STIMULATING AFRICA'S BOND MARKETS: AFRICAN DEVELOPMENT BANK APPROVES US $10-MILLION EQUITY INVESTMENT IN FINANCIAL SECTOR DEEPENING FUND

To strengthen the capital base of local financial institutions and stimulate Africa’s corporate bond market, the African Development Bank has approved a US $10-million investment through its private-sector window in the Africa Financial Sector Deepening Fund being managed by Adventis Ltd as the fund manager.

The Fund seeks to raise US $100 million by the first closing and US $200 million by the second closing and to invest over 10 years to address the growing demand among local financial institutions for Tier 2 (subordinated) capital and to deepen local currency capital markets.

Given scarce long-term local currency funding and underdeveloped non-sovereign local currency bond markets, the Fund will offer a significant private-sector demonstration effect by making sizable Tier 2 capital available to financial institutions. By leveraging capital structure and balance sheets, Tier 2 instruments will allow financial institutions to grow their lending and to scale up their long-term loan portfolio to support infrastructure, industries, and manufacturing, among other sectors, in the targeted economies.

It will invest in mainly subordinated debt instruments issued by financial institutions, support bond issuances as anchor investors to be listed on local exchanges, and crowd in local institutional investors to scale up investments in financial institutions to optimize and enhance their long-term capital base and develop local bond markets.

Based on market opportunities, the Fund has identified priority countries as Botswana, Ethiopia, Côte d’Ivoire, Kenya, Mauritius, Namibia, Rwanda, Tanzania, Uganda, Ghana and Zambia.

MZIGO WA KWANZA WA MUHOGO MKAVU KUTOKA TANZANIA WAINGIA CHINA

Kufuatia hatua ya kusainiwa Mkataba kati ya Serikali ya Tanzania na China kuruhusu bidhaa za muhogo mkavu kutoka Tanzania kuingia katika soko la China, mzigo wa kwanza wa kontena nne(4) za muhogo mkavu kutoka Tanzania zimeingia China wiki hii kupitia Bandari ya Qingdao. Tukio hili la Kihistoria linafungua ukurasa mpya wa zao la muhogo kuwa miongoni mwa mazao ya biashara, hivyo Serikali inawahimiza Watanzania kuchangamkia fursa hii.

Sehemu ya magunia yenye muhogo huo kutoka Tanzania yakipakuliwa. 

Sehemu ya muhogo huo.

TANZANIA BILLIONAIRES BUY EQUITY BANK STAKE

An Equity Bank branch. Two Tanzanian billionaires have bought seven million shares of Equity Group worth Ksh344 million ($3.4 million).

Tanzanian billionaires Aunali and Sajjad Rajabali have bought seven million shares of Equity Group worth Ksh344 million ($3.4 million), expanding their investment in Nairobi Securities Exchange-listed firms.

Their purchase of the bank’s stock is disclosed in the lender’s May regulatory filing of its ownership structure.

The duo has invested more than Ksh1.5 billion ($14.8 million) in NSE-listed firms over the past two years, taking significant stakes in companies such as Co-op Bank, KenolKobil, Jubilee Holdings and I&M Holdings.

The Rajabalis are now ranked seventh in Equity’s list of top individual investors with a 0.19 per cent stake.

Most efficient bank

Equity has cemented its position as the country’s most efficient bank with an annualised return on equity (RoE) of 28.5 per cent after reporting a 21.4 per cent growth in net profit to Ksh5.8 billion ($57.4 million) in the first quarter ended March.

The lender’s performance, anchored on its retail banking success, has attracted major global investors.

“The bank differentiates itself from its peers through its large retail customer base with nearly half of all bank accounts in Kenya,” London-based asset manager Blackrock Frontiers Investment Trust Plc, which holds Equity shares worth Ksh1.5 billion ($14.8 million), says in a regulatory filing.

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EXXON SEEKS TO SELL OUT OF TANZANIAN GAS FIELD

An Exxon gas station is viewed in a Brooklyn neighbourhood, New York City. The firm is seeking buyers for its stake in a large undeveloped gas field off Tanzania.

Exxon Mobil is seeking buyers for its stake in a large undeveloped gas field off Tanzania, according to three banking and industry sources, as the company focuses on the development of an even bigger project in neighboring Mozambique.

The planned sale is an example of Chief Executive Darren Woods’ strategy of freeing up cash and narrowing the American firm’s focus on a number of giant projects around the world deemed to have the best prospects, including in Mozambique, Guyana and US shale.

Woods, who became CEO in January 2017 after predecessor Rex Tillerson retired and became US secretary of state, has come under heavy pressure from investors over the past year to turn around the world’s largest publicly-traded oil and gas company as its output and earnings sagged.

Exxon holds a 35 percent stake in Tanzania’s deepwater Block 2 field that was discovered earlier this decade.

It holds an estimated 23 trillion cubic feet of gas, according to the website of Norway’s Equinor, which operates the block and holds a 65 percent stake.

The prospect has faced repeated delays in recent years due mainly to a lack of infrastructure and regulation for the country’s nascent oil and gas sector, complicating any sale.

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TANZANIA'S TOUGH MINING LAWS PAYING OFF

In the first quarter of 2018, some 30,953kg of gold was produced at the Acacia and Stamico mines in Tanzania.

Tanzania has realised a 1.3 per cent GDP growth from its mining sector, attributed to new stringent laws and regulations.

Mining now contributes around 4.8 per cent to the GDP, up from 3.5 per cent realised over the years.

Minerals Minister Angellah Kairuki on Thursday attributed the new growth to the government’s efforts to strengthen inspection and management of the sector and effectively restricting illegal trade in minerals.

“We aim for a larger piece of pie, at least 10 per cent of its contribution to the country’s GDP by 2025,” said Ms Kairuki.

In the first quarter of 2018, some 30,953kg of gold was produced at the Acacia mines of Bulyanhulu, Buzwagi, New Luika, North Mara and Geita, as well as Stamigold, a subsidiary of State Mining Corporation (Stamico). Another 2,021.4kg was produced by small-scale miners. In 2015, the miners’ total production stood at 38,000kg.

Some 248,083.94 carats of diamonds were produced by Williamson Diamond Ltd, Shinyanga, while El Hilal mines produced 43,285.31 carats. The same mines produced 191,407 carats in 2015.

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EAC SINGLE CURRENCY REGIME AT STAKE AS COUNTRIES STRUGGLE TO MEET TARGETS

East African countries are struggling to comply with key macroeconomic targets ahead of the operationalisation of a single currency regime by 2024.

East African countries are struggling to comply with key macroeconomic targets on fiscal deficit, inflation, public debt and foreign exchange reserves ahead of the operationalisation of a single currency regime by 2024.

The mixed performance of regional economies on these targets is likely to delay the delivery of the benefits of a monetary union to regional traders and citizens such as reduced costs of cross-border transactions.

A study by the United Nations Economic Commission for Africa (Uneca) conducted in October 2017 shows that while the partner states are on track to achieving the criteria on inflation, challenges remain in attaining the targets on fiscal deficit and adequate level of foreign exchange reserves.

This, according to the study, is due to the countries’ heavy spending on infrastructure projects and increased imports of capital goods.

Countries are expected to attain headline inflation of a maximum eight per cent, a fiscal deficit (including grants) of not more than three per cent of GDP, a public debt-to-GDP ratio of 50 per cent and forex reserves of at least 4.5 months of import cover, to qualify to join the East African Monetary Union.

Countries are also required to comply with the criteria for at least three years before the official launch of the single currency regime. This implies the countries have up to 2021 to comply with these conditions.

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WAZIRI LUKUVI AFUNGUA MAONYESHO YA SIKU TATU YA SEKTA YA NYUMBA BUNGENI DODOMA, 28 MEI 2018

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akielekea katika eneo la Maonyesho ya siku tatu ya sekta ya nyumba yanayoratibiwa na Wizara ya Ardhi, Nyumba na Maendeleo ya Makazi na Shirika la Nyumba la Taifa kwaajili ya kuwaelimisha wananchi kuhusu masuala mbalimbali ya nyumba, kulia kwake ni Dk. Raphael Chegeni na nyuma yake ni Mbunge wa Jimbo la Manyoni Magharibi, Yahya Masare.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akikaribishwa na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi katika eneo la Maonyesho ya siku tatu ya sekta ya nyumba yanayoratibiwa na Wizara ya Ardhi, Nyumba na Maendeleo ya Makazi na Shirika la Nyumba la Taifa kwaajili ya kuwaelimisha wananchi kuhusu masuala mbalimbali ya nyumba.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akijadiliana jambo na Meneja wa Masoko wa Shirika la Nyumba la Taifa, Itandula Gambalagi na Meneja wa NHC mkoa wa Dodoma, Joseph John katika eneo la Maonyesho la viwanja vya Bunge la Jamhuri ya Muungano wa Tanzania ya siku tatu ya sekta ya nyumba yanayoratibiwa na Shirika la Nyumba la Taifa kwaajili ya kuwaelimisha wananchi kuhusu masuala mbalimbali ya nyumba.

Baadhi ya Wadau wa sekta ya nyumba wakiwa katika eneo la Maonyesho ya siku tatu ya sekta ya nyumba yanayoratibiwa na Shirika la Nyumba la Taifa kwaajili ya kuwaelimisha wananchi kuhusu masuala mbalimbali ya nyumba.

Mbunge wa Viti Maalumu wa Bunge la Jamhuri ya Muungano wa Tanzania, Mama Salma Kikwete akielekea kwenye eneo la Maonyesho ya Sekta ya Nyumba yanayofanyika katika viwanja vya Bunge la Jamhuri ya Muungano wa Tanzania.

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akizungumza na Naibu Waziri wa Kilimo, Dk Mary Mwanjelwa na Naibu Waziri wa Kazi, Vijana na Ajira, Anthony Mavunde kuhusiana na masuala mbalimbali ya sekta ya nyumba. 

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akitembelea banda la maonyesho la Benki ya Azania.

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akizungumza na Naibu Waziri wa Kilimo, Dk Mary Mwanjelwa kuhusiana na masuala mbalimbali ya sekta ya nyumba.

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akijadiliana jambo na Mkurugenzi wa Independent Planners Limited, Clemence Mero kuhusiana na masuala mbalimbali ya sekta ya nyumba wakati alipotembelea banda la maonyesho la IPL. 

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akijadiliana jambo na Mkurugenzi wa Independent Planners Limited, Clemence Mero kuhusiana na masuala mbalimbali ya sekta ya nyumba wakati alipotembelea banda la maonyesho la IPL. 

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akielekea katika eneo la Maonyesho ya siku tatu ya sekta ya nyumba yanayoratibiwa na Wizara ya Ardhi, Nyumba na Maendeleo ya Makazi na Shirika la Nyumba la Taifa kwaajili ya kuwaelimisha wananchi kuhusu masuala mbalimbali ya nyumba, kushoto kwake ni Dk. Raphael Chegeni. 

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akizungumza na Naibu Waziri wa Kilimo, Dk Mary Mwanjelwa na Naibu Waziri wa Kazi, Vijana na Ajira, Anthony Mavunde kuhusiana na masuala mbalimbali ya sekta ya nyumba.

BROKERS PREDICT TMRC BOND OVERSUBSCRIPTION

Stockbrokers have projected the oversubscription of five years 12bn/- Tanzania Mortgage Refinance Company bond, which its initial sales close today.

The brokers have said that they have received a number of applications and most investors were waiting to settle payment after seeing the outcome of five-year Treasury bond interest in the auction held on Wednesday.

The five-year T-bond results showed that the bond yield rate went up slightly to 11.29 per cent from 11.05 per cent of last auction in March.

TMRC bond yield was set at plus 0.5 per cent in top of the Treasury bond.

Zan Securities Chief Executive Officer Raphael Masumbuko said they received enough orders to cover almost entire bond amount, but investors await T-bond results.

“Should the T-bond stick to around the last auction then we have a better deal. “Apart from the interest rate, the market is yawning for new items, especially corporate bonds. This pushes demand up,” Mr Masumbuko said.

AZANIA, UBA BANKS AGREE TO EASE MONEY TRANSFER

Azania Bank Limited has agreed to become United Bank for Africa Tanzania (UBA) money transfer service agent in order to easy money transfer in the country.

An agreement signed in Dar es Salaam yesterday between the two banks shows that Azania Bank will become UBA’s first ‘Africash’ money transfer agent in the financial services industry in Tanzania.

The service will be provided in all branches of Azania Bank Limited and will benefit clients with or without bank accounts.

In effect, the agency arrangement means that Azania Bank customers can easily and conveniently send or receive money across all the 20 UBA-presence countries.

“This effectively enlarges the network and footprint of Azania Bank across the continent. Similarly, this arrangement also expands the reach of UBA Tanzania customers to all the 17 locations of Azania Bank in the country,” the two banks said in a statement released to the press after signing the agreement.

STATE OPTS FOR CONFIDENTIAL SALARY RISE

Dodoma - The government opted not to publicly raise civil servants’ wages strategically to control inflation and salaries will always remain confidential, Prime Minister Kassim Majaliwa said yesterday.

President John Magufuli said last month that the huge development projects that consume colossal amount of money were to blame for delayed salary increments for public workers.

Technically, the demand-pull effect states that as wages increase within an economic system, often the case in a growing economy with low unemployment, people will have more money to spend on consumer goods.
The liquidity increase and demand for consumer goods lead to increasing product demand.

“We target to lower the cost of social services in the society. Ideally, an increase in salary has a direct effect on the society mainly disturbing the price of commodities at the local markets,” the premier said.

Special Seats MP Suzan Lyimo (Chadema) brought to the august House the debate on civil servants’ wage increment. She had requested the Prime Minister to categorically explain why the state had not released annual increment or promotion to public workers since the new administration came to office.
“This is a statutory right. I plead with my government to answer why there has been no salary increment to date,” she charged, adding: “The move has negative impact on pensioners should it remain unattended.”

Since President Magufuli came into power, Pay As You Earn (PAYE) has been lowered from 11 to nine per cent. Trade Union Congress of Tanzania (TUCTA) had described the double digit PAYE as a burden to workers. Unfortunately, there were no records of salary increment.

ETIHAD AIRWAYS PARIS FLIGHTS TO GO ALL AIRBUS A380

Abu Dhabi, United Arab Emirates – Effective 1 October 2018, Etihad Airways will operate the Airbus A380 on its second daily service linking Abu Dhabi and Paris Charles de Gaulle. This will transform the airline’s operation between the UAE and French capitals into a year-round all-A380 service, joining London Heathrow as the second European destination enjoying daily multiple visits by Etihad’s award-winning double-decker aircraft.

The introduction of the aircraft on the second daily service will provide business and leisure travellers between both cities with more options to experience Etihad’s latest award-winning cabins and products. The airline has operated the A380 between Abu Dhabi and Paris on one of its two daily flights since 1 July 2017, with the service performing very strongly since its introduction.

Peter Baumgartner, Etihad Airways Chief Executive Officer said, “Paris has always been a very special destination on the Etihad network and the number of visitors from France to Abu Dhabi and vice versa has continued to show significant growth. The route has never been more in demand.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 8 JUNE 2018

TIGOPESA MASTERPASS QR PAYMENTS SOLUTION GOES LIVE

Tigo's Managing Director, Mr Simon Karikari addresses the media and other stakeholders at the launch of the new Tigo Pesa Masterpass QR digital payment system in Dar es Salaam recently. With millions of Tanzanian’s preferring to use their mobile devices to pay for goods and services, Tigo Pesa's - Masterpass QR will provide them with a fast, easy to use and secure way to pay for goods and services, displacing the use of cash and creating a more convenient and secure payment sector.

Tigo Tanzania's Chief Officer for Mobile Financial Services - Hussein Sayed, demonstrates how to download and use the new Tigo Pesa - Masterpass QR digital payment system during the launch event in Dar es Salaam recently. Available on the new Tigo Pesa App, the Masterpass QR digital payment solution will enable Tigo Pesa customers to simply, securely and conveniently use the Masterpass QR digital payment system to pay for goods and services at over 1,000 merchant locations across the country, paving the way for cashless lifestyle in the country.

Tigo's Managing Director, Mr Simon Karikari (right) exchanges a handshake with Mastercard's President for Sub Saharan Africa, Raghav Prasad (left) to mark the launch of the new Tigo Pesa - Masterpass QR digital payment system in Dar es Salaam recently.
Looking on is Selcom's Executive Director, Sameer Hirji (centre). The partnership between Mastercard, Tigo and Selcom is a game changer for the country, and will shape a new digital age of commerce that will help Tanzania become a strong digital economic hub in Africa.

Right to left - Tigo Tanzania's Chief Officer for Mobile Financial Services - Hussein Sayed, Selcom's Executive Director - Sameer Hirji, Tigo's Managing Director - Simon Karikari, Mastercard's President for Sub Saharan Africa - Raghav Prasad and Mastercard's Country Manager - Anthony Karingi join hands to mark the launch of the new Tigo Pesa Masterpass QR digital payment system in Dar es Salaam recently. Customers can now simply and securely use the Masterpass QR digital payment system available through Tigo Pesa to pay for goods and services at over 1,000 merchant locations across the country, paving the way for cashless lifestyle in Tanzania.

A CLEAR COCA-COLA HAS LAUNCHED IN JAPAN

• Japan is launching a new "clear" Coca-Cola edition.
• The new soft drink is colorless, clear, and lemon-flavored.
• Coca-Cola Japan manufactured the drink by leaving out the caramel flavor.

Ditching the dark-brown color that has been synonymous with Coca-Cola for decades, Japan has released a new version of the popular soda.

With a water-like appearance, "Coca-Cola Clear" is a zero-calorie, lemon-flavored drink, according to the manufacturer.

Coca-Cola Japan came up with the concept of leaving out the caramel ingredients that give the drink its distinct color and developed it for a year before the US headquarters gave the idea the green light.

More than 50 samples and flavors were experimented with before the decision to go with lemon was made.

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CURRENT VACANCIES AT THE AFRICAN DEVELOPMENT BANK

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TRAFFIC JAMS AT TAZARA TO END IN SEPTEMBER 2018

Dar es Salaam motorists and commuters may now heave a sigh of relief following good news that the eagerly awaited Tazara flyover, the intersection of Nyerere Road and Nelson Mandela Expressway, will now be operational in September, almost a month before the previously set deadline.

Trials for the flyover, the first overpass to be constructed in Dar es Salaam City, will be conducted in August.

Currently, confusion reigns most at the spot as traffic is supposed to flow while construction is also required to go ahead. However, police officers, assisted by few other workers sweat it out to mitigate the situation.

But, all this is set to be temporary as the construction work for the magnificent flyover bridge has reached 88.82 per cent. 

The completion of the overpass will indeed bring a sigh of relief to motorists and

commuters who have been spending two to three hours to travel to and from the City Centre to the airport due to acute traffic jams.

The Minister for Works, Transport and Communication, Prof Makame Mbarawa disclosed in Dar es Salaam on Wednesday when he visited the construction site and witnessed the progress of the project.

HALOTEL, ZANTEL BOSSES FACE ECONOMIC SABOTAGE CHARGES

Managing Directors of Viettel Tanzania PLC (Halotel) and Zanzibar Telecom PLC (Zantel), Le Van Dai and Sherif El-Barary, respectively, were yesterday arraigned alongside eight others to face 12 economic related charges, including occasioning a loss of over 1.2bn/- to the government.

Before the Kisutu Resident Magistrate’s Court in Dar es Salaam, other accused persons apart from Dai, a Vietnamese and El-Barary, an Egyptian, were Lei Cao, alias Peter and Huang Yu Meng, both Chinese, who are Operation Managers with Shunhe Company Limited.

Also, others are Jimmy Mosha, a Business Supervisor with Halotel Zanzibar, Willy Ndoni, a Marketing Manager with Halotel, Viettel Tanzania PLC (Halotel) and Zanzibar Telecom PLC (Zantel).

They were not allowed to enter plea to the charges because they fall under the Economic and Organised Crime Control Act.

The case will be tried by the High Court’s Economic, Corruption and Organised Crime Division. All accused persons were ordered to go to remand until June 20, when the case will be mentioned.

Other counts against the accused are conspiracy to commit an offence, fraudulent use of network facility, importation and installation of electronic communication equipment without a licence and operating network facility without a licence.

TANZANIA FAILS TO USE SH54BN WORLD BANK FUNDS MEANT FOR HOUSING LOANS

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SUCCESSION OF THE MANAGING DIRECTOR OF CRDB BANK

AIR TANZANIA SUPPORTS ORPHANAGE CENTRE

Air Tanzania Company Limited (ATCL) has advised the public to support the orphanages with sustainable projects, that would help them generate income and solve the challenges they face.

The ATCL Marketing Manager, Ms Christina Tungaraza, said in Dar es Salaam on Tuesday evening when the company visited the Ijango Zaidia Orphanage at Sinza area, where they hosted Iftar with the children at the centre in this month of Ramadan.

“They have shared with us many challenges faced in the centre, calling for public support. Our company is setting permanent solution to the challenges by establishing them sustainable projects that would enable them to generate their own income,” she said.

BROKERS UPBEAT OVER NICOL FUTURE

Stockbrokers have expressed optimism for NICOL bright future following relisting of its shares on the Dar es Salaam Stock Exchange (DSE) yesterday, after being locked out for seven years to trade on the stock market.

The stockbrokers at separate interviews said the firm has a bright future after scraping off all risk related investments, especially factories, after selling. Core Securities Chief Executive Officer, Mr George Fumbuka, said the firm sold off their physical cash generating assets and remain with a meat factory in Dodoma.

“The Dodoma meat factory has been entered in the book with a zero amount. This is to disassociate NICOL with any possible future losses,” Mr Fumbuka said. Core Capital is a lead advisor while Core Securities is sponsoring broker. Mr Fumbuka said “the company has a clean balance sheet with no pending loans.”

NICOL CEO, Kinoni Wamunza, said the company has squared off its 12bn/- debt inherited from the previous management. “The company is doing fine and in next AGM (Annual General Meeting), we are going to issue dividends for 2017,” Mr Wamunza said.

TOTAL INTRODUCES ENVIRONMENTALLY FRIENDLY FUEL

TOTAL Tanzania has introduced improved high-tech fuel, Total Excellium for petrol and diesel to the local market that cleans vehicle engines, providing lasting protection, lower consumption and fewer carbon emissions.

The Minister of Trade and Industries, Charles Mwijage, said in Dar es Salaam on Tuesday that the introduction of high-tech fuel by Total Tanzania was commendable and has shown the way in the evolution of the fuel industry.

“It’s about time that Tanzanian motorists have access to fuel that warranties safety of their engines, keeps it clean and yet produces less carbon emission ... and this launch has come at the right time as we have come to climax of the world environment day,” he said.

Total Country Chair and Total Tanzania Managing Director, Tarik Moufaddal, said the launch of Total Excellium in Tanzania is an important milestone in the country and a dedication to renewing Total commitment to better energy.

“We are committed to providing our customers with the highest quality services and products across our nationwide network; the launch of Total Excellium takes our portfolio to the next level by delivering vital and tangible benefits,” he said.

SHOT IN THE ARM FOR BAGAMOYO PORT PROJECT

Fishermen in Bagamoyo where a $10 billion port is to be built.

The Bagamoyo port project, whose implementation has been marred by funding hitches and government flip-flop, could kick off this month, after Tanzania agreed with Chinese and Omani investors on a financing deal that is expected to be signed soon.

If constructed, the $10 billion Bagamoyo port will be East Africa’s largest.

Tanzania’s Minister for Communication and Transport Prof Makame Mbarawa told parliament in Dodoma last week that negotiations with the investors are at the final stages and a contract is expected to be inked this month.

The construction of a $10 billion port in a former slavery harbour of Bagamoyo, which was mooted in 2013, was suspended in 2016 — a year after President John Magufuli came to power — with sources saying the Magufuli government was keen on improving the capacity, performance and efficiency of the Mtwara and Dar es Salaam ports instead.

But Prof Mbarawa said the project was suspended to allow the upgrade of berths one to seven and construction of berths 13 and 14.

The China ambassador to Tanzania Wang Ke last month said the project will start soon.

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REGUS LAUNCHES NEW BUSINESS CENTRE IN DAR ES SALAAM

Dar es Salaam - As the modus operandi of businesses keeps evolving, with the need for flexible offices gaining a momentum, Regus, the leading global workspace provider has recently announced the opening of the fourth Dar es Salaam Business Centre to tap into the growing demand for flexible office spaces.

Regus new business centre is located at the Msasani Peninsula in Dar es Salaam, offering tenants access to fully serviced offices that are centrally located within the city. The centre will have lettable space of 590 square metres.

“We are officially opening the fourth business centre next month, giving start-ups, NGOs and Multinational Corporations additional flexible office space. The new Business Centre will afford tenants all the services needed to operate an office through a variety of bouquets that cater to their budgets,” said Joanne Bushell, Country Manager for Regus.

Regus is expanding to cater for increased demand for flexible office solutions that spare businesses from high set up costs including signing up long term leases, buying furniture and paying for utilities.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 7 JUNE 2018

KAMPUNI YA REGUS YAFUNGUA KITUO KIPYA CHA BIASHARA DAR ES SALAAM

Kampuni ya kimataifa ya Regus, ambayo inajihusisha na kupangisha ofisi za kisasa za muda na za kudumu imefungua kituo kipya cha nne cha ofisi za kupangisha jijini Dar es Salaam .

Jengo jipya la ofisi za Regus kwa ajili ya matumizi ya kupangisha ofisi zisizo na usumbufu wa masharti liko eneo la Msasani Penisula, na lina ukubwa wa mita za mraba 590 kwa ajili ya matumizi ya ofisi za kisasa.

“Tumefungua jengo la nne la kituo cha biashara lenye maeneo ya ofisi za kupangisha. Hii ni fursa pekee kwa Mashirika yasio ya Kiserikali na makampuni ya kimataifa kujipatia sehemu za ofisi za kisasa. Eneo hili la biashara limelenga makundi yote ikiwemo wajasiriamali wanaoanza biashara kwa kuwa bei zake za pango ni za kawaida na rahisi kuzimudu” alisema Joanne Bushell, Meneja wa Regus nchini.

AFRICAN DEVELOPMENT BANK LAUNCHES CODING FOR EMPLOYMENT PROGRAM: UNLEASHING AFRICA'S NEXT GENERATION OF DIGITAL INNOVATORS

Over the last 15 years, the African Development Bank has invested US $1.64 billion in programs to prepare youth for careers in science, technology and innovation

KIGALI, Rwanda, June 6, 2018/ -- The African Development Bank (www.AfDB.org), together with partners – The Rockefeller Foundation (www.RockeFellerFoundation.org), Microsoft (www.Microsoft.com) and Facebook (www.Facebook.com) – launched the Coding for Employment Program at the African Innovation Summit in Kigali, Rwanda. By training youth in demand-driven Information and Communications Technology (ICT) curriculum and matching graduates directly with ICT employers, this new Program prepares Africa’s youth for tomorrow’s jobs and unleashes the next generation of young digital innovators from the continent. Coding for Employment will create over 9 million jobs and reach 32 million youth and women across Africa. The Coding for Employment Program is at the center of the African Development Bank’s Jobs for Youth in Africa Initiative (https://goo.gl/21mhqU), which aims to put Africa’s youth on a path to prosperity. By 2025, the Jobs for Youth in Africa Initiative will equip 50 million youth with employable skills and create 25 million jobs in agriculture, information communications and technology and other key industries across Africa.

CLYDE & CO UPDATER - MINING REGULATIONS

THE TANZANIA INSTITUTE OF BANKERS AND USAID-ENGINE PROGRAM LAUNCH TWO NEW TRAINING COURSES FOR FINANCIAL INSTITUTIONS

Dar es Salaam, Tanzania (JUNE 5, 2018) - Tanzania Institute of Bankers(TIOB) in association with the The Feed the Future Tanzania Enabling Growth through Investment and Enterprise (ENGINE) program supported by the United States Agency for International Development (USAID), has today launched the Non-Perfoming Loans (NPL) Management course and the Agricultural Finance course to be offered to financial institutions in Tanzania.

Speaking during the launch, the guest of honour, Dr. Bernard Kibesse, Deputy Governor Financial Stability and Deepening at Bank Of Tanzania (BOT) welcomed this opportunity for financial institutions to improve their skills base at a time when Non-Performing Loans (NPLs) need to be reduced and the country’s Agricultural sector is in much need of financing. “I urge all CEO’s of Banks and Financial Institutions in Tanzania to ensure that your employees attend these TIOB courses so that they can improve their skills and capabilities in tackling problem loans and financing agriculture”, said the Deputy Governor, who also represents the BOT Governor as Chairman of the Tanzania Institute of Bankers (TIOB).

TIOB has partnered with ENGINE to develop training courses for financial institutions in Tanzania, whereby TIOB will benefit by using ENGINE’s expert trainers to develop new training courses for its members and thereby enhance the value of their learning content through shared case studies and best practices, which will subsequently contribute to the sustainability of the Finance sector in Tanzania.

KPMG SOUTH AFRICA CUTS HUNDREDS OF JOBS IN POST-SCANDAL OVERHAUL

KPMG will parachute in senior executives and cut hundreds of local jobs to rescue its South African business after a client exodus over a series of scandals, including the firm’s links to the Gupta business family who have been accused of serious corruption. 

In a statement on Monday, the Big Four global auditor said that up to four hundred people would leave KPMG South Africa and some offices in the country would be closed in order to “take into account recent client losses and current levels of demand for certain services.” 

The rescue will also involve “embedding in the firm for an extended period a number of senior KPMG partners from across the international network” including at board level, the group added. 

The restructuring underlines the scale of the crisis confronting KPMG in South Africa, where it has lost major clients including Barclays Africa and government institutions in recent months, part of the fallout from its entanglement with the Guptas.

KPMG South Africa’s chief executive resigned and several partners left last year as it apologised for work including audits for a company linked to alleged money-laundering by the family, who have been accused of controlling government business through a friendship with Jacob Zuma, the former president. Both the Guptas and Mr Zuma deny wrongdoing. 

FORMER PRESIDENT GRACES NICOL RELISTING AT DSE

Former President Jakaya Kikwete has officially flagged off the relisting of National Investment Company (NICOL) share at Dar Es Salaam Stock Exchange (DSE).

The NICOL investment has met all relisting requirements in accordance to DSE regulations.

NICOL is relisting its shares after almost an absence of eight years. The relisting share price is 300/-, though low compared to it's IPO price of 400/-.

By the time the firm was delisted it's share was trading at 270/-.