Foreign Exchange Rates

Advert Request Banner

Advert Request Banner

Mimosa Black Card

Thursday, 17 August 2017

NATIONAL BANK OF KENYA PARTNERS WITH WORLD REMIT TO OFFER INSTANT MONEY TRANSFERS TO KENYA





  • New partnership expands remittance options for the Kenyan diaspora

Nairobi & London, 14 August 2017 - Leading digital money transfer service WorldRemit and the National Bank of Kenya (NBK) have launched a major partnership to enable Kenyans living abroad to make instant transfers home. WorldRemit users can now make instant bank deposits to NBK accounts held in both Kenyan Shillings and US Dollars, as well as send funds for cash pickup in KES across NBK’s extensive branch network.

NBK is one of the largest commercial banks in the country. To meet the dynamic needs of its customers, NBK rolled out diaspora banking in 2016 to let customers bank in multiple currencies and create a financial base back home.

ALI MUFURUKI APPOINTED AS NEW CHAIRMAN OF VODACOM TANZANIA PLC BOARD OF DIRECTORS

HOW SA COMPANY BOUGHT 40PC SHARES IN VODACOM IPO

In Summary
South Africa’s Public Investment Corporation (PIC), with about $100 billion in assets, now owns a 10 per cent stake in Vodacom Tanzania.

 
Dar es Salaam. The South Africa’s Public Investment Corporation (PIC) is the foreign investor that bought 40 per cent of the shares that were issued for the Vodacom Initial Public Offering (IPO) after foreigners were allowed to participate.

The firm came in as Vodacom was struggling to find buyers for all the 560 million shares issued in the IPO, necessitating the extension of the IPO in two occasions.

The South African government-owned investment company now owns 10 per cent of Vodacom Tanzania after buying 224 million shares worth over Sh190 billion.

Foreigners were allowed to participate in the IPO when it was extended for the second time on July 1, after local buyers failed to take up all the shares on offer and after the law was amended.

TANZANIA PORTS AUTHORITY GIVEN 3 MONTHS TO INSTALL FLOW METERS


TANZANIA Ports Authority (TPA) was yesterday given a three-month ultimatum to secure a contractor to immediately install flow meters at Kurasini Oil Jetty (KOJ).

The Deputy Minister for Works, Transport and Communications, Engineer Edwin Ngonyani issued the directive when he visited the Dar es Salaam port, emphasising on the timely completion of the project.

“Ensure that the installation of the flow metres involves the Tanga and Mtwara ports and the work is completed within the period of one year.... work closely with the contractor for the project is of great interest to the nation,” said Eng Ngonyani.

He also advised TPA to build capacity of its workers by sending them abroad to gain exposure for the project implementation. The flow metre project involves several authorities, including the Tanzania Revenue Authority (TRA) and other oil stakeholders, and its completion will boost revenue collection and accelerate the economic growth.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 16 AUG. 2017

BENKI ABC YAZINDUA HUDUMA MPYA ZA UWAKALA WA HUDUMA ZA KIBENKI

Meneja wa Kitengo Binafsi Benki ya ABC Joyce Malai akiongea na waandishi wa habari wa uzinduzi wa huduma za uwakala wa Benki hiyo kwa kushirikiana na Maxcom Africa Plc.
Mkurugenzi Mtendaji wa Maxcom Africa Plc Jameson Kasati akizungumza jijini Dar es Salaam na waandishi wa habari jana kwenye hafla ya kushirikiana na Maxcom Africa Plc kutoa huduma za kibenki.
Meneja huduma za uwakala wa Benki ABC Mwita Robi akionyesha mashine ya uwakala wa huduma za kibenki jijini Dar es Salaam jana mara baada ya kuzindua huduma za hiyo jana.
Lengo ni kuwafikia waliowengi na huduma za kibenki kwawasio na akaunti za benki.
Dar es Salaam Tanzania – Ikiwa ni moja kati ya mikakati yake ya kuendelea kuboresha huduma zake kwa kutoa huduma kwa kila mtanzamia hasa kwa wale wasio na akaunti za Benki, Benki ABC Tanzania leo imezindua huduma za wakala itakayowawezesha wateja wake kupata huduma za kibenki hiyo wakiwa katika mazingira yeyote yale.

Akizungumza leo jijini Dar es Salaam wakati wa uzinduzi huo, Mkuu wa Kitengo cha Wateja binafsi Bi. Joyce Malai alisema Benki ABC inaendelea kuja na teknolojia mpya katika utoaji huduma ili kukidhi mahitaji ya kibenki kwa wateja wake nchini Tanzania.

Changamoto ya Kipato kidogo na kuhitajika kwa vielelezo vingi wakati wa kufungua akaunti za Benki pamoja na uhaba wa huduma za kibenki kwenye baadhi ya maeneo hapa nchini yamefanya Watanzania wakose huduma za kibenki na hivyo kufanya maendeleo ya kiuchumu ya nchi kuwa finyu. Sisi Benki ABC tumejiandaa kuhakikisha kwamba huduma za uwakala za Benki yetu zinakuwa ni suluhisho kwa Watanzania kupata huduma bora za kifedha wakiwa popote bila ya kupata shida, alisema Joyce.

2017 WILL BE THE FINAL GOAT RACES


VODACOM HITS DAR BOURSE RUNNING


Vodacom Tanzania hit the bourse running Tuesday after its share appreciated by almost 6.0 per cent to 900/- at the first day of listing.

The biggest telecom firm in the country just concluded its initial public offer that was twice extended to take almost six months. The IPO price was 850/- a share. The firm, the first telecom to list on Dar es Salaam Stock Exchange (DSE), listed 2.2billion shares.

The share listed increased the market capitalisation by 1.9tri/- to reach nearly 20tri/-. The Minister for Finance and Planning Dr Philip Mpango said reinstated that the government would not hesitate to take to task telecom companies which don’t comply with the Electronic and Postal Communications Act (Epoca) of 2010.

The Act requires telecommunication firms to offload 25 per cent of their shares to the public and subsequently list at the DSE. DSE chief executive officer Moremi Marwa said equity based listed companies have increased to 26 companies.

SWALA GOES FOR BOND TO RAISE FUNDS

Swala Oil and Gas is planning to issue a seven-year retail bond payable in either available funds or the firm shares. The convertible bond, coming into three tranches, will have a coupon rate of 12 per cent to 16 per cent.

The issuer also said in a statement that at maturity the investors may be paid in either available funds or Swala shares at a 12.5 per cent discount. Swala share in the last seven month stagnated at 500/-.

Swala’s Chief Executive Officer Dr David Mestres Ridge said the funding of the agreed investment is progressing and was awaiting only the completion of ongoing due diligence.

“Our upcoming roadshow, focused as it is on the local Tanzanian bond investors, aims to maximise local participation in an African energy sector project with significant potential,” Dr Ridge said.

He added: “We look forward to providing the market with further updates as our investment project advances.” The statement issued by the oil and gas company said the issue is being arranged by the specialist frontier markets investment bank, Exotix Capital.

UBER KILLS BUSINESS, CLAIM TAXI DRIVERS


Some taxi drivers in the city have expressed their frustration following the high picking of Uber commercial transportation services.

They told the ‘Daily News’ that Uber commercial transport services has posed a threat to their business since many passengers go for Uber instead of ordinary taxi. One of the taxi drivers at Samora Street, Post Office, Mr Omar Mohamed said that the number of people who ride on ordinary taxi has reduced since the introduction of Uber commercial services in the city.

He admitted that Uber charges lower compared to taxi. “We differ on price, our fellow charge lower compared to us, however, there are many reasons behind this matter, we charge higher because we are subjected to tax and many other contributions,” he said.

He added that ordinary taxi drivers charge 5000/- for a route from Post Office to Kariakoo while Uber charges only 3000/- for the same route. This attracts more passengers to Uber. “They don’t pay income tax, but we the taxi drivers do pay,” Mr Mohamed said.

GOVERNMENT ORDERS SURRENDER OF ILLEGAL DIPLOMATIC PASSPORTS


Holders of diplomatic and service passports who are no longer in public service have been given one-month ultimatum to surrender the travelling documents to the Immigration Department, lest they risk being blocked at the country’s entry and exit points when travelling.

“It should be noted as well that keeping hold of the documents for those who are no longer eligible is contrary to Section 19(2) (k) of Tanzania Passports and other Travel documents Act of 2002 and its Regulations of 2004,” the department said in a statement yesterday.

The law is categorical that a service or diplomatic passport shall be surrendered to the Director of Immigration Department upon the holder ceasing to hold office with respect to which the passport was issued.

There are, however, provisions in the legislation which allow some leaders to retain the travelling documents after retiring. These include retired leaders such as presidents, the president of the revolutionary government of Zanzibar, vice-presidents, prime ministers and chief ministers.

Wednesday, 16 August 2017

AIR BERLIN FILES FOR INSOLVENCY AFTER ETIHAD WITHDRAWS SUPPORT

Passengers board a German carrier Air Berlin aircraft at Tegel airport in Berlin, Germany, June 14, 2017. REUTERS/Hannibal Hanschke/File Photo

Air Berlin (AB1.DE), Germany’s second-largest airline, filed for bankruptcy protection on Tuesday after key shareholder Etihad Airways withdrew funding following years of losses, leaving valuable runway slots up for grabs.

The move offers Lufthansa (LHAG.DE) and rivals a chance to acquire slots at airports such as Berlin Tegel and Duesseldorf, with Germany’s largest airline keen to defend its domestic position against expansion by low-cost rival Ryanair (RYA.I).

Lufthansa confirmed it was in talks to take over parts of the business, while a source said easyJet (EZJ.L) was the second airline referred to by the government as being in talks with Air Berlin. The British budget carrier declined to comment.


VODACOM TRADING OFF TO A SLOW START AT DSE

Finance and Planning minister Philip Mpango rings the bell to signal Vodacom Tanzania’s listing on the Dar es Salaam Stock Exchange (DSE) yesterday. Others are Vodacom managing director Ian Ferrao (left) and Capital Markets and Securities Authority (CMSA) board chairman John Mduma. PHOTO | SAID KHAMIS

In Summary
Vodacom, which trades as Voda, transacted only 1,700 shares at a weighted average price of Sh900 per share in six deals to contribute a measly Sh1.53 million to the Sh6.463 billion turnover at the Dar es Salaam Stock Exchange (DSE).



Dar es Salaam. Vodacom Tanzania started its first day of trading on a lacklustre note yesterday as its share price increased by only 5.88 per cent against expectations that the firm’s listing would stimulate the stock market.

Vodacom, which trades as Voda, transacted only 1,700 shares at a weighted average price of Sh900 per share in six deals to contribute a measly Sh1.53 million to the Sh6.463 billion turnover at the Dar es Salaam Stock Exchange (DSE).

During Vodacom’s initial public offering (IPO), its shares were sold for Sh850 each.

With institutional investors – both local and foreign – controlling 93.9 per cent of Vodacom’s 25 per cent stake, which had to be offloaded in line with the law, it became apparent that they (investors) would employ a wait-and-see approach before issuing their shares for sale.

STOCK EXCHANGE DOWN 20PC AS BANK PROFITS FALL


Dar es Salaam. The week-on-week turnover on the Dar es Salaam Stock Exchange (DSE) dropped by 20 per cent last week as investors employed the wait-and-see approach amid a drop in profits for commercial banks.

Sh3.2 billion was realised from 1.4 million shares transacted last week, from Sh4 billion that was registered after some 600,000 shares exchanged hands during the week ending August 4, market data show.

The price for CRDB Bank – which was one of the active counters last week – fell by Sh15 just to reach Sh195 in just days after commercial banks released their financial results for the second quarter of the current calendar year.

CRDB Bank and NMB Bank - which together account for over 50 per cent of the banking industry profits – saw their profits dropping during the quarter ending June 2017 in what analysts believe is a result of liquidity tightening which might have affected lending and loan repayments.

BANCABC KEEN TO EXPAND SERVICES

In Summary
In its April 2017 Tanzania Economic Update, the World Bank said though the country has managed to raise access to financial services from 11 per cent to 62 per cent as of last year, it still requires to work on a number of demand and supply constraints to ensure that the remaining 40 per cent of the population gets included in the financial system.


Dar es Salaam. BancABC yesterday launched agency banking services as it seeks to expand its services to the unbanked population.

In its April 2017 Tanzania Economic Update, the World Bank said though the country has managed to raise access to financial services from 11 per cent to 62 per cent as of last year, it still requires to work on a number of demand and supply constraints to ensure that the remaining 40 per cent of the population gets included in the financial system.

Agency banking is a concept whereby a commercial bank contracts an entity or individual to provide specific services on its behalf.

Speaking during the launch of the Service in Dar es Salaam yesterday, BancABC retail and business banking head Joyce Malai said agency banking provides a quicker solution in the bank’s endeavour to reach out to customers beyond its current area.

INFRASTRUCTURE DEVELOPMENT: AN IMPORTANT ENABLER TO ACHIEVING ECONOMIC GROWTH

Precision Air's commercial flight leaves Kahama airport for Dar es salaam recently

A conducive environment for economic growth requires adequate infrastructure that provides better connectivity and while enhancing productivity and efficiency.

The residents of Kahama and Shinyanga will soon enjoy direct flights from Kahama to Dar es Salaam.

The recent development is a result of support from Acacia Mining dating back to 2008 when it began operating its Buzwagi Gold Mine and ever since has continued to invest to ensure the Kahama airport is well-maintained and functional.

The close collaboration between the District Commissioner Fadhil Nkurlu and the mine has made it possible to introduce direct commercial flights.

The flights by Precision Air will ease the transportation of residents of Kahama and Shinyanga who were previously required to travel to Mwanza in order to catch a flight to Dar es Salaam.

JOB VACANCIES - TIB DEVELOPMENT BANK; RE-ADVERTISED

VODACOM OPENS FIRST DAY OF TRADING AT SH900 PER SHARE


Dar es Salaam. Vodacom Tanzania shares traded at Sh900 each at the opening of the trading session Tuesday as the company was listed at the DSE after five months of an Initial Public Offering (IPO). The share price which remained constant past midday was an increase of Sh50 from the IPO’s share price of Sh850.

The trading session was opened at 10:30 am by minister for Finance and Planning Dr Philip Mpango.

Vodacom becomes the first telecom company in the country to be listed at the Dar es Salaam Stock Exchange (DSE) with others expected to follow to fulfill legal requirements.

A total of 2.2 billion Vodacom shares have been listed, according to the capital markets and securities authority (CMSA) board of directors chairman Dr John Mduma.

DSE chief executive officer Moremi Marwa said he was optimistic that the listing of Vodacom would, significantly, increase the DSE's market depth, its velocity as well as the liquidity.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 15 AUG. 2017

ETIHAD AIRWAYS PARTNERS WITH INDIAN DESIGNER MANISH ARORA AT LAKMÉ FASHION WEEK

Indian fashion designer Manish Arora relaxing in Etihad Airways’ premium lounge at Paris Charles de Gaulle Airport ahead of his flight to Abu Dhabi and onwards to Delhi.
  • Globally renowned designer celebrates 10th anniversary of his French collection with exclusive showcase in Mumbai 
Mumbai, INDIA – Etihad Airways and Lakmé Fashion Week today announced a collaboration with one of the most lauded and inspiring international contemporary designers, Paris-based Manish Arora, who returns to the prestigious Mumbai fashion event after more than five years.

The celebrated Indian couturier marks the 10th anniversary of his colourful Paris collection by presenting ‘CosmicLove’ at the Lakmé Fashion Week Winter Festive 2017 on August 19. His show, Etihad Airways Presents Manish Arora, will take the star-studded audience of Bollywood celebrities, lifestyle media and fashion lovers on a visual journey that spans the tribes of Africa and the outer reaches of the universe.

Known for his astute craftsmanship and unique play on colours – his trademark being pink and gold – Arora’s designs are inspired by Indian heritage but with a contemporary vibe.

CURRENT VACANCIES AT THE AFRICAN DEVELOPMENT BANK


EXIM BANK TANZANIA CELEBRATES 20 YEARS OF SERVICE BY INVESTING SH 200 MILLION INTO THE LOCAL HEALH CARE SECTOR


Chief Financial Officer of Exim Bank Tanzania, Selemani Ponda (left) hands over 40 beds and mattresses to Dr. Husna Msangi of Temeke Municipal Hospital. The handover was part of the Bank's 20th anniversary in which it will donate 500 beds and mattresses worth 200m/- to public hospitals in 13 regions across the country.
15th August 2017, Dar es Salaam - Exim Bank Tanzania has marked 20 years of service by launching a year-long corporate social responsibility project dubbed “20 years of taking care of the community” that will invest Sh 200 million into the Tanzanian health care. In an attempt to address the chronic bed capacity issue plaguing the nation, Exim Bank will donate 500 mattresses and beds to public hospitals in 13 regions across the country.

This was announced at the bank’s 20th anniversary celebration, which the bank held at Temeke Municipal Hospital in Dar es Salaam, the first hospital to become a beneficiary of the project.

Speaking at the ceremony, Exim Bank’s CFO, Mr. Selemani Ponda said, “This year Exim Bank has reached a significant milestone. We are celebrating two decades of innovation and commitment to our community. For years, Exim Bank has invested heavily in the health, environment and education sector in Tanzania. We are recognizant of the government’s commitment in improving the health care sector, therefore we have dedicated this entire year to invest in public hospitals across the country”.

SAFARI LAGER CELEBRATES 40 YEARS OF LEADING THE BEER MARKET IN TANZANIA

Safari Lager Brand Manager, Ms. Edith Bebwa Nasuwa.
Dar es Salaam, Saturday 12th August 2017: Tanzania Breweries Limited is celebrating 40 years of its biggest brand in Tanzania, Safari Lager.

Speaking to the media at Leaders Club in Dar Es Salaam on Saturday where the celebrations took place, Safari Lager Brand Manager, Ms. Edith Bebwa Nasuwa said that it is a proud moment for Safari Lager to reach this milestone and still remain the number one consumer’s choice.

“Safari Lager paved it way to the world in 1978 by winning its 1st Gold Monde Selection award and sustained its quality and won more 7 Monde awards which was then recognised with a grand gold Monde selection. In 2013 Safari Lager won number one in Africa amongst 50 African brands. These accolades affirm that we have been producing the highest quality satisfying taste for our consumers since 1977. We attribute our success to our strong foundations, belief in our brand and always providing value to our consumers.”

PRESIDENT JOHN MAGUFULI REVOKES TITLE DEEDS FOR 14 UNDEVELOPED FARMS


President John Magufuli has revoked title deeds of 15,567.6 undeveloped acres in Morogoro region as per pleas of four district councils.

The affected 14 farms’ owners include famous businessman Jeetu Patel under Noble Agricultural Enterprises Ltd at Mvumi village in Kilosa and Esther Sumaye, the wife of the former Prime Minister Frederick Sumaye.

Lands, Housing and Human Settlements Development Minister William Lukuvi said the revocation was in accordance with the country’s regulations and land laws, dismissing as unfounded claims that the move discriminated owners on their political, tribal and religious affiliations.

Mr Lukuvi was speaking on Monday at a meeting chaired by a Morogoro Regional Commissioner Dr Kebwe Stephen Kebwe. He said during the 2015 general election campaign, idle land was a critical issue particularly in Morogoro, Kilombero, Kilosa and Mvomero districts where residents decried shortage of land for farming.

TANZANIA, EGYPT REVIVED RELATIONS PROMISE BENEFITS

President John Magufuli welcomes Egyptian President, Abdel Fattah Al-Sisi who arrived in the country on Monday.
Tanzania is poised to reap huge benefits out of her revitalised bilateral relations with Egypt, renowned for irrigation farming, industrialisation and hydro-power generation.

Egyptian President Abdel Fattah Al-Sisi arrived in the country on Monday for a two-day working visit to cement the long-standing friendship that the two nations have enjoyed for decades, dating back to the era of the late Mwalimu Julius Nyerere and Gamal Abdel Nasser.

In his speech at the State House in Dar es Salaam on Monday, President Al-Sisi invited President John Magufuli to Cairo, stressing on the need to bolster economic and diplomatic ties between the two nations.

Trade volume between Tanzania and Egypt stands at 78 million US dollars, with Egyptian companies’ over about 900 million US dollar investments creating 956 jobs for Tanzanians.

Reports from Cairo show that trade volume between Egypt and other African countries surged to 4.8 billion dollars last year, up from 4.5 billion dollars recorded in the previous year.

DOWNPOUS POUNDS DAR ES SALAAM ON ARRIVAL OF EGYPTIAN LEADER

Egyptian President Abdel Fattah Al - Sisi, inspects a guard of honour on his arrival at Julius Nyerere International Airport on Monday.
President John Magufuli on Monday led top government leaders to welcome Egyptian President Abdel Fattah Al - Sisi who arrived at the Julius Nyerere International Airport (JNIA) for a two-day state visit in the country.

Miraculously, the sky opened up, with heavy downpours pounding the city to welcome the Arab Republic leader, a sign of blessings, in the eyes of Tanzanians. The downpours however did not deter Dar es Salaam residents from turning up at JNIA’s Terminal one to welcome the visiting leader.

At 11:56 am state-of-the art presidential jet carrying the Egyptian leader touched down to the red-carpet reception.

“This leader has come with blessings to us. The only thing we pray for now is for the rains not to disrupt our programme,” a middle-aged woman said, referring to the rain that was approaching as President Al-Sisi received the 21-gun salute.

After inspecting the guard of honour mounted by the Tanzania People Defence Forces (TPDF), President Al-Sisi and his host had a moment of conversation as rains briefly disrupted the programme.

DAR ES SALAAM, CAIRO PICK KEY FOCUS AREAS

President John Magufuli shakes hands with visiting President of the Arab Republic of Egypt, Abdel Fattah Al-Sisi after they addressed a joint press conference at State House in Dar es Salaam on Monday.
Revival of Nile Basin talks, Muhimbili National Hospital’s (MNH) improved capacity and investments in pharmaceuticals are key issues that President John Magufuli and his Egyptian counterpart Abdel Al-Sisi discussed on Monday.

Egypt has over time maintained that it has absolute rights and control over the Nile water, the claim that other members of the Nile Basin--Uganda, Kenya, Tanzania, Burundi, Rwanda, South Sudan, Ethiopia and Sudan, have strongly rejected.

Uganda held talks mid this year failed to reach a consensus after Cairo refused to sign a cooperative framework agreement (CFA) to regulate the use of the Nile water in all 10 countries.

One of the CFA clauses that Cairo rejected is the one addressing the fair use and distribution of Nile water, failing to recognise Egypt’s historical annual quota of 55.5 billion cubic metres of water from the Nile River, amounting to 55.5 billion cubic meters of water. And, according to the 1959 Nile Waters Agreement, Sudan claims 18.5 billion cubic meters from the Nile’s water.

At a joint press conference at the State House in Dar es Salaam, President Magufuli affirmed the government’s readiness to revive the talks to find the best way for all member states to benefit from the Nile. “We talked about River Nile and engagement of other countries in a win-win situation... we have agreed to revive the talks.

Tuesday, 15 August 2017

PRUDENTIAL CAPITAL MARKET UPDATES AS AT 14 AUG. 2017

KANSAI PLASCON ACQUIRES SADOLIN PAINTS


Kansai Plascon Africa, a subsidiary of Japan based Kansai Paint, has concluded its agreement to purchase the Sadolin Paints operations in Tanzania and other East African countries.

This was announced by Kansai Plascon Tanzania Managing Director Amin Habib, during a press briefing in Dar es Salaam over the weekend.

“We are thrilled for this acquisition,” Mr Habib said adding: “We will be able to tap into Kansai’s strong brand heritage, and trusted performance, providing us with new capabilities, access to technology and a know-how.”

The acquisition will see no changes in top management or any other positions at Sadolin. The company will continue to operate as optimally as it has been with the current employee base.