MJINI KAHAMA

Meneja Mahusiano wa Benki ya NBC, William Kallaghe (kushoto), akizungumza wakati wa uzinduzi rasmi wa Klabu ya Biashara ya benki hiyo mjini Kahama, Shinyanga jana. Klabu hiyo imeanzishwa kusaidia mahitaji ya wateja wafanyabiashara wadogo na wa kati. Katikati ni mmoja wa wateja, Salum Selemani na Joshua John (kulia), Ofisa Masoko wa Chama cha Wafanyabiashara wenye Viwanda na Kilimo (TCCIA) kutoka ofisi ya Mwanza.

 Meneja Mahusiano wa Benki ya NBC, William Kallaghe (kushoto), akizungumza na baadhi ya wafanyabiashara wa mjini Kahama, katika semina iliyoandaliwa kabla ya  uzinduzi  rasmi wa Klabu ya Biashara ya NBC hiyo iliyoanzishwa kusaidia mahitaji ya wateja wafanyabiashara wadogo na wa kati. Hafla ya uzinduzi ilifanyika mjiini Kahama, Shinyanga jana.

$190BN TAX BILL ON ACACIA ‘MAY HURT TANZANIA’

In Summary

EXPENSIVE

“Doing business in Tanzania is much more expensive than going to the moon. Maybe the government of Tanzania is planning a space programme with the Acacia billions,” Mr John Menzies, the chairman of the Australia-based mining consultancy CMI Capital Ltd, wrote in his LinkedIn page. “That is 10 times the budget for Nasa,” he added.

Dar es Salaam. The record $190 billion (Sh424 trillion) tax bill that the government slapped Acacia Mining with might paint Tanzania as an unreliable and unpredictable investment destination, stakeholders have warned.

The sooner the two parties--the government and the mining firm--resolve their disputes through win-win negotiations the better, others have added.

Acacia Mining, which has now a long-standing dispute with the government over exports of metallic mineral concentrates, has rejected the bill that is 190 times its annual revenue as unrealistic.

The bill covers the periods of 2000 to 2017 for Bulyanhulu Gold Mine Ltd and 2007 to 2017 for Pangea Minerals Ltd. The two companies are owned by Acacia Mining.

JPM: PRIVATISATION WAS WRONG

PRESIDENT John Magufuli has faulted the privatization policy adopted by Tanzania, saying it had failed the nation completely.

Addressing Itigi residents in Manyoni District, Singida Region yesterday on his last day of a marathon working tour of Kagera, Kigoma, Tabora and Singida regions, Dr Magufuli said by privatizing its own firms, the government had effectively entered into agreements with what he described as overseas conmen.

He was speaking just a few minutes before he inaugurated the 89.3km Manyoni-Itigi- Chaya tarmac road at a function that was attended by ministers, Members of Parliament, clerics and senior government officials, among others.

“I cannot blame those who privatized our firms … but I can equally not keep quiet,’’ he told the cheering crowd during his speech that was beamed live by Tanzania Broadcasting Corporation (TBC).

ETIHAD AIRWAYS INTRODUCES NEXT-GENERATION BOEING 787 BETWEEN ABU DHABI AND BEIRUT

Etihad Airways has introduced the Boeing 787-9 on its scheduled daily service from Abu Dhabi, the capital of the United Arab Emirates (UAE), to Beirut, Lebanon.

The new 787 Dreamliner service replaces the Airbus A321 aircraft previously operating the airline’s EY535/EY538 flights to and from the Lebanese capital. The Boeing 787-9 features Etihad Airways’ next-generation Business and Economy Class cabins and is configured with 299 seats – 28 Business Studios and 271 Economy Smart Seats.

“Beirut was the first international destination served by Etihad Airways in 2003 and it is fitting that we introduce the state-of-the-art 787 Dreamliner to this key market today,” Mohammad Al Bulooki, Etihad Airways Executive Vice President Commercial said.

HUAWEI LAUNCHES THE SECOND PHASE OF SEEDS FOR THE FUTURE PROGRAM IN DODOMA

Huawei Tanzania Managing Director, Mr. Gao Mengdong delivers his speech during Huawei's second phase launch of Seeds for the future program in Dodoma recently.

Huawei, one of the leading global Information and Communication Technology (ICT) solutions provider, has launched the second phase of the ‘Seeds for the Future’ program, a move that reinforces its support to the education sector of Tanzania.

The ICT company expressed its commitment to extend the partnership with the Ministry of Education, Science, technology and Vocational training to develop a range of ICT cultivating initiatives for students and practitioners working in the ICT related industry.

“Through this MoU we signed today, we will establish Huawei Tanzania ICT Academy, Huawei Tanzania Customer Solution Integration & Innovation Experience Centre (CSIC) Public Class. In addition to that, we will also provide learning opportunities to the ICT students to attend internship at Huawei Tanzania office that will enable students to learn, conduct researches and develop their ICT skills,” said Huawei Managing Director Gao Mengdong at the colorful event held at the University of Dodoma.

DIAMOND TRUST BANK LAUNCHES 'CHAKARIKA' CAMPAIGN

Diamond Trust Bank (DTB) Head of Marketing and Products Development, Sylvester Bahati (left), addresses reporters at a media conference during the official launching of DTB Chakarika campaign in Dar es Salaam yesterday. On his left are DTB Chief Executive Officer, Chiju Cherian and Head of Retail Banking, Kumar Dandapani. Chakarika Campaign aims at promoting current account services to small and medium business enterprises using savings accounts for business transactions.

DTB Chief Executive Officer, Chiju Cherian (centre), addresses reporters at a media conference during the official launching of DTB Chakarika campaign in Dar es Salaam yesterday. On his left is DTB Head of Retail Banking, Kumar Dandapani and Head of Marketing and Products Development, Sylvester Bahati. 

Diamond Trust Bank Tanzania (DTB Tanzania), yesterday launched “Chakarika Campaign”- a business account on boarding sales drive. Chakarika, Swahili meaning go get it! Is the tag line for the Campaign. Chakarika Campaign simply incentivizes the entire business fraternity to sign on DTB Tanzania’s Current Account product offering.

Chakarika Campaign aims at promoting Current Account services to small and medium business enterprises currently using savings accounts for business transactions. DTB is offering Current Account at competitive pricing including opening balance of only TZS 50,000 with a monthly ledger fee of just TZS 12,000. Customers who open Current Account during the Chakarika Campaign period shall automatically win “point of entry gifts”.

DTB in 2017 achieved the status of the 5th largest bank in Tanzania ranked on Customer Deposits. The Bank has gained sizeable market acceptance in the past 9 years as it was 10th in term of Customer Deposits in 2007. The branch network also increased during this period from 6 to 28 with 14 branches in Dar es Salaam.

TANZANIA HANDS MINING COMPANY $190 BILLION TAX BILL

• Gold miner tumbles 21 percent in London to 18-month low
• Company says it declared all its revenues, refutes findings

July 24, 2017 - Tanzania just hit Acacia Mining Plc with a tax bill equal to almost two centuries worth of the gold producer’s revenue.

The government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017.

Acacia reiterated that it has fully declared all revenues. The stock extended a slump after the statement, closing down 21 percent in London to the lowest since January 2016.

The giant tax bill is the latest twist in an increasingly ugly spat between the government and Acacia. In March, Tanzania banned exports of unprocessed gold and copper, a move Acacia said is costing it about $1 million a day in lost revenue. The situation escalated when the government accused the firm of operating illegally in the country and said mine operators had been evading taxes.

ACACIA MINING HIT WITH USD190BN TAX BILL FROM TANZANIAN GOVERNMENT

Acacia Mining has been sent a tax bill from the Tanzanian authorities totalling around $190bn for unpaid tax and penalties from its Bulyanhulu and Buzwagi mines in the country, which the London-listed company disputes.

The Tanzania Revenue Authority sent a demand for $154bn and $36bn to Bulyanhulu Gold Mine Limited and Pangea Minerals Limited, the holding companies for the two mines, in reference to alleged under-declared export revenues.

The TRA's assessments claim a total of close to $40bn of alleged unpaid taxes and roughly $150bn of penalties and interest owed.

Acacia, which said it disputed these assessments, is considering all of its options and rights and will provide a further update in due course.

On 12 June, FTSE 250-listed was accused on by the government of operating in the country illegally, following two presidential mining committee reports that alleged the company had been understating its level of exports for several years to avoid "tens of billions of US dollars".

PROPOSED BUDGET IN TANZANIA SHARPENS FOCUS ON INDUSTRY

A new draft budget released in Tanzania last month emphasises capital projects as a means to further boost industrial activity in what is already one of Africa’s fastest-growing economies.

The draft budget for FY 2017/18, tabled on June 9 by the Ministry of Finance and Planning (MoFP), aims to raise real GDP growth to 7.1% in 2017, up from 7% the previous year, while shrinking the budget deficit from 4.5% to 3.8% of GDP, and keeping inflation within the targeted band of 5-8%.

A country of 52m, Tanzania remains one of the strongest-performing economies in the six-member East African Community, with the IMF forecasting GDP growth of 6.7% this year on the back of robust industrial growth.

Government support for local industry

Under the theme of “Industrialisation for Job Creation and Shared Prosperity”, the government’s new TSh31.7trn ($14.2bn) spending proposal outlines flagship projects such as building a new standard-gauge railway line, revitalising state carrier Air Tanzania, setting up special economic zones to draw industrial investors and developing a $30bn liquefied natural gas plant in partnership with international oil majors.

CLICK HERE TO ACCESS THE COMPLETE ARTICLE

MBINGA BANK CUSTOMERS TO BE PAID NEXT MONDAY

In Summary

Amana Insurance Board Chairman, Mr Emmanuel Boaz, said verification of all 13,000 MCB customers has been completed ready for payments.

Dar es Salaam. Customers of the dissolved Mbinga Community Bank (MCB) will start receiving their payments next Monday.

Amana Insurance Board Chairman, Mr Emmanuel Boaz, said verification of all 13,000 MCB customers has been completed ready for payments.

"We will announce through media and other means notifying the MCB customers that their payments are ready and they should come to collect them on Monday next week,” he said.

EWURA ISSUES NOTICE TO ROGUE FUEL STATION OPERATORS

With nine days remaining today for fuel stations operators to instal Electronic Fiscal Pump Printer (EFPP) machines at their facilities as per President John Magufuli's order last week, the energy and water regulator has issued a notice to back up the directive with legal measures.

The Energy and Water Regulatory Authority (EWURA) issued a public notice on Saturday for the fuel station operators to fix the EFPP machines within the fourteen days or face strong legal measures.

Last week President Magufuli gave fuel operators two weeks to fix the machines at their facilities and ordered the ministries of Finance and Planning and that of Trade, Industries and Investment to revoke licences of the defaulters.

EWURA warned in a public notice issued on Saturday that severe legal action should be taken against all operators of retail stations who will fail to install EFPP machines after expiry of the specified period of 14 days.

KENYA, TANZANIA REMOVE TRADE RESTRICTIONS

The Minister of Foreign Affairs and East African Cooperation, Dr Augustine Mahiga (pictured) announced the decision in Nairobi yesterday following discussions between President John Magufuli and his Kenyan counterpart, Mr Uhuru Kenyatta.

As a result, Kenya will lift the ban on wheat flour and gas imports from Tanzania, which, in turn, will remove restrictions on milk and cigarettes from Kenya.

Nairobi. Tanzania and Kenya have held successful talks that will see the lifting of restrictions on imports from either country.

The Minister of Foreign Affairs and East African Cooperation, Dr Augustine Mahiga, announced the decision in Nairobi yesterday following discussions between President John Magufuli and his Kenyan counterpart, Mr Uhuru Kenyatta.

As a result, Kenya will lift the ban on wheat flour and gas imports from Tanzania, which, in turn, will remove restrictions on milk and cigarettes from Kenya.

Additionally, the two countries will form a standing joint technical committee to address various issues.

Diplomatic and trade relations between Kenya and Tanzania had been strained for some time, with both imposing tit-for-tat bans on each other’s exports.

The ban on Tanzania’s imports was ostensibly attributed to safety and quality concerns, and Tanzania reciprocated by slapping a ban on Kenyan tyres, margarine and fermented milk.

JOB VACANCY - NATIONAL BANK OF COMMERCE

WHY INVESTMENT BANKING IS KEY TOWARDS ECONOMIC GROWTH

By Shenif Peera

Flyovers, upgrading of railway lines, commissioning of power projects, construction of pipelines and continuous activities around the capital market space are among noteworthy success stories that we have been witnessing in the recent days.

These projects are massive in size and have significant contribution towards the country’s economy and the overall progress.

The concept of industrialization is yet another aspect of development that provides a comparative advantage by utilizing scarce resources accordingly.

In all this aspect, Investment Banking plays a critical role around the execution and eventually leading to the development of the country.

Globally, Investment Banking forms a core component within the financial hub.

The existence of Investment Banking stimulates the economic growth and employment by arranging massive investments in the respective geography.

On the other hand, Investment Banking also plays an active role in stock exchange market. Indices, bullish, bearish markets, Exchange Traded Funds (ETF), IPOs’ are some of the terms common in the equity space.

It is important to note that raising capital both debt and equity is part of Investment Banking activities and apparently each individual forms part of this journey directly or indirectly. 

In fact the truth is that perusing your daily papers with a cup of tea every morning and recognizing the “happening events” enables each and every one of us appreciate the resources that are dedicated towards these projects.

However, the dedicated energy is far much complex for any proposed project given two critical considerations; the technical feasibility and the financial viability. The latter refers to the funding aspect which forms the base of our discussions around the “overview of Investment Banking in the financial cycle”.

JOB OPPORTUNITIES - DCB COMMERCIAL BANK PLC

PAYOUT TO DEPOSITORS OF MBINGA COMMUNITY BANK (UNDER LIQUIDATION)

WHY JACK MA WENT TO KENYA, RWANDA WITH 38 CHINESE BILLIONAIRES IN TOW

Jack Ma, founder of Alibaba visited Kenya and Rwanda as part of his role as a special adviser on youth entrepreneurship to the UN.

(CNN) Jack Ma, Asia's richest man and founder of Alibaba Group is on a two-day trip to east Africa, visiting Kenya and Rwanda with 38 fellow Chinese billionaires, all no doubt poised with expensive fountain pens, ready to ink billion dollar deals. 

East Africa has become an attractive investment destination in recent years, owing to its improved business environment. 

According to Ernst & Young's 2016 Africa attractiveness program, East African countries recorded the highest share of Foreign Direct Investment in Africa, achieving 26.3 percent of total projects.

BANK OF TANZANIA SCHOLARSHIP ANNOUNCEMENT