ACACIA EMERGES TOP GAINER IN DSE TRADE

ACACIA mining was the top gainer in Dar es Salaam Stock Exchange (DSE) last Friday as the market continued with a bear run.

According to market report, shares of the gold mining company gained by 5.99 per cent after closing the day trading at 11,860- up from 11,190 of January 20, this year. Acacia was followed by Kenya Commercial Bank (KCB) having gained 5.36 per cent and DSE with 2per cent gain.

Moreover, the worst performer during the week was Nation Media Group (NMG) with the decrease of 5.26 per cent followed by Jubilee, which recorded 0.4 per cent fall.

RAIS DKT. JOHN POMBE MAGUFULI AKUTANA NA KUFANYA MAZUNGUMZO NA KATIBU MKUU UMOJA WA MATAIFA (UN) PIA AHUDHURIA MKUTANO WA AU MJINI ADDIS ABABA ETHIOPIA JANUARI 30, 2017

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akizungumza na Katibu Mkuu wa Umoja wa Mataifa (UN) Antonio Manuel Olveira Guterres kabla ya kuanza mazungumzo yao katika Ofisi za Makao Makuu ya Umoja wa Umoja wa Afrika (AU), Addis Ababa nchini Ethiopia.

Katibu Mkuu wa Umoja wa Mataifa Antonio Manuel Olveira Guterres akimkaribisha Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli kabla ya kuanza mazungumzo yao katika Ofisi za Makao Makuu ya Umoja wa Umoja wa Afrika (AU), Addis Ababa nchini Ethiopia.

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akiagana na Katibu Mkuu wa Umoja wa Mataifa (UN) Antonio Manuel Olveira Guterres mara baada ya mazungumzo yao.

PRESIDENT JOHN MAGUFULI ATTENDS 28th AFRICAN UNION SUMMIT, MEETS UN SECRETARY GENERAL

President John Magufuli meets with the new Secretary General of the United Nations (UN), Mr Antonio Guterres at the ongoing 28th African Union Summit in Addis Ababa, Ethiopia.

President John Magufuli yesterday started attending the ongoing 28th African Union (AU) Summit in which he also met with the new Secretary General of the United Nations (UN), Mr Antonio Guterres.

Early yesterday, Dr Magufuli attended a meeting convened by the Chairman of AU, President Idriss Deby of Chad, where Heads of State and Government as well as AU members met with Mr Guterres.

“The meeting was aimed at sharing ideas on strengthening relations between the AU and the UN, particularly on peace and security,” according to a statement issued by the Directorate of Presidential Communications.

Dr Magufuli as well was among invited guests at a lunch hosted by the Chairperson of the African Union Commission (AUC), Dr Nkosazana Dlamini Zuma, after taking part in a meeting for Heads of State and Government.

RAIS DKT. JOHN POMBE MAGUFULI AHUTUBIA KATIKA KUTANGAZA JINA RASMI LA KITUO CHA AMANI NA USALAMA KILICHOPEWA JINA LA MWALIMU JULIUS NYERERE KATIKA MAKAO MAKUU YA UMOJA WA AFRICA (AU) ADDIS ABABA NCHINI ETHIOPIA JANUARI 29, 2017

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akiwahutubia Viongozi Wakuu wa Mataifa mbalimbali (hawapo pichani) katika Jengo jipya la Kituo cha Amani na Usalama kilichopewa jina Rasmi la Mwalimu Julius Nyerere, Addis Ababa nchini Ethiopia.

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akijadiliana jambo na Rais wa Kenya Uhuru Kenyatta mara baada ya kutangazwa rasmi kwa Jina la Mwalimu Julius Nyerere katika kituo hicho cha Amani na Usalama.

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akijadiliana jambo na Rais wa Rwanda Paul Kagame wakati wakielekea katika Kituo cha Amani na Usalama cha Makao Makuu ya Umoja wa Afrika kilichopewa jina la Rais wa kwanza wa Tanzania Mwalimu Julius Nyerere, Addis Abba nchini Ethiopia.

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akiwa na Rais wa Kenya Uhuru Kenyatta pamoja na viongozi wa mataifa mabali mbali wakiwa katika picha ya pamoja katika jengo jipya la kituo cha Amani na Usalama (JULIUS NYERERE) lililopo katika Makao makuu ya Umoja wa Afrika Addis Ababa nchini Ethiopia, Januari 29, 2017.

Ikulu Blog

RAIS DKT. JOHN POMBE MAGUFULI AELEKEA ADDIS ABABA, ETHIOPIA, KWENYE MKUTANO WA 28 WA WAKUU WA NCHI ZA UMOJA WA AFRIKA JANUARI 28, 2017

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akisalimiana na Rais wa Mungano wa Visiwa vya Comoro Mhe. Azali Assoumani walipokutana kwenye ndege katika uwanja wa ndege wa kimataifa wa Julius Nyerere jijini Dar es salaam Januari 28, 2017 tayari kwa safari ya Addis Ababa, Ethiopia, kuhudhuria Mkutano wa Kilele wa 28 wa Wakuu wa nchi za Umoja wa Afrika (AU). Rais Assoumani alikuwa akitokea Comoro kupitia Dar es salaam.

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akisalimiana na wakuu wa vikosi vya ulinzi na usalama katika uwanja wa ndege wa kimataifa wa Julius Nyerere jijini Dar es salaam Januari 28, 2017 wakati akielekea kupanda ndege kuelekea Addis Ababa, Ethiopia, kuhudhuria Mkutano wa Kilele wa 28 wa Wakuu wa nchi za Umoja wa Afrika (AU).

CLYDE & CO ENERGY UPDATER; THE RE-ORGANISATION OF TANZANIA'S ELECTRICITY SECTOR

TANZANIA EYES SH2.5 TRILLION WORLD BANK LENDING

In Summary

The Bretton Woods Institution promised to provide loans for undertaking projects such as those on transport, water systems and energy generation and distribution facilities.

Dar es Salaam. Talks between Tanzania and the World Bank are going on to secure $1,150 million (Sh2.5 trillion) for financing infrastructure projects.

The Bretton Woods Institution promised to provide loans for undertaking projects such as those on transport, water systems and energy generation and distribution facilities.

The minister for Finance and Planning, Dr Philip Mpango, said the funding will include $425 million (Sh1 trillion) for the second and third phases of the Dar es Salaam Bus Rapid Transit, $305 million (Sh800 billion) for expansion of the port of Dar es Salaam and at least $60 million (Sh140 billion) for the planned Ubungo interchange junction.

Other projects to be funded with their amounts in brackets are for improving the business environment ($80 million, Sh180 billion), for education ($100 million, Sh230 billion), for water projects in Dar es Salaam ($100 million) and for Budget management ($80 million).

TANZANIA'S RAILWAY PROJECT GAINS PACE

A drive to improve Tanzania’s transport infrastructure is gathering momentum, with billions of dollars of funding being put towards the development of the country’s rail network.

The initiative includes both an upgrade to existing tracks and new rail lines that will be laid along the country’s central transport corridor and beyond, with work slated to begin before the end of the current fiscal year in June.

Once completed, the project will provide Tanzania with an extensive standard-gauge railway network, which will not only reduce costs and delays for internal trade, but also have a similar impact on shipments between the Port of Dar es Salaam and neighbouring countries, such as Zambia, Burundi and Rwanda.

Developments will be largely financed by China’s Exim Bank, after the government signed a memorandum of understanding with the lender for the $7.6bn Central Corridor Railway (CCR) project, which will modernise 2190 km of the country’s existing rail network.

NIGERIA PARTNERS WITH SHELTER AFRIQUE TO CONSTRUCT 100,000 HOUSING UNITS

The Nigerian Government, last week signed a Memorandum of Understanding (MoU) for the erection of 100,000 housing units across the nation.

The MoU was signed with Shelter Afrique and the Real Estate Developers Association of Nigeria (REDAN).

Nigeria has a housing shortage- between 17 to 20 million units; hence this most recent scheme is a noteworthy stride towards providing inexpensive housing for Nigerians.

The Acting Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria in Abuja, Mr. Richard Esin, who represented the government at the MoU signing ceremony, affirmed that the Nigerian housing market did not need anything less than US $200m yearly over the next 10 years to put up a substantial number of houses.

MOODY’S INVESTORS SERVICES ASSIGNS FIRST-TIME CREDIT RATING TO NATIONAL MICROFINANCE BANK

NMB is pleased to announce that it has been assigned a first-time credit rating by Moody’s Investors Services of B1 Stable, b1. This places NMB the highest among its peers in the region as well as a number of other African banks (excluding South Africa).

The credit rating process took into account the bank’s operating environment i.e. the macro environment as well the bank’s business operations.

Attaining the rating is in line with the bank’s goal to position itself as a leading financial institution in the country.  The ratings further confirm NMB’s solid capitalization and good governance.

The bank’s Board of Directors and Management Team are pleased with the rating and believe that the rating will enable the bank to negotiate more favourable terms with credit providers and instil further confidence with the bank’s counterparties.

TRUMP EXPECTED TO SET IN MOTION SWEEPING BANS ON SOME REFUGEES AND DIRECT FUNDS TOWARD BORDER WALL

President Donald Trump.

WASHINGTON — President Donald Trump is expected to sign executive orders starting on Wednesday that include a temporary ban on most refugees and a suspension of visas for citizens of Syria and six other Middle Eastern and African countries, according to several congressional aides and immigration experts briefed on the matter.

Trump, who tweeted on Tuesday night that a "big day" was planned on national security on Wednesday, is expected to order a multimonth ban on allowing refugees into the US except for religious minorities escaping persecution, until more aggressive vetting is in place.

Another order will block visas being issued to anyone from Syria, Iraq, Iran, Libya, Somalia, Sudan, and Yemen, said the aides and experts, who asked not to be identified.

In his tweet late on Tuesday, Trump said: "Big day planned on NATIONAL SECURITY tomorrow. Among many other things, we will build the wall!"

The border-security measures most likely include directing the construction of a border wall with Mexico and other actions to reduce the number of immigrants living in the US illegally.

AfDB APPROVES US $90-MILLION FINANCIAL PACKAGE TO BOOST COMMERCIAL BANK OF AFRICA’S FUNDING OF SMEs IN KENYA AND GROW TRADE FINANCE IN AFRICA

The Board of Directors of the African Development Bank has approved a US $90-million financial package comprising a US $50-million Line of Credit and US $40-million Trade Finance Line of Credit to Commercial Bank of Africa Limited (CBA), Kenya.

The funding will be channeled to SMEs and local corporates in infrastructure, tradable and other transformative sector transactions in Kenya. It will provide liquidity support to expand financing to local corporates involved in value-addition in the trading, manufacturing, agriculture, infrastructure, transport, and construction, among other sectors. In so doing, it will enhance job creation and facilitate financial access to businesses.

This intervention will contribute to CBA’s efforts to broaden access to its services, thereby reducing financing constraints faced by SMEs and local corporates in Kenya whilst also reducing Africa’s trade financing gap. The package will promote private sector development as well as support broad-based economic growth. It will also contribute to CBA’s endeavors to complement the efforts of various partners such as the Government of Kenya’s Long Term Development Strategic Agenda and Vision 2030, which seeks to revitalize the economy by developing infrastructure and improving access to affordable credit for SMEs that support the economic transformation of Kenya’s economy to make it more resilient and diversified.

This transaction is well aligned with AfDB’s Ten Year Strategy 2013-2022, as well as the Bank’s High 5 strategic priorities, including Industrialize Africa, Integrate Africa, Feed Africa and Improve the quality of life for the people of Africa. It will help to increase enterprise development and competitiveness through expansion of the economic base. This will be made possible by enhancing access to financial services and expanding access to social and economic infrastructure, which will thus contribute to inclusive growth.

FASTJET APPROVES THE SALE OF A 28% STAKE TO SOLENTA AVIATION HOLDINGS

• Shareholders in African low-cost carrier fastjet have approved the sale of a 28% stake to Johannesburg-based Solenta Aviation Holdings.

Shareholders in African low-cost carrier fastjet have approved the sale of a 28% stake to Johannesburg-based Solenta Aviation Holdings.

The company will now proceed, as planned, with the listing of 239 million new shares on Jan. 24. Solenta will take 95.6 million of the total and the remainder will be issued as a share placement.

The transactions, which take fastjet to a total of 335.8 million shares, are expected to generate gross proceeds of $28.8 million.

Solenta, which operates a fleet of 49 aircraft, is a commercial aviation group that holds five African air operator’s certificates (AOCs) and has strategic alliances, or AOCs pending, in a further seven African countries.

TPSF SET TO FORM DAR-ANKARA SECRETARIAT

(Left to right) Executive Director of the TPSF, Mr. Godfrey Simbeye with TPSF Chairman Reginald Mengi at a press conference in Dar es Salaam yesterday.

THE Tanzania Private Sector Foundation (TPSF) has embarked on procedures to form a secretariat for the Business Council between Tanzania and Turkey at a high pace following President John Magufuli’s directive to fast-track stronger trade relations between the two countries.

The Business Council came to fruition during the Tanzania-Turkey Trade Forum after the business community from both countries signed the Memorandum of Understanding (MoU) aimed at strengthening business and trade ties among them.

During the forum, President Magufuli challenged the TPSF and Turkey’s Foreign Economic Relations Board (DEiK) to speed up procedures that would see the business people from those countries increase trade relations so that the trade volume could go up to 1 billion US Dollars (about 2 trillion)/ from current 190 million US Dollars.

ETIHAD AVIATION GROUP ANNOUNCES PRESIDENT AND CHIEF EXECUTIVE OFFICER TRANSITION PROCESS

James Hogan, President and Chief Executive Officer of Etihad Etihad Aviation Group, and James Rigney, CFO of Etihad.

• James Hogan to leave PCEO role in the second half of 2017

Abu Dhabi, UNITED ARAB EMIRATES – The Etihad Aviation Group Board of Directors today announced that James Hogan will step down as President and Chief Executive Officer of the company in the second half of 2017. The Board and Mr. Hogan first initiated the transition process last year with the formation in May of the Etihad Aviation Group, a diversified global aviation and travel organisation. 

Commenting on Mr. Hogan’s time at Etihad, H.E. Mohamed Mubarak Fadhel Al Mazrouei, Chairman of the Board of the Etihad Aviation Group said: “We are very grateful to James. In just ten years, he has overseen the growth of the company from a 22 plane regional carrier into a 120 aircraft global airline and aviation group, with seven airline equity partnerships which together serve more than 120 million guests every year. It is a business which has set new benchmarks for service and innovation. Under his leadership, the company has provided new opportunities for thousands of Emiratis and has been a critical element in the remarkable progress of Abu Dhabi and the UAE. We look forward to James’ continued association with Abu Dhabi in new ways.”

OPTIMISM HIGH AS TILES FACTORY SET TO OPEN

Minister for Industry, Trade and Investment,
Mr Charles Mwijage.

More than 6,000 Tanzanians are set to get employment from TwyFord Tanzania Ceramics Company, which is building a tiles industry at Pingo village in Coast Region.

The industry is in the initial stage of construction and is set to be completed in July and officially opened in August this year. Minister for Industry, Trade and Investment, Mr Charles Mwijage said recently that upon commencing full production, the industry is expected to offer direct employment to more than 2,000 people and other 4,000 people will get indirect employment from the firm.

The Minister was speaking after visiting the site, where the industry is set to be constructed. “We expect this industry to sell tiles to local market and others will be exported to neighbouring countries such as Zambia, Malawi and Democratic Republic of Congo (DRC).

He added that the industry is also focusing to extend its markets to Rwanda, Burundi, Uganda, central African countries and outside the continent.

“The government is very pleased and satisfied by the efforts to build this industry, it is going to provide both direct and indirect employment to Tanzanians, it will also boost our economy through selling its products in and outside the country,” he said.

WORLD BANK VICE PRESIDENT IN DAR ES SALAAM FOR BRT LAUNCH

The World Bank Vice - President for Africa Region, Makhtar Diop is on a three day visit of Tanzania from today for, among other things inauguration of operations of the Dar es Salaam Bus Rapid Transit which was financed by the World Bank.

According to a statement from World Bank office in Dar es Salaam, Mr Diop will meet President John Magufuli for high level discussions as well as other top government officials including the Minister of Finance, Dr Phillip Mpango and the Central Bank Governor, Prof Benno Ndulu.

In addition, Diop will meet with representatives of the private sector and civil society. The World Bank is currently supporting 27 national projects amounting to 4.2 billion US dollars in addition to seven regional operations through which Tanzania access 551 million US dollars in financing, reaching a total commitment of 4.75 billion US dollars.

DAR ES SALAAM STOCK EXCHANGE WEAKENS FURTHER

The Dar es Salaam Stock Exchange (DSE) equity market turnover weakened by 86 percent to 786.88m/- compared to 5.5bn/- of the previous week with three local firms emerging as top trading equities.

According to Zan Securities Limited weekly wrap ups, top trading equities that dominated the market share were the Tanzania Breweries Limited (TBL) at 79 percent, Dar es Salaam Stock Exchange (DSE) at 11 percent and CRDB Bank at 7 percent.

None of the domestic equities appreciated or depreciated in value per share this week compared to last week. Total market capitalization decreased by 2.31 percent, closing at 18.68tri/- while domestic market capitalization remained constant at 7.46tri/- as in the preceding week.

Comparatively, key benchmark indices were in the red territory with the Tanzania Share Index (TSI) capping at 3,550.11points, the same as the preceding week.

PAC ORDERS AUDIT ON MULTI-CRACKED 10-STOREY TBA BUILDING IN ARUSHA

The Public Accounts Committee (PAC) has directed the Controller and Auditor General to conduct a performance audit on a ten-storey building in Arusha owned by the Tanzania Building Agency (TBA), which has been found to spot a lot of cracks.

On a tour of various regions to inspect development projects, the committee was also disappointed with the execution of a project by TBA in building houses for local government leaders in Singida.

Briefing reporters shortly after a debriefing meeting from the committee members, PAC Chairperson Ms Naghenjwa Kaboyoka (Same East - Chadema) said the PAC members who visited the regions were not satisfied by the quality of the houses meant for district commissioners.

“There were a lot of shortcomings with the housing projects for local government leaders.... we had to run into shrubs to get to the project sites themselves, which has been abandoned in the bushes.

We talked to the Regional Administrative Secretary and TBA leaders that a lot of work will need to be redone,” explained Ms Kaboyoka, adding that a detailed report was being compiled. She added: “There is laxity in the construction of the houses for local government leaders and the role of the supervisor is not clear.

TTCL CORPORATE STRATEGY NEEDS 600 BILLION/-

Mwanza - Tanzania Telecommunications Company Ltd (TTCL) is looking for 300 million US dollars (over 600bn/-) to roll out its communication strategy countrywide by December, this year.

TTCL acting Chief Executive Officer Waziri Kindamba said here yesterday that the amount will be needed to implement phase one of the firm’s strategy that will see all regions covered by stable communication services, including the newly launched 4G LTE.

Speaking at the launch of the new speedy service here, Mr Kindamba said there was a possibility of securing the funds any time from now, thanks to the government’s approval of the company proposal to use its resources to seek loans from financing institutions.

He said already Tanzania Investment Bank (TIB) and other banks have shown interest in the deal whose success will result into massive expansion of TTCL’s infrastructure that had remained dormant for at least 15 years.

“We are now implementing our ambitious strategic plan on massive investment, with the firm targeting to cover the entire country with affordable and reliable services,” he said. Mr Kindamba was confident that TTCL will soon regain its previously shaken prominence in the communication industry, calling on all Tanzanians to support it towards meeting its mission and vision.

PRESIDENT JOHN MAGUFULI INVITES TURKEY TO MULTI-TRILLION RAILWAY PROJECT

President JOhn Magufuli with his Turkish counterpart, Recep Tayyip Erdogan.

President John Magufuli yesterday asked the Turkish government to provide a concessional loan for the construction of at least 400 kilometre-stretch of the envisaged standard gauge central railway.

President Magufuli as well revealed that a Turkish company was among the short-listed contractors that had bid for implementation of the multitrillion shilling project that covers over 1,200 kilometres from Dar es Salaam to Mwanza.

Dr Magufuli’s disclosure came as he hosted a joint press conference at the State House with the visiting President of Turkey, Mr Recep Tayyip Erdoğan, who was in the country for a two-day state visit.

TANZANIA, TURKEY EYE 2TRI/- TRADE VOLUME

President John Magufuli welcomes his Turkish counterpart, Recep Tayypi Erdogan at State House in Dar es Salaam yesterday. 

• Ten MoUs signed to cement relations
• JPM tasks business people to generate business ideas

Tanzania and Turkey yesterday inked ten Memorandums of Understanding (MoUs) to substantially increase trade volume among themselves to at least one billion US dollars (over 2tri/-) in the next few years.

Expectations were especially high at the afternoon Tanzania-Turkey Trade Forum at the Bank of Tanzania (BoT) conference centre, after President John Magufuli had earlier hosted his Turkish counterpart Recep Tayyip Erdoğan at State House.

Dr Magufuli expressed optimism that given the link between the Tanzania’s businesspeople and their Turkish counterparts, the trade volume between the two countries would probably grow to one billion dollars from the current 190 million US dollars (about 400bn/-), in the next few years.

TRA INTRODUCES MOBILE CENTRES TO SPEED UP TIN VALIDATION

Taxpayer Identification Number (TIN) validation centres has enabled the Tanzania Revenue Authority (TRA) to easily reach taxpayers in various parts of the city, the Director of Taxpayers’ Education, Mr Richard Kayombo said recently.

Mr Kayombo told the ‘Daily News’ that the introduction of mobile centres has helped to reduce congestion and that the number of taxpayers who verify TIN has increased.

The mobile TIN validation centres were introduced last year, purposely to support in providing of service in different areas.

He said the centres have been allocated near areas with many companies or high populations to enable them validate their TIN without problems.

“So far I can say the whole exercise is going well, the introduction of mobile TIN validation centres has helped TRA to reach many people in a shorter time,” said Mr Kayombo.

Mr Kayombo said TRA continues to improve services by increasing validation centres and equipment for efficiency.

The TIN verification exercise, which started last year, is set to reach to an end on January, 31, this year.

AIRTEL DISTRIBUTES 3.5BN/- PROFIT TO CUSTOMERS, AGENTS

Airtel, the third-largest mobile phone operator by subscription, will pay over 3.5bn/- in quarter profit share to users of its mobile money service, Airtel Money.

Airtel Public Relations Manager Jackson Mmbando said Airtel would distribute the profits to Airtel Money users including customers, super dealer and retail mobile money agents.

The interest payment is based on the daily balance held in customers’ wallet.

“This is fourth time Airtel Tanzania is paying interest on mobile money to customers and super dealer and retail mobile money agents.

More than 11.8bn/- has been distributed and paid as interest earned to mobile users since December 2015 to date,” he said.

“We are really excited to be announcing interest payments to our customers in this month of January knowing it’s usually a tough month with lots of commitment and expenses to be settled.

Our objective is to share return of their investment depending on the e-value they have stored in their Airtel Money wallet help them address social economic needs, he said.

ARUSHA TO HOST INTERNATIONAL AGRITECH EXPO

Thousands of visitors are expected in Arusha this week for a two-day Agritech Expo, an outdoor agricultural show, scheduled to begin on Thursday.

The Agritech Expo will be a business-to-business platform for agricultural professionals, from small-scale farmers to commercial enterprises, to engage and conduct business with some of the world’s leading suppliers to the agricultural industry.

According to the organisers of the event, Spintelligent, a Cape Town-based trade exhibition and conference organiser, the inaugural farming B2B platform is expected to gather thousands of visitors in Arusha, from commercial to emerging and small scale key officials from regional governments, agro associations, NGOs, aid, development and research agencies.

Others expected are agro dealers, traders and retailers; suppliers, consultants and technical experts as well as venture capitalists, investors and bankers. From live crop trials and machinery demonstrations to technical and practical workshops for emerging farmers and VIP business lounges for commercial players, Agritech Expo is simply the only business event servicing the needs of the entire agri-value chain in Tanzania and neighbouring countries.

CHINESE BUS MAKER EYES TO ESTABLISH STRONGHOLD IN TANZANIA

Chinese vehicle manufacturer King Long has formally started importation of its buses in the Tanzanian market through an agent Pwani Motors Limited.

Speaking during the launch of the sales at the weekend which was attended by bus operators in Tanzania, the company’s marketing manager for the Southern Africa region, Mr Danny Fu, said the entry in to the Tanzanian market followed an intensive market research.

“We conducted a study before bringing the vehicles so that we could produce vehicles which would be able to put up with the conditions of roads in the East African region,” the official explained.

According to Mr Fu, the company was founded in the year 1988, mainly developing, manufacturing and selling large-and-medium-sized coaches and light vans.

INVESTORS RUSH FOR 10-YEAR TREASURY BONDS

The first 10-year treasury bonds to feature in the market this year was greeted with high investors demand to close the show over-subscribed.

High investors’ appetite on the facility which is expected to mature the 19th of January 2027 is a positive sign that there is sufficient liquidity in the market to the key investors in government securities which include pension funds, insurance firms, some microfinance companies and few commercial banks.

The previous 10-year debt instrument auctioned in November last year, attracted few bids, ending up undersubscribed.

Funds raised from the sale of the long-term debt government securities are intended to finance development projects like road and railway infrastructures that are necessary in cutting down transport cost. The long term debt instrument attracted bids 127.94bn/- compared to 111.28bn/-offered to the market for bidding.

The Bank of Tanzania (BoT) auction summary shows, however, that the government retained only 87.67bn/-as successful amount. The weighted average yield to maturity increased to 18.56 per cent compared to 18.33 per cent session held in November last year.

PRESIDENT ERDOGAN LANDS IN TANZANIA FOR A 2-DAY VISIT

Turkey's president will also visit Mozambique and Madagascar as part of 5-day East African tour 

Turkish President Recep Tayyip Erdogan arrived in Tanzania on Sunday for a two-day official visit, where he is expected to meet with his counterpart John Magufuli and other local officials.

Erdogan was welcomed at Julius Nyerere International Airport (JNIA) by Tanzanian Prime Minister Kassim Majaliwa, and Yasemin Eralp, Turkish ambassador to Tanzania.

Today, President Magufuli will host Erdogan. A joint news conference will follow.

Before departing for Tanzania, Erdogan said Turkey intended to establish embassies in all African countries.

AIRPORT ADVISED TO LOWER FEES TO ATTRACT BUSINESS

Work in progress on the expansion of the runway at the Kilimanjaro International Airport (Kia) in Kilimanjaro Region recently. PHOTO | COURTESSY OF BAM INTERNATIONAL 

Hai. The management of Kilimanjaro Airports Development Company (Kadco) has been advised to lower landing fees and other user costs at the Kilimanjaro International Airport (Kia).

Parliamentary Committee for Infrastructure chairman Mussa Ntimizi said: “There have been a number of complaints that the charges at the country’s second largest airport were unreasonably high.”

He told the management during a visit to the facility at the end of last week that the Committee the fact the charges are high some of the services were not up to scratch.

29BN/- PAID TO 31,000 CIVIL SERVANTS IN ARREARS, SAYS PM

Premier Kassim Majaliwa

THE Prime Minister, Mr Kassim Majaliwa, has said the government has paid arrears amounting to 29bn/-to about 31,000 public servants, including teachers, as of last November, insisting it is determined to clear all debts to the civil servants soon.

The Premier made the promise here while unveiling three classrooms at Iwawa Secondary School, also pointing out that the government will ensure that there are no new debts from public servants. Mr Majaliwa, who is on official tour here, said the government will ensure no new debt by public servants, urging them to continue supporting the government.

He noted that the government has improved the education sector, adding that the Fifth Phase Government will continue to create better teaching and learning conditions. “We have started a project to put up modern teachers’ houses in the districts. We have earmarked a budget of 557 million/- for the project in Makete,” said the Premier.

FIVE JAILED OVER MONEY LAUNDERING

FIVE people, including the ex-Tanzania Revenue Authority (TRA) accountant, Mr Justice Lumina Katiti, have been sentenced to five years imprisonment or pay a fine of 100m/- for being found guilty of money laundering charges involving over 3bn/-.

The accused were jailed for failure to pay the fine.

Along with Katiti are former accountant of the Tanzania Telecommunications Company Limited (TTCL), Marcus Mussa Masila, a businessman of UEE Tanzania Limited and Businessmen Kanuti Ferdinand Ndomba of UEE Tanzania Limited, Gidion Wasonga Otullo (East Africa Procurement Services) and Robert Phares Mbetwa of Romos Technology Company Limited.

According to a statement by the Public Relations Officer of the Prevention and Combatting of Corruption Bureau (PCCB), Mr Mussa Misalaba, Principal Resident Magistrate Renatus Rutatinisibwa of the Kisutu Resident Magistrate’s Court in Dar es Salaam issued the judgment upon being satisfied with the prosecution’s evidence.

TIMIZA MALENGO NA NDOTO ZAKO KUPITIA ‘BONUS ACCOUNT’ YA NMB

Unafahamu kwamba ni rahisi kufikia malengo yako ya kujiwekea akiba ukiwa na “NMB Bonus Account au Business Savings Account” ambayo inakupa faida hadi 13%? Mfano, ukiwa na lengo la kujiwekea akiba ya shilingi 500,000 kwa mwaka 2017 inabidi uweke kiasi cha shilingi 42,000 tu kwa mwezi na ukiwa na nidhamu ya kuhakikisha kwamba kiwango hakipungui kiasi ulichojiwekea basi utakuwa umechagua njia sahihi kuelekea kutimiza ndoto zako. Jambo la msingi ni kuhakikisha unakuwa na akaunti ambayo haiingiliani na matumizi yako ya kila siku, hii ni hatua muhimu katika kutimiza malengo binafsi uliyojiwekea ama ya kibiashara.

NMB inatambua umuhimu wa kujijengea nidhamu ya kuweka akiba na kuwaletea wateja wake bidhaa zitakazowasaidia kuweka akiba na pia kuhakikisha wanakuza na kupata maendeleo binafsi na ya kibiashara. 

BOWMANS’ NEW OFFICE IN TANZANIA OPENS ITS DOORS FOR BUSINESS

Following the December 2016 announcement of the opening of our new office in Dar es Salaam, I am pleased to let you know that, as of today, we are operational.
Click here for more information on the specialist services we are able to deliver from Tanzania to clients in the region.

The three partner team consisting of leading local lawyers Wilbert Kapinga and Audax Kameja, and Chris Green (who has relocated from Johannesburg), will be supported by four experienced senior associates:

Aisha Sinda
Francis Kamuzora
Jacqueline Tarimo
Waziri Mchome

Click on the links to view each person’s experience and direct contact details.

Our address is:

1st Floor
Acacia Estates Building
84 Kinondoni Road
Kinondoni
Dar es Salaam
Click here for a map.

The office contact number is +255 22 219 8000. Alternatively contact the team via email at info-tz@bowmanslaw.com. These are temporary premises provided by Regus. We plan to move to our permanent office in the middle of this year.
We look forward to working with our new colleagues in Tanzania to serve clients as one firm across the continent.

Kind regards

Robert Legh
Chairman and Senior Partner

TRA COMES UP WITH MOBILE CENTRES TO SPEED-UP TIN VALIDATION

Director of Taxpayers’ Education, Mr Richard Kayombo

Taxpayer Identification Number (TIN) validation centres has enabled the Tanzania Revenue Authority (TRA) to easily reach taxpayers in various parts of the city, the Director of Taxpayers’ Education, Mr Richard Kayombo said yesterday.

Mr Kayombo told the ‘Daily News’ that the introduction of mobile centres has helped to reduce congestion and that the number of taxpayers who verify TIN has increased.

The mobile TIN validation centres were introduced last year, purposely to support in providing of service in different areas.

He said the centres have been allocated near areas with many companies or high populations to enable them validate their TIN without problems.

“So far I can say the whole exercise is going well, the introduction of mobile TIN validation centres has helped TRA to reach many people in a shorter time,” said Mr Kayombo.

Mr Kayombo said TRA continues to improve services by increasing validation centres and equipment for efficiency.

GERMAN FIRM WINS CONTRACT TO DESIGN AND IMPLEMENT A SMART TRAFFIC SYSTEM IN NAIROBI, KENYA

A German firm- H.P. Gauff Ingenieure GmbH & Co. KG –JBG has won a US$ 14m tender that will see them designing and implementing a smart traffic system in Nairobi for smooth flow of vehicles on the capital’s roads.

The company is given the responsibility of supervising the rollout of the intelligent traffic system (ITS) that entails the installation of intelligent traffic lights at major road junctions in the capital city.

The smart lights are projected to allow a longer period of traffic flow from roads with most vehicles as opposed to the current analogue traffic lights that are time-based, restricted to allowing and stopping vehicles at intervals.

The Kenya Urban Roads Authority (KURA) which is the implementing agency confirmed the reports and said that under the proposed plan, cameras at intersections will determine the most clogged roads through vehicle number plates embedded with microchips that Kenya is moving to adopt and automatically synchronise traffic lights, effectively removing the need for traffic police.

DANGOTE GROUP COMMISSIONS TRUCK ASSEMBLY PLANT IN LAGOS

Dangote Group of Companies has commissioned the construction of a US$ 100m truck assembly plant in Lagos, Nigeria as an initiative to boost its foreign exchange and create job opportunities.

Chief Corporate Communication Officer of Dangote Group, Mr. Anthony Chiejina confirmed the news and said that the new plant will be located in Ikeja area of Lagos and will have the capacity to produce 10,000 trucks annually.

He further stated that the factory was established in partnership with a Chinese firm- National Heavy Duty Truck Group Company Limited, (SINOTRUK). The conglomerate owned 60 per cent stake in the assembly plant while SINOTRUK holds 40 per cent, in a partnership that was formed in 2014.

The plant is expected to create 3,000 direct employments when fully operational. It will save Nigeria huge foreign exchange being spent on importation of heavy duty vehicles.

AFRICA/FRANCE SUMMIT: AfDB PRESIDENT URGES ACTION TO FINANCE AFRICA'S ECONOMIC TRANSFORMATION

Akinwumi Adesina, President of the African Development Bank, has called for improved access to financing to accelerate the transformation of African economies. Speaking before African leaders at the Africa-France Summit which took place in Bamako on January 13-14, Mr. Adesina stressed that Africa can speed up its economic transformation through the Bank’s five main priorities, the “High 5”: “Light up and power Africa”; “Feed Africa”; “Industrialize Africa”; “Integrate Africa”; and “Improve the quality of life of African populations.

These five key priorities are aligned with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063, as demonstrated by an independent evaluation conducted by the United Nations Development Program (UNDP). However, Mr. Adesina noted that the resources needed for Africa’s economic transformation are enormous. That’s why the African Development Bank is poised to launch the Africa Investment Forum designed to create a space where supply and demand can meet.

DUBAI'S ABRAAJ IS INTERESTED IN BUYING BARCLAYS AFRICA UNIT

Arif Naqvi at Davos, Jan. 17, 2017.

Abraaj Group, the private-equity firm that invests across emerging markets, is interested in buying a stake in Barclays Plc’s South African business, Chief Executive Officer Arif Naqvi said.

“It’s a very fine bank run by a very fine management team, and if the opportunity were to re-present itself, we would certainly be one of those that would be at the table,” Naqvi said in an interview at the World Economic Forum in Davos on Tuesday. The two companies aren’t currently in talks, he said.

Naqvi’s comments may signal renewed interest in bidding for a chunk of Barclays’ remaining 50.1 percent stake in the unit after the London-based bank said last March that it plans to sell down its 62 percent holding over two to three years. Abraaj and a group of investors had previously planned to bid for a minority stake in Barclays Africa Group Ltd., people with knowledge of the discussions said last year, though those talks later faltered.

Other investor groups have also expressed interest in building a stake in the business. Public Investment Corp., the South African administrator of the bulk of the government’s pension-fund money, was looking to form a group made up of black shareholders to buy a stake, while ex-Barclays CEO Bob Diamond had also publicly expressed interest.

NEW APP TOP CONNECT PASSENGERS, DRIVERS INTRODUCED

A Dar es Salaam based company has introduced a new application to connect passengers and motorcycles, three-wheelers, and taxi drivers to make travelling easier.

The app is known as Twende and can be downloaded on a smart phone, according to the Chief Executive Officer of Twende Company, Justin Kashaigili.

He told the press in Dar es Salaam on Tuesday that his company was working closer with 1,000 taxi drivers, 1,500 three-wheelers’ drivers as well as 5,000 bodaboda that operate in the city who have all been connected to Twende app.

“I was inspired by Dar es Salaam’s rapidly developing infrastructure and its spirit of entrepreneurship. I look forward to giving people in the city an affordable, easy and flexible choice to move around safely and convenient”.

TANZANIA REVENUE AUTHORITY TAX COLLECTION SOARS

TRA Director of Taxpayers’ Education, Mr Richard Kayombo.

Revenue collection soared in the second half of last year to 7.27 trillion/-, up from 6.44 trillion/- in the corresponding period of the previous year.

Tanzania Revenue Authority (TRA) Director of Taxpayers’ Education, Mr Richard Kayombo, told reporters in Dar es Salaam on Tuesday that the increase was equivalent to 12.74 per cent.

He said December posted a record high collection of 1.414 tri/-.

“The increase in tax collection has been achieved through effective collection, emphasis on diligence, improvement of payment systems and covering of all corruption loopholes The boost was also precipitated by a mixture of factors such as mineral exploitation, manufacturing and general trade, which had fluctuated from time to time,” said Mr Kayombo.

He said the authority and security organs have added momentum in the monitoring of all smuggled goods that entered the country.

“Several crackdowns have been conducted to check and arrest people responsible for the vice and confiscate all the goods that have been coming into the country illegally to check loss of government revenue,” the TRA official said.

WORLD ECONOMIC OUTLOOK UPDATE, JANUARY 2017 - A SHIFTING GLOBAL ECONOMIC LANDSCAPE

• After a lackluster outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies. However, there is a wide dispersion of possible outcomes around the projections, given uncertainty surrounding the policy stance of the incoming U.S. administration and its global ramifications. The assumptions underpinning the forecast should be more specific by the time of the April 2017 World Economic Outlook, as more clarity emerges on U.S. policies and their implications for the global economy.
• With these caveats, aggregate growth estimates and projections for 2016–18 remain unchanged relative to the October 2016 World Economic Outlook. The outlook for advanced economies has improved for 2017–18, reflecting somewhat stronger activity in the second half of 2016 as well as a projected fiscal stimulus in the United States. Growth prospects have marginally worsened for emerging market and developing economies, where financial conditions have generally tightened. Near-term growth prospects were revised up for China, due to expected policy stimulus, but were revised down for a number of other large economies—most notably India, Brazil, and Mexico.