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.
Saturday, 30 November 2019
24 BOOKS MARK ZUCKERBERG THINKS EVERYONE SHOULD READ TO UNDERSTAND TODAY'S WORLD
Mark Zuckerberg, CEO of Facebook, says that he finds "reading books very intellectually fulfilling."
In 2015 he started a book club that he publicized on Facebook.
Here are the books he selected that year, along with a more recent 2019 addition.
Facebook CEO Mark Zuckerberg has a single mission: to connect people around the world.
It's one reason why he decided to launch a book club in January 2015, with a reading list that focused on "different cultures, beliefs, histories, and technologies."
Although the birth of his daughter, Max, kept him from hitting his goal of a book every two weeks, he ended 2018 with 23 selections in his A Year of Books reading group. During the summer of 2019, he recommended another book.
We've put together a list of his picks and why he thinks everyone should read them:
In 2015 he started a book club that he publicized on Facebook.
Here are the books he selected that year, along with a more recent 2019 addition.
Facebook CEO Mark Zuckerberg has a single mission: to connect people around the world.
It's one reason why he decided to launch a book club in January 2015, with a reading list that focused on "different cultures, beliefs, histories, and technologies."
Although the birth of his daughter, Max, kept him from hitting his goal of a book every two weeks, he ended 2018 with 23 selections in his A Year of Books reading group. During the summer of 2019, he recommended another book.
We've put together a list of his picks and why he thinks everyone should read them:
Friday, 29 November 2019
SIMIYU REGION TO HOST AFRICA'S PIONEER DISNEYLAND THEME PARK
The construction of the first Disneyland style recreation park in Africa is set to commence in January 2020 in Busega District, Simiyu Region.
Simiyu Regional Commissioner, Anthony Mtaka told the Guardian yesterday that the mammoth facility is projected to cost TShs. 6 Trillion and once completed, is expected to turn-around Tanzania's tourism industry.
How he managed to convince investors to replicate the world's famous American facility to by-pass mega cities such as Cairo, Lagos, Johannesburg or Cape Town is something RC Mtaka did not divulge.
KAMPUNI YA BIA YA SERENGETI YASHAURI MFUMO WA PAMOJA WA KODI KWA NCHI ZA AFRIKA MASHARIKI KUHARAKISHWA
Mkurugenzi Mtendaji wa Kampuni Bia ya Serengeti, Mark Ocitti akizungumza wakati wa mkutano wa Baraza la Biashara la Jumuiya ya Afrika Mashariki uliofanyika jijini Arusha. |
- Asema utofauti wa kodi za ndani unasababisha kuongezeka bidhaa bandia za pombe
Ocitti amesema, pamoja na kwamba hatua nzuri na kubwa imefikiwa, vikwazo vya kibiashara vilivyopo havina budi kushughulikiwa ili kuongeza kasi ya uwekezaji pamoja na kurahisisha biashara ya bidhaa na huduma miongoni mwa nchi wanachama
Akizungumza katika mkutano wa Biashara na Uwekezaji wa Wakuu wa Nchi za EAC uliofanyika jijini Arusha, Ocitti alisema tafsiri tofauti za vipengele vya kisheria kama ‘bidhaa za nje’ imesabisha kuwepo kwa kodi kubwa kwa bidhaa zinazotoka ndani ya nchi wanachama jambo ambalo limepunguza kasi ya ukuaji wa biashara.
HOW TO CHOOSE THE BEST MORTGAGE LENDER
By Kelvin Mkwawa, Seasoned Banker. |
According to Tanzania Mortgage Market Update of December 31st, 2018, the total mortgage portfolio balances amongst banks stood at TZS 421.10 billion as at the end of the year of 2018 representing 4,996 properties compared to TZS 344.84 billion outstanding balance for financing 4,174 properties that were reported for the previous year. This signifies an annual increase of 22.04% in Mortgage Finance market while the number of mortgages increased by 18.76% from 2017. One of the most complicated decisions one will likely make concerning home mortgage will be which lender to choose. In this article, I will discuss the steps in choosing the best mortgage lender:
- Evaluation Of Financial Situation: Before considering the mortgage loan options, one should evaluate his/her financial needs and situation. After the self-evaluation, he/she will have an idea which terms fit his/her unique needs. For example, how much can you afford? And for how long? Can you afford the monthly repayment of the mortgage loan which depends on the value of the house you want to buy? In addition, do you have the down payment needed which is based on the price of the house? One will only be able to answer all those questions after the evaluation of his/her current financial situation.
- Consider Loan Options: After the evaluation of the current financial situation, the next step is to look at what kind of mortgage loan is best from the pool of mortgage lenders. There are three main factors to consider when choosing the mortgage loan options: the tenure, interest rate, and interest rate type.
- Typically, the mortgage loan tenure varies between 10-30 years; this indicates how long the borrower has to pay off the loan. The longer the tenure the lower the monthly repayment amount but the higher the interest charges over the life of the loan.
- The average interest rate in the market charged on mortgages by available lenders is between 15-24%. The housing market is very competitive so through comprehensive research, the borrower can get the best and affordable interest rate.
- There are two basic interest rate types for mortgage loans; fixed and adjustable (variable) interest rate. Adjustable rates are normally lower but carry higher risks: they fluctuate due to their dependence on the macroeconomic environment. The fluctuation of interest rate will cause the mortgage monthly repayments to fluctuate as well. On the other hand, fixed interest rates remain the same regardless of any external or internal factors and the mortgage payments will not change over the course period of your loan. In our market, most of the interest rates offered by mortgage lenders are variable rates which means more risk to borrowers. I believe it is now time for mortgage lenders to start offering fixed interest rates to mitigate the interest risk and encourage more lending.
Thursday, 28 November 2019
ABSA AND AFRICAN DEVELOPMENT BANK SIGN $250M RISK PARTICIPATION AGREEMENT
CAPE TOWN - Financial services group Absa and the African Development Bank Group (AfDB) have signed a $250-million (more than R3 billion) risk participation agreement (RPA) which, when fully utilised, is estimated to mobilise over $2 billion (more than R29 billion) worth of trade business over three years.
The RPA was signed on November 12, on the side-lines of the African Investment Forum held in Johannesburg.
The group said this facility, through a 50:50 risk-sharing approach, would help to promote broad-based economic growth on the African continent through increased facilitation of import-export activities of African corporates and small and medium-sized enterprises. It would furthermore increase intra-Africa trade and regional financial integration in line with the AfDB’s High 5 strategic priorities.
The group said this facility, through a 50:50 risk-sharing approach, would help to promote broad-based economic growth on the African continent through increased facilitation of import-export activities of African corporates and small and medium-sized enterprises. It would furthermore increase intra-Africa trade and regional financial integration in line with the AfDB’s High 5 strategic priorities.
The RPA was signed on November 12, on the side-lines of the African Investment Forum held in Johannesburg.
The group said this facility, through a 50:50 risk-sharing approach, would help to promote broad-based economic growth on the African continent through increased facilitation of import-export activities of African corporates and small and medium-sized enterprises. It would furthermore increase intra-Africa trade and regional financial integration in line with the AfDB’s High 5 strategic priorities.
The group said this facility, through a 50:50 risk-sharing approach, would help to promote broad-based economic growth on the African continent through increased facilitation of import-export activities of African corporates and small and medium-sized enterprises. It would furthermore increase intra-Africa trade and regional financial integration in line with the AfDB’s High 5 strategic priorities.
SOUTH AFRICA CAN’T AFFORD TO LET ITS NATIONAL AIRLINE FAIL
South Africa’s finance minister Tito Mboweni has repeated his call for South African Airways (SAA) to be shut down. The reality is that the country can’t afford to let its flagship fail.
Mboweni said on November 19 that there is no way that SAA can be fixed and that it would be better to close it down and start a new airline.
But a collapse of SAA would be “a shock to both the economy and the population, as well as the perception of state-owned enterprises (SOEs) in general,” says Indigo Ellis, head of Africa research at Verisk Maplecroft in London.
SAA has not made a profit since 2011 and is without a permanent CEO.
A week-long strike this month led SAA to cancel flights and cost the airline more than 50 million rand a day.
Mboweni said on November 19 that there is no way that SAA can be fixed and that it would be better to close it down and start a new airline.
But a collapse of SAA would be “a shock to both the economy and the population, as well as the perception of state-owned enterprises (SOEs) in general,” says Indigo Ellis, head of Africa research at Verisk Maplecroft in London.
SAA has not made a profit since 2011 and is without a permanent CEO.
A week-long strike this month led SAA to cancel flights and cost the airline more than 50 million rand a day.
- The airline said on November 22 that it reached agreement with unions to end the industrial action.
- SAA capitulated on a layoff plan and agreed a pay increase of 5.9% retroactive to April 1 – a deal which it says it can’t afford.
- But further bailouts are “hardly an option” in the face of rising deficits and debt servicing costs, she argues.
WAZIRI LUKUVI ATOA MAAGIZO MAZITO KWA SHIRIKA LA NYUMBA LA TAIFA (NHC)
Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, Mhe. William Lukuvi, akifafanua jambo kwa Waandishi wa Habari na Menejimenti ya Shirika la Nyumba la Taifa (NHC) katika mkutano wake hivi karibuni. |
Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, Mhe. William Lukuvi akizungumza na Wanahabari na Menejimenti ya Shirika la Nyumba la Taifa (NHC) hivi karibuni. |
Kaimu Mkurugenzi wa Ubunifu, Bi. Magreth Ezekiel (kulia), akiwasilisha ripoti ya miradi ya Shirika la Nyumba la Taifa kwa Mkoa wa Dar es Salaam, kwa Mhe William Lukuvi. |
Waziri Lukuvi, amesema kuwa Shirika linapaswa kuingia katika mfumo wa kidijitali wa utunzaji wa kumbukumbu za wapangaji na taarifa zao, na taarifa hizi zifanane na za NIDA. Amesema kuwa katika taarifa hizo, NHC inapaswa kujua jina kamili la mpangaji, anafanya nini, mwajiri wake nani, anwani zake na kila kitu.
Ameongeza kusema kuwa NHC inapaswa kufanya uhakiki huu wa kuwatambua wapangaji wake haraka iwezekanavyo kabla ya mwezi Marchi mwakani zoezi hili liwe limekamilika. Katika hatua nyingine Waziri Lukuvi, ameitaka NHC kufanya upya uhakiki wa majengo yaliyokuwa ya Msajili na yaliyojengwa na NHC.
BILL TABLED TO PROHIBIT NON-CITIZENS FROM OWNING LAND THROUGH INHERITANCE
- Bill tabled to impose restriction on Administrators and Executors in distributing property of deceased to heirs who are non-citizens
- However non-citizen heirs will be allowed to benefit from proceeds of sale of property
The amendment to the Probate and Administration of Estates Act now proposes to impose a restriction on Administrators and Executors in distributing the estate of the deceased which is in the form of landed property to heirs who are non-citizen. If the Bill goes through, the non-citizen heirs will be allowed to benefit from the proceeds realised from the disposition of the said landed property after the Administrator or Executor disposes off the property.
The laws of Tanzania through the provisions of section 20 of the Land Act prohibit foreigners to acquire land unless it is for investment purposes under the Tanzania Investment Act. The said Act makes it clear that a non-citizen can only acquire land if it is for investment purposes and that investment must be under the Tanzania Investment Centre. Otherwise non-citizens are not allowed to hold land in Tanzania.
Wednesday, 27 November 2019
IMPACT BUSINESS BREAKFAST WITH MS. ZUHURA SINARE MURO. THEME: LEADERSHIP ROLE IN ACHIEVING HIGH EMPLOYEE RETENTION RATE
HRM Practitioner, Coach & Leadership Capacity Building Consultant, Zuhura is the Founder & Managing Director of Lindam Group Limited, a firm offering Advisory, Audit, Training and coaching services.
Prior to establishing her own business, she was Head of Human Resource Department for Celtel Tanzania Limited (now trading as Airtel).
In addition to her entrepreneurship, Zuhura is a big picture thinker with hands-on experience in leading and transforming business enterprises through providing strategic oversight to management teams. She has provided oversight leadership for a number of East Africa based businesses such as the Nation Media Group in Kenya and its subsidiary Mwananchi Communication Limited in Tanzania, Resolution Insurance Tanzania and KCB Group subsidiary in Tanzania.
Tuesday, 26 November 2019
BENKI YA BIASHARA NA MAENDELEO MASHARIKI NA KUSINI MWA AFRIKA (TDB) YAAHIDI KUSHIRIKIANA NA TANZANIA KATIKA KUKUZA MAENDELEO
Na Benny Mwaipaja, Dodoma.
RAIS wa Benki ya Biashara na Maendeleo Mashariki na Kusini mwa Afrika (TDB) Dkt. Admassu Tadesse ameahidi kuwa Benki yake itaendelea kushirikiana na Tanzania kwa kuipatia mikopo yenye masharti nafuu kwa ajili ya kutekeleza miradi yake ya kimkakati ya maendeleo kwa sababu uchumi wake uko imara na inakopesheka
Dkt. Tadesse ametoa ahadi hiyo Jijini Dodoma alipokutana na kufanya mazungumzo na Waziri wa Fedha na Mipango ambapo wawili hao wamezungumzia masuala mbalimbali ya ushirikiano kati ya Serikali na Benki hiyo hususan Ujenzi wa Reli ya Kisasa (SGR) na ujenzi wa mradi wa kufua umeme kwa njia ya maporomoko ya maji ya mto Ruhudji mkoani Njombe
Amesema kuwa miezi michache iliyopita Benki yake imeipatia Tanzania mkopo wenye masharti nafuu wa dola bilioni 1 kwa ajili ya utekelezaji wa miradi mbalimbali ya kipaumbele inayotekelezwa na Serikali na kwamba wako mbioni kutoa kiasi kingine kikubwa cha fedha hivi karibuni.
RAIS wa Benki ya Biashara na Maendeleo Mashariki na Kusini mwa Afrika (TDB) Dkt. Admassu Tadesse ameahidi kuwa Benki yake itaendelea kushirikiana na Tanzania kwa kuipatia mikopo yenye masharti nafuu kwa ajili ya kutekeleza miradi yake ya kimkakati ya maendeleo kwa sababu uchumi wake uko imara na inakopesheka
Dkt. Tadesse ametoa ahadi hiyo Jijini Dodoma alipokutana na kufanya mazungumzo na Waziri wa Fedha na Mipango ambapo wawili hao wamezungumzia masuala mbalimbali ya ushirikiano kati ya Serikali na Benki hiyo hususan Ujenzi wa Reli ya Kisasa (SGR) na ujenzi wa mradi wa kufua umeme kwa njia ya maporomoko ya maji ya mto Ruhudji mkoani Njombe
Amesema kuwa miezi michache iliyopita Benki yake imeipatia Tanzania mkopo wenye masharti nafuu wa dola bilioni 1 kwa ajili ya utekelezaji wa miradi mbalimbali ya kipaumbele inayotekelezwa na Serikali na kwamba wako mbioni kutoa kiasi kingine kikubwa cha fedha hivi karibuni.
Monday, 25 November 2019
KISHINDO CHA KUFUNGA MWAKA TIGO PESA
Zawadi zenye thamani ya zaidi ya 500m/- kutolewa kwa washindi
Dar es Salaam, 25 Novemba, 2019: Kampuni ya Tigo, kupitia kitengo cha Tigo Pesa imezindua kampeni ijulikanayo kama ‘Kishindo cha Funga Mwaka’ kwa ajili ya kutoa zawadi zenye thamani ya zaidi ya 500m/- kwa wateja wa Tigo wanaoweka na kupokea pesa kwenye akaunti zao za Tigo Pesa.
Wateja wa Tigo wanatakiwa kuweka pesa kwenye akaunti zao za Tigo Pesa ili kuweza kushiriki kwenye kampeni hiyo ambayo ni maalumu kwa ajili ya msimu huu wa kufunga mwaka ambapo washindi wa zawadi watafunga mwaka kwa kishindo
Kampeni hiyo itakayodumu kwa kipindi cha mwezi mmoja itashuhudia washindi watatu wakiibuka na fedha taslimu ikiwamo 20m/- kwa mshindi wa kwanza, 15m/- kwa mshindi wa pili na 10/- kwa mshindi wa tatu. Pia, kila wiki kutakua na washindi nane watakaopata 5m/- kila mmoja. Pamoja na washindi wa wiki na wa mwezi, kutakua na washindi nane kila siku ambao wataibuka na 1m/- kila mmoja.
Dar es Salaam, 25 Novemba, 2019: Kampuni ya Tigo, kupitia kitengo cha Tigo Pesa imezindua kampeni ijulikanayo kama ‘Kishindo cha Funga Mwaka’ kwa ajili ya kutoa zawadi zenye thamani ya zaidi ya 500m/- kwa wateja wa Tigo wanaoweka na kupokea pesa kwenye akaunti zao za Tigo Pesa.
Wateja wa Tigo wanatakiwa kuweka pesa kwenye akaunti zao za Tigo Pesa ili kuweza kushiriki kwenye kampeni hiyo ambayo ni maalumu kwa ajili ya msimu huu wa kufunga mwaka ambapo washindi wa zawadi watafunga mwaka kwa kishindo
Kampeni hiyo itakayodumu kwa kipindi cha mwezi mmoja itashuhudia washindi watatu wakiibuka na fedha taslimu ikiwamo 20m/- kwa mshindi wa kwanza, 15m/- kwa mshindi wa pili na 10/- kwa mshindi wa tatu. Pia, kila wiki kutakua na washindi nane watakaopata 5m/- kila mmoja. Pamoja na washindi wa wiki na wa mwezi, kutakua na washindi nane kila siku ambao wataibuka na 1m/- kila mmoja.
MAWAKALA WA BENKI YA NMB WAPIGWA MSASA
Afisa Mkuu wa Wateja Binafsi na Biashara Ndogo na za Kati wa Benki ya NMB, Filbert Mponzi akimkabidhi msimamizi wa Rede’s Investment Traders, mmoja wa mawakala cheti cha ushiriki mafunzo ya uwakala. |
Kaimu Mkuu wa Kitengo cha Mawakala, James Manyama akitoa mada. |
Mmoja wa mawakala akiuliza swali kwa watoa mada. |
Meneja wa Benki ya NMB Kanda ya Dar es Salaam, Badru Idd akimkabidhi Agatha Makungu - mmoja wa mawakala cheti cha ushiriki mafunzo ya uwakala. |
Katika semina hii iliyoendeshwa hivi karibuni katika maeneo ya Sinza na Ilala jijini Dar es Salaam, Mawakala wa Benki ya NMB walipata fursa ya kupewa elimu juu ya kumpatia mteja huduma bora, kuuliza maswali na elimu juu ya kujikinga na vitendo vya kihalifu ikiwemo kupitisha fedha chafu, ambapo ni kinyume na sheria za nchi.
Akizungumza katika Semina hiyo Meneja wa NMB Kanda ya Dar es Salaam, Badru Idd, alisema NMB Wakala ni njia inayomfikishia huduma mteja kwa urahisi zaidi na kwa wakati.
MOVES TAKEN TO CURB FOREIGHNERS' LAND RIGHTS
Attorney General, Prof. Adelardus Kilangi. The Government has taken another crucial step to seal loopholes that enable foreigners to own land in the country. The Attorney General (AG), Prof. Adelardus Kilangi has moved the National Assembly to amend the law prohibiting non-citizens to own Tanzanian land through inheritance. Continue Reading >>> |
AXE HANGS OVER 187 ENTITIES AS PRESIDENT JOHN MAGUFULI IS DEEPLY UPSET BY THE ABYSMAL TREND OF DIVIDENT PAYMENTS
President John Magufuli has threatened to shut down 187 public parastatals, agencies and other institutions for underperforming despite the government spending 59.6trn/- investment capital.
He has given the organisations' Board Chairpersons and their Chief Executive Officers up to 22 January 2020, to give dividend to the Treasury Registrar and Finance and Planning Minister or relinquish their positions.
Read More >>
He has given the organisations' Board Chairpersons and their Chief Executive Officers up to 22 January 2020, to give dividend to the Treasury Registrar and Finance and Planning Minister or relinquish their positions.
Read More >>
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