BUSINESSMAN CHARGED WITH SH1BN FRAUD

·   

•  Mr Hussein Shaban Ndama, who is a resident of Mbezi Beach, Dar es Salaam, before resident magistrate Victoria Nongwa denied the charges and was remanded in custody until December 13, when the case will come up for another mention. Public Posecutor Christopher Msigwa assisted by Leonard Chalo, alleged that, the accused committed the offences between February and March 2014 in Dar es Salaam.

Dar es Salaam. A prominent businessman, Mr Ndama Shaban Hussein, popularly known as “Ndama Mtoto wa Ng’ombe” was yesterday charged at the Kisutu Resident Magistrates’ Court with several counts, including forgery and over Sh1 billion money laundering.

Mr Hussein, who is from Mbezi Beach, Dar es Salaam, before resident magistrate Victoria Nongwa denied the charges and was remanded in custody until December 13, when the case will come up for another mention. Public Posecutor Christopher Msigwa assisted by Leonard Chalo, alleged that, the accused committed the offences between February and March 2014 in Dar es Salaam.

PRODUCTION STOPPAGE AT DANGOTE CEMENT

STANCHART TO CUT 10% OF CORPORATE, INSTITUTIONAL BANKING STAFF: SOURCES

Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount, sources with direct knowledge of the matter said on Monday, as the bank steps up an aggressive drive to cut costs.

Standard Chartered Chief Executive Bill Winters this month branded the bank's income and profit unacceptable, as below-forecast third-quarter results underlined the challenges facing his overhaul.

The job cuts will be rolled out beginning this week across all the bank's major business centers including in Singapore and Hong Kong, one of the sources told Reuters. All the sources declined to be named as they were not authorized to speak to the media.

"We are making our corporate and institutional banking division more efficient," a Standard Chartered spokesman said, without revealing how many jobs are to be axed.

"Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted."

It was not immediately clear how many employees the British bank has in its corporate and institutional banking division globally.

FASTJET SUSPENDS REGIONAL ROUTES AS IT STRUGGLES TO SURVIVE

FASTJET Tanzania has announced suspension of routes from Dar es Salaam to Entebbe in Uganda and Nairobi in Kenya, effective as of Monday next week.

The suspension of the routes is part of the company’s ongoing turnaround programme in pursuit of long term sustainable financial structures for its business in Tanzania.

The turnaround programme - under the guidance of recently appointed fastjet plc CEO, Nico Bezuidenhout - included a review of the fastjet fleet, both the size and type of aircraft operated, the frequency of flights on specific routes, as well as the actual routes flown.

Under the direction of fastjet management, the turnaround programme for fastjet is progressing well, with a reduction of operating costs and overheads, fleet realignment, and flight frequency on identified routes, all yielding financial benefits.

After careful consideration of all possible options, fastjet has regrettably made the difficult decision that a small number of route suspensions still needed to be effected.

The routes to be suspended were chosen due to low passenger demand, as well as inefficient utilisation of fastjet’s existing and planned aircraft fleet; and as such they were not commercially viable.

ZIMBABWE INTRODUCES 'BOND NOTES' TO EASE CASH CRUNCH

Nov 28 Zimbabwe launched a new currency on Monday, issuing $10 million of 'bond notes' that the authorities hope will ease a severe cash crunch but which critics fear will erase their savings less than a decade after a hyperinflationary economic meltdown.

The Reserve Bank of Zimbabwe (RBZ) first announced the plan in May to address chronic cash shortages and supplement the dwindling U.S. dollars that have been in circulation for the past seven years.

However, the announcement triggered a run on the banks as Zimbabweans tried to empty their accounts of hard currency.

The notes have also fuelled some of the largest protests in a decade against President Robert Mugabe, Zimbabwe's leader since independence 36 years ago, and led to suggestions they could cause the 92-year-old's downfall.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB

KENYA, UGANDA LAUNCH NORTHERN ECONOMIC CORRIDOR MASTER PLAN

NAIROBI - Kenya and Uganda on Monday launched the Northern Economic Corridor Master Plan that provides the blueprint for the development of infrastructure that interconnects the East African region.

Kenya's Ministry of Transport Infrastructure, Housing and Urban Development, Infrastructure Secretary Francis Gitau told a forum in Nairobi that the corridor will link Kenya's sea port of Mombasa to Uganda, Burundi, Democratic Republic of Congo and South Sudan.

"The Northern Economic Corridor has several large bottlenecks in logistics which cause inefficiency of logistics and therefore hinders growth in the region," Gitau said.

"The aim of the master plan is to ensure that landlocked countries that depend on Kenya's sea port can easily and conveniently access the rest of the world," Gitau said during the International Seminar on the Northern Economic Corridor.

PRESIDENTS MAGUFULI, LUNGU FOR VIBRANT TAZARA

President John Magufuli speaks after official talks with his guest, President Edgar Lungu of Zambia (right) at State House in Dar es Salaam on Monday.

President John Magufuli and his Zambian counterpart Edgar Lungu have vowed to transform the Tanzania Zambia Railway Authority (TAZARA) into business oriented and profit focused entity.

The two leaders have also resolved to work hard on increased efficiency at the Tanzania-Zambia Mafuta (TAZAMA) pipeline, directing their respective Attorney Generals (AGs) to meet immediately to look on the possibilities of making crucial and overdue amendments in all provisions that are seen as a stumbling block in the operations of the ailing railway authority.

Dr Magufuli and his guest met at State House on Monday for a closed door meeting before briefing the media, few minutes after their conversations. Mr Lungu who is expected to leave for Zambia on Tuesday, is in the country for a three-day state visit on the invitation of his host.

President Magufuli said the two Heads of State focused more on the future of the once strong but now crippled railway firm, concluding that poor management was among the critical problems bedevilling the company.

INDIAN CEMENT MANUFACTURER PLANS TO SET UP A NEW FACTORY IN BAGAMOYO

Bagamoyo. Cement makers should brace for cutthroat competition as an Indian cement manufacturer plans to set up a new factory in Bagamoyo, Coast Region.

Armed with a $150 million (about Sh320 billion at the prevailing exchange rate) investment, Lake Cement Limited – which is already manufacturing the product at its Kimbiji plant in Kigamboni District – says it has what it takes to do better in the market.

The company’s ‘Nyati Cement’ brand has been in the market for two years.

From its Kimbiji plant, the company is already manufacturing one million tonnes of cement per year which is sold countrywide and exported to Rwanda, Burundi and the Democratic Republic of Congo.

VODACOM TO ISSUE SH500BN SHARES

In Summary

The amount – the highest in the history of IPOs in Tanzania – will help to stimulate trading activities at the Dar es Salaam Stock Exchange (DSE) as the government seeks to build an inclusive economic growth.

Currently, the net asset value (NAV) for Vodacom Tanzania is estimated to be around Sh750 billion.

Dar es Salaam. Vodacom Tanzania Limited is to issue shares worth up to Sh500 billion in its planned initial public offer (IPO), The Citizen has reliably learnt.

The amount – the highest in the history of IPOs in Tanzania – will help to stimulate trading activities at the Dar es Salaam Stock Exchange (DSE) as the government seeks to build an inclusive economic growth.

Currently, the net asset value (NAV) for Vodacom Tanzania is estimated to be around Sh750 billion.

However, stock market experts are of the view that since Vodacom is a well established company, its actual value would be more than what is prescribed in the company’s Balance Sheet.

VODACOM PREPARES TO LIST ON DAR ES SALAAM STOCK EXCHANGE

Vodacom Tanzania Managing Director Ian Ferrao said in a statement yesterday that the company had submitted the draft prospectus and was ready to work with the regulators in preparation for the IPO. 

Dar es Salaam. Vodacom Tanzania has taken the first steps towards offloading 25 per cent of the company through an initial public offering (IPO).

Vodacom has submitted a prospectus to the Capital Markets and Securities Authority (CMSA) ahead of its envisaged listing at the Dar es Salaam Stock Exchange (DSE) as the telecommunications firm seeks to abide by the Electronic Postal and Communications Act, 2010.

Vodacom Tanzania managing director Ian Ferrao said in a statement yesterday that the company had submitted the draft prospectus and was ready to work with the regulators in preparation for the IPO.

“We are pleased to announce that we have filed our application and draft prospectus for consideration by the CMSA. This document sets out our proposals on the structure and timetable for the listing,” he said, adding that the company expected the draft prospectus to evolve over time.

ZAMBIA, CHAD LEADERS IN DAR ON STATE VISITS

In Summary

While Chadian President Idris Deby, who was the first to arrive, came for a two-day working visit as AU chairman, his Zambian counterpart Edgar Lungu is in the country for a three-day state visit.

Mr Deby, an incumbent chairman of the African Union, arrived at the Julius Nyerere International Airport (JNIA) at 2.55pm.

Dar es Salaam. President John Magufuli yesterday received two Heads of State who are in the country on official visists.

While Chadian President Idris Deby, who was the first to arrive, came for a two-day working visit as AU chairman, his Zambian counterpart Edgar Lungu is in the country for a three-day state visit.

Mr Deby, an incumbent chairman of the African Union , arrived at the Julius Nyerere International Airport (JNIA) at 2.55pm.

President Magufuli was accompanied by Vice President Samia Suluhu Hassan and Prime Minister Kassim Majaliwa.

There were also senior government officials, including Chief Secretary John Kijazi, the minister for Foreign Affairs and East African Cooperation, Dr Augustine Mahiga, and heads of security organs. He left the airport for his hotel accompanied by Mr Majaliwa.

The plane carrying President Lungu landed at the airport at 5.15pm and was received by his host Dr Magufuli, the Zambian High Commissioner to Tanzania, Ms Grace Mujuma, and senior government officials.

TOSHIBA LAUNCHES `GO AFRICA’ PROJECT IN TANZANIA

TOSHIBA has launched `Go Africa’ project to expand its storage business in the country.

Launching the project, Toshiba General Manager for Middle East and Africa Digital Products and Services, Mr Santosh Varghese Toshiba, has been investing on an average 6 per cent of their revenue in research and development for innovating new products and technologies.

“We are happy to be launching our ‘Go Africa’ initiatives in Tanzania to enhance customer experience for Toshiba storage products by offering the latest technology and product by empowering our channel partners with the necessary product and sales skills,” Mr Varghese said.

THERE’S ENOUGH LIQUIDITY: BOT CHIEF

 

In a speech at a bankers’ meeting here, Prof Ndulu said there was a vast amount of liquidity (cash) outside the banking system that was enough to enable banks to fulfil their role of “greasing” the growth of the private sector, which is the engine of the Tanzanian economy.

Arusha. Bank of Tanzania governor Benno Ndulu (pictured) yesterday advised bankers to work harder and attract deposits from customers and potential customers instead of depending excessively on public sector deposits.

In a speech at a bankers’ meeting here, Prof Ndulu said there was a vast amount of liquidity (cash) outside the banking system that was enough to enable banks to fulfil their role of “greasing” the growth of the private sector, which is the engine of the Tanzanian economy.

“Six out of every ten shillings held in cash is outside the banking system. 

Deposit drive would tap into that resource base for lending to those in need of credit and reduce the current excessive dependence on public sector deposits,” Prof Ndulu said yesterday.

Prof Ndulu’s advice to banks yesterday comes at a period when these institutions have reduced lending considerably, citing a liquidity crunch. Figures show that in the year ending September 2016, banks issued slightly more than a half of what they had issued to the private sector in the year that ended in September 2015.

JPM: WHY I SACKED THE TRA BOARD

President John Pombe Magufuli speaking when officiating the 31st graduation ceremony of the Open University of Tanzania (OUT) in Kibaha, Coast Region yesterday.

In Summary

• ·         Dr Magufuli made the revelation yesterday when officiating at the 31st graduation ceremony of the Open University of Tanzania (OUT) in Kibaha, Coast Region.
• ·         He said the board, chaired by Mr Bernard Mchomvu, authorised TRA to deposit money meant for the authority’s recurrent expenses in fixed deposit accounts in order to generate interest, which was to be shared among the agency’s top brass.

Kibaha. President John Magufuli dissolved the Tanzania Revenue Authority board (TRA) and sacked its chairman after the board approved the depositing of Sh26 billion in fixed deposit accounts in three different banks.

Dr Magufuli made the revelation yesterday when officiating at the 31st graduation ceremony of the Open University of Tanzania (OUT) in Kibaha, Coast Region.

He said the board, chaired by Mr Bernard Mchomvu, authorised TRA to deposit money meant for the authority’s recurrent expenses in fixed deposit accounts in order to generate interest, which was to be shared among the agency’s top brass.

TOP BREWER’S PROFITS FALL AS BUSINESS DYNAMICS CHANGE

TBL Group managing director Roberto Jarrin

In Summary

• ·         Consumers find the price of Sh2,500 for a 500-millilitre bottle of popular beer brands too high due to limited disposable income levels, thereby adversely affecting the sales volumes and profitability of beer makers.

•    TBL Group – which comprises TBL, Tanzania Distilleries Limited (TDL) and Darbrew – reported a seven per cent decline in revenues during the six months ending September 30, 2016.

Dar es Salaam. Beer drinkers are shifting to cheaper options as they align themselves with the new economic realities, sending brewers’ earnings down, Tanzania Breweries Limited (TBL) Group reported yesterday.

Consumers find the price of Sh2,500 for a 500-millilitre bottle of popular beer brands too high due to limited disposable income levels, thereby adversely affecting the sales volumes and profitability of beer makers.

TBL Group – which comprises TBL, Tanzania Distilleries Limited (TDL) and Darbrew – reported a seven per cent decline in revenues during the six months ending September 30, 2016.

ETIHAD CARGO TRANSPORTS 72 HORSES ON A SINGLE FLIGHT

A groom spends a quiet moment with a horse before the flight

Twenty four specially designed horse stalls carried 72 horses to Kuwait

Etihad Cargo has transported more than 1,200 horses in 2016 

Etihad Cargo has successfully shipped a very special consignment. The freight division of Etihad Airways was tasked with transporting more than 70 elite racehorses from England to Kuwait after the European racing season.

In all, 72 racehorses – worth a combined AED 163 million (£36 million) – were transported from London Stansted Airport to Kuwait City, where they will spend the winter months training and racing in the temperate Middle Eastern climate. 

They were flown on one of the carrier’s state-of-the-art Boeing 777 freighters which are equipped with comfortable seating for up to nine grooms and can accommodate up to 75 horses at a time.

David Kerr, Senior Vice President of Etihad Cargo, said: “Safety is the most important thing for our equine customers, which is why it is imperative we offer a safe and reliable service on all of our shipments.

“The Middle East has strong ties to these magnificent creatures dating back thousands of years and, to this day, they are arguably the most precious cargo we carry. In 2016 alone Etihad Cargo has been entrusted to transport more than 1,200 horses, with several more large shipments scheduled before the end of the year.”

BRELA REGISTERS 495 BUSINESS NAMES, FIRMS

BUSINESS Registration and Licensing Agency (BRELA) has registered 495 business names and companies since it embarked on its upcountry sensitisation campaign three months ago.

BRELA’s acting Deputy Registrar of Intellectual Property, Loy Mhando, said here yesterday that 423 business names and 72 companies have been registered.

She told a five-day seminar for traders in Rukwa Region that there was positive and encouraging response in the registration of business names and companies during seminars.

LUFTHANSA CANCELS NEARLY 900 FLIGHTS OVER PILOT STRIKE

Lufthansa is engaged in a long-run pay dispute with pilots. Photo/AFP

In Summary

·        The stoppage, called by the pilots' union Cockpit, affected Lufthansa flights at airports across Germany.
·   Out of its roughly 3,000 scheduled flights, 876 were cancelled due to the strike, "affecting some 100,000 passengers", the airline also said.
·  "Lufthansa has taken note, with complete incomprehension, of the announcement the Cockpit pilots' union will continue its strike on Thursday even before its start on Wednesday," the company said in a statement.

Frankfurt am Main, Germany | AFP |.Germany's flagship carrier Lufthansa cancelled nearly 900 flights Wednesday because of a strike by pilots, causing travel disruption for tens of thousands of passengers in the latest escalation of a long-simmering pay dispute.

The stoppage, called by the pilots' union Cockpit, affected Lufthansa flights at airports across Germany.

Out of its roughly 3,000 scheduled flights, 876 were cancelled due to the strike, "affecting some 100,000 passengers", the airline also said.

STANBIC BANK EQUIPS ITS CORPORATE CLIENTS IN ARUSHA WITH BUSINESS ONLINE PLATFORM

Stanbic Bank Tanzania Head of Client Access, Allen Chiombolla, speaks during a capacity building event in Arusha recently to provide information on the bank's Business Online (BOL) platform which offers fast and secure online banking capabilities for the efficient execution of business transactions.

TIGO ANNOUNCES CHRISTMAS SMARTPHONE PROMOTION

In Summary

The phones will be complete with its Boom App loaded with local Music, Tigo chief commercial officer Shavkat Berdiev says.

Dar es Salaam. Tigo Tanzania is selling Tecno Y3+ smartphones at Sh99,999, each as it launches its festive season promotion.

The phones will be complete with its Boom App loaded with local Music, Tigo chief commercial officer Shavkat Berdiev says.

DAR BANK SEALS 25BN/- DEAL WITH AFD FOR RENEWABLE ENERGY PROJECTS

BANK of Africa Tanzania has signed a credit facility agreement with the French Development Agency (AFD) worth 11.84 million US dollars (about 25.67bn/-) for lending to renewable and efficiency energy projects in Tanzania.

The bank’s Chief Executive Officer (CEO), Mr Ammishaddai Owusu-Amoah, said in Dar es Salaam yesterday at the signing ceremony that the innovative programme will enable the bank to provide both short and long term funding at attractive interest, lower than the usual commercial rates.

“The credit line is accompanied with a technical assistance programme funded through European Union to support and enable the bank to strengthen its capacities in green finance,” he said. Both institutions confirmed the collaboration through the Sustainable Use of Natural Resources and Energy Finance (SUNREF).

AIRTEL INTRODUCES NEW INTERNET PROMOTION FOR FESTIVE SEASON

In Summary

Known as “Wadatishe Internet”, the new promotion will give Airtel customers the freedom to choose from most affordable devices and data bundles daily, weekly or monthly.

Dar es Salaam. Airtel Tanzania yesterday announced a new promotion that will see its customers getting devices and internet offers for personal use and for gifts to their family and friends.

Known as “Wadatishe Internet”, the new promotion will give Airtel customers the freedom to choose from most affordable devices and data bundles daily, weekly or monthly.

NIGERIAN RECESSION DEEPENS IN Q3

• Lower oil production, FX shortage hurts economy
• Non-oil sector grew slightly, boosted by farming
• Central bank to decide interest rates on Tuesday (Adds government comment)

LAGOS, Nov 21 Nigeria's recession deepened in the third quarter and oil production fell, the National Bureau of Statistics (NBS) said on Monday, as a dollar shortage kept Africa's biggest economy in a stranglehold.

Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter, when Nigeria fell into recession for the first time in 25 years.

The data came on the eve of an interest rate decision, with analysts expecting the central bank to hold benchmark rates at 14 percent. Inflation hit 18.3 percent in October, the highest in more than 11 years.

Prices have been pushed up by the dollar scarcity in a country dependent on imports, which has been exacerbated by currency restrictions imposed by the central bank last year in an effort to defend the naira.

Oil sales are the OPEC member's main source of dollars to fund imports.

"The ramp up in fiscal spending has been slower than anticipated, and the policy response in general remains weak," said Cobus de Hart, economist at NKC Economists.

TWENTY TRA, TPA OFFICIALS UNDERGO FIVE-DAY TRAINING ON PORT SECURITY

TPA Director General Eng. Deusdedit Kakoko

TWENTY officers drawn from the Customs Division of the Tanzania Revenue Authority (TRA) and the Tanzania Port Authority (TPA) are undergoing a five-day Tanzania- China supported training in a bid to tighten port security.

The five-day programme is meant to sharpen their understandings and capacity to handle container scanners currently installed at the Dar es Salaam port.

A statement issued by TPA said that the officers taking part in the training in sharpening their knowledge and skills come from Dar es Salaam and Tanga.

“I praise the governments of China and Tanzania for embarking on this programme.

We expect this training will increase capacity to the custom officers to undertake their duties more efficiently and thus increase revenue collections,” TPA Director General Eng. Deusdedit Kakoko said.

KIBO SIGNS MEMORANDUM OF UNDERSTANDING WITH GE INTERNATIONAL INC.

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with General Electric International Inc (“GE”), with respect to the development of the Mbeya Coal to Power Project (“MCPP” or “the Project”). 

The MOU provides for GE and its affiliate companies (“GE Group”) to supply equipment, technology and services to the MCPP power plant, in addition to exploring opportunities where it can assist Kibo in bringing the Project to successful financial close. 

Kibo and GE are in discussions to set out in detail the terms and conditions of their collaboration into a binding agreement.

TEMU RETIRES, HIS CFO BECOMES SWISSPORT CEO

Mr Mrisho Yassin

SWISSPORT Tanzania has a new Chief Executive Officer Mr Mrisho Yassin, replacing Gaudence Temu who served the firm for 26 years.

Before his appointment, Mr Yassin served as Swissport’s Chief Financial Officer after climbing some ladders from Chief Internal Auditor.

PRECISION NOW FLIES DIRECT TO SERENGETI

PRECISION Air has introduced a direct flight between Dar es Salaam and Seronera in Serengeti National Park.

The first flight touched down at Seronera last Saturday using ATR 42 with a capacity of ferrying some 40 passengers.

MAGUFULI FOR CLOSER DAR, BEIJING MILITARY TIES

PRESIDENT John Magufuli has assured Chinese President Xi Jinping of continued cooperation in strengthening capacity of the armies of the two countries and other social development matters.

Dr Magufuli pledged the above yesterday in talks with the Vice-Chairman of the Central Military Commission of the Chinese People’s Liberation Army (PLA), General Fan Changlong, at the State House in Dar es Salaam.

The president asked Gen Fan to convey his appreciation and Tanzania’s assurance in continued military cooperation to President XI, who is Commander- in-Chief of the PLA.

OVER 2 TRILLION COLLECTED FROM MINING SECTOR

Mr Ally Samaje

THE government has successfully managed to collect 2.12tri/- as income and withholding tax from mining sector in the country from 1998 to 2015, the Acting Commissioner for Minerals in the Ministry of Energy and Minerals, Mr Ally Samaje, has said.

Also in the same period, at least 875.9bn/- have been paid to the government by various mining companies as loyalties. Mr Samaje said the the amount has been paid to the government in accordance to the current legal framework.

He said for the government to earn more cash from the mining sector, the operation costs need to go down to allow both sides to benefit from the business.

TBL SHINES AT DSE

TANZANIA Breweries Limited (TBL) emerged the top trading equity at the Dar es Salaam Stock Exchange (DSE) after dominating the market share by 92 per cent last week.

SWISSPORT TANZANIA PLC. GETS NEW CEO

BANK OF TANZANIA (BoT) CALLS BANKS CONFERENCE

Bank of Tanzania 

The conference for the Financial Institutions is held biennially, but this year’s meeting, scheduled to open on Thursday in Arusha, will take place at a time when the government is promoting industrialization and banks are taking a cautious approach to lending.

 Dar es Salaam. The Bank of Tanzania (BoT) has called a two-day meeting of financial institutions to discuss the financial sector and economy as a whole.

The Conference of Financial Institutions is held biennially, but this year’s meeting, scheduled to open on Thursday in Arusha, will take place at a time when the government is promoting industrialisation and banks are taking a cautious approach to lending.

DAR ES SALAAM STOCK EXCHANGE WEEKLY MARKET REPORT FOR THE WEEK ENDING FRIDAY NOVEMBER 18, 2016

DSE Market Turnover for Week Ending 18^th November, 2016

The week ending Friday 18^th November, 2016 recorded a weekly market turnover of TZS 4 Billion, down by 37% from last week's market turnover of TZS 6.4 Billion. 

The volume of shares traded also decreased 94% this week to 671,618 shares, down from the previous week which closed at 11 Million shares traded. The market leaders in volume traded were CRDB at 42.40%, TBL at 41.44% and DSE at 6.44% of total volume of shares traded (i.e. of the 671,618 shares traded).

DSE Market Capitalization for Week Ending 18^th November, 2016

Friday 18^th November saw the DSE Total Market Cap decline by 2.4% at TZS 20.9 Trillion compared to the previous Friday recorded cap of TZS 21.4 Trillion. Domestic market capitalization also decreased by 0.6% from TZS 8.19 Trillion to TZS 8.14 Trillion. This was also demonstrated by a 60-point decrease equivalent to a 2.4% drop on the DSEI index which represents all shares listed on the DSE.

Top Winners

Company	Previous Week	This Week	% Change
EABL	5,340	5,630	5.43%
KCB	650	670	3.08%

Top Losers

Company	Previous Week	This Week	% Change
TCCL	1,860	1,600	-13.98%
ACA	13,920	12,170	-12.57%
USL	80	70	-12.50%

TRA NOTICE - EXTENSION OF TIN VALIDATION DEADLINE

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB

ZANZIBAR, COMOROS IN TRADE PACT

PRESIDENT Ali Mohamed Shein on Saturday opened a one-day Comoros and Tanzania trade forum here with a call on stakeholders to use the available opportunities to invest and make sure that the businesses grow. 

"Tanzania, particularly Zanzibar, has many things in common. We share culture and language.

It is the sea and colonial oriented political boundaries that divided us. Doors are open to revive our history of cooperation in various development programmes," Dr Shein said. Before declaring the forum open, Dr Shein said the historical Comoros and Tanzania relations has been going on well and that traders from both countries have the opportunity to flourish.

BANK OF AFRICA (BoA) SHIFTS TARGET ON MORTGAGE CLIENTELE

Dar es Salaam. Bank of Africa (BoA) yesterday launched a mortgage loan facility for home construction as it targets clients within the middle and high-end segments.

Known as “Wezesha”, beneficiaries will get loans that range between Sh40 million to Sh500 million and the amount will have to repaid in a maximum period of 25 years.