Kitomari Banking & Finance Blog is a premier site for banking, finance, business, economic, investment and stock market news as well as selected informative articles from Tanzania, East Africa and the rest of the World. We operate 24 hours a day, 365 days a year with complete context, perspective and precision.
Thursday, 30 June 2016
WATEJA KUTOKA MITANDAO YOTE KUFURAHIA HUDUMA YA TIGO PESA NDANI YA TANZANIA
FASTJET INVESTORS VOTE TO KEEP CHAIRMAN, SHARES DROP ON FUNDS WOES
Fastjet Plc investors voted to retain Chairman Colin Child, defeating a move by the African budget carrier's second-largest shareholder to force out a second top executive within three months.
The airline's London-listed shares fell to a record low earlier when the company said it would have to raise funds to ensure that it had sufficient working capital.
EasyGroup Holdings Ltd, which owns 12.6 percent of Fastjet shares, had sought to oust Child saying he failed to relocate the airline's head office and criticised him for a high cost base, arguments similar to those it used to push for the exit of former CEO Ed Winter in March.
But Fastjet's other shareholders vetoed the move to remove Child.
About 33 million votes were cast against the removal of Child as executive officer and director, while roughly 9.6 million were cast in favour, Fastjet said in a statement. The company did not disclose corresponding percentage figures.
EasyGroup, controlled by Stelios Haji-Ioannou, said it would wait and see whether Fastjet could raise the additional funds it needed and whether the management could reduce costs.
Launched in 2012, Fastjet offers "no frills" flights to undercut larger carriers, seeking to copy the model pioneered by Stelios-founded easyJet Plc and Ryanair Holdings Plc .
The airline's London-listed shares fell to a record low earlier when the company said it would have to raise funds to ensure that it had sufficient working capital.
EasyGroup Holdings Ltd, which owns 12.6 percent of Fastjet shares, had sought to oust Child saying he failed to relocate the airline's head office and criticised him for a high cost base, arguments similar to those it used to push for the exit of former CEO Ed Winter in March.
But Fastjet's other shareholders vetoed the move to remove Child.
About 33 million votes were cast against the removal of Child as executive officer and director, while roughly 9.6 million were cast in favour, Fastjet said in a statement. The company did not disclose corresponding percentage figures.
EasyGroup, controlled by Stelios Haji-Ioannou, said it would wait and see whether Fastjet could raise the additional funds it needed and whether the management could reduce costs.
Launched in 2012, Fastjet offers "no frills" flights to undercut larger carriers, seeking to copy the model pioneered by Stelios-founded easyJet Plc and Ryanair Holdings Plc .
BAKHRESA TO INVEST $30 MILLION IN ZIMBABWEAN FLOUR MILL
Tanzanian multimillionaire Said Salim Bakhresa is set to spend $30 million in acquiring a controlling stake in Blue Ribbon Industries (BRI), a flour milling company in Zimbabwe.
According to the Zimbabwe Mail, Bakhresa Group, one of Tanzania’s largest conglomerates, has officially notified Zimbabwe’s Competition and Tariff Commission that it plans to acquire a 100 per cent shareholding in the troubled miller.
In 2014, Bakhresa Group won the bid to acquire a controlling shareholding in BRI after its core shareholders invited tenders for prospective investors to either buy BRI or inject capital to revive the operations of the floundering company.
BRI, which manufactures bread flour and stock feed, had been battling cash flow problems and was struggling to repay loans it owed to a consortium of Zimbabwean banks and trading partners. Bakhresa Group was the preferred bidder.
Bakhresa, which is the largest milling company in Tanzania, with operations in other countries in East Africa, indicated that it would provide equity capital of $30 million to BRI and steer the company back to profitability.
According to the Zimbabwe Mail, Bakhresa Group, one of Tanzania’s largest conglomerates, has officially notified Zimbabwe’s Competition and Tariff Commission that it plans to acquire a 100 per cent shareholding in the troubled miller.
In 2014, Bakhresa Group won the bid to acquire a controlling shareholding in BRI after its core shareholders invited tenders for prospective investors to either buy BRI or inject capital to revive the operations of the floundering company.
BRI, which manufactures bread flour and stock feed, had been battling cash flow problems and was struggling to repay loans it owed to a consortium of Zimbabwean banks and trading partners. Bakhresa Group was the preferred bidder.
Bakhresa, which is the largest milling company in Tanzania, with operations in other countries in East Africa, indicated that it would provide equity capital of $30 million to BRI and steer the company back to profitability.
PRESIDENT JOHN MAGUFULI SETS NEW CHALLENGES FOR REGIONAL COMMISSIONERS, DISTRICT COMMISSIONERS
- Tasked to ensure tax compliance
- Cautioned against power misuse
He also asked the new leaders to maintain security for all Tanzanians by virtue of their position as heads of defence and security committees in the regions and districts.
Dr Magufuli issued the directives yesterday soon after swearing-in three new regional commissioners at a ceremony held at the State House in Dar es Salaam.
Early this week, President Magufuli made a mini-reshuffle in the line-up of RCs in three regions and appointed 139 district commissioners (DCs), dropping several others from the current list.
At the ceremony, President Magufuli expressed his keenness on the supervision of revenue collection, saying the government would not hesitate to take stern action against anybody who would fail to meet requisite tax collection obligation. Issuing directives to the new regional and district ‘governors’, the president asked them to ensure that they maximise revenue collection in their areas of jurisdiction, including sealing loopholes for tax evasion.
SHIRIKA LA NYUMBA LA TAIFA (NHC) LAANZA KUTOA HUDUMA KATIKA MAONESHO YA 40 YA KIMATAIFA YA SABASABA
Afisa Mawasiliano na Huduma kwa Jamii wa Shirika la Nyumba la Taifa (NHC), Bi Edith Nguruwe akiwapa maelezo wananchi waliotembelea banda la (NHC) kuhusina na huduma zinazotolewa na Shirika hilo. |
Afisa Biashara wa NHC, Clara Lumbanga, akitoa ufafanuzi kwa mmoja wa wananchi aliotembelea banda hilo kuhusiana na uzwaji wa nyumba. Katikati ni Afisa Mauzo wa NHC, Joseph Haule. |
Afisa Mauzo wa NHC, Jasson Ipyana akimuelezea mwananchi kuhusina na miradi ya nyumba ya bei nafuu ilioko nchini. |
Afisa Mauzo wa NHC, Wilson Sanane (kushoto), akifafanua miradi mbalimbali ya Shirika la Nyumba la Taifa (NHC). |
HELIUM DISCOVERY IN TANZANIA A 'GAME-CHANGER'
Helium is used in science in microscopes. |
Helium is used in hospitals in MRI scanners as well as in spacecraft, telescopes and radiation monitors.
Until now, the precious gas has been discovered only in small quantities during oil and gas drilling.
Using a new exploration approach, researchers found large quantities of helium within the Tanzanian East African Rift Valley.
They say resources in just one part of the Rift valley are enough to fill more than a million medical MRI scanners.
Prof Chris Ballentine, of the Department of Earth Sciences at the University of Oxford, said: "This is a game-changer for the future security of society's helium needs and similar finds in the future may not be far away."
And colleague Dr Pete Barry added: 'We can apply this same strategy to other parts of the world with a similar geological history to find new helium resources."
Wednesday, 29 June 2016
A MECHANIC FROM MOSHI BAGS TSHS 3.4M/- IN STANBIC BANK 'DEPOSIT AND WIN' DRAW
VODACOM M-PAWA LOANS REACH TSHS 4.2BN/- IN MAY 2016
Over 4.2bn/- in loans was disbursed to Vodacom subscribers last month through M-Pawa thus becoming an important tool of boosting entrepreneurship among women and youth.
Vodacom Tanzania Chief Officer M-Commerce Mr Sitoyo Lopokoiyit said M-Pawa was increasingly being heralded as the tool for bringing financial services to the large unbanked population in Tanzania.
“In just two years since its launch, M-Pawa subscribers have skyrocketed to 4.8 million. To-date, 39bn/- have been issued to subscribers through M-Power and most of them are entrepreneurs mostly women and youth to increase income,” he said.
Prior to introduction of various mobile financial solutions, the unbanked population relied on cash or informal financial services which were typically unsafe, inconvenient and denied them the opportunity to access loans.
TANGA CEMENT PLC INTRODUCES NEW PAYMENT PLATFORM WITH VODACOM’S M-PESA
NATIONAL MICROFINANCE BANK (NMB), STAR TIMES LAUNCH PARTNERSHIP
National Microfinance Bank (NMB) has launched a product that would help subscribers with Star Times Tanzania Limited pay subscription fees through the bank.
Speaking shortly after the launching ceremony in Dar es Salaam, the NMB Acting Head of Personal Banking, Mr Boma Raballa, said the cooperation would make it possible for subscribers with Star Times to pay for their fees through mobile phones and NMB branches across the network using NMB mobile platforms.
He said that the bank has fully accommodated Star Times within NMB mobile and the entire branch network in the country not that the service is convenient and safe for customers to use.
Speaking shortly after the launching ceremony in Dar es Salaam, the NMB Acting Head of Personal Banking, Mr Boma Raballa, said the cooperation would make it possible for subscribers with Star Times to pay for their fees through mobile phones and NMB branches across the network using NMB mobile platforms.
He said that the bank has fully accommodated Star Times within NMB mobile and the entire branch network in the country not that the service is convenient and safe for customers to use.
COMORO, TANZANIA VOW TO STRENGTHEN BILATERAL RELATIONS
Comoro President Azali Assoumani has assured Tanzania that his government shall continue strengthening bilateral relations between the two countries especially in business, health and education sectors.
The Comoro leader gave the assurance at Julius Nyerere International Airport (JNIA) when he held talks with Vice-President Samia Suluhu Hassan on behalf of President John Magufuli.
Mr Assoumani decided to take a rest for a little while at JNIA on his way to Mecca in Saudi Arabia. He also commended the efforts by the Fifth Phase government to ensure that social services were available to Tanzanian citizens insisting that his government would continue learning from the Tanzanian government in a bid to stamp out problems bedevilling residents of Comoro.
The Comoro leader gave the assurance at Julius Nyerere International Airport (JNIA) when he held talks with Vice-President Samia Suluhu Hassan on behalf of President John Magufuli.
Mr Assoumani decided to take a rest for a little while at JNIA on his way to Mecca in Saudi Arabia. He also commended the efforts by the Fifth Phase government to ensure that social services were available to Tanzanian citizens insisting that his government would continue learning from the Tanzanian government in a bid to stamp out problems bedevilling residents of Comoro.
PRIME MINISTER KASSIM MAJALIWA ATTENDS THE EXTRAORDINARY SUMMIT OF SADC
Tuesday, 28 June 2016
STANDARD CHARTERED BANK TANZANIA AND TANZANIA POSTAL BANK PARTNER TO ENHANCE CUSTOMER SERVICE
NATIONAL MICROFINANCE BANK (NMB) CONSTRUCTS TWO MOBILE POLICE POSTS
NMB Chief Financial Officer, Waziri Barnabas. |
The NMB Chief Financial Officer Mr Waziri Barnabas said at the event that the bank’s contribution supported government efforts in improving and modernising the police force in the country in a bid to curb crimes and maintain community safety.
“We have supported the police force in their important initiative that was also used as an avenue to demonstrate to the general public the various activities it performs which are crucial in maintaining peace and security in the country,” he said.
He said NMB has over 177 branches network and ATMs spread across in almost all districts, thus a strong police army was an important segment in ensuring safety of business banking and people’s money.
He said in this year the bank financed the police force conference of senior police officers with over 75m/- and has been doing it for four consecutive years.
BENKI YA CRDB YAFADHILI UJENZI WA KITUO CHA MAWASILIANO CHA JESHI LA POLISI
Jiwe la Msingi la Kituo cha Mawasiliano cha Jeshi la Polisi lililowekwa na Rais Dk. John Magufuli. Kituo hicho kimefadhiliwa na Benki ya CRDB kwa gharama ya zaidi ya shilingi milioni 300. |
Brass Band ya Polisi ikitumbuiza katika hafla ya uzinduzi wa Kituo cha Mawasiliano cha Jeshi la Polisi. |
Rais John Magufuli (katikati) akiwa katika picha ya pamoja na viongozi wa Serikali. Kulia ni Mkurugenzi Mtendaji wa Benki ya CRDB, Dk. Charles Kimei. Michuzi Blog |
COMMERCIAL BANK OF AFRICA HOSTS AN IFTAR FOR ITS CUSTOMERS IN DAR ES SALAAM
EXIM BANK TANZANIA HOSTS AN IFTAR FOR ITS CLIENTS
DIAMOND TRUST BANK (DTB) HOSTS AN IFTAR EVENT FOR ITS CUSTOMERS IN TANGA
Diamond Trust Bank Tanzania (DTB) held an Iftar event for its customers in Tanga on Saturday 25th June 2016. The event took place at Nyumbani Hotel and was well attended by over 200 invited guests and customers.
The event was graced by the presence of Tanga Regional Administrative officer Eng. Zena Said, Retired Tanga Mayor, Hon. Kassim Kisauji and Chief Sheikh of Tanga, Juma Ali Luwuchu.
The event was graced by the presence of Tanga Regional Administrative officer Eng. Zena Said, Retired Tanga Mayor, Hon. Kassim Kisauji and Chief Sheikh of Tanga, Juma Ali Luwuchu.
PROSECUTORS ORDERED TO SPEED UP INVESTIGATIONS ON HARRY KITILYA'S TRIAL
Former Commissioner General with Tanzania Revenue Authority (TRA), Harry Kitilya. |
Principal Resident Magistrate Thomas Simba gave the directive yesterday when the case came for mention. The prosecution had told the court that investigations into the matter have not been completed and the case file had been forwarded to investigators.
“The file of the case is with the Prevention and Combating of Corruption Bureau for implementation of some directives. For that matter the investigations into the case are still incomplete.
We pray for another mention date,” State Attorney said. The magistrate granted the request and adjourned the matter to July 11, for mention.
Other accused persons in the matter apart from Kitilya are Shose Sinare, who is former Miss Tanzania and Head of Investment Banking at Stanbic Bank and Sioi Graham Solomon, former Chief Legal Counsel to the bank.
PRIME MINISTER, KASSIM MAJALIWA LEAVES FOR GABORONE TO ATTEND SADC DOUBLE TROIKA SUMMIT
Prime Minister, Kassim Majaliwa. |
According to a statement issued by the Prime Minister’s Office in Dar es Salaam, the Premier will represent President John Magufuli at the summit to be held at Gaborone International Convention Centre (GICC).
Botswana President Seretse Khama Ian Khama, who is the current SADC Chairperson, will open the summit which will discuss the state of security and defence in Lesotho,” reads part of the statement.
The statement pointed out that the meeting would be preceded by a meeting of permanent secretaries from the ministries of foreign affairs, regional integration and international relations in the 15-member state regional economic grouping.
The meeting will be attended by South African President and outgoing SADC Troika Chairperson, Mr Jacob Zuma; and Mozambique President and current SADC Troika Chairperson Jacinto Felipe Nyusi.
PRESIDENT JOHN MAGUFULI INSPECTS THE POLICE FORCE CALL CENTRE
Monday, 27 June 2016
EXCLUSIVE: NIGERIA'S DANGOTE SHIFTS FOCUS FROM CEMENT TO OIL AND GAS
BHARTI AIRTEL COMMITS TO TANZANIA AS IT EXITS TANZANIA TELECOMMUNICATIONS COMPANY LIMITED (TTCL)
NHC YAKUTANA NA WADAU WA SEKTA YA UJENZI KUPITIA MRADI WA ECO RESIDENCE KINONDONI HANANASIFU JIJINI DAR ES SALAAM
Prof Ninatubu Lema, kutoka Chuo cha Uhandisi na Teknolojia (CoET) akisisitiza jambo wakati wa mkutano wa kujifunza utekelezaji wa mradi ECO Residence na kujadili mapendekezo ya mradi huo. |
Wadau mbalimbali wa sekta ya ujenzi wakifuatilia mada mbalimbali wakati wa mkutano wa kujifunza utekelezaji mradi wa ECO Residence na kujadili mapendekezo ya mradi huo. |
Wadau mbalimbali wa sekta ya ujenzi wakifuatilia mada mbalimbali wakati wa mkutano wa kujifunza utekelezaji mradi wa ECO Residence na kujadili mapendekezo ya mradi huo. |
Muonekano wa Jengo linavyoonekana kwa nje. |
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