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Saturday, 30 August 2014

BARCLAYS LOOK TO RETAIN TITLE IN NEXT WEEK'S BLOOMBERG SQUARE MILE RELAY


London’s biggest firms ‘run this city’ around The City’s key landmarks.

On 4th September 2014 London’s biggest firms will compete in The Bloomberg Square Mile Relay - the ultimate corporate running race - to see who really ‘runs this city’.

Teams of 10 runners each from the City’s biggest firms are currently training hard to take on the mile-long course that sends each team member through winding streets, up stairways and across bridges.

JAPANESE MEGABANKS BREAK GLASS CEILING FOR FOREIGN MANAGERS


Japan’s biggest banks are breaking tradition by promoting foreigners to top management roles to retain and lure overseas talent as growth abroad buoys profit.

Among recent appointments: In July, Debra Hazelton became the first foreign general manager at Mizuho Financial Group Inc (8411)’s Tokyo headquarters, where she leads a new department to manage global staff. Sumitomo Mitsui Financial Group Inc. (8316)’s lending arm promoted two foreigners to executive officer in April, and Mitsubishi UFJ Financial Group Inc. (8306)’s banking unit appointed its first non-Japanese executive officer last year.

SWISS BANKS LOSE $383BN IN DEPOSITS IN OFFSHORE TAX EVASION CRACKDOWN


Banks in Switzerland lost 350 billion Swiss francs ($383 billion) from foreign clients over the past six years amid an international crackdown on offshore tax evasion, according to PricewaterhouseCoopers AG.
Foreign clients withdrew as much as 100 billion francs to pay fines to governments in their countries of residence, PwC said today in its Swiss private banking study. About 250 billion francs was repatriated or transfered to another financial center, according to the document.

DEUTSCHE BANK FINED OVER INCORRECT REPORTING

Deutsche Bank AG London Branch has been fined £4,718,800 by the Financial Conduct Authority (FCA) for incorrectly reporting transactions between November 2007 and April 2013.
Deutsche failed to properly report 29,411,494 Equity Swap CFD (contracts for difference) transactions. The failure, which affected all Deutsche’s Equity Swap CFD transaction reports in this period, breaches FCA rules on transaction reporting.

FBI EXAMINING WHETHER RUSSIA IS TIED TO JPMORGAN HACKING


Russian hackers attacked the U.S. financial system in mid-August, infiltrating and stealing data from JPMorgan Chase & Co. (JPM) and at least one other bank, an incident the FBI is investigating as a possible retaliation for government-sponsored sanctions, according to two people familiar with the probe.

The attack resulted in the loss of gigabytes of sensitive data, said the people, who asked not to be identified because the probe is still preliminary. Authorities are investigating whether recent infiltrations of major European banks using a similar vulnerability are also linked to the attack, one of the people said.

TOP CEO STEPS DOWN, FIGHTS FOR LIFE

'I never was at a dark place. I felt the hardest thing is telling Denise, then telling my son and my daughter was very hard on me'.
Bob Bemosche talks of his decision to step down as CEO of AIG.
Bob Benmosche told Bloomberg Television’s Betty Liu that he decided to step down as CEO of AIG earlier than he'd planned after his cancer worsened. Benmosche spoke with Liu during aninterview at his home near Dubrovnik, Croatia, where he will spend his retirement. He said, 'I knew that the cancer had begun massive mutations. I knew that there's no drug yet on the market. I knew there were studies. And so I'm back - they reset the clock (in May) - nine months to a year.'

JP MORGAN BOOSTS CUSTOMER DATA PROTECTIONS AFTER ATTACK

JPMorgan Chase CEO, Jamie Dimon. 

JPMorgan Chase & Co., the biggest U.S. bank, said it increased defenses against computer hackers after an attack against the industry this month.
The lender is working with U.S. authorities to determine the scope of the assault and is taking additional steps to safeguard confidential information, Patricia Wexler, a spokeswoman for the New York-based bank, said today in an e-mail, declining to give specific examples. JPMorgan will contact any customers that might have been affected, Wexler said, adding that the firm hasn’t seen unusual fraud levels.

ROYAL BANK OF SCOTLAND APPOINTS HEADHUNTERS TO FIND NEW CHAIRMAN

Sir Philip is expected to become Chairman of GSK
Royal Bank of Scotland (RBS) has hired headhunters to take on one of the toughest boardroom searches in Britain - recruiting the next chairman of the taxpayer-backed lender.
Sky News has learnt that directors of RBS have appointed Egon Zehnder International to assist with identifying a successor to Sir Philip Hampton, who will step down in 2015 after more than six years in the role.

Thursday, 28 August 2014

NAIROBI, DAR ES SALAAM SET TO JOIN AFRICA'S SUPER 10 CITIES

Aerial view of Nairobi (left) and Dar es Salaam. PwC predicts that Nairobi and Dar es Salaam cities are among those set to join the top 10 “super cities” of Africa by 2030.

Rapid economic growth, coupled with discovery of large deposits of oil and gas, are likely to see both Nairobi and Dar es Salaam join the top 10 “super cities” of Africa by 2030, according to a new report.
The report by United Kingdom-based international firm PricewaterhouseCoopers (PwC) also predicts that Dar es Salaam will become a bigger city than London by 2030.
The London-based professional services network says that CEOs around the world are increasingly recognising the untapped potential of sub-Saharan Africa.

CHINESE INVOLVED IN ALL OF AFRICA'S IVORY SMUGGLING: REPORT

A KWS warden inspects an ivory haul seized at the Mombasa port. A report by wildlife charity BornFree USA indicates that the ports of Mombasa, Dar es Salaam and Zanzibar as well as Nairobi's JKIA are major conduits for illegal ivory mainly destined to East Asian countries.
A Chinese is involved in every seizure of ivory in Kenya and other countries in Africa.
A new report adds that Jomo Kenyatta International Airport in Nairobi and Port of Mombasa are major conduits for illegal ivory that drives the multi-million-dollar global trade.
The report was released by wildlife charity -BornFree USA and says that a Chinese is always a trafficker.

EUROMONEY AWARDS NATIONAL MICROFINANCE BANK (NMB) TOP HONOUR


The National Microfinance Bank PLC (NMB) has been named the Best Bank in Tanzania by Euromoney, a leading global financial markets magazine for a second year in a row.
The NMB Chief Executive Officer, Mark Wiessing, said on Wednesday in Dar es Salaam that the bank received the top honour at the Euromoney 2014 Awards for Excellence in London.
"The Best Bank in Tanzania award is a testament to NMB's sound business model and exceptional performance that the Bank has achieved across its core retail, SME, corporate and agribusiness segments," he told the Daily News in an interview.

THE SICK STATE OF BANKING AT ROYAL BANK OF SCOTLAND


A food company that regularly poisoned people wouldn't expect to stay in business for long. A pharmaceutical company whose drugs made patients sick would be shut down. But a bank that repeatedly rips off its customers? Why, it can just keep paying fines, toss out a "mea culpa" press release, and get back to business as usual -- even when it's 80 percent owned by taxpayers.

JP MORGAN AND OTHER BANKS STRUCK BY CYBERATTACK

Outside JPMorgan’s corporate headquarters in New York. The bank was one of at least five that suffered a coordinated cyberattack this month. 

Credit
A number of United States banks, including JPMorgan Chase and at least four others, were struck by hackers in a series of coordinated attacks this month, according to four people briefed on a continuing investigation into the crimes.

The hackers infiltrated the networks of the banks, siphoning off gigabytes of data, including checking and savings account information, in what security experts described as a sophisticated cyberattack.



FASTJET KENYA APPLIES FOR AIR SERVICE LICENCE (ASL)


27 August 2014 - fastjet, the low-cost pan-African airline, has incorporated a company in Kenya (fastjet Kenya) as part of its goal to launch a Kenyan base. Further, fastjet Kenya has submitted its Air Service Licence (ASL) application to the Kenyan Civil Aviation Authority (KCAA).

To comply with local airline ownership rules in Kenya, 51% of the equity of fastjet Kenya is owned by a Kenyan national. The balance of 49% is ultimately held by fastjet plc.

The ASL application process requires all airlines to formally submit a detailed business plan incorporating its proposed operation, network, aircraft specification, operational plan and commercial strategy.

TANZANIA REVENUE AUTHORITY MEETS LARGE TAXPAYERS ON EXCISE DUTY CHANGES

TRA Commissioner General, Mr Rished Bade.

Tanzania Revenue Authority (TRA) last week held a seminar with large tax payers, particularly banks and telecommunication companies to clarify some contentious issues regarding tax changes adopted recently by the Parliament.
One of the key issues that were to be put for discussion regards the New Finance Act 2014 that has introduced new changes including a ten per cent excise duty on charges or service fees levied by banks and telecommunication companies for money transfer services.

TANZANIAN SHILLING STABILIZES AGAINST THE U.S. DOLLAR


The growing demand from corporates to meet month end obligations bolstered the shilling against the dollar to mark a positive beginning this week.
According to the NMB bank e-markets report, the USD/TZS pair traded fairly flat during Monday's session, with sluggish demand being matched by corporates converting dollars for monthend local payments.
"The shilling is poised to strengthen as more USD inflows enter the market, although sporadic dollar demand still poses some risk to the shilling," stated the report.

TANZANIAN ENVOY TO CHINA IMPRESSED BY SINO-TANZANIA BILATERAL RELATIONS


This year Tanzania and China mark the 50th anniversary of bilateral relations. In China, the celebrations started in April, while in Dar es Salaam, the occasion was marked in June when China's Vice President Mr Li Yuanchao visited the country. The celebrations will climax in October when President Jakaya Kikwete visits China.
Daily News Staff Writer ABDUEL ELINAZA interviewed Tanzania's Ambassador to China Lt. General ( rtd) Abdulrahman Shimbo in Beijing on the various aspects of Sino-Tan relations at 50 and the preparations for President Kikwete's visit. Exerpts:
Question: What are the highlights of President Jakaya Kikwete's visit to China in October?
Answer: In October, we expect to welcome President Kikwete here in China. His visit marks the climax of festivities to celebrate the 50th anniversary of diplomatic relations between the two friendly countries. Together with the promotional materials that we've made, including this year's coverage of animal migration in Serengeti, the visit will be covered by the media.

TANZANIA: BELGIAN COMPANY ALLAYS FEARS OF E-WINDOW SYSTEM PRICE


An electronic single window system for cargo clearance at Dar es Salaam port has fetched the least price available on the local market, a Belgian firm contracted to supply and install the eSWS has said.
Phaeros Group BVBA, General Manager, Stan De Smet said the price for the system is available for the public to see but declined to give details. "About the price of this contract I will not make any statement.
It was a public opening of the tenders so the exact price can be checked at any time," Mr De Smet said. "I can assure you that single window is making very good process, in spite of the difficulties we encounter," De Smet pointed out.

EAST AFRICA PLANS INTENSIVE AIRPORT SCREENING TO CHECK EBOLA


Arusha — Tanzania and fellow East African Community (EAC) partner states have resolved to concentrate on Ebola virus prevention through intensive screening at the region's airports.
An emergency meeting held to address the outbreak of the pandemic in the region has directed all airlines to carry special surveillance forms onboard for all arriving passengers to fill in; to ensure that the EAC Secretariat and Civil Aviation Safety and Security Oversight Agency (CASSOA) develop a monitoring and evaluation tool to follow-up on the implementation.

AGRICULTURAL FINANCING STILL A BIG PROBLEM IN TANZANIA


A TOTAL of 53 commercial banks are currently operating in Tanzania, the highest number in the East African region but agriculture sector remains under served in as far as loan disbursement is concerned.
Although considered as the backbone of the national economy, agriculture accounts for over 25 per cent of the national gross domestic product (GDP), over 27 per cent of exports earnings, and 80 per cent provider of jobs but banks are not yet convinced.
Various agro-economists and banking experts have come up with a range of answers to this paradox which Tanzania Bankers Association (TBA) believes agriculture is one of the riskiest sectors to lend money in the country.

TANZANIA RETHINKS PUBLIC SCHOOL FEES

President Jakaya Kikwete
Morogoro — The government contemplates scrapping school fees for public secondary schools to ensure all primary school leavers have access to higher education.
President Jakaya Kikwete, addressing Sokoine University of Agriculture (SUA) academic staff, students and members of the public from the surrounding communities on Monday evening, took pride of his administration's resolve to construct ward secondary schools that has boosted the number of entrants to secondary education.
"Previously, only ten per cent of the primary school leavers could join secondary school," said the president, snubbing the mockery doing the rounds regarding ward schools, which some people have nicknamed "yeboyebo".

Wednesday, 27 August 2014

GOLD FIRM MARKS FIRST 'HIT' WITH WITH GRANDIOSE PLANS


Mwanza — A subsidiary of the State Mining Corporation (STAMICO), Stamigold, is set to import new heavy duty mining equipment worth 5.5 million US dollars (about 8bn/-) as it celebrates its first gold production.
Acting Stamigold Biharamulo Mine Manager, Mr Dennis Ssebugwao, said that the procurement of its own machineries will gradually phase out dependence of the hired equipment from the private companies.

INVEST IN INDIA, TANZANIAN BUSINESSES URGED

HIGH Commissioner of India in Tanzania Mr Debnath Shaw exchanges views with Toyota Tanzania Ltd Company Executive Director Mr Vinod Rustagi (second left) during the commemoration of Indian Business Forum (IBM) day in Dar es Salaam at the weekend. Together with them (second right) is director of Kamal Steels Company, Mr Satyama Gupta and Executive Chairman Kamal steel, Mr Gagan Gupta.
Tanzania stands to benefit more from its cordial relations with India if members of the business community in the East African region start investing in the South Asian nation.
India's High Commissioner to Tanzania, Shri Debnath Shaw, made these remarks in Dar es Salaam at the weekend during an event organized under the India Business Forum (IBM).

TANZANIA BIDS FOR 2017 AFRICA CUP OF NATIONS, AFTER LIBYA'S WITHDRAWAL


TANZANIA Football Federation (TFF) has submitted an official bid to host the 2017 Africa Cup of Nations (AFCON) following Libya's withdrawal.
TFF Secretary General Selestine Mwesigwa told reporters in Dar es Salaam on Monday that the Executive Committee met on August 24 this year and decided to apply to host the continent's top soccer showpiece in 2017.
He elaborated that after Libya decided not to host the competition, the Confederation of African Football (CAF) Secretary General Hicham El Amrani dispatched a circular to all 54 member associations informing them of the decision and invited new bidders for the tournament.

TANZANIA: TANESCO REFORMS SEEK TO IMPROVE EFFICIENCY

PS, Ministry of Energy and Minerals, Eliakim Maswi.

Songea — Reforms to be undertaken by the Tanzania Electric Supply Company (TANESCO) seek to improve the power utility's efficiency, with no adverse impact on employment terms of the current workforce, the Permanent Secretary in the Ministry of Energy and Minerals, Eliakim Maswi, has assured.
Addressing Tanesco workers here during his eight-day tour of various projects under the Ministry, Maswi said the reforms expected to start 2017 are intended to see the firm serving the public well.
However, he said, before the reforms are in place the government is fighting that come 2015 Tanesco is free from debts, for improved performance.

THE EAST AFRICAN ECONOMY MUST NOW REALLY TICK

Dr Richard Sezibera

The Secretary General of the East Africa Community (EAC) Dr Richard Sezibera has advised regional private and public sector players to consider embracing the ideals of a 24-hour-economy to accelerate economic growth.
He said in Arusha last Saturday that the region's reliance on an 8-12-hour economic production cycle is slowing down regional growth.
He said in the face of globalization, East Africa's economy, cannot afford to remain shut overnight as other competing economies in the world operate round the clock.

TANZANIA: COAL MINE TO LAST CENTURY PRODUCING 300MW


Ngaka — THE government has been assured that Ngaka coal mine reserves can serve the country for more than 100 years producing 300MW of power and other commercial needs.
Permanent Secretary in the Ministry of Energy and Mineral, Mr Eliakim Maswi, was told that the projection was drawn from the 423-million tonnes of coal resources the mine has.
Tancoal Chief Operating Officer, Tarn Brereton said on Monday that there was more than enough coal for generating electricity as well as exporting to neighbouring countries.

TANZANIA: PCCB RECOVERS SH40 BILLION FROM CORRUPT DEALERS

PCCB Director General Edward Hoseah

Moshi — The Prevention and Combating of Corruption Bureau (PCCB) has registered remarkable success in its investigations, recovering about 40bn/- in corrupt transactions within one year.
PCCB Director General Edward Hoseah said on day that the amount that would have otherwise been misused, was recovered between July 2013 and June 2014 through various operations.

TOURISM TOPS TANZANIA'S FOREIGN EXCHANGE EARNINGS


TANZANIA tourism industry continues to be the largest foreign exchange earner after gold incomes fell significantly as a result of lower world prices for the commodity.
The Central Bank said in its latest monthly economic reviews that earnings from the sector increased by 12.3 per cent to US $ 1.972 billion in the year ending June 2014 from US$ 1.757 billion from the previous period.
Gold is still leading among the nontraditional exports although its dominance is steadily declining due to global price fall. Its exports in the period under review can be calculated to about US $ 1.6 billion.

TANZANIA: GOVERNMENT, AFRICAN BARRICK GOLD OPEN ESCROW ACCOUNT TO SOLVE VAT REFUND DEBACLE


AN escrow account seems to be the answer at least for the time being to recover millions of dollars of Value Added Tax refunds to the African Barrick Gold, the largest gold mining company operating in Tanzania.
The government and the ABG, have opened an escrow account to provide for the refunding of VAT paid on imports by the gold mining company since special VAT relief was waived in late 2012. The mining company which operates three mines in Tanzania - Bulyanhulu, North Mara and Buzwagi, enjoyed special VAT relief as part of various tax incentives and exemptions extended to investors in the mining sector until in 2012 when it was abolished.

TANZANIA: BOUYANT EWURA PLANNING TO ESTABLISH ZONAL OFFICES

EWURA Director General, Mr Felix Ngamlagosi.

What happens when fuel prices suddenly shoot up, or petrol and diesel are not available at most filling stations? Often, it is total chaos as anxious motorists scramble to get a little fuel that might be available at some spots.
During such a period of scarcity, profiteers also emerge almost from nowhere, taking advantage of the situation to hoard fuel and sell it at any price they deem fit. Motorists may well remember what used to be a chronic problem of fuel adulteration.

EXIM BANK TANZANIA BUILDS LAVATORY FACILITY FOR KILAKALA PRIMARY SCHOOL

Exim Bank Tanzania Cluster Head, Ms. Agnes Kaganda (second left) and Kilakala Primary School Head Teacher, Mr. Abdul Kuratasa draws a curtain to unveil a brass plate that signifies official handover of a modern lavatory facility built by the bank. The event was held at the school’s premises in Dar es Salaam at the weekend. Looking on are school’s Head-boy Seif Ahmed (first left), School’s Head-girl Naomi Shakila (first right) and the school’s matron Dr. Ellen Otaru (second right).

Exim Bank Tanzania has handed over a modern lavatory facility to Kilakala Primary School in Temeke District, Dar es Salaam in efforts to uplift sanitation condition in the school and improving the learning environment.

The construction of a 10 holes latrine and a good water system is part of several development projects implemented and fully funded by Exim bank Tanzania at Kilakala School which the bank adopted in 2012.      

AYDIN LOGISTICS DONATES 100 SCHOOL DESKS TO VINGUNGUTI PRIMARY SCHOOL

Ms. Esra Esriti Managing Director of Aydin logistics joined by The Ambassador of Turkey to Tanzania Mr. Ali Davudoglu and Vingunguti primary school officials Mr. Calist Chuwa during the handover of the desks at Vingunguti.

Students of Vingunguti primary school sitting down during the donation ceremony.

The education system in Tanzania has been criticized however there are various efforts put in place to reform the sector by both the government and the private corporation.  Consequently, Aydin Logistics joined by the Ambassador of Turkey to Tanzania, Mr. Ali Davudoglu donated 100 desks worth 10 Million Shillings to Vingunguti Primary School during the weekend. We believe that it is obvious that the pupils of Vingunguti cannot perform well if they do not have desks or chairs. We understand that education plays a crucial role in the social and economic development of the community hence this is part of our corporate social responsibility (CSR) through which we support the community around us.

Tuesday, 26 August 2014

ONE OF TANZANIA'S TOP FINANCE AND ACCOUNTING ACADEMICIANS TO BE LAID TO REST IN BUKOBA TOMORROW

The late Professor Kami Rwegasira.
One of Tanzania's top finance and accounting academicians, Professor Kami Rwegasira, who died on Friday while on an official assignment in Rwanda, will be laid to rest on Wednesday at his village of Katoma in Bukoba.
Family spokesperson Dickson Rutagemwa said in Dar es Salaam on Monday that Prof Rwegasira passed away suddenly while on a working trip to Rwanda on behalf of the Open University of Tanzania (OUT).
He is survived by a wife, Agnes Rwegasira Kiishweko, and two children, Manzi Rwegasira and Tensa Rwegasira. Early this month, Prof Rwegasira released and presented at Open University of Tanzania in Dar es Salaam, his research publication titled "Corporate Governance: A Reflexive Mirror Image of Public Political Governance with a reference to Tanzania", which expounded on the link between public and corporate governance.

TANZANIA: BAGAMOYO PORT CONSTRUCTION STARTS THIS YEAR


Beijing, China — THE construction of Bagamoyo Port is expected to begin this year once the required agreements have been penned down, the Tanzania envoy to China said on Monday.
Previous, the construction of the port at Mbegani creek was estimated to begin next January but speed of negotiations permitted the project to kick off this year, thanks to Big Results Now (BRN) initiative.
The Tanzania envoy to China, Mr Abdulrahaman Shimbo told 'Daily News' that the port will be built in phases were the main leg expect to begin soon after completion of negotiation, which are at final stages.

EQUITY BANK TANZANIA LAUNCHES EAZZY 24/7 MOBILE BANKING PLATFORM


EQUITY Bank Tanzania, on Monday unveiled its latest innovation dubbed EAZZY 24/7, mobile phone banking platform that allows the Bank's customers to access banking services using their mobile phone.
The Equity Bank, Tanzania Managing Director, Mr Joseph Iha, said, "The introduction of the Eazzy 24/7 mobile banking platform, which allows customers to access their banking facilities through their mobile phones, will mean that users are able to transact anywhere, anytime conveniently.
He said the services are accessible through Vodacom, Airtel, Tigo, and Zantel. The platform allows customers to carry out various transactions such as Airtime top up, Transfer funds, Pay bills for DSTV, Buy Luku, as well check their Bank balances.