EAC PARLIAMENT ADJOURNS INDEFINITELY AS BID TO OUST TANZANIA'S SHY-ROSE BHANJI FAILS

East African Legislative Assembly MP Shy-Rose Bhanji of Tanzania. Four commission members resigned after a motion to remove Ms Bhanji failed to garner the mandatory quorum.

The reputation of the East African Legislative Assembly (Eala) is at an all-time low after it failed to accomplish even a single task on its timetable in the two weeks members spent in Rwanda.

The assembly’s integrity also took a hit with Thursday's resignation of four members of the key business committee (Commission) following a nasty falling out.

After two days of inactivity over a motion to kick out Tanzania’s Shy-Rose Bhanji and the shock resignations from the Commission by members from Kenya, Uganda, Rwanda and Burundi, Speaker Margaret Zziwa called off the meeting indefinitely.

A statement released Thursday night from Kigali gave the reason for the suspension as “quorum hitch”. The situation arose from confusion and confrontations on the review of rules of procedure governing all the house business and misconduct allegations levelled against Ms Bhanji.

TANZANIA: 300 FIRMS EXPECTED IN TOP 100 MID-SIZED COMPANIES SURVEY

Mwananchi Communications Limited managing director Francis Nanai speaks during Top 100 Mid-sized Companies Survey update on Wednesday in Dar es Salaam. Seated from left are Patrick Wanjala from Research Solution Africa, KPMG director David Gachewa, Bank M deputy chief executive officer Jacqueline Woiso and Dar es Salaam Stock Exchange finance chief Ibrahim Mshindo.

Dar es Salaam. The Top 100 Mid-sized Companies Survey has entered the fourth phase with increased participation of upcountry businesses by 30 per cent.

While last year there were 200 respondents for participation, this year is expected to have about 300 participating companies in the grand award event which will take place at Mlimani City on November 28, according to KPMG director David Gachewa.

Briefing the media on Wednesday, Mr Gachewa said so far 110 companies had completed the application process. The deadline for application is November 7. “Winners of the renowned Tanzania Top 100 Mid-sized Companies Survey will be announced next month during a grand award event to be held on November 28. On November 27 there will be a conference for participants,” he said. Mwananchi Communications Limited (MCL) managing director Francis Nanai called upon more companies to apply for participation for Tanzania to attain a strong pool of local entrepreneurs.

IMF CAUTIONS TANZANIA GOVERNMENT OVER SPENDING, PRIME MINISTER REACTS

Premier Mizengo Pinda speaks to city-based journalists soon after landing at the Julius Nyerere International Airport in Dar es Salaam yesterday.

Dar es Salaam. The International Monetary Fund (IMF) has raised the alarm over the inability of the government to control its appetite for spending above its means, warning that the trend could distabilise Tanzania’s monetary policy.

An IMF mission report released on Tuesday noted that the government, faced with tax shortfalls and aid freeze by donors, has resorted to heavy borrowing through the central bank and this may impact negatively on the market.

According to IMF, the government needs to urgently re-align its spending priorities with what it can afford. 

“Front-loading of domestically-financed capital expenditure in July and August was facilitated by the Bank of Tanzania (BoT) through conversion of liquidity paper into financing paper but this complicated monetary policy implementation,” it said.   

TWIGA BANCORP TASKED OVER 'GHOST CUSTOMERS'

Dar es Salaam. Managers at Twiga Bancorp, were yesterday taken to task over ‘ghost customers’ whose loan interest was shown as amounting to Sh584 million that could also not be accounted for.

The managers, who appeared before the Public Accounts Committee (PAC), could not produce a list of the individuals loaned by the bank nor prove that the said interest could be vouched for.

In the end after grilling by the committee members led by the vice chairman, Mr Deo Filikunjobe, the government owned bank board chairman Prof Amon Mbelle admitted there were serious managerial problems at the bank.

At that juncture, Mr Filikunjombe ordered all the managers out of the meeting and remained in a closed door session with Prof Mbelle. The media was also locked out and could not be told later the outcome of their meeting.   

NMB YAKABIDHI ZAWADI KWA WASHINDI WA PROMOSHENI YA WEKA NA USHINDE

Meneja wa NMB Kanda ya Dar es Salaam, Bw. Salie Mlay akimkabidhi Bi. Florance Kasenene Mshindi wa Bajaj katika tawi la NMB Sinza. Akishuhudia ni Meneja wa NMB tawi la Bank House - Bw. Leon Ngowi.

Washindi wa zawadi za Weka na Ushinde wakifurahia zawadi zao baada ya kukabidhiwa na Meneja wa NMB Kanda ya Kati Bw. Ole Loibanguti (tatu kushoto)i katika hafla iliyofanyika katika tawi la NMB Dodoma.

Bw. Genenis Mbaga akiwa ndani ya bajaj yake aliyokabidhiwa katika tawi la NMB Same baada ya kuibuka mshindi wa Weka na Ushinde promosheni.

BENKI ya NMB juzi ilikabidhii zawadi kwa washindi wa promosheni ya Weka na Ushinde. Zaidi ya wateja 165 walijishindia zawadi mbali mbali ikiwa ni: washindi 17 wa Bajaj, wa Pikipiki aina ya 'Boxer' 16 na Baiskeli aina ya 'Phoenix' 137.

Washindi hao wamepatikana ndani ya mwezi mmoja tangu kuanzishwa kwa promosheni hii ya Weka na Ushinde ambayo inaendelea hadi mwishoni mwa mwaka huu 2014.

Benki ya NMB inatoa wito kwa wananchi kwa ujumla kuchangamkia fursa kwa kushiriki kampeni ya Weka na Ushinde ambayo itawawezesha kushinda zawadi zenye thamani zaidi ya milioni 500. Unachotakiwa kufanya ni kuweka kiwango cha fedha kisichopungua shilingi elfu hamsini kwenye akaunti yako kila wiki na kujiongezea nafasi zaidi ya kushinda.

WAZIRI WA FEDHA AZINDUZI WA CHAPISHO KUU LA UTAFITI WA MAPATO NA MATUMIZI YA KAYA BINAFSI 2011-2012-TANZANIA BARA

Waziri wa Fedha, Saada Mkuya Salum (Katikati) akionyesha kitabu cha Ripoti ya Utafiti wa Mapato na Matumizi ya Kaya Binafsi wa Mwaka 2011/12 wakati akikizindua katika ukumbi wa Kimataifa wa Mwalimu Nyerere Dar es Salaam Oktoba 29, 2014. Wanaoshuhudia kutoka kulia ni Sinikka Antila, Mwakilishi wa Benki ya Dunia, Philippe Dongier na Gavana wa Benki Kuu ya Tanzania (BoT), Profesa Beno Ndulu. 

Waziri wa Fedha, Saada Mkuya Salum akikata utepe kuashiria uzinduzi wa kitabu cha Ripoti ya Utafiti wa Mapato na Matumizi ya Kaya Binafsi wa Mwaka 2011/12 wakati akikizindua katika ukumbi wa Kimataifa wa Mwalimu Nyerere Dar es Salaam Oktoba 29, 2014. Wanaoshuhudia ni Afisa Habari wa Ofisi ya Taifa ya Takwimu, Veronika Kazimoto (kushoto) na Gavana wa Benki Kuu ya Tanzania (BoT), Profesa Beno Ndulu (katikati).

Wawakilishi toka Mashirika mbali mbali ya Kimataifa wakiwa katika picha ya pamoja.

Waziri wa Fedha, Saada Mkuya Salum, akihutubia wageni waliohudhuria hafla ya uzinduzi wa kitabu cha Ripoti ya Utafiti wa Mapato na Matumizi ya Kaya Binafsi wa Mwaka 2011/12 katika ukumbi wa Kimataifa wa Mwalimu Nyerere Dar es Salaam Oktoba 29, 2014.

Meza kuu ikifuatilia kwa makini.

Bofya hapa kwa picha zaidi

SAFARI LAGER YAZINDUA RASMI PROGRAMU YAKE YA "SAFARI LAGER WEZESHWA" KWA MSIMU 4 JIJINI DAR

Meneja wa Bia ya Safari Lager, Oscar Shelukindo (kushoto) akizungumza na waandishi wa habari (hawapo pichani) wakati wa uzinduzi wa programu ya Safari Wezeshwa msimu wa nne uliofanyika jana jijini Dar es Salaam. Kulia ni Jaji wa programu hiyo, Joseph Migunda.

Meneja wa Bia ya Safari Lager, Oscar Shelukindo akiwaonyesha kipeperushi kinachoonyesha kitika cha shilingi 2200,000 000/= zitakazogawiwa kwa wajasiliamali wakati wa uzinduzi wa programu ya Safari Wezeshwa msimu wa nne uliozinduliwa rasmi jana jijini Dar es Salaam.

Kampuni ya Bia Tanzania (TBL) kupitia bia yake ya Safari Lager jana imeziduwa rasmi programu yake ya Safari Lager Wezeshwa kwa msimu wa nne kwa wajasiriamali wadogo wadogo Nchini.

Akizungumza na waandishi wa habari, Meneja wa bia ya Safari Lager Bw. Oscar Shelukindo alifafanuwa ya kwamba “ programu hii ni hazina tosha kwa wajasiriamali wadogowadogo nchini kwani itarahisisha kazi kwa kuwepo na vitendea kazi bila ya kutumia nguvu nyingi”.

Programu hii ni msimu wa nne tangu kuanzishwa kwake na imeleta mafanikio makubwa kwa wajasiriamali waliopata uthubutu wa kujaribu kujiunga na hatimae kuongeza uchumi wa nchi.

KADI YA USHABIKI YA BENKI YA POSTA YA MBEYA CITY YAZINDULIWA

Mkuu wa Wilaya ya Mbeya Mjini Dkt. Norman Sigela (wa pili kulia) pamoja na Meya wa jiji la Mbeya Ndugu Athanas Kapunga (kulia) wakipokea kadi ya ushabiki ya Mbeya City Football Club kutoka kwa Kaimu Mtendaji wa Benki ya Posta Tanzania Ndugu Jema Msuya (wa tatu kushoto). Wa pili kushoto kwenye picha ni Mkurugenzi wa masoko wa benki ya Posta Mr Deogratius Kwiyukwa. Chini ni viongozi na wachezaji wa Mbeya City.

EAC DEPUTY SECRETARY GENERAL HOLDS TALKS WITH MEMBERS OF DANISH CONFEDERATION OF INDUSTRY

Dr Enos Bukuku stressing a point during the discussions.

Members of the Confederation of Danish Industry International Market Council in discussion with the EAC Deputy Secretary General in charge of Planning and Infrastructure, Dr Enos Bukuku.

A group photo.

East African Community Headquarters, Arusha, Tanzania, 30 October 2014: A delegation of 18 Members of Confederation of Danish Industry International Market Council including Danish Ambassador to United Republic of Tanzania H.E Johnny Flento today paid a courtesy call on the EAC Deputy Secretary General in charge of Planning and Infrastructure, Dr Enos Bukuku at the East African Community headquarters in Arusha, Tanzania.

The Confederation of Danish Industry (DI) is a private organisation funded, owned and managed by 10,000 Danish companies within manufacturing, trade and service industry. The member companies represent the major proportion of the Danish business community, both in terms of numbers, amount of employees, and volume of exports.

The EAC Deputy Secretary General briefed the Danish delegation on the major developments taking place in the integration process, notably the operationalization of  the EAC Customs Union especially on the Single Customs Territory, status of implementation of the Common Market Protocol, as well as the signed East African Community Monetary Union Protocol and its implementation process.

PROFESA MWANDOSYA ATEMBELEA MRADI WA UJENZI WA BWAWA KUU LA ETHIOPIA

Akiwa ziarani Ethiopia Waziri  wa Nchi (Kazi Maalum) Ofisi ya Rais, Profesa Mark Mwandosya ametembelea mradi wa ujenzi wa Bwawa Kuu la Ethiopia (Great Ethiopian Renaissance Dam-GERD). Ujenzi utakapokamilika mwaka 2017 GERD litazalisha MW 6000 za umeme na kuwa mradi mkubwa wa aina yake Afrika na wa nane kwa ukubwa duniani. Mradi unahusu ujenzi wa bwawa kwenye Mto Blue Nile, kilomita 850 kutoka Addis Ababa.

Waziri  wa Nchi (Kazi Maalum) Ofisi ya Rais, Profesa Mark Mwandosya na Balozi wa Tanzania nchini Ethiopia Mhe. Naimi Aziz (wa pili kushoto) wakitembelea mradi wa ujenzi wa Bwawa Kuu la Ethiopia (Great Ethiopian Renaissance Dam-GERD). 

Waziri wa Maji Umwagiliaji na Umeme wa Ethiopia Mheshimiwa Alemayehu Tegenu, kushoto, na Waziri wa Nchi (Kazi Maalum) Ofisi ya Rais, Mark Mwandosya, kulia, wakipata maelezo kutoka kwa Meneja wa Mradi Mhandisi Bekele.  

Waziri Tegenu wa Ethiopia akiwa katikati mwenye kofia ya kijani, kushoto kwake ni Mheshimiwa Naimi Aziz, Balozi wa Tanzania nchini Ethiopia, wa kwanza kulia kwake ni Mama Lucy Mwandosya, mke wa Waziri Mwandosya, wa pili kulia kwake ni Waziri Mwandosya, wa tatu kulia kwake ni Mhandisi Bekele, Meneja wa Mradi, wakiwa na wahandisi wa mradi, na ujumbe wa Waziri Mwandosya. 

Eneo la Mradi wa ujenzi wa Bwawa Kuu la Ethiopia (Great Ethiopian Renaissance Dam-GERD).

WORLD BANK ARM TO GIVE US$600 MILLION FOR REGIONAL OIL PIPELINE

Workers lay down a pipeline in Eldoret. The International Finance Corporation has pledged Sh54bn for 1,300km of pipeline connecting Kenya, Uganda and South Sudan.

A World Bank arm has pledged $600 million to fund an oil pipeline linking upstream operations of Kenya, Uganda and South Sudan.

The funding by the International Finance Corporation (IFC), the private sector lending and investment arm of the World Bank, is part of a $1.8 billion loan for projects in the Horn of Africa.

“IFC investments under the new Horn Initiative will include a regional pipeline linking Uganda and Kenya, greater investments in agribusiness expansion in storage, processing and seeds,” said a statement by the bank.

The World Bank president Jim Yong Kim and UN secretary-general Ban Ki-Moon are set to visit Kenya Wednesday.

The financing targets 1,300 kilometres but the whole pipeline project is estimated to cost $5 billion to complete.

RADISSON BLUE TO CONSTRUCT TWO NEW HOTELS IN KAMPALA-UGANDA AND ACCRA-GHANA

Radisson Blue Hotels has made public an intention to construct two new hotel branches in Accra and another in Kampala. This announcement was made by the company at the Africa Hotel Investment Forum at October 1.

The second hotel will be constructed at Ghana’s Radisson Blu Accra Airport by Carlson Rezidor, and will be called Radisson Blu Accra Airport hotel. The planned hotel will sit on a 75,000sqm of land and will entail a mixed-use development. These include office, commercial and retail units.

The developers will hope to complete the first construction phase of Ghana’s Radisson Blu Accra Airport in 2016. The developers are Actis and Laurus Development Partners, which is his portfolio company. They will also develop the property in partnership with Mabani Holdings.

Among facilities set for construction for the Radisson Blu Accra Airport hotel to be opened in 2017 include 207 keys, rooftop swimming pool and fitness center. It will also have a banqueting and meeting facilities and eating areas.

CONSTRUCTION OF BAGAMOYO PORT FINALLY SET TO START OFF IN 2015

The construction agreement for the port and associated zone was signed on Sunday this week.

The start date for construction of Bagamoyo port has finally been set at July 2015. The setting of the start date for the project had been delayed due to prolonged negotiations about infrastructure to link the port to national transport.

A construction agreement for the port and associated zone was signed on Sunday this week, and follows a framework deal signed last year.

The port will be constructed at an estimated cost of US$ 10bn at Mbegani creek. The Tanzanian government had signed a Memorandum of Understanding (MoU) with China Merchants Holdings International (CMHI) and the State General Reserve Fund (SGRF) to develop the Bagamoyo economic zone.

The Tanzanian President Jakaya Kikwete indicated that the state is dedicated to see that the project takes off since it will bring economic benefits to the entire country.

TANZANIA TO UNDERTAKE CONSTRUCTION OF IRON ORE MINING AND SMELTING PLANTS

Tanzania is planning to start local commercial production of iron ore and steel by construction of related smelting plants. The National Development Corporation (NDC) has said that the country is also expecting to produce 1.1 million metric tones per year, with the first batch export expected in four years’ time.

Construction of the iron ore mining and smelting plants at Liganga is expected to start off early next year, while they are expected to give off something from 2018. China International Mineral Resources Limited (TCIMRL) and NDC have entered into a joint venture to see through construction of the plants.

Local production is expected to cut down the amount of iron ore and steel imported into Tanzania to support construction of bridges and highrise buildings, according to Mlingi Mkucha, the  acting NDC Managing Director. The project is also expected to help the country realize its 2025 vision and move to a middle income economy.

The country is targeting at constructing a iron and steel metallurgical complex in order to achieve the targets. The Minister for Energy and Minerals Prof Sospeter Muhongo has received two licenses for the Liganga Iron Ore and Mchuchuma Coal Mine.

TANZANIA TO CONSTRUCT A NEW SODA ASH EXTRACTION PLANT AT US$ 4 BILLION

A new soda ash extraction plant will be constructed at Engaruka basin in the North of Tanzania. Construction of the new soda ash plant, which will have a targeted production of one million tons of soda ash per year, will start end of this year.

National Development’s Corporation acting managing director Mlingi Mkucha has said that the government is looking for strategic partner for the project.

Construction of the new soda ash extraction plant will help the country reap the benefits of brine deposits in Engaruka, which are estimated to be about 4.68 billion cubic meters.

“We are receiving bids at the moment and expect to procure the strategic partner by September to pave way for construction by the end of the year,” said National Development’s Corporation acting managing director Mlingi Mkucha. The deposit also has a replenishment of 1.9 million cubic meters.

TUSKER’S “FANYA KWELI” CAMPAIGN NOW IN MWANZA AND MOSHI

Tusker Lager’s Marketing Manager, Anitha Msangi speaks to distributors during the launch of Tusker's "Fanya Kweli" campaign in Moshi.

AFTER a successful launch of Tusker’s “FANYA KWELI” campaign in Dar es Salaam, Serengeti Breweries Limited has launched the same campaign in Mwanza and Moshi regions.

As mentioned earlier during the launch in Dar, The Fanya Kweli campaign will be implemented through Serengeti Breweries Ltd’s popular brand Tusker Lager and will involve a countrywide drive campaign. The promotional campaign is supposed to change the mindset of Tanzanians to become more inspired by playing their individual roles towards earning a decent living and pioneer a future that we can all be proud of.

Speaking during the launch of the campaign in Mwanza, Sialouise Shayo-Tusker Lager’s Brand Manager said… “The campaign aims to empower Tanzanian’s with great ideas but don’t know how to implement them, “Fanya kweli” is here to make sure one achieves his/her goals…Shayo asked Mwanza residents to continue supporting Tusker as a brand they have always enjoyed which now has a fresher look and the campaign that will bring many changes to their lives.

KAMPENI YA TUSKER “FANYA KWELI” SASA YAINGIA MWANZA NA MOSHI

Meneja masoko wa Tusker Lager Anitha Msangi akiongea na wasambazaji wa bia za SBL  kwenye uzinduzi wa kampeni ya Tusker Fanya Kweli mjini Moshi.

Meneja usalama na Afya Emmanuel Ntoma akiongea na wasambazaji wa bia za SBL mjini Moshi katika uzinduzi wa kampeni ya Tusker  Fanya Kweli Mjini humo.

Meneja masoko Orest Mbaga akiongea na wasambazaji wa bia za SBL katika uzinduzi wa kampeni ya Tusker Fanya kweli mjini Moshi.

Meneja masoko Orest Mbaga na wasamabzaji wa bia za SBL katika uzinduzi wa kampeni ya Tusker Fanya kweli mjini Moshi.

Meneja wa bia ya Tusker Lager Sialouise N Shayo na wasamabazaji wa bia za SBL pichani wakionyesha muonekano mpy wa bia ya Tusker Lager katika uzinduzi wa kampeni ya Tusker Fanya kweli mjini Mwanza.

Meneja biashara ukanda wa ziwa Avinash akiongea na wasambazaji wa bia za SBL katika uzinduzi wa kampeni ya Tusker Fanya kweli mjini Mwanza.

Meneja wa bia ya Tusker Lager Sialouise N Shayo akiongea na wasmabazaji wa bia za SBL katika uzinduzi wa kampeni ya Tusker Fanya kweli mjini Mwanza.

Baada ya kuzindua kwa mafanikio kampeni ya Tusker “Fanya Kweli” jijini Dar es Salaam hivi karibu, kampuni ya bia ya Serengeti imezindua tena kampeni hiyo katika mikoa ya Mwanza na Moshi.

Fanya Kweli ni kampeni itakayoendeshwa na kampuni ya bia ya Serengeti kupitia kinywaji chake cha Tusker Lager na itaendeshwa nchi nzima. Lengo la kampeni hii ni kubadilisha fikra za watanzania ili wawe na shauku ya kujituma katika kujitafutia maendeleo yao ili nao waishi maisha bora.

Akizungumza wakati wa uzinduzi wa kampeni hiyo jijini Mwanza, Meneja Chapa wa Tusker, Sialouise Shayo alisema, “Kampeni hii ya fanya Kweli imelenga kuwawezesha watanzania kupata fikra mpya za kimaendeleo ili kufikia malengo waliyojiwekea,” shayo aliwaambia wakazi wa Mwanza kwamba Fanya Kweli ipo ili kuwawezesha kufikia malengo yao.

E.C.B. STRESS TESTS SEEN AS BOLSTERING CONFIDENCE IN BANKS

Mario Draghi, the president of the European Central Bank, last Friday during a European Union summit meeting.

If five years is an unwisely long time for a person to skip a proper checkup, it is an eternity for a $40 trillion banking sector displaying many signs of ill health.

The results on Sunday of tests that aim to determine if Europe’s banks can survive a crisis came roughly half a decade after the United States forced its banks to undergo similarly thorough tests. Earlier European banking tests had been less comprehensive and failed to identify major problems. This examination was also seen as a test of the credibility of the European Central Bank, led by Mario Draghi. The results appeared to be rigorous enough, finding that 13 banks failed the test and that the region’s lenders needed $31 billion to bolster their financial footing. Poring over the numbers, banking specialists said that Europe’s regulators had done a relatively competent job. While no large banks failed, the tests did not appear to be a whitewash either, they said. As a result, the tests may have instilled some confidence in financial giants that dominate Europe’s economy, which could then help jump-start the lending that is needed to reduce the region’s chronically high unemployment.

“They can be helpful in bringing stability to the European system and also therefore to lending,” said Michael S. Barr, who was an assistant secretary at the United States Treasury Departmentduring the first American tests in 2009.

An upswing in lending may not be long coming in Europe, according to some analysts and investors.

THE EUROPEAN CENTRAL BANK'S STRESS TESTS HAVE HIT ITALY'S BANKS HARD

ITALY was left feeling especially hard done by on October 26th following the results of the European Central Bank’s asset quality review. Of the 25 institutions that failed its stress tests, nine were Italian, including the worst performer, Monte dei Paschi di Siena (MPS). Italy's central bankers immediately said that they thought the results confirmed the overall solidity of the Italian banking system. The review was based on out-of-date data from the end of 2013, they pointed out. Once capital injections in early 2014 worth €11 billion ($13.9 billion) were taken into account, only two still faced shortfalls: MPS, Italy’s third-largest bank, and the much smaller Banca Carige.

Markets, however, disagreed with this overly-rosy assessment. On the morning of October 27th the value of shares in both Banca Carige and MPS fell by double-digit percentages. Although they were both widely expected to fail the stress test, the scale to which they did was greater than initially expected. The banks have been given two weeks to come up with plans to plug their holes. Banca Carige needs to find €814m and has announced it plans to issue €500m in new shares to cover some of this. MPS, meanwhile, will have a tougher time covering its shortfall of €2.1 billion.

Although only two banks technically failed, many of Italy’s smaller lenders remain weak. Italy's banking system has been “petrified” for the last 20 years, says Alberto Gallo of Royal Bank of Scotland, “built not to be profitable but for social interests” and closed “like a medieval castle” to foreign investors. The system as a whole is in need of a shake-up to become more efficient. With a total of 680 banks, Italy boasts more branches per person than pharmacies or restaurants. At the end of 2012 there were 54 bank branches per 100,000 people, compared with the average in the European Union of 39.

BARCLAYS PROFIT FALLS ON WEAKER INVESTMENT BANKING AND LEGAL COSTS

LONDON – Barclays said Thursday that its third-quarter earnings had fallen 26 percent, driven by a weaker performance in its investment bank and legacy issues as the British lender adjusts to life as a smaller bank.

Barclays is in the process of transforming itself into a much smaller lender with a less risky balance sheet. It is shrinking its investment bank, created in part by its acquisition of the North American business of Lehman Brothers out of bankruptcy six years ago, and it has jettisoned other operations as it focuses on lending in Britain and Africa.

For the three months ending June 30, Barclays posted net income of 379 million pounds, or about $610.8 million, in contrast to a profit of £511 million a year earlier.

During the quarter, Barclays took a £500 million charge for potential fines and litigation costs related to a continuing industrywide investigation into the potential manipulation of the currency markets.

RAIS KIKWETE AONDOKA NCHINI VIETNAM BAADA YA KUHITIMISHA ZIARA RASMI YA SIKU MBILI NCHINI HUMO

Rais Dkt Jakaya Mrisho Kikwete akiongea na Waziri wa Kilimo, Chakula na Ushirika Mhandisi Christopher Chiza (wa pili kushoto), Mbunge wa Ilala na Makamu Mwenyekiti wa Kamati ya Bunge ya Mambo ya Nje na Ushirikiano wa Kimataifa Mhe Mussa Azzan Zungu (kulia), Mbunge wa Tumbe Mhe Rashid Ally Abdallah (kushoto) na Balozi wa Tanzania nchini China Luteni Jenerali (Mst.) Abdulrahman Shimbo muda mfupi kabla ya kuanza safari ya kurejea nyumbani baada ya kuhitimisha ziara yake ya siku sita nchini China na Vietnam jijini Hanoi Oktoba 28, 2014.

 

Dkt. Jakaya Mrisho Kikwete akisindikizwa na wenyeji wake katika uwanja wa ndege wa Kimataifa wa Noi Bai jijini Hanoi tayari kuanza safari ya kurejea nyumbani baada ya kuhitimisha ziara yake ya siku sita nchini China na Vietnam Oktoba 28, 2014.

Rais Dkt Jakaya Mrisho Kikwete akiagwa na wenyeji wake katika uwanja wa ndege wa Kimataifa wa Noi Bai jijini Hanoi tayari kuanza safari ya kurejea nyumbani baada ya kuhitimisha ziara yake ya siku sita nchini China na Vietnam Oktoba 28, 2014.

Rais Dkt Jakaya Mrisho Kikwete akiagana na Waziri wa Kilimo, Chakula na Ushirika Mhandisi Christopher Chiza na Balozi wa Tanzania nchini China Luteni Jenerali (Mst.) Abdulrahman Shimbo katika uwanja wa ndege wa Kimataifa wa Noi Bai jijini Hanoi tayari kuanza safari ya kurejea nyumbani baada ya kuhitimisha ziara yake ya siku sita nchini China na Vietnam jijini Hanoi Oktoba 28, 2014. (PICHA NA IKULU)

EAC, SADC, COMESA AGREE TO FORM AFRICA'S LARGEST TRADING BLOC

Half of Africa’s countries have agreed to take a historic leap forward and create the continent’s largest free trade area, a key step in boosting trade and growth.

The decision was taken in Bujumbura, Burundi, at the weekend by ministers from 26 countries that belong to the East African Community (EAC), the Common Market for Eastern and Southern Africa (Comesa), and the Southern African Development Community (SADC).

The Grand Free Trade Area, as the new bloc is to be known, will have a combined population of 625 million people and about half of all African Union member states.

Its combined Gross Domestic Product of U$1.2 trillion is about 58 per cent of Africa’s total GDP and would make the area roughly the sixteenth largest economy in the world, just below Mexico, and ahead of countries like Indonesia, Turkey, Netherlands, Saudi Arabia, and Switzerland.

VIETTEL TO INVEST US$1 BILLION ON 3G TELECOMS NETWORK IN TANZANIA

Vietnam-based telecoms operator Viettel plans to invest $1 billion in a new third-generation (3G) mobile phone network in Tanzania.

Vietnam-based telecoms operator Viettel plans to invest $1 billion in a new third-generation (3G) mobile phone network in Tanzania, the office of the east African country's president said on Tuesday.

The mobile telecoms sector in east Africa's second-biggest economy has grown rapidly over the past decade, driven by demand for 3G mobile services. There are about 29 million mobile subscribers, representing market penetration of 64 per cent, according to the country's telecoms regulator.

"Viettel will invest $1 billion in telecoms and other services in Tanzania, hence making Tanzania the second country after Peru to receive its state-of-the-art telecoms technology," the Tanzanian President's office said in a statement.

State-owned Viettel, which is run by Vietnam's Ministry of Defence, won its Peruvian mobile licence in 2012.

WHY PHONE THIEVES' DAYS ARE NUMBERED

The thriving market for stolen smart phones in Tanzania and elsewhere around the globe is well on track to be a thing of the past, The Citizen has learnt. In just nine months or so, stealing a phone will be a deadly business in the face of advances in technology.

Criminals who have earned a living stealing and selling stolen phones will be put out of business by the Wireless Association in America—known by its acronym CTIA—which has announced the Smartphone Anti-Theft Voluntary Commitment. It demands that all smartphones manufactured for sale in the United States after July 2015 must have “kill switch” technology.

According to data obtained by The Citizen from Lookout Incorporation, a US-based mobile security, Kill Switch is a system that remotely disables smartphones and wipes out data.

The kill switch is definitely a step in the right direction to deter smartphone thefts across United States of America—and hopefully the world—aimed at protecting smartphone users.

TANZANIA TO GET NEW CHEQUE SYSTEM IN 2015

BAGAMOYO, Tanzania – The Bank of Tanzania (BoT) said its new electronic system, ‘Cheque Truncation System (CTS), is designed to enable commercial banks to clear cheques within hours and will start next year.

“By next year, all commercial banks operating in the country will be empowered to submit cheque lists at the central bank twice a day and pay their clients within hours,” BoT’s Senior Legal Counsel in the Directorate of National Payment System, George Sije said

The current system allows two days for special clearance but for normal cheques it  takes up to seven days to be cleared.

The development makes business communities to smile as cash transaction to facilitate their business will be easy to implement.

Sije told East African Business Week during a business reporters’ training workshop in Bagamoyo last week, BoT is in the final stages of fixing the system.

He said  the  CTS mechanism allows transactions to be held very safely and the system is very efficient in controlling any kind of money laundering.

BARCLAYS CAPITAL RATIO GAP MAY IMPERIL ITS DIVIDEND

Barclays breezed through the European Banking Authority’s stress test. The bigger challenge lies at home.

Bloomberg News reports that under new Bank of England draft rules to be announced this week, Barclays is expected to have the largest capital shortfall among the U.K.’s major lenders, according to analysts at Morgan Stanley, Deutsche Bank and Sanford C. Bernstein. That could threaten Barclays’s plans to raise its dividend, require it to shrink its investment bank or speed up asset sales, the analysts said.

The BOE is preparing a much broader measure than the EBA used, focusing on banks’ leverage ratio, or how much equity capital they must hold against their assets. That could be particularly difficult for Barclays Chief Executive Officer Antony Jenkins because the leverage ratio doesn’t let banks weight their assets according to risk to reduce their capital needs. Its investment bank, which historically has generated a greater percentage of Barclays’s profit than its peers, is affected by this in a way that other U.K. lenders aren’t.

STANDARD CHARTERED SHARES FALL AFTER NEW PROFITS WARNING

Standard Chartered’s shares tumbled on Tuesday after the emerging markets bank issued another warning on profits, putting further pressure on its boss, Peter Sands.

Sands, who until last year had presided over 10 years of rising profits, said the bank would not now be able to report increased profits for the second half.

This was in contrast to its promise three months ago that profits would rise in the last six months of the year, although not by enough to offset the first half shortfall. However, third-quarter profits have fallen by 16%, in part because of a higher UK bank levy, leaving profits for the first nine months of the year 19% lower at $4.8bn (£3bn).

Sands is preparing to embark on three days of meetings with investors in Hong Kong, where he intends to provide more detail about Standard Chartered’s plans to adapt to a downturn in emerging markets. It was the resilience of these markets that helped the bank survive the 2008 banking crisis relatively unscathed.