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Monday, 22 May 2017

CRDB PLANS 14-STOREY HQ

CRDB Managing Director, Charles Kimei speaks during the bank's annual general meeting held in Arusha over the weekend.

In Summary
Currently, the bank operates from six floors of a building that is located along Azikiwe Street in Dar es Salaam.

But the managing director, Dr Charles Kimei, told the bank’s shareholders during the 22nd annual general meeting (AGM) here at the weekend that the bank will soon build a modern building that portrays the true picture of CRDB’s status in the country.

Arusha. CRDB Bank will build a 14-storey headquarters building in Dar es Salaam as the country’s largest lender seeks to further enhance its image.
Currently, the bank operates from six floors of a building that is located along Azikiwe Street in Dar es Salaam.

But the managing director, Dr Charles Kimei, told the bank’s shareholders during the 22nd annual general meeting (AGM) here at the weekend that the bank will soon build a modern building that portrays the true picture of CRDB’s status in the country.

“It will be an iconic building that will portray the bank’s status, as well as its vision and commitment to Tanzania’s economy,” he said, declining to reveal the actual amount to be injected into the project.

NEW REPORT SHOWS HOW 7.2TRN/- IS LOST

TANZANIA lost 7.2trn/- (about 2.13billion US dollars) last year as a result of an extraordinary tax holiday, according to new report by three faith-based organizations.
Dar es Salaam based interfaith standing committee for economic justice and the integrity of creation in Tanzania, published their latest report on Saturday, blaming corruption, crime and tax evasion.
Named “The One Billion Dollar Question; How Much is Tanzania now Losing in Potential Tax Revenues?”, the report released here indicates that the lost money, that can be linked to tax evasion and incentives, had jumped from 1.3 billion US dollars in 2012 to 1.83 billion US dollars in 2017.
More than 1.3billion US dollars revenue was lost to corruption and grafts. Prof Honest Ngowi, an economist said: “Such lost money would have tripled the health budget or doubled education sector spending.
It could also have helped transform social protection measures and support the most vulnerable by ten times the current budget.” “The situation is now worse than where we come from,” he said, advising the government to broaden the tax base and deepen campaigns to counter tax evasion.
Tanzania is Africa’s fourth largest gold producer and the second East African country with the largest natural gas deposits after Mozambique.

TANDAHIMBA BANK SEEN ON RECOVERY PATH

MTWARA based Tandahimba Bank is seen walking out of financial quagmire thanks to a great support rendered by CRDB last year.

CRDB supported the community bank to walk out of financial difficulties after it incurred losses which reached 200m/- last year. The bank's non-performing loans ratio reached 90 per cent as rate of default on loan repayment soared to unprecedented levels.
The community bank poor balance sheet left the regulator, the Central Bank to either shut it down or finding a custodian bank. CRDB Managing Director Dr Charles Kimei said at the Annual General Meeting in Arusha over the weekend that the Central Bank had asked them to rescue the bank from bankruptcy last year.

ZANTEL EMPLOYEES PARTICIPATE IN CLEANING THE KUNDUCHI BEACH FISH MARKET IN DAR

Zantel employees participate in the beach clean-up exercise at Kunduchi Fish Market in Dar es Salaam over the weekend. The exercise is part of the company’s Corporate Social responsibility (CSR) in ensuring that they deliver a cleaner and safer environment for the aquatic life as well as that of the local community. In addition the company donated beach cleaning tools to Kunduchi Fish market’s leaders and urged them to continue the cleaning culture.
Zantel’s Brand and Communications Manager, Rukia Mtingwa (right) participates in the beach clean-up exercise at Kunduchi Fish Market in Dar es Salaam over the weekend. 

ETIHAD AIRWAYS TO LAUNCH A380 FLIGHTS TO PARIS

  World’s Largest Passenger Jet Features Airline’s Award-Winning Three-Room Suite, ‘The Residence’

ABU DHABI – Etihad Airways today announced the year-round deployment of its award-winning Airbus A380 aircraft on the Abu Dhabi to Paris route.

The superjumbo, which features ‘The Residence’ - the world’s first three-room suite on a commercial airliner - will operate from 1 July on one of its twice-daily services from the UAE’s capital city to the capital of France.

Paris becomes the airline’s latest A380 long-haul destination following London, Sydney, New York and Melbourne. With the 496-seat aircraft upgrade from a 328-seat Boeing 777, Etihad Airways will offer an all-A380 daily service from Paris to both Melbourne and Sydney via the airline’s Abu Dhabi home base.

The additional capacity will provide business and leisure travellers from France with more opportunities to visit Abu Dhabi.

It will also support the strong connecting traffic to and from many cities across Asia and Australia from Abu Dhabi including Brisbane, Perth, Bangkok, Chengdu, Ho Chi Minh City, Hong Kong, Jakarta, Manila, Shanghai, Seychelles, Chennai, Delhi and Mumbai.

Flight EY31 has a scheduled departure time from Abu Dhabi at 2.15 am which arrives at Paris Charles de Gaulle airport at 7.50 am local time.  The return flight, EY32 takes off from the French capital at 10.40 am and arrives in Abu Dhabi at 7.30 pm.

CRDB EMPLOYS 600 IN A SINGLE YEAR

CRDB’s Managing Director Dr Charles Kimei

CRDB Bank, Tanzania’s leading bank, has employed some 550 new staff despite challenges the industry faced last year.

The new staff ballooned CRDB number of workforce to about 3,200 serving at 250 branches across the country, after opening additional 76 branches in a single year.
However, the CRDB’s Managing Director Dr Charles Kimei said they are expecting to slow down employment after reaching critical mass and concentrate on technology. “We are going to slow down on expansion after reaching a critical mass... and expectation is slow expansion growth.
“The banks want to now manage costs by using information technology and our bank agents [FahariHuduma],” Dr Kimei told the bank shareholders in Arusha yesterday.

Sunday, 21 May 2017

ETIHAD AIRWAYS AND ELLERY CELEBRATED 10-YEAR MILESTONES AT MERCEDES-BENZ FASHION WEEK AUSTRALIA

IMG Model and star of the inaugural episode of Model Diaries, Georgia Fowler, flanked by Etihad Airways cabin crew at the Etihad Atelier at Mercedes-Benz Fashion Week Australia in Sydney.@EtihadAirways #RunwaytoRunway @elleryland

A ground breaking decade of fashion and luxury travel was celebrated at an exclusive Australian Fashion Week VIP Event in Sydney overnight
Distinguished Australian designer, Ellery, last night co-hosted an exclusive event – ELLERY X ETIHAD AIRWAYS – together with the Abu Dhabi-based airline at Mercedes-Benz Fashion Week Australia.

The event celebrated ELLERY’s 10th year since showing for the first time at Australian Fashion Week with a retrospective of iconic looks from the ELLERY archive. Etihad Airways celebrated its 10 years of service to Australia and global commitment to fashion with the Australian launch of its Runway To Runway program.

Friday, 19 May 2017

CRDB BULLISH ON GROWTH DESPITE CHALLENGES

CRDB Bank Managing Director, Dr. Charles Kimei (centre), speaks at a press conference in Dar es Salaam on Tuesday ahead of the 22nd Annual Stakeholder's General Meeting scheduled to take place later this week in Arusha. He is flanked by Deputy Managing Director, Operations & Customer Services, Mr. Saugata Bandyopadhyay (first right) and Deputy Managing Director, Shared Services, Ms. Esther Kitoka (first left).
CRDB Bank remains optimistic of posting strong results this year despite policy changes that increased challenges in operations, its Managing Director, Dr. Charles Kimei has said.

Speaking in Dar es Salaam on Tuesday ahead of the bank's Annual General Meeting scheduled for later this week, Dr. Kimei said the ongoing policy orientation, including macroeconomic and structural policies, as well as changes in regulatory framework were likely to result in increasing loan repayment default rate among borrowers.

The bank, with a subsidiary in Burundi, reported a Group pretax profit slow down to 118.2bn/- from 187.7bn/- attained in the previous year. The Tanzania operation alone posted a pre-tax profit of 111.9bn/- compared to 178.2bn/- recorded last year.

LENDING TO PRIVATE SECTOR FALLS TO HISTORIC LOW LEVELS


Banks’ lending to private sector has registered a historical low level after growing by merely 3.7 per cent year-on-year ending March.

The sector low credit growth came at a time when banks are seen to prefer risk-free government instruments to private sector lending—putting GDP target growth at crossroad. International Monetary Fund projected the economy growth in 2016 at around 7.0 per cent.

According to the latest Bank of Tanzania (BoT) monthly economic review, credit to private sector dropped eight times to slightly over 2.0tri/- for the year ending March against almost 16tri/- some period last year.

TANZANIA REVENUE AUTHORITY, TIB CORPORATE BANK PARTNER TO EASE TAX PAYMENT

Tanzania Revenue Authority (TRA) Commissioner General, Charles Kichere (first left) and TIB Corporate Bank Managing Director, Frank Nyabundege (first right), display partnership documents whereby the two Government owned institutions will cooperate in tax collection through the Taxbank system recently. Looking on is TRA Director of Tax Payer Services and Education, Richard Kayombo (second left) and TIB Corporate Bank Head of Marketing and Corporate Affairs, Theresia Soka.
Tanzania Revenue Authority (TRA) and TIB Corporate Bank have entered into a partnership which allows tax payers in the country to clear all their taxes through the bank’s branch located at the Dar es Salaam Port for 24 hours every week.

The move comes a week after the Prime Minister, Mr Kassim Majaliwa, directed government institutions at the Dar es Salaam Port to operate 24 hours a day and seven days a week (24/7), to reduce dwell time and make it competitive.

TRA Commissioner General, Mr Charles Kichere, told journalists in Dar es Salaam on Tuesday that the move will facilitate tax collection through the Taxbank system.

TANZANIA INKS CASSAVA EXPORT DEAL TO CHINA


Tanzania has secured a cassava exporting deal to China for unlimited amount, thanks to an agreement signed in Beijing ON Wednesday after the end of Belt and Road Forum.

Tanzania Ambassador to China, Mbelwa Kairuki signed for Dar es Salaam while Beijing was represented by Deputy Head of China's General Rights of Quality, Supervision, Inspection and Quarantine, Li Yuanping.

Ambassador Kairuki said to boost the country’s cassava production, the embassy in Beijing started to shop around for technology to increase its output. "This is a special day for cassava farmers back home. My message is grab this opportunity by increasing production since a steady market has been secured,” he said.

IMF LEADER TOUTS FOR MORE STABLE TAX REGIME

International Monetary Fund Deputy Managing Director, Tao Zhang.
The International Monetary Fund (IMF) Deputy Managing Director, Tao Zhang has hailed Tanzania for managing to boost tax collection to finance infrastructure development but cautioned the country needs a more stable tax regime to remain an attractive investment destination.

The visiting IMF leader said it was vital to mobilise more private and public resources by strengthening tax collection but unpredictability of tax regime remained a challenge as the country strive to develop an industrial economy as envisaged in the second Five-Year Development Plan.

"So it is crucial to mobilise more private and public resources within Tanzania, especially by strengthening tax collection under a fair and predictable tax regime. This is an area where Tanzania has fallen behind its neighbours," he said at a public lecture he gave in Dar es Salaam recently.

INCREASED BUDGET ALLOCATION TO PUSH GOVERNMENT INDUSTRIAL DRIVE

Industry, Trade and Investment Minister, Charles Mwijage.
The Ministry of Industry, Trade and Investment has doubled development budget in the 2017/18 financial year, pushing the country’s industrialisation drive further.

The ministry, yesterday, asked Parliament to endorse a proposed budget of 122 billion/- for the next financial year, out of which 80bn/- will be set for development projects and the remaining 42bn/- for recurrent budget. In the current financial year, the development budget stands at 40bn/- and 41.8bn/- was for recurrent budget.

Comparatively, the recurrent budget for 2016/17 and that of 2017/18 has remained almost the same with a slight increase of 0.2bn/- , but there was a significant increase of 40bn/- in development funding.

When tabling the budget, the Minister for the docket, Mr Charles Mwijage, pointed out that the budget allocation indicates the government’s commitment to realise industrialisation vision come 2025.

HALOTEL SHEDS LIGHT ON ECONOMIC SABOTAGE CASE

Halotel Managing Director, Mr. Le Van Dai, speaks to reporters in Dar es Salaam yesterday about Halotel's recent implication in a recent economic sabotage case. Looking on is Ms. Fatma Seif, an Advocate in charge of Regulatory Affairs.
Halotel Tanzania has said its implication in a recent economic sabotage case was a result of inadvertently working with a fictitious company that caused a 459m/- loss to the Tanzania Communications Regulatory Authority (TCRA).

Halotel Managing Director, Mr Le Van Dai said in Dar es Salaam yesterday that they had sold 1,000 Subscriber Identification Module (Sim) cards to UNEX company Ltd and failed to verify information provided by the latter for registration purpose.

The Kisutu Resident Magistrate’s Court in Dar es Salaam on Tuesday sentenced Viettel Tanzania Limited, its former Managing Director, Do Manh Hong (44) and seven other foreigners to pay a total of 689m/- for occasioning loss to the Tanzania Communications Regulatory Authority (TCRA).

THE WORLD BANK VACANCY ANNOUNCEMENT - SENIOR EXECUTIVE ASSISTANT


3 Years Term Appointment
Location: Dar es Salaam, Tanzania

The World Bank, the leading multi-lateral institution in global economic development, is seeking to hire a seasoned and highly energized professional to work as Senior Executive Assistant in the Office of the Country Director for Tanzania, Malawi, Burundi and Somalia (AFCE1) based in Dar es Salaam, Tanzania. 

The Senior Executive Assistant reports directly to the Country Director (CD), and is an essential member of the fast-paced and busy Country Office. The incumbent is responsible for providing the full range of support to the Country Director and the Country Management Unit (CMU), with the highest level of professionalism, diplomacy, tact and discretion. The Country Director is based in Dar es Salaam, Tanzania, and is supported by the Country Program Coordinator based in Washington, the Senior Operations Officer in Dar es Salaam, Tanzania, two Country Managers each for and based in Malawi and Burundi, the Country Representative for Somalia based in Nairobi, Kenya and three Program Leaders based in Dar es Salaam, Tanzania representing the Global Practice Groups.

The responsibilities will include:

Specifically, the Senior Executive Assistant will be responsible for the following: 

1) Managing the Country Director’s Office
  • Manages the Country Director’s schedule; organizes and coordinates relevant briefing or background material for meetings. Screens and prioritizes incoming correspondence and messages to the CD, independently responding to extensive and diverse inquiries, liaising with others in the CMU, including Washington and making independent decisions when multiple courses of actions are required. Monitors and follows up on issues related to the Country Director’s function and ensures that relevant staff members are informed. Handles sensitive and confidential information. Ensures timely submission and review of briefing materials and appropriate follow-up actions, making sure materials are presented to the Country Director for review prior to meetings. 
  • Initiates and coordinates all aspects of the CD’s travel schedule (i.e., SAP, ticket and hotel reservations, visa requests, etc.) including coordinating the travel and protocol needs of the Country Director while on mission. 
  • Drafts correspondence and prepares and ensures adherence to administrative guidelines and overall quality of outputs requiring the Country Director’s signature. 
  • Provides general research support and utilizes all relevant computer software to retrieve, maintain and manipulate data and independently respond to diverse inquiries and make decisions when multiple courses of action are possible. 
  • Establishes and maintains relevant files and databases for the CMU. 
  • Ensures the quality and timeliness of information emanating from the front office; independently decides and follows through on appropriate dissemination of information to staff by sharing reports, status updates and other information as necessary. 
  • Serves as the first point of contact and liaison with an extensive network of contacts at the most senior levels, both internally and externally. Provides follow-up on required actions and monitors compliance. Responds to diverse inquiries and makes decisions when multiple courses of action are possible. Establishes and maintains an effective network of contacts with Government officials at the highest level.

EAC MINISTERS SPOTLIGHT NON-TARIFF BARRIERS FOR SLUMP IN TRADE

Minister of Foreign Affairs and East African Co-operation, Dr Augustine Mahiga.
Trade volume among member states of the East African Community (EAC) has declined during the past one year, with officials attributing the fall to existing non-tariff barriers (NTBs). Tanzania’s Minister of Foreign Affairs and East African Co-operation, Dr Augustine Mahiga, said however that the decline was due to reduced trade in some products, such as food crops, mainly rice, but official figures fall short of specific reasons for the slump in trade.

“Trade has been growing over the past years save for ‘just’ last year … the removal of non-tariff barriers is among issues to be resolved,” he explained.

Dr Mahiga was speaking during the 34th EAC Council of Ministers meeting held yesterday ahead of the 18th EAC Heads of State Summit scheduled for tomorrow in Dar es Salaam.

Thursday, 18 May 2017

ZANTEL INTRODUCES FREE SOCIAL MEDIA PACKS, TARGETING YOUTH

Manager of Data & Device at Zantel, Hamza Zuheri (right) and Mdundo.com’s Music and Operations Manager Prisna Nicholaus (second left) show Zantel’s Chief Executive Officer, Benoit Janin (second right) the Mdundo mobile Application during the official launch of free social media packs, a service which basically targets the youth and all Zantel customers in Dar es salaam today. Looking on left is Zantel’s Manager for Brand and Communication, Rukia Mtingwa.

Business Analyst and Retention at Zantel, Rehene Cathbert (right) displays the Mdundo mobile application which Zantel customers will be able to stream freely after subscribing to the company's newly launched social media pack that also includes free Whats-App and Facebook. The event was held in Dar es salaam today. In the Middle is the Company's Specialist in VAS usage Ms. Emmilina Albert Vokolawene and Zantel's CDS Architecture-IT, Salim Awadh (right).

Zantel Chief Executive Officer, Benoit Janin speaks to reporters in Dar es salaam today after the launch of free social media packs, a service which targets the youth and all Zantel customers. 

Dar es salaam, May 18th 2017. Tanzania’s data market leader -Zantel, has today introduced free social media packs for its customers, specifically targeting youth who are seen as frequent users of social media.

Making the official announcement in Dar es Salaam, Zantel’s Chief Executive Officer Mr. Benoit Janin said all Zantel customers subscribing to the company’s daily, weekly and monthly internet will be entitled to free WhatsApp, Facebook as well as free music from Mdundo music streaming services.


HUAWEI MOBILE LAUNCHES GR5 2017 IN TANZANIA


May, 2017 - Huawei Mobile Tanzania has launched its advanced dual camera device Huawei GR5 2017 in the market as it strives to enhance its business footprint in the local market this year. According to Q1, 2016 data, Huawei device Tanzania was ranked number two with a market share of 22 percent and this is steadily increasing with the growing smartphone market in Tanzania.

GR5 2017 is the first ever device in the local Smartphone market that has a premium and powerful dual camera in the mid-range devices. The dual camera Smartphone boasts 1 3GB RAM, 32GB ROM, Long battery life, Finger print 3.0 and 5”.5 FHD display.

Speaking of the new device in the market, Huawei Device, the Regional Director, Mark Ho said despite stiff competition, the company’s device business continues to grow in the local market. He attributed the growth on the firm’s consumer-centric approach that focuses on creating meaningful innovation, as well as ongoing commitment to building a premium brand and reinforcing retail channels and after sale service capabilities.

APPLE HAS A HUGE ADVANTAGE OVER ITS RIVALS AHEAD OF THE iPHONE 8 RELEASE

Morgan Stanley upgraded its price target for Apple stock after a survey found that the tech giant has a sizable advantage over its rivals in terms of customer loyalty.
Apple CEO Tim Cook.
With the iPhone 8 set to be released later this year, Apple looks to have a sizable advantage over its competitors in one important metric: customer loyalty.

A new AlphaWise survey found that 92% of surveyed iPhone owners "somewhat or extremely likely" to upgrade in the next 12 months plan to stick with the Apple brand, according to a Morgan Stanley note.

That led the rest of the field by a wide margin as Samsung (77%), LG (59%), Motorola (56%), and Nokia (42%) all lagged behind.

Morgan Stanley analysts' raised their Apple stock — currently $150.50 per share — price target from $161 to $177 as the survey only served to strengthen their already bullish view on Apple's 2018 outlook. The new target price represents an 18% premium to the current stock price.

Wednesday, 17 May 2017

KENYA'S COMMERCIAL BANK OF AFRICA IN BID TO ACQUIRE RWANDA'S CRANE BANK


Commercial Bank of Africa (CBA), which is majority-owned by the Kenyatta family, is in the running to acquire the Rwandese subsidiary of Uganda’s Crane Bank in what marks the latest expansion of the wealthy family’s empire.

CBA already operates an equivalent of mobile banking service M-Shwari in Rwanda using a microfinance licence.

The Nairobi-based lender is looking to outbid rival banks that are also seeking to purchase Crane Bank Rwanda branches currently owned by Dfcu Bank.

The Bank of Uganda last October took over the management of Crane Bank — at the time the country’s fourth-largest lender — due to under-capitalisation and in January sold it to Dfcu, which is now seeking to offload the Rwandese unit.

If CBA is successful in its bid, the mid-tier Kenyan lender will have a physical presence in four countries, including Uganda and Tanzania, moving it closer to its target of having operations in 10 African countries.

BUILDING ON SUCCESS: ACHIEVING TANZANIA'S GOAL OF MIDDLE-INCOME STATUS


May 17, 2017
Introduction
Thank you, Governor, for your kind introduction. I would also like to offer my appreciation to the Bank of Tanzania for hosting this event. This conference center has played an important role in Africa’s relations with the IMF: the first event held here, in 2009, was a joint Tanzania-IMF conference. An event that marked an important positive turning point in our work with this region.
This is my first visit to your country in my current capacity, and I have been deeply impressed by all that I have seen and by all the people I have had the pleasure to meet. I greatly appreciate the opportunity to learn about Tanzania’s achievements—and your determination to tackle the challenges ahead.
As many of you know, Tanzania is one of the countries in sub-Saharan Africa that has sustained high levels of growth despite the sharp economic slowdown that has affected so much of the region. Your growth has been about 7 percent in recent years. This continues two decades of impressive growth that have led to a six-fold increase in per capita GDP in US$ over that period. There have also been significant improvements in social indicators, like a 60 percent reduction in infant mortality and a 36 percentage points increase in primary education enrollment.

TIGO YAZINDUA KAMPENI YA ‘JAZA UJAZWE’ KUWASHUKURU WATEJA KWA UAMINIFU WAO

Meneja Chapa wa Tigo, William Mpinga akifafanua jambo kwa waandishi wa habari kuhusu kifurushi cha Jaza Ujazwe mapema leo katika uzinduzi rasmi wa kifurushi hicho "JazaUjazwe’ ambapo mteja atapata bonus kwa njia ya SMS, Muda wa maongezi, MBs kwa ajili ya kuperuzi internet, Whatsapp na You Tube Kulia kwake ni Mtaalamu wa kubuni Ofa kutoka kampuni ya simu za mkononi ya TIGO Jacqueline Nnunduma na kushoto ni Meneja Mawasiliano ya Umma wa Tigo Woinde Shisael.

Mtaalamu wa kubuni Ofa kutoka kampuni ya simu za mkononi ya TIGO Jacqueline Nnunduma akijibu maswali kwa waandishi wakati wa uzinduzi wa kifurushi cha Jaza Ujazwe (katikati) Meneja Chapa wa Tigo, William Mpinga na mwishoni ni Meneja Mawasiliano ya Umma wa Tigo Woinde Shisael.
Dar es Salaam, Jumatano Mei 17, 2017 - Kampuni inayoongoza mfumo wa maisha ya kidijitali, Tigo Tanzania imezindua kampeni nyingine mpya ya kuvutia inayofahamika kama, ‘JazaUjazwe’ ambapo mteja atapata bonus kwa njia ya SMS, Muda wa maongezi, MBs kwa ajili ya kuperuzi internet, Whatsapp na You Tube pindi anapoongeza muda wa maongezi iwe ni kupitia vocha ya kukwangua, Tigo Pesa au Tigo Rusha.

Kwa mujibu wa Tigo kampeni ya ‘Jaza Ujazwe’ imekuja kama shukrani kwa wateja wa kampuni hiyo ya simu kutokana na uaminifu wao mkubwa.

BANKS BOOST INVESTORS' APPETITE ON T-BILLS, BONDS


Investors raised 2.36tri/- to invest in treasury bonds and bills in the first quarter of this year as banks are shunning lending to borrowers and turn to risk-free government securities.

The government debt securities were oversubscribed in the first three months to signal growing investors' thirst as they set aside about 2.36tri/- compared to 833.7bn/- offered by the Bank of Tanzania (BoT).

The Bank of Tanzania (BoT) failed to quench their thirst as it accepted 1.48tri/- which is 177 per cent of the amount offered to the market. Banks and pension funds are the main investors for the government securities.

According to the National Microfinance Bank (NMB) market digest, investors’ appetite rose significantly due to improved liquidity condition in the quarter under review compared to fourth quarter 2016 whereby bids worth 1.36tri/- were tendered and 962.6bn/- were successful.

MONEY MATTERS: SPEND IT OR SAVE IT - YOUR DECISION MATTERS


What you do with your money may not be of much consequence today, but for sure it will have great ramification on your life in future.

If you spend all and don’t save for rainy days, we all know what would happen if god forbid difficult time hits your life. Spend it or save it – your decision matters in your life.

We all know what we do with our money. Don’t we, it is simple either we spend it on something or we save it for future use. So our whole money management revolves on these two pillars i.e. spend or save, but it is a very difficult decision to make.

Someone may decide to spend the whole amount, and leave nothing to save. Some other person may decide to spend part of the amount while the balance amount is saved. Conversely, some other person may decide to save the whole amount.

So all these three people took a decision in their individual capacity each leading to: spent fully, spent partially while saving the rest, and saved the full amount. Each of these decisions has their own repercussions, but I can say with authority that the first one [i.e. where the entire amount was spent] can be termed as a ‘risky decision’, as under this decision there is no element of saving. Yes, there are effectively two ways you can use your money.

HIGH NON-PERFORMING LOANS - MANY MORE BANKS MAY CRUMBLE, EXPERTS WARN


More small banks may be liquidated due to capital inadequacy as soaring default rate on loans is eating into core capital, economists are warning.

After the Central Bank revoked the licence of Mbinga Community Bank due to capital inadequacy last week, the economists say survival of other small banks Survival of many small banks cannot be guaranteed with such a high defaulting rate on loans.

They urged that high default rate on loans which has pushed non-performing loans to a record high levels, was a result of weakness on the bank’s management in loan provision and liquidity challenges in the economy.

In this year’s quarter one three banks registered more than 50 per cent of NPLs ratio compared to industry benchmark of 5.0 per cent. Efatha Bank, linked to Efatha ministry and foundation, has the highest NPLs in this year’s Q1 at 63 per cent increased by almost five times from the same period last year. The bank posted a 23m/-loss from a net profit of 12m/- in quarter-to-quarter.

The second on list was EconBank Tanzania after reporting NPLs of 57 per cent in Q1, this year up from 38 per cent in similar quarter last year.

AIRTEL'S AFRICA BUSINESS REPORTS POSITIVE PROFIT FOR THE FIRST TIME EVER


Indian telecommunications company Bharti Airtel has reported a profit of $6 million from African operations for the fourth quarter from a loss of $57 million a year ago, on the back of growth in the data customer base and consumption, while overall revenue growth was helped by currency stabilization in most markets.

The mobile carrier’s Africa revenue climbed 2.6% to $888 million in the three months ended March from $872 million a year earlier. The financial year 2016-17 becomes the first first full year that was positive on profit before tax level.

Raghunath Mandava, chief operating officer of Airtel Africa, said that revenue growth for the quarter was 4.4% in constant currency terms during FY 16-17 with net revenues up a healthy 5.0% as it shed unprofitable lines. Data consumption and revenues have grown by 95.5% & 23.5% respectively in the just ended fiscal.

VODAFONE CEDES 35PC SAFARICOM SHARES TO VODACOM

Safaricom chief executive Bob Collymore.
UK-based Vodafone Plc has agreed to transfer a 35 per cent stake in Kenyan telco Safaricom to its majority-owned South African subsidiary Vodacom Group Plc.
The transfer –announced on Monday– will see Vodafone, through its fully owned subsidiary Vodafone International Holdings, give up 35 per cent of its total 40 per cent stake in Safaricom in return for new ordinary shares in Vodacom. Vodafone Plc currently controls a 65 per cent stake in Vodacom—South Africa’s largest mobile operator.
Put roots down
Safaricom Chief executive officer Bob Collymore believes the new deal will help the firm in expanding its mobile money services M-Pesa, which has already put roots down in 10 countries.

Tuesday, 16 May 2017

WHY GETTING DRUNK IS SO IMPORTANT IN JAPANESE BUSINESS RELATIONS

A business deal?
Sharing meals is a meaningful tool for trust building in nearly all cultures. But in some cultures, sharing drinks — particularly alcoholic drinks — is equally important.

I once conducted a training program for a German couple moving to Japan, assisted by Hiroki, a wise and entertaining Japanese culture specialist. The German asked Hiroki how to get his Japanese colleagues to tell him what was really going on: "They are so formal and quiet. I worry if I am not able to build the necessary trust, I won't get the information I need from them."

Hiroki thought quietly for a moment and then responded with only a small trace of humor in his eyes: "Best strategy is to drink with them."

"To drink?" the German client questioned.

"Yes, drink until you fall down."

When Hiroki said this, I thought back to my first ride in the Tokyo metro, when I saw several groups of Japanese businessmen stumbling through the station as they traveled home after a long evening of well-lubricated socializing. I now realized they were following Hiroki's advice — quite literally.

If you look at Japan on the Trusting scale, you will see that it is a relationship-based culture, though not as far to the right as China or India. During the day, the Japanese generally take a task-based approach — but the relationship building that happens in the evening can be critical to business success.

In Japanese culture, where group harmony and avoiding open conflict are overriding goals, drinking provides an opportunity to let down your hair and express your real thoughts. Drinking is a great platform for sharing your true inner feelings (what are called honne rather than tatemae feelings) as well as for recognizing where bad feelings or conflict might be brewing and to strive to address them before they turn to problems. Under no circumstances should the discussions of the night before be mentioned the next day. Drinking alcohol is therefore an important Japanese bonding ritual not only with clients but also within one's own team.

NORTH KOREA SAYS LATEST MISSILE TEST WAS AIMED AT VERIFYING THE ABILITY TO CARRY A LARGE NUCLEAR WARHEAD

North Korean leader Kim Jong Un in an undated photo released by North Korea's Korean Central News Agency on Saturday.
SEOUL — North Korea on Monday said it had successfully conducted a newly developed mid- to long-range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a "large scale heavy nuclear warhead."
Kim accused the US of "browbeating" countries that "have no nukes" and warned Washington not to misjudge the reality that its mainland was in the North's "sighting range for strike," the North's official KCNA news agency reported.
The North fired a ballistic missile that landed in the sea near Russia on Sunday in a launch that Washington called a message to South Korea, days after its new president took office pledging to engage Pyongyang in dialogue.
The missile was launched at the highest angle so as not to affect the security of neighboring countries and flew 490 miles reaching an altitude of 1,312 miles, KCNA said.

AT LEAST 150 COUNTRIES HAVE BEEN HIT BY A GLOBAL CYBERATTACK AFFECTING 200,000 VICTIMS

WannaCry's ransomware warning appears on a computer in Beijing
  • The EU's law enforcement agency Europol warned of 200,000 cyberattack victims across at least 150 countries.
  • The ransomware attack encrypts information on computers and asks for payment in exchange for decryption.
  • Some UK National Health Service trusts are still experiencing problems 48 hours after first reporting the cyberattack.
  • Europol and Indonesia's government warned the number of victims will go up when people log into their work computers on Monday.
There's going to be even more chaos from an ongoing massive global cyberattack on Monday morning.
Europol's executive director Robert Wainwright told ITV that there were at least 200,000 victims across 150 countries so far, and that number will go up on Monday morning when people go back to work.
Indonesia's government has also warned the attack will cause havoc at the beginning of next week when people log into their computers.
And a security researcher warned there might be another attack imminently.
Wainwright said: "We're in the face of an escalating threat, the numbers are going up, I'm worried about how numbers will continue to grow when people go to work and turn their machines on on Monday morning."
Europol is the EU's law enforcement and intelligence agency. It's working with the FBI to track down the criminals responsible for the malware, but Wainwright said this was "very difficult."
"We have never seen anything like this," he said. "We've seen the rise of ransomware becoming the principal cyber threat, but this is something we've never seen before — the global reach is unprecedented."