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Wednesday, 31 August 2016

STANBIC BANK EMPLOYMENT OPPORTUNITY - HEAD OF BUSINESS BANKING

DOTO JAMES REPLACES DR. LIKWELILE AS MINISTRY OF FINANCE AND PLANNING PERMANENT SECRETARY

President John Magufuli has today appointed Doto M. James as Permanent Secretary (PS) in the Ministry of Finance and Planning.

The new Permanent Secretary will be sworn in on September 1, 2016.

Before his appointment Mr. James was Deputy Permanent Secretary, dealing with policy.

Mr. James replaces Dr. Servacius Likwelile who will be assigned other duties.

PRESIDENT JOHN MAGUFULI CONFIRMS MSIGWA AS ‘IKULU’ COMMUNICATIONS CHIEF

President John Magufuli has today confirmed Mr. Gerson Msigwa to the position of Director of Presidential Communication.

A press statement issued by the State House Permanent Secretary, Mr. Peter Ilomo said Mr. Msigwa has been confirmed effective August 31 this year.

Mr. Msigwa was appointed Acting Director of Presidential Communication on November 17, 2015.

He becomes the third Director since the establishment of the unit by former President Benjamin Mkapa.

The former Directors include Ambassador Peter Allan Kallaghe and Mr. Salva Rweyemamu who served during third and fourth phase governments respectively.

RAIS WA JAMHURI YA MUUNGANO WA TANZANIA DKT. JOHN POMBE MAGUFULI LEO TAREHE 31 AGOSTI, 2016 AFANYA UTEUZI WA KATIBU MKUU WA WIZARA YA FEDHA NA MIPANGO

Rais wa Jamhuri ya Muungano wa Tanzania, Dkt. John Pombe Magufuli leo tarehe 31 Agosti, 2016 amemteua Bw. Doto M. James kuwa Katibu Mkuu wa Wizara ya Fedha na Mipango.

Kabla ya uteuzi huo Bw. Doto M. James alikuwa Naibu Katibu Mkuu wa Wizara ya Fedha na Mipango (Sera).

Bw. Doto M. James ataapishwa kesho tarehe 01 Septemba, 2016 saa 2:45 Asubuhi Ikulu Jijini Dar es Salaam.

Kufuatia uteuzi huo aliyekuwa Katibu Mkuu wa Wizara ya Fedha na Mipango Dkt. Servacius Likwelile atapangiwa kazi nyingine.

Gerson Msigwa
Kaimu Mkurugenzi wa Mawasiliano, IKULU
Dar es Salaam
31 Agosti, 2016

NEW BRITISH HIGH COMMISSIONER TO TANZANIA

Ms. Sarah Cooke.
The new British High Commissioner to Tanzania, Ms. Sarah Cooke, arrived in the country on Thursday last week to succeed Ms. Dianna Melrose who has retired.

Ms Sarah will be the third successive female British High Commissioner to Tanzania. Ms Cooke said she is committed to strengthening the two countries partnership and looks forward to getting to know Tanzania and its people.

“I am delighted and deeply honoured to be taking up my new position as British High Commissioner in Dar es Salaam. “The United Kingdom and Tanzania enjoy a strong, longstanding partnership and work closely together on many shared interests, including trade, investment, development and security,” she said.

Ms Cooke joined the British Civil Service in 2002.

She has worked in a number of UK Government departments including the Department for International Development (DFID), the Foreign and Commonwealth Office and the Prime Minister’s Strategy Unit in the Cabinet Office.

She also served as the Deputy Head of the Commission for Africa Secretariat. Most recently, she was the DFID Country Representative in Bangladesh.

Prior to joining the British Civil Service, she worked as an economist in London, Guyana and the Solomon Islands.

BUSINESS PICTORIAL

President John Magufuli greets the Indian High Commissioner to Tanzania, Mr. Sandeep Arya, who paid a courtesy call on him at State House in Dar es Salaam on Tuesday.


Prime Minister, Kassim Majaliwa in discussion with the Executive Director of Mohammed Enterprises Tanzania Limited (METL), Mohammed Dewji at his office in Dar es Salaam on Tuesday. The Premier said the Government supports growth of the business community so that they could provide more jobs and trade opportunities and increase revenue collection through taxes.


Tanzania Standard Newspapers (TSN) Managing Editor, Dr. Jim James Yonazi (right), shakes hands with Universal Communications Access Fund (UCSAF) Chief Executive Officer, Engineer Peter Ulanga at TSN offices in Dar es Salaam on Tuesday. The two firms agreed to strengthen cooperation, with UCSAF committing financial support to 'Daily News' Academy pull-outs as well as reporters to report on UCSAF projects in Tanzania's rural vicinities.


PARLIAMENTARY PUBLIC ACCOUNTS COMMITTEE POSTPONES DISCUSSION ON TIB ACCOUNTS REPORT

Parliamentary Public Accounts Committee (PAC) on Tuesday refused to discuss accounts report of the Tanzania Investment Bank (TIB) for 2015 following what it termed as contradictions between the Controller and Auditor General (CAG) report and the statement of the bank’s management.

The Chairman of the PAC, Mr Aeshi Hilaly, said the committee had received the CAG report, and the members saw number of weaknesses in the accounts of the bank, but the report does not give detailed information.

“The committee has failed to discuss the CAG report because what we have seen in this report differs with what you (management) have presented to us. So we are postponing this meeting until September 7,” Mr Hilaly said.

He said on September 7, the committee would meet with the officials from the CAG office and the management so that they get more time to get clarifications on number of issues that were not clear to the committee.

TANZANIA GOVERNMENT DEFENDS OUTRIGHT PURCHASE OF AIRCRAFTS


The government saved 15 million US dollars as discount when it made outright purchases of two Bombardier Q400 turboprop airplanes from Canadian manufacturer instead of paying in installments, a cabinet minister has said.

Prof Makame Mbarawa, the Minister for Works, Transport and Communication, said by paying in cash, the government paid 23.5 million US dollar for each instead of 31.0 million US dollars if it had chosen another payment modality.

“In outright purchases you will not pay interest rates and in addition you get more bargaining powers,” he said during a live telecast by Tanzania Broadcasting Corporation (TBC) on Monday where he described as baseless claims that the government made wasteful spending by paying in cash during the purchases of the two aircrafts expected in the country next month.

He said the decision to pay the money upfront was taken after weighing its benefits against those of other payment modalities “No research no right to speak and for this matter you don’t need a thorough research. You can just google,” he said.

CUBAN FIRMS INVITED TO INVEST IN SUGAR, DRUGS

President John Magufuli greets Cuban Ambassador to Tanzania, Mr. Jorge Lopez Tormo, at the State House in Dar es Salaam on Tuesday.
President John Magufuli has told Cuban business people to invest in the country’s sugar industry as well as medicine and diagnostic tools production.

Dr Magufuli extended the business invitation when he held talks with the Cuban Ambassador to Tanzania, Mr Jorge Lopez Tormo, at the State House in Dar es Salaam yesterday, further assuring him of his government’s commitment to cooperate with Cuban investors.

According to the president, Tanzania welcomed any entrepreneur from Cuba – state, corporate and individuals - to come and invest in the two sectors, highly demanded both in Tanzania and in neighbouring countries. “Mr Ambassador, if you bring even one investor tomorrow, I will immediately offer land for sugarcane plantation.

We want to end sugar shortages in Tanzania and in neighbouring countries,” he said, pointing out that there were huge chunks suitable for sugarcane farming, including a 10,000-hectare land piece in Bagamoyo.

MORE THAN 3BN/- COLLECTED FROM TWO MOBILE PHONE FIRMS IN JULY

Deputy Minister for Works, Transport and Communications,
Engineer Edwin Ngonyani.
Following amendments on the Finance Act 2016, the government has collected more than 3 billion/- from two telecommunications firms in the country in July alone.

Speaking before the Infrastructure Development Parliamentary Committee, Assistant Manager (Large Taxpayers Department) of Tanzania Revenue Authority (TRA), Mr Godwin Barongo, said this was made possible by the installation of the Telecommunication Traffic Monitoring System (TTMS).

Mr Barongo explained that the TTMS, installed by the Tanzania Communications Regulatory Authority (TCRA), has been helpful in getting data and report of money transfers, which are then compared with reports given by the telecommunication companies, who are the tax-payers.

“In essence, TTMS also acts as a compliance monitoring tool, because telecommunication companies know that there is a monitoring system in place, they provide correct data which has helped a lot,” Mr Barongo, who was representing the Commissioner General explained.

Citing an example of July, Mr Barongo noted that Vodacom used to pay an average of 360m/- per month on excise duty on money transfers but in July, the company paid 1.9bn/-, while Tigo, which used to pay an average of 250m/- per month, paid 1.48bn/- in the same period.

Responding to questions from the committee as to why the telecommunication companies are not among the top ten revenue payers, Mr Barongo explained that companies are categorised according to sectors.

THREE YEAR TIME LINE FOR 15TRI/- MODERN RAILWAY LINE ROLLED OUT

Minister for Works, Transport and Communications,
Professor Makame Mbarawa.
The government has outlined a three-year timeline for the construction of a 7.6 billion US dollar (15 trillion/-) railway line - a major trade artery between Tanzania and its landlocked neighbours of Burundi, Rwanda and Democratic Republic of Congo (DRC).

The Standard Gauge project, which is supported by China’s Exim Bank, is scheduled to start anytime from now, the Minister for Works, Transport and Communications, Professor Makame Mbarawa, has confirmed.

“The planned standard gauge line from Dar es Salaam-Tabora-Isaka-Mwanza and Kaliua to Mpanda, Isaka to Lusumo and Uvinza to Msongati, some 2,560-kilometres will be implemented by three contractors and will take two phases,” he said.

Prof Mbarawa further noted that each contractor will need to complete the job in 18 months-time or about three years for the two phases.

According to the minister, the Board of Directors of Reli Assets Holding Company (RAHCO) met on Monday in Dar es Salaam purposely to issue a tender for the construction of the 200-kilometre stretch from Dar es Salaam to Morogoro.

The standard gauge line is projected to take advantage of a planned 10 billion US dollar Bagamoyo port, discovery of natural gas and massive helium gas prospects in the country.

Government officials had it that the iconic infrastructure would open up more trade opportunities, reduce road traffic and amicably speed-up economic growth in the eastern-African developing country.



CANADA APPLIES TO JOIN CHINA-BACKED AIIB, LATEST U.S. ALLY TO APPLY

Aug 31 - Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), the bank's president Jin Liqun said on Wednesday, making it the latest ally of the United States to join the new international development bank.

The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but attracted many U.S. allies including Britain, Germany, Australia and South Korea as founding members.

Japan and the United States are the most prominent nations not represented in the bank. The United States said in April it is not presently considering an investment in the AIIB.

"This is really for us, as a new government, the earliest possibility at which we could indicate our interest," Canadian finance minister Bill Morneau said in response to a question asking why Canada was only applying to join the bank now.

"We believe the bank is clearly showing that it's going to be a highly effective multilateral institution," he added.

Morneau is on a trip to China with Canadian Prime Minister Justin Trudeau seeking to deeper ties with the world's second-largest economy, a distinct change from his predecessor Stephen Harper who was more cautious in his approach to China.

AFRICA'S LARGEST ECONOMY IS IN RECESSION

Abuja, capital city of Nigeria.
Africa's largest economy, Nigeria, has officially entered a recession following two consecutive quarters of contraction in the nation.

GDP shrank by 2.06% in the second quarter of 2016, following on from a 0.36% shrinking in the first quarter of the year, according to data released by the country's National Bureau of Statistics (NBS) on Wednesday.

Those two consecutive quarters of economic shrinkage mean that the country is now in its first recession in more than 20 years.

Recession in Nigeria may be an unwelcome development, but it is not unexpected. Earlier in the year, Godwin Emefiele, the governor of the Central Bank of Nigeria warned that "recession was imminent," the Financial Times reports.

"We have long warned of a slow-burning crisis in Nigeria," Capital Economics' Africa economist John Ashbourne said in May. "It now seems that this view was too optimistic: the country is headed into a full-blown economic crisis."

BANCABC WINS VISA AWARD FOR LEADING IN ONLINE TRANSACTIONS


BancABC Head of Self Service Channels, Silas Mtoi (first right) briefs journalists about the 'Visa Travel Money' card at a press conference in Dar es salaam today. He is flanked by the Bank’s Head of Retail and Business Banking, Ms. Joyce Malai (centre) and Head of Marketing, Ms Upendo Nkini. 
Dar es Salaam, 31st August 2016. BancABC’s innovation and dedication towards facilitating secure online transactions in Tanzania, has been recognised by Visa with an award for the most online transactions and activations.

The bank’s Head of Retail and Business Banking, Ms. Joyce Malai, confirmed the news to the media during a press briefing held at the bank’s head offices. “We are pleased to have received this award in such a competitive market and it shows how committed we are to serving our customers and ensuring that we make their transactions easier.” said Ms. Malai.

She said, in the endeavour to promote safe and secure online transactions, anyone can own the Visa card regardless of whether they have an account with the bank or not. Ms. Malai explained that BancABC Visa Cash Card is an easily reloadable pre-paid card that eliminates the inconveniences and insecurity of carrying cash around.

ETIHAD GLOBAL SALE - DON'T MISS OUT ON UP TO 50% OFF FLIGHTS


EU ORDERS APPLE TO PAY UP TO €13 BILLION IN TAXES

Apple CEO Tim Cook.
The European Commission has ordered Ireland to claw back up to €13 billion (£11.1 billion; $14.5 billion) in back taxes from Apple.

The European Union has never ordered a company to pay this much before, with Tuesday's decision smashing the €1.4 billion (£1.2 billion; $1.6 billion) levied against the French energy giant EDF in 2015.

Margrethe Vestager, the EU's competition commissioner, announced the figure at a European Commission press conference.

"Member states cannot give tax benefits to selected companies — this is illegal under EU state aid rules," Vestager said in a press release ahead of her speech. "The commission's investigation concluded that Ireland granted illegal tax benefits to Apple, which enabled it to pay substantially less tax than other businesses over many years. In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of 1% on its European profits in 2003 down to 0.005 per cent in 2014."

Apple said the decision would affect how much it invests in Europe and how many people it employs in the region.

An Apple representative said: "The European Commission has launched an effort to rewrite Apple's history in Europe, ignore Ireland's tax laws, and upend the international tax system in the process. The commission's case is not about how much Apple pays in taxes — it's about which government collects the money. It will have a profound and harmful effect on investment and job creation in Europe.

STANBIC BANK TANZANIA OIL AND GAS CAPACITY BUILDING

Stanbic Bank Tanzania Head of Global Markets, Ivan Tarimo, presenting a topic during a capacity building event for the bank’s corporate clients in Dar es Salaam over the weekend. The event acted as a forum to equip clients in the oil and gas sector with insightful information on global markets and transactional services to help them make meaningful decisions in growing their businesses. 
Stanbic Bank Tanzania Head of Floor Sales – Global Markets, Ester Manase, presenting a topic during a capacity building event for the bank’s corporate clients in Dar es Salaam over the weekend. The event acted as a forum to equip clients in the oil and gas sector with insightful information on global markets and transactional services to help them make meaningful decisions in growing their businesses.
Stanbic Bank Tanzania Head of Transactional Products and Services, Charles Mhina, presenting a topic during a capacity building event for the bank’s corporate clients in Dar es Salaam over the weekend. The event acted as a forum to equip clients in the oil and gas sector with insightful information on global markets and transactional services to help them make meaningful decisions in growing their businesses.
Stanbic Bank Tanzania Head of Coverage, Sylvia Shelukindo, presenting a topic during a capacity building event for the bank’s corporate clients in Dar es Salaam over the weekend. The event acted as a forum to equip clients in the oil and gas sector with insightful information on global markets and transactional services to help them make meaningful decisions in growing their businesses.

SERIKALI HAIJAKURUPUKA KUNUNUA NDEGE ZA BOMBADIER Q400 - PROF. MBARAWA


Serikali imesema kuwa iliamua kununua ndege mbili za abiria aina ya Bombadier Q400 kutoka nchini Canada kutokana na uhitaji wa huduma ya usafiri wa anga kwa safari za ndani ya nchi na mazingira halisi ya viwanja vya ndege vilivyopo nchini.

Hayo yamesemwa jana Jijini Dar es Salaam na Waziri wa Ujenzi, Uchukuzi na Mawasiliano Profesa Makame Mbarawa wakati wa ufunguzi wa mafunzo ya wakufunzi wa marubani katika chuo cha Taifa cha usafirishaji (NIT).

Mbarawa alisema kuwa Serikali haikukurupuka katika kufanya maamuzi ya aina ya ndege za kununua badala yake imezingatia vigezo na malengo mahsusi ya kuhudumia usafiri wa ndani na kuboresha usafiri wa anga kupitia Shirika la Ndege Tanzania (ATCL).

“Serikali imeamua kununua aina hii ya ndege za Bombadier Q400 kutokana na hali halisi ya Viwanja vya ndege nchini kuwa vya Changarawe na lami kwa baadhi, huku lengo ni kutoa huduma za usafiri wa ndani” Alisema Profesa Mbarawa.

WAZIRI MKUU, KASSIM MAJALIWA AKUTANA NA MO NA KUFANYA MAZUNGUMZO JIJINI DAR

Waziri Mkuu, Kassim Majaliwa akizungumza na Mkurugenzi Mtendaji wa Makampuni ya Mohammed Enterprises Tanzania Limited (METL), Bw. Mohammed Dewji, Ofisini kwake jijini Dar es salaam Agosti 30, 2016. (Picha na Ofisi ya Waziri Mkuu).

SAFARI LAGER YAZINDUA UJAZO MPYA WA BIA


Kampuni ya Bia ya Tanzania (TBL) imezindua ujazo mpya wa bia ya Safari Lager kwa lengo la kuleta urahisi na unafuu kwa wanywaji wa bia hiyo.

Akizungumza katika uzinduzi maalumu uliofanyika jijini Dar es Salaam, Meneja wa bia hiyo, Edith Nasuwa alisema, "Safari Lager imekuwa bia ya kwanza ya kitanzania kuzindua kopo kubwa lenye ujazo wa mililita 500 hapa Tanzania". Kopo hili limezinduliwa mahususi ili kuendana na wakati na kumpa mnywaji urahisi pale anapotaka kuburudika na kinywaji hiki baada ya kazi.”

Amesisitiza kwamba hakuna mabadiliko yoyote kwenye ladha ya Safari Lager ila kilichobadilika ni muonekano wa kifungashio tu.

TREASURY BILLS BOUNCE BACK INTO OVERSUBSCRIPTION

Investors’ appetite for treasury bills has started to pick up to register over-subscriptions after weeks of poor performance largely due to liquidity squeeze in the circulation.

In the short term government paper auctioned by the Bank of Tanzania (BoT) on Wednesday shows that total bids of 207.25bn/- were tendered compared to 139bn/- offered to the market for bidding and at the 134.35bn/-became successful amount.

Yield rates declined across all tenures but did not affect the performance of the short term government note to attract more bids, the situation implying the easing liquidity squeeze in the market.

The two tenures 364 and 182 days contributed about 99 per cent of the total bids while 91 and 35 shared less than one per cent.

The 364 and 182 days offer attracted bids worth 129.32bn/- and 77.57bn/-respectively against 75bn/-and 50bn/- offered to the market for bidding while the 91 days offer attracted 358.36m/-.

AKIBA COMMERCIAL BANK RAISES GAINS TO SHAREHOLDERS


Akiba Bank shareholders will receive dividends of 75/- per share after the bank made 5.3bn/- profit before tax last year.

The dividend is up from 30/- per share given to shareholders out of profit made in 2014 being the second consecutive year the bank pays dividends to shareholders.

“This is clear demonstration of confidence in the strength of the Bank’s balance sheet and sustainable profitable trend,” said Managing Director, Israel Chasosa in a statement yesterday.

“In deciding on the amount of dividend to be paid to the shareholders, the Board always tries to balance between maximizing shareholder value as well as the need to plough back funds into the company for future and sustainable business growth,” he said.

PRECISION AIR LOSSES DEEPEN


Precision Air has reported an increase in pre-tax loss blaming weak shilling resulted to foreign exchange loss by almost five times.

The airline, leading domestic carrier, despite reducing operational costs by slightly over half, the pre-profit loss increased to 91.6bn/-at the end of March 2016 from 83.8bn/- at March 2015.

Precision Air Chief Executive Officer, Ms Sauda Rajab said, these resulted from an extremely tough aviation context in which airlines are confronted by unpredictable currency fluctuations, volatile fuel prices and insecurity.

She said among reasons behind the loss include weak shilling against major currencies, which resulted to the increased forex loss of 28.7bn/- and financial cost by 6.6bn/- compared to last year.

GOVERNMENT SET TO FLOAT BACK CIVIL SERVICE JOBS

Minister of State President's Office (Public Service
Management and Good Governance) Ms Angellah Kairuki.
The government is scheduled to float back civil service jobs that were frozen in mid-June this year owing to the countrywide campaign against phantom workers.

Minister of State President's Office (Public Service Management and Good Governance) Ms Angellah Kairuki announced that the plan now awaits an evaluation report of the exercise, which will be submitted to the president later next month.

"We're currently compiling the report regarding the exercise to check against ghost workers employed by central and local government authorities.

The report will be submitted to the president before we resume new recruitments and promotion of civil servants," Ms Kairuki noted during a live telecast aired by state broadcaster, TBC, on Sunday.

Before the decision to freeze civil servants employments, President John Magufuli announced in May that the number of ghost workers already struck from the state payroll system had reached 10,295 saving the government 11.6 billion/- a month or 139.23bn/- per year.

Tuesday, 30 August 2016

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


WHY UHURU MAY HAVE THE LAST LAUGH ON NEW CREDIT REGIME

President Uhuru Kenyatta signs a Bill into law at State House in Nairobi recently.
After President Uhuru Kenyatta pulled a shocker on the banking industry by signing into law the Bill regulating interest rates, lenders have been forced into the drawing board to craft fresh strategies.

Having survived two attempts to control the cost of borrowing, the lenders have this time been caught flat-footed by the President’s move.

Lenders are now planning to cut down on fixed deposits accounts, drop risky products such as unsecured loans and invest in government securities, which are viewed as safer bets as indicated by circulars to their staff.

Banks believe implementing the interest cap regime will be unworkable and will only lead to a host of adverse economic effects that they have direly warned about. They say the law would drive high-risk borrowers into informal financial services and damage small business, and compel some borrowers to resort to foreign currency-denominated loans, which could see the weakening of the shilling.

ZANZIBAR GIVES KENYAN HOTELS A RUN FOR THEIR CASH

Kasha Boutique Hotel, Zanzibar. Hotels at the Kenyan Coast are increasingly losing to Zanzibar international visitors who arrive by charter flights.
Hotels at the Kenyan Coast are increasingly losing to Zanzibar international visitors who arrive by charter flights.

Following terrorism attacks which hit the country in 2014, a large number of tourists chose the Tanzanian archipelago and have since been making return visits giving Diani, Malindi and Watamu a wide berth.

Likewise, during the Likoni clashes in 1997, some hotel owners in the region relocated their investments to Zanzibar and in its wake repeat guests also shifted their holidays to the island.

Other factors believed to have given Zanzibar an edge is that the island has modern hotels while standards in most facilities at the Coast have degenerated due to lack of renovations. Some were built almost a half a century ago.

Although it is currently high tourist season, most hotels across the region have a low number of international guests at below 10 per cent compared to numbers of between 20 and 50 per cent in the peak period of 2011.

DANGOTE SHAKES KENYA'S CEMENT MARKET WITH ETHIOPIA IMPORTS

Mr Aliko Dangote, the president of Dangote Group.
Nigeria’s Dangote Cement has started its shake-up of the Kenyan market with importation of the commodity from its plant in neighbouring Ethiopia as it prepares to establish a local manufacturing plant.

Dangote’s targeting of the Kenyan consumer with low-cost cement from Ethiopia is expected to further drive retail prices downward in a market where they have remained static for nearly 10 years.

Importing cement into Kenya is seen as Dangote’s short-term market entry plan as it prepares to establish a local plant in 2019.

“In addition, we have begun exporting cement to neighbouring Kenya,” the company, which is owned by Africa’s richest man, Aliko Dangote, said in its latest trading update.

Dangote said the cement exported to Kenya is priced at about $74 (Sh7,400) per tonne, making it up to 40 per cent cheaper than locally manufactured brands.

The price is expected to incorporate the cost of transporting the cement to Kenya as well as taxes where applicable, while still leaving the company with a profit.

TROIKA SUMMIT KICKS-OFF IN MBABANE, SWAZILAND

Vice President Ms. Samia Suluhu Hassan, Minister for Foreign Affairs and International Cooperation, Dr. Augustine Mahiga and the Director of International Relations Department, Mr. Innocent Shio consult in the Swazi capital on Monday.
The Extra-ordinary Summit of the Southern African Development Community (SADC) Heads of States Troika on Politics, Defense and Security kicked-off in Mbabane, Swaziland on Moonday.

The meeting which expects Tanzania to assume the Chairmanship of the organ today was preceded by a meeting involving South Africa, Mozambique and Tanzania.

The Heads of States discussed security explosion in the Democratic Republic of Congo (DRC), Madagascar and Lesotho as well as requests by Burundi and Comoro to join SADC.

TANZANIA KEEPS CLOSE EYE ON KENYA'S INTEREST RATES CAP IMPACT

Bank of Tanzania Governor, Prof. Benno Ndulu.
The Bank of Tanzania (BoT) says it is closely watching the outcome of the decision by Kenya to introduce caps on loan interest rates before considering a move back home.

BoT governor Benno Ndulu told The Citizen over the weekend that it would be too early to comment because of possible adverse outcomes to the low-income earners.

Last Wednesday Kenya became the only country in the region to introduce a law that caps bank interest rates at 4 per cent above the Central Bank of Kenya benchmark rate, currently standing at 10.5 per cent.

READ: Kenya's move to cap bank rates rattles East Africa

The law will regulate applicable rates to bank loans and deposits thereby capping the interest that the financial institutions can charge on loans and deposits.

Prof Ndulu told The Citizen that Tanzania would have to wait to see how the Kenyan experience turns out.

KENYA BANKING STOCKS FALL FOR THIRD SESSION AS BARGAIN HUNTERS CREEP IN

An investor monitors trading at the Nairobi Securities Exchange.
Kenyan bank share prices continued to fall on Monday, losing the allowed maximum of 10 per cent by 11am (0800 GMT).

KCB Group, Kenya's biggest bank by assets, Equity Bank, the biggest in terms of number of customers, and Co-operative Bank lost 9.32, 9.26 and 9.26 per cent respectively. I&M and NIC shed off 9.77 and 7.29 per cent respectively.

StanChart and Barclays were the only listed banks that gained in price at 4.76 and 2.34 per cent above last Friday’s prices to stand at Ksh198 and Ksh8.75 per share.

There were tens of millions of shares in supply even as the demand remained low, underlining the nervousness of investors at the Nairobi Securities Exchange.

Monday, 29 August 2016

WELCOME TO ROL INTERNATIONAL PRESCHOOL & DAYCARE


ROL Preschool and Daycare is a new state of the art facility opened to serve the needs of children and is conveniently located in Mbweni, an upcoming residential area in Kinondoni District. We provide a range of fun learning activities, and quality childcare on full and part-time basis for children aged 2-5 years old. Our settings are specifically designed to meet the needs of children endowed with large, bright open rooms, creative outdoor play areas and a variety of equipment hence providing children with a stimulating environment in which to thrive. Our loving and caring teachers are enthusiastic and happy to be part of the wonderful process of giving children the magical childhood they deserve.

At ROL International Preschool & Daycare, ‘every child’ matters. We work towards ensuring that your child: is healthy; stays safe; enjoys and achieves; makes a positive contribution and; builds skills for the future.

We have an open door policy for parents and guardians welcoming your valuable suggestions to serve you and your child better.


Location: Mbweni, Plot 56, Block 2, Mbweni Mpiji, Kinondoni District.
Phone: +255 758 370 190 or +255 754 892 429.

Now enrolling! Term opens on 5th September 2016.

JAPAN CHOOSES AfDB TO IMPLEMENT BOLD NEW INFRASTRUCTURE PLAN FOR AFRICA

Visiting Japanese Prime Minister Shinzo Abe has announced a bold new African infrastructure plan worth US $10 billion over the next three years to be implemented by the African Development Bank (AfDB), raising the stature of the Abidjan-based financial institution in achieving Africa's development.

The infrastructure investment package announced by the Japanese Prime Minister will focus on modernizing electricity, power and urban transport systems in order to improve the connectivity of Africa.

"Taking this initiative, Japan will appropriate approximately US $10 billion to Africa over the next three years for building infrastructure. A portion of this will be executed through cooperation with the African Development Bank (AfDB)," Prime Minister Abe told leaders from African states during the Sixth Tokyo International Conference on African Development (TICAD VI) in Nairobi on Saturday.

The Japanese Prime Minister said the support package aims to increase the electricity generation capacity by 2,000 megawatts as well as increasing the geothermal power generation using Japanese technologies. The increased power generation capacity is focused to reach 3 million households by 2022.

ATE OFFICIALLY LAUNCHES EMPLOYER OF THE YEAR AWARD (EYA) 2016, FOCUSING ON HUMAN RESOURCES MANAGEMENT AND DEVELOPMENT

Association of Tanzania Employers (ATE), Executive Director, Dr. Aggrey Mlimuka (left) addresses the media on the 2016 Employers of the Year Award (EYA) scheduled for December this year. A brief occasion was held at ATE offices in Dar es Salaam. Looking is ATE Head of Marketing, Communications and NHO Project, Joyce Nangai.

TANZANIA TOP 100 MID-SIZED COMPANIES SURVEY


AFRICA PAYMENT SOLUTION EXPO 2016

EXECUTIVES MEET FOR A BREAKFAST MEETING IN DAR

Panelists at the Executive Breakfast. R-L, Adebowale Atobatele, General Manager Dun & Bradstreet Credit Bureau, Ambrose Nshala the Moderator, Sanjay Rughani, CEO of Standard Chartered Bank, Patrick Mususa, Manager: Projects & Business Development at Dar es Salaam Stock Exchange and Oswald Urassa, Chief Finance Officer at Tanzania Mortgage Refinance Company Limited (TMRC).
More than 150 Business owners and finance personnel met on the 26th of August for an Executive Breakfast Meeting hosted by Mikono Speakers in Dar es Salaam and discussed as to which is the best way for financing the expansion of one’s business. 

This was focused more on expanding businesses with a turnover of Tsh500million into a billion Tsh turnover, as well as businesses which turnover is above Tsh20 billion and is looking forward to expand into a regional level to countries like DRC Congo, Burundi, Rwanda, Uganda, Kenya and other nations. The Executive breakfast panelists were experts who had a wealth of knowledge on both debt and equity as ways of financing their businesses.

The 2nd edition of the Mikono Speakers International Executive Breakfast Meeting, was attended by executives and experts from the financial sector, different senior people and elites from the business community, financial institutions and academia, for discussions on the topic: ‘Expanding your business: equity or debt’ at a breakfast meeting organized Mikono speakers International, and supported by Tanzania Financial services Expo, My Staff check, Dun and Bradstreet Credit Bureau.

The panelists included; Adebowale Atobatele, General Manager Dun & Bradstreet Credit Bureau Tanzania Ltd, Sanjay Rughani, C.E.O of Standard Chartered Bank, Patrick Mususa, Manager: Projects & Business Development at Dar es Salaam Stock Exchange and Oswald Urassa, Chief Finance Officer at Tanzania Mortgage Refinance Company Limited (TMRC) and Moderated by Ambrose Nshala.

NHC PROJECTS TO TRANSFORM ECONOMY

NHC Director General, Mr. Nehemiah Mchechu.

The National Housing Corporation (NHC) Director General, Mr Nehemiah Mchechu said yesterday that his organization is looking forward to strengthen the country’s economy and boost businesses through the establishment of satellite cities in the country.

He said the establishment of satellite cities will enable majority Tanzanians to engage in various economic activities in conducive environment. So far, NHC is continuing with plans to build satellite cities in Arusha and Dar es Salaam.
He said for Dar es Salaam residents, the establishment of Kawe satellite city will enable them to engage in economic activities for 24 hours. At the moment, according to Mr Mchechu, Dar es Salaam residents operate only 10 hours a day in economic related activities.

“We must move from one point to another, today Dar es Salaam operate only for 10 hours, but with satellite cities, we will be able to operate for 24 hours, this will probably improve our economy,” he said.

He said satellite cities enable smooth movement of people and thus it is easier for them to participate in production around the clock.

Mr Mchechu says development of satellite cities would ensure the current problems, which many people experience in congested urban centres are minimised if not eliminated altogether. “So far I can say that we are on the right track, things will change in the 50 years to come,” he said.

NMB INTRODUCES TEACHERS' DAY


The guest of honour, Dar es Salaam Regional Administrative Secretary Ms. Theresia Mmbando speaks during the introduction of Teachers' day organised by NMB in collaboration with Sanlam Tazania in Dar es salaam recently.

The National Microfinance Bank (NMB) has organised the first ever teachers’ Day to recognise the importance of Teachers in the country.

In collaboration with Sanlam Tanzania, the bank decided to organise the teachers’ day so that they could be given enough training on the various services provided by the bank.

NMB’s Chief Internal Auditor Mr Augustino Mbogella said because of the role that teachers play in the country, the bank decided to organise a one-day seminar to take them through various services and products offered by the bank.

With 180 branches countrywide, we believe teachers are our main stakeholders, that is why we convened them here so that they can be able to know all the services that we offer,’’ he said.


PRIVATE SECTOR SEEN AS BIG COG FOR INDUSTRIAL GROWTH

Prime Minister, Kassim Majaliwa, greets Kenya's President, Uhuru Kenyatta during the Sixth Tokyo International Conference on African Development (TICAD-VI) in Nairobi yesterday.
The Prime Minister, Mr Kassim Majaliwa, has called on the private sector to support the government’s quest for an industrial economy, insisting that their contribution was vital towards realising the government’s dream.

“We need to work together so that our national development agenda can be achieved. This collaboration will surely bring an economic revolution as well as helping our communities to prosper,’’ he said.

The Prime Minister was speaking at the Sixth Tokyo International Conference on African Development (TICAD-VI) Summit held at the Jomo Kenyatta International Conference Centre (JKICC) in Nairobi, Kenya, at the weekend.

“As the government prepares a conducive environment for business and investment, the main task of the private sector is to bring economic revolution and strengthen the envisaged country’s industrial economy,’’ he added.

Mr Majaliwa, who represented President John Magufuli at the TICAD-VI summit, said Tanzania welcomed all investors from different sectors of Japan to put up various industries in Tanzania.

EALA MOVES MOTION TO MAKE KISWAHILI OFFICIAL LANGUAGE

Ms. Shyrose Bhanji.
East African Legislative Assembly has moved a motion to formerly make Kiswahili an official language in all meetings, correspondences and discussions within the region.

“We have sent our resolutions to the Heads of State, urging the EAC Summit to amend the Treaty for the establishment of the community to provide for Kiswahili as one of the official languages of the community,” EALA legislator, Ms Shyrose Bhanji told the ‘Daily News’.

The resolution was moved by Mr Abubakar Zein from Kenya, asking the partner states to promote and allow the use of Kiswahili in official domains. Ms Bhanji and Mr Abdullah Mwinyi from Tanzania seconded the resolution which received wide acclaim.

EALA also asked the Council of Ministers to allocate adequate resources to EAC Kiswahili Commission to effectively carry out its mandate. The resolution appreciates that language is one of the most important aspects of human life by being a vessel of human philosophy, values, attitudes, identity and meaning of life.

It states that Kiswahili is fast spreading across the globe and that the African Union has adopted it one of its official languages.

Kiswahili, one of the official languages of the community is one way to deepen and widen the integration process. According to Mr Zein, embracing the Kiswahili language is also bound to increase the participation of the people of East Africa in the Affairs of the Community as well as promote African culture.

Kiswahili is flexible and has its root in the Bantu language which constitutes over 50 per cent of African population. Several legislators supported the resolution, terming it as timely. Mr Kessy Nderakindo said the use of Kiswahili would boost education and give confidence to students.

MAKAMU WA RAIS SAMIA SULUHU HASSAN AWASILI NCHINI SWAZILAND, KUMUWAKILISHA RAIS MKUTANO WA 36 WA SADC

Makamu wa Rais wa Jamhuri ya Muungano wa Tanzania Mhe. Samia Suluhu Hassan akiwasili kwenye ardhi ya mji wa Mbabane nchini Swaziland tayari kuhudhuria mkutano wa 36 wa SADC wa Wakuu wa nchi na Serikali ambao utafanyika tarehe 29 Agosti mjini hapo. 
Sehemu ya Mabinti wa Swaziland wakiimba na kucheza wakati wa mapokezi ya Makamu wa Rais wa Tanzania Mhe. Samia Suluhu Hassan.
Makamu wa Rais wa Jamhuri ya Muungano wa Tanzania Mhe. Samia Suluhu Hassan akipokelewa na ngoma mbali mbali mjini Mbabane nchini Swaziland.
Makamu wa Rais wa Jamhuri ya Muungano wa Tanzania Mhe. Samia Suluhu Hassan (kushoto) akizungumza na Waziri wa Nyumba na Maendeleo ya Makazi Mhe. Phiwayinkhosi Mabuza wa Swaziland ambaye pia ni Kaimu Waziri wa Fedha mara baada ya kuwasili kwenye kiwanja cha ndege cha Kimataifa cha Mfalme Mswati III.
Makamu wa Rais wa Jamhuri ya Muungano wa Tanzania Samia Suluhu Hassan amewasili mjini Mbabane - Swaziland jana kwa ajili ya kuhudhuria mkutano wa 36 wa Wakuu wa nchi na serikali wa Jumuiya ya Maendeleo Kusini mwa Afrika- SADC.

Makamu wa Rais Samia Suluhu Hassan atamwakilisha Rais wa Jamhuri ya Muungano Tanzania Dkt. John Pombe Magufuli katika mkutano huo ambao utafanyika tarehe 29 Agosti 2016 ambapo Tanzania inatarajiwa kukabidhiwa nafasi ya Uenyekiti wa Jumuiya hiyo.