BG TO SELL ONE KEY TANZANIAN GAS SITE TO FINANCE OFFSHORE PROJECTS

UK-based oil and gas exploration company BG is reportedly about to sell one of its key gas fields in Tanzania, amid growing indications that large oil companies such as BP and Shell are taking an active interest in East African hydrocarbon sites.

BG has not commented publicly on its decision to sell its entire stake in its Block 3 site in Tanzania, but a series of profit warnings and the resignation of chief executive Chris Finlayson earlier this year have led the company to consider easing its current cash flow problems.

DAR PORT THE MOST EXPENSIVE FOR EAC IMPORTERS - REPORT

Cars and containers at the Dar es Salaam port. A new report says that the port charges the highest wharfage in East Africa.

The port of Dar es Salaam is the most expensive for importers in the region, besides being the slowest in clearing goods, a new report by the Shippers Council of Eastern Africa (SCEA) shows.

But transporting goods from the port of Mombasa through Kenya is more expensive than freight through Tanzania, the report finds.

RWANDA'S HOPES OF PARTICIPATING IN BIG BROTHER AFRICA SHATTERED

Some of the Rwandans that turned up to audition for this year's edition of Big Brother Africa at Lemigo Hotel, Kigali, on July 9, 2014.

Rwandans’ dreams of being part of this year's edition of Big Brother Africa, which was scheduled to start this Sunday, September 7 but has been postponed until further notice due to a fire that broke out at the Big Brother House yesterday, were dashed after the producers of the hit reality TV show announced that Rwanda and Sierra Leone have been locked out.

"M-Net’s AfricaMagic and series producers Endemol SA would like to confirm that Sierra Leone and Rwanda will no longer form part of the countries participating in this year’s edition of Big Brother Africa," organisers of the show said Monday in a press release.

PRESIDENT UHURU'S STOLEN ESCORT CAR RECOVERED IN UGANDA

A presidential escort luxury BMW that was stolen in Nairobi has been recovered in Tororo, Uganda. Uganda Police and officers of the Flying Squad Unit on Tuesday evening recovered the escort bullet proof car that was stolen in Kenya on Wednesday last week week.

A team of investigators from Interpol and the Flying Squad left Nairobi for Tororo, Uganda, where the vehicle is said to have been driven to after it was stolen in Nairobi last Wednesday, according to media reports.

STIFF COMPETITION HITS TANGA CEMENT PROFITS

TCCL Board Chairman, Lawrence Masha

Dar es Salaam. Group profit of Tanga Cement Company Ltd (TCCL) declined by about 18 per cent in the first six months ending 30th June 2014 as the firm reports increased competition and influx of imported cement.

The cement producer which trades as Simba Cement registered a net profit of Sh8.6 billion in the first half of 2014 compared to Sh10.5 billion recorded in the same period last year.

The group’s board chairperson Lawrence Masha said in a statement that the increased competition has not only placed downward pressure on cement prices but also made achieving the budgeted sales volume more challenging.

TIGO TANZANIA TO DISTRIBUTE SH14 BILLION PROFIT TO CUSTOMERS

Head of Tigo Pesa Andrew Hodgson speaks to journalist yesterday in Dar es Salaam.  Left is Tigo General Manager  Diego Gutierrez.

Dar es Salaam. 3.5 million subscribers of Tigo Tanzania will share a staggering Sh14.25 billion ($8.7 million) of profits accumulated on mobile money account, the company announced yesterday.

Held by the Bank of Tanzania (BoT), Tigo Pesa Trust Account contains deposits of all the funds from Tigo Pesa users since Tigo mobile money operations started almost four years ago.

The account generated profit through interests which Tigo says is now in a position to distribute these profits to its mobile account holders including super and retail agents as well as consumers.

TANZANIA: TRADERS CLOSE SHOP OVER TANZANIA REVENUE AUTHORITY ELECTRONIC DEVICES

Wananchi walk along Congo Street in Dar es Salaam on Monday, where shops were closed during a strike by traders aimed at forcing the government to reduce restrictions on the use of Electronic Fiscal Devices (EFDs).

Dar es Salaam. Traders in Dar es Salaam’s business centre, Kariakoo, closed their shops on Monday, protesting the use of electronic fiscal devices (EFDs).

Business came to a standstill with people who wanted to buy various items in the city remaining in dilemma. Others chose to go back to their homes as they failed to purchase the goods they wanted.

TANZANIA: BE WATCHFUL, CLIENTS OF DAR CITY BANKS WARNED

Kinondoni Regional Police Commander, Camillius Wambura.

Dar es Salaam. If you want to withdraw large sums of money, think twice before you head for an upmarket centre. Armed gangs riding on motorbikes are increasingly eyeing banks and shopping malls frequented by the well-endowed. They appear to be the malls of choice for the thugs, who have been known to rob their victims at gun-point.

In the past two months, there have been two fatal shooting at a popular mall targeting people who had just withdrawn huge amounts of cash. On Friday last week, a businessman was gunned down by robbers who reportedly took Sh18 million from their victim. The deceased, identified as 44 year-old Adson Cheyo, owned a fast food outlet near the shopping centre. He was coming from the bank when he was attacked.

TANZANIA: IPTL LIQUIDATORS MOVE TO SUE HARBINDER SETHI

Dar es Salaam. Malaysian joint liquidators are suing Mr  Harbinder Singh Sethi—the man who claims he bought 70 per cent majority share of Independent Power Tanzania Ltd (IPTL)—on allegations that the Kenyan tycoon fraudulently and falsely purchased the shares.

The liquidators through their lawyers, Rugambwa Pesha and Charles Rwechungura of CRB Africa Legal, yesterday filed a commercial case, No 105/2014, at High Court Commercial Division, in which they describe as illegal Mr Sethi’s purchase of the said IPTL’s shares that  were earlier owned by Mechmar Berhand Corporation.

Mr Sethi is the first defendant, while PAP is the second and IPTL is the third.

TANZANIA: PRESSURE MOUNTS OVER STATOIL AGREEMENT

Dar es Salaam. Pressure is mounting on the Norwegian oil company, Statoil,  over the alleged leaked details of  a contract between it and the government.

A consortium of four civil society organisations (CSOs) has teamed up and issued a statement on the controversy surrounding the leaked addendum to a production sharing agreement (PSA) between Statoil and the government.

The  consortium comprises Interfaith Standing Committee on Economic Justice and the Integrity of Creation, HakiMadini, Policy Forum, as well as Oil and Natural Gas Environment Alliance (Ongea).

TANZANIA BECOMES KENYA'S LARGEST EAST AFRICAN MARKET

Tanzania has edged past Uganda as Kenya’s largest export market in East Africa as a result of the ongoing elimination of non-tariff barriers and increasing local production in Uganda of goods that were previously imported.

Tanzania has edged past Uganda as Kenya’s largest export market in East Africa as a result of the ongoing elimination of non-tariff barriers and increasing local production in Uganda of goods that were previously imported.

Uganda has traditionally been Kenya’s top trading partner in the region, but latest data from the Kenya National Bureau of Statistics (KNBS) ranked the country third, with Tanzania coming second.

Uganda was overtaken by the US in June as the leading export destination for Kenyan goods.

TANZANIA EYES 2 MILLION TOURIST ARRIVALS BY 2017

The number of tourists visiting the country is expected to double to 2 million by 2017, according to the Tanzania Tourist Board (TTB).

“We expect to reach 2 million tourist arrivals by 2017,” Reuters news agency quoted TTB acting managing director Devota Mdachi as saying at the weekend. “With more international airlines flying into Tanzania ... improved infrastructure, increased tourism investments and marketing, we can reach that target,” she said.

CAIXABANK TO BUY BARCLAYS RETAIL BANKING IN SPAIN

Caixabank agrees to buy Barclays retail banking division in Spain. Reuters

Deal Is Part of a Global Retrenchment by Barclays As It Seeks to Shed Less-Profitable Units

MADRID— Caixabank SA CABK.MC +1.00% has agreed to buy BarclaysBARC.LN -0.78% PLC's retail banking division in Spain as the British bank scales back its presence in less-profitable markets.

Caixabank, Spain's third-largest bank by market capitalization, said Sunday evening in a statement that it would pay around €800 million ($1.05 billion) for Barclays retail banking business in Spain. The final price will depend on Barclays Spain's total assets at the end of the year, Caixabank said. Barclays said in a release Sunday that its Spanish units had €22.2 billion in assets and €20.5 billion in liabilities as of June 30.

GERMAN MINISTER CALLS FOR ANTI-STRESS LAW BAN ON EMAILS OUT OF OFFICE HOURS

German employment minister Andrea Nahles is considering new “anti-stress” legislation, banning companies from contacting employees out of hours.

Reacting to rising levels of workplace stress, Nahles has commissioned a report investigating the viability of legislation that would restrict the use of emails to contact staff outside of work.

UK BANKERS' BONUSES RISE TWICE AS FAST AS REST OF WORKFORCE

(Reuters) - Bonuses for Britain's bankers and insurance workers rose at double the pace of those for the total workforce last year, despite politicians' and regulators' attempts to clamp down on bumper payouts at financial firms.

Employees in the finance and insurance industry were on average paid a bonus of 13,300 pounds in the year to April, up 5.5 percent on a year earlier, according to data released by the Office of National Statistics (ONS) on Friday.

CITI TO PAY ALLOWANCES TO COMPENSATE FOR LIMITED BONUSES

(Reuters) - Citigroup Inc (C.N) has told senior staff in Europe that they would receive fixed monthly pay in addition to their salaries in an attempt to compensate for rules that limit bonuses to up to twice the level of base salaries, the Financial Times reported, citing several people.

More than 600 of Citigroup bankers in Europe were affected by the bonus cap and will therefore be paid such allowances, several people told the newspaper. (on.ft.com/Z3H47g)

STANDARD CHARTERED TANZANIA DECLARED THE BEST CONSUMER INTERNET BANK

Standard Chartered Bank has been declared the Best Consumer Internet Bank in Tanzania by the Global Finance magazine.

In addition to being named the country winner in Tanzania, Standard Chartered was also named country winners in Kenya, Uganda, Botswana, Zambia, Zimbabwe, Ghana, Nigeria and Oman, in the First Round winners of the "World's Best Internet Banks" competition for Middle East and Africa.

This is the 15th year the Global Finance - a globally acclaimed financial publication, has named the World's Best Internet Banks.

TANZANIA TOURIST BOARD REFORMS WELL UNDER WAY

Transformation of the Tanzania Tourist Board (TTB) into an authority has reached advanced stages and now there are prospects of having a National Convention Bureau (NCB) by next year.

The TTB Acting Managing Director, Ms Devota Mdachi said at the opening of a certification seminar for hoteliers and tour guides that the absence of an NCB makes it almost impossible to promote the country as a conference tourism destination.

"Not having a bureau means that everyone is doing their own thing and there is no coordination. Evidence shows that apart from tourist attractions, we now have good conference facilities and the required human resource," she said.

TEN TANZANIAN STUDENTS WIN BG SCHOLARSHIP TO STUDY OIL & GAS IN THE UK

Ten Tanzanian students have won BG Tanzania scholarships to pursue postgraduate students in the oil and gas sector at UK universities.

The natural gas investor, BG Tanzania held a predeparture luncheon for the ten lucky students in Dar es Salaam on Thursday last week to bid them farewell before they leave for the UK.

In the luncheon, the students had opportunity to meet the BG East Africa President and Asset General Manager, Derek Hudson, and the BG Tanzania management team before departure.

TANZANIA: GHOST WORKER SCAM LANDS AT PREVENTION AND COMBATING OF CORRUPTION BUREAU

Deputy Minister for Finance and Economic Affairs Mwigulu Nchemba

NAMES of public servants accused of swindling the government of some 40bn/- each month by pocketing salaries of non-existent workers in addition to colluding with suppliers to inflate claims have been submitted to the Prevention and Combating of Corruption Bureau (PCCB).

Deputy Minister for Finance and Economic Affairs Mwigulu Nchemba has exclusively informed the 'Daily News' that a long list had been submitted to the anti-corruption squad, closing the chapter of "business as usual".

"I have submitted to the PCCB and the police names of all suspects behind the sickening ghost workers rip-off. The chapter is closed for misappropriation of public funds with impunity.

TANZANIA: WE NEED FEWER BANKS WITH BETTER PERFORMANCE - SEASONED INVESTMENT BANKER

With the recent launch of M-Pawa by Vodacom and CBA, the landscape of the Tanzanian banking sector seems like it is going to change rapidly in the coming period with profound impact in the country. To understand how the local banking sector is shaping up, Staff writer ORTON KIISHWEKO spoke with MR MANZI RWEGASIRA to get his thoughts and analysis on the current state of the sector and how it is likely to develop.

MR RWEGASIRA is a former investment banker. He worked for many years for Bank of America Merrill Lynch and Barclays in New York and London, specialising in the banking sector. He's a co-founder and CEO of Zoop Ltd, a Tanzanian financial technology provider. Since 2013, he has been an independent Non-Executive Director at Precision Air Services Plc.

Mr Rwegasira holds a Master's degree in Finance & Investments from Rotterdam School of Management in The Netherlands. Last year, Mr Rwegasira authored the "2013 Tanzania Banking Survey" published by Serengeti Advisers Ltd.

CLOUDS MEDIA INTERNATIONAL OPENS OFFICE IN JAMAICA

Clouds Media CEO, Joseph Kusaga.

Abu Dhabi based Clouds Media International has announced the opening of a new office in Kingston, Jamaica that will serve clients in the Caribbean and also open the region for additional business opportunities for the Clouds Media portfolio of companies.

According to Clouds Media CEO, Joseph Kusaga, this move was planned over 24 months ago as part of Clouds long term strategy to position itself to compete globally across several sectors including content aggregation and distribution, Mobile/VAS (Value Added Services), Event Production & Marketing, as well as Strategic Market Access, Solar Power, and Broadcast Media, which Clouds is most commonly known for.

TANZANIA: COURT ORDERS SNOW CREST HOTEL OWNER TO PAY U.S. $1.7 MILLION TO DAR BUSINESSMAN

The owner of Snow Crest Hotel in Arusha has been ordered by the High Court to refund $.1.7 million (about Sh. 3 billion) to a person who reportedly purchased the hotel some years ago but later backed out.

The Commercial Division of the Court in its ruling on Friday last week ordered the Wilfred Tarimo to pay Grand Alliance Limited the said amount for alleged infringement of the 2011 sale of the property.

High Court Judge Robert V. Makaramba in his judgement said the defendant breached the share acquisition agreement of September 5th, 2011 during which the hotel was to change hands.

DAR ES SALAAM PREPARES FOR BUSY EXHIBITION YEAR AHEAD

Tanzania — The country is expected to host more than 20 major trade shows in a period of one year from this month to October, 2015.

According to Trade Fair website, the shows would range from travel, tourism, medical, pharmaceuticals, household services, agriculture, forestry, plant, machinery, equipment, packaging materials, household consumables and building construction.

Other trade shows would include business services, gems, jewelry, business services, education, training, electronics, electrical goods, accessories, transportation, automotive, power and renewable energy.

PTA BANK GIVES TANZANIA $138 MILLION

Dar es Salaam — The Eastern and Southern African Trade and Development Bank (PTA Bank) has approved grants totaling $138 million for three projects and three syndicated loans in Tanzania.

The projects and infrastructure finance transactions are Kilwa Energy which received $50 million, 21st Century, a food and packaging firm ($20 million) and Sea Rock ($3 million).

Syndicated facilities are to be given to Tanzania Electric Supply Company (Tanesco) which received $20 million while the government will get $25 million and Tanzania Ports Authority another $20 million.

TANZANIA SITS ON RICH COAL VEIN

Dar es Salaam — Ngaka Coal Mine which is a Tancoal's flagship project, located in the vast coalfields of South Western Tanzania said its Ngaka Basin has potential to host up to one billion tons of high quality thermal coal.

The expected one billion tons of high quality thermal coal comes from Tancoal proven coal resources in excess of 200 million tons, plus the Ngaka Basin, Mbalawala and Mbuyura/ Mkapa sub-basins.

This means Ngaka Coal Mine reserves can serve the country for more than 100 years producing 300KW of electricity and others for commercial needs within and outside the country.

STANBIC BANK TANZANIA OFFERS RISK GUIDANCE

Dar es Salaam — Stanbic Bank (Tanzania) has decided to advise their clients on how to manage financial risks, writes LEONARD MAGOMBA.

This is in a bid to tackle uncertainty in doing business which has hampered growth.

The bank recently organised a Foreign Currency Risk Management seminar for its clients. The seminar was usefful for business people regularly exposed to foreign currency fluctuations.

50% RWANDAN GOODS TRANSIT THROUGH TANZANIA

Kigali — Last year half of Rwanda's imports passed through the Central Corridor route using Dar es Salaam port.

Alexis Nzahabwanimana, the State Minister in charge of Transport was recently addressing participants of the Central Corridor Transit Transport Facility Agency (CCTTFA).

"In 2013, about 50% of Rwanda's imports went through the Central Corridor which underlines the importance of this corridor to Rwanda," Nzahabwanimana said.

He said the Central Corridor is very crucial for Rwanda's international trade since it is shorter than the Northern option.

SWALA STARTS TESTING IN NORTHERN TANZANIA

Dar es Salaam — The seismic acquisition survey by Swala Oil and Gas Company has already started at the Pangani exploration license in Northern Tanzania writes LEONARD MAGOMBA.

The survey is a vital part of exploring for oil and gas. It is a method of investigating subterranean structure, particularly as related to exploration for petroleum, natural gas, and mineral deposits.

This comes after Swala's Initial Public Offer (IPO) was over subscribed by 38%. Swala raised Tsh6.64 billion (about $4 million) from the public.

TANZANIA: HOW WOMEN ABUSE SOCIAL MEDIA TO CON MEN

THE adage "since men learned to shoot without missing, birds have learned to fly without perching" has never made sense as it does today, with social media users coming up with new tricks of getting an extra buck.

In recent times, men have become slippery and unpredictable when it comes to relationships, and with the advent of money first and love later, more men find it burdensome to involve themselves in love affairs.

It is with this in mind that more and more women look for alternative ways to slip into the well protected wallets of sometimes stingy men, with promises of wild love and passion.

ETHIOPIA: FIRST ADDIS ABABA TRAM ROLLS OUT

CNR Changchun tram for Addis Ababa, Ethiopia 

Interior of CNR Changchun tram for Addis Ababa

ETHIOPIA: The first of 41 trams being built for the two-line network under construction in Addis Ababa was unveiled at CNR Changchun’s plant in China on August 26.

The trams were ordered in March 2014 and are scheduled to be delivered by January, being shipped via Tianjin and Djibouti with a journey time of about 50 days.

CNR said the arrival of the first Chinese-built trams in Africa would act as demonstrator for Chinese technology, opening the door to other African markets including proposed light rail lines in Kenya, Congo, Zimbabwe, Egypt and Nigeria.

EU ALLOCATES 85 MILLION EUROS TO EAC

Secretary General of EAC, Amb. Dr. Richard Sezibera.

The European Union (EU) through the European Development Fund (EDF 11) has allocated the East African Community 85 million Euros for 2016 to 2020 period.

The funds will focus on three main priorities namely; peace and security (15 million euro), regional economic integration (45 million euro), and natural resources (25 million euro).

This development came to light on Saturday when the Secretary General of the East African Community, Amb. Dr. Richard Sezibera met in Dar es Salaam the EU Head of Delegation and Ambassador to the United Republic of Tanzania, Filiberto Ceriani Sebregondi.

TANZANIA: TCRA ISSUES LICENCES TO TWO COMMUNICATION FIRMS

TCRA Director General, Prof. John Nkoma.

The Tanzania Communications Regulatory Authority (TCRA) has granted licences of operation to two communication companies - Smart Banking Solutions Limited and WiAfrica Tanzania Limited with the call to adhere to the regulations in order to provide the people with the best services.

TCRA Director General, Prof. John Nkoma, said in Dar es Salaam on Friday evening that the two companies had been given the licences after meeting the requirements, saying the companies should therefore continue to stick to the regulations.

He was speaking during the ceremony to hand over the licences to the companies to operate in the country. WiAfrica Tanzania- Corporate Communications Manager, Mr Pius Mtei, said the licence would allow the company to deploy and operate stateof- the-art 4G communication networks in the whole territory of the country.

DAR BOURSE ENDS ON A HIGH AS TBL, TCC SHINE

The Dar es Salaam Stock Exchange (DSE) total turnover ended on high note after increasing to 54.22bn/- compared with the previous period of 23.73bn/-.

According to Zan Securities Limited Weekly Market Wrapups, the market dominated by two counters, TBL and TCC with contribution of 59.67 per cent and 37.76 per cent respectively.

The Tanzania share Index (TSI) capped at 4,357.04 points closed high by 2.02 per cent compared with the 4,270.69 points posted last week.

NO RESPITE FOR EFDs NON-COMPLIANT, SAYS TANZANIA REVENUE AUTHORITY

TRA Commissioner General, Mr Rished Bade.

Non compliant businesses to the Electronic Fiscal Devices (EFDs) will not escape the 'legal arm' following a countrywide inspection campaign by the Tanzania Revenue Authority (TRA) in collaboration with the Police Force.

In Dar es Salaam Region, over 10 shops out of 70 inspected in the campaign that kick-started two weeks ago, have been closed down for failure to comply with the use of the devices.

Some were issued with strong warning, paid the fines and allowed to continue with businesses. The TRA move also aims to unearth users of the unregistered EFDs which could be described as 'fake gadgets not legally recognized by the law.'

TANZANIA: MINING INVESTORS ON CALL TO BOOST ENVIRONMENT FUND

Mwanza — The government is finalising arrangements with companies that have invested in mining activities in the country on the amount of funds or bonds each will have to contribute to the ambitious environmental rehabilitation bond.

Environmental rehabilitation was top on the agenda following the experience on the closure of the Buhemba Gold Mine in Mara Region in 2006.

This was after it was abandoned due to the unanticipated decline in the grade of the ore body, costing the government more than 3bn/- to rehabilitate the environment.

TOO MANY TAXES BURDEN AIR TRAVEL IN TANZANIA

The government has been advised to ease taxes on air travel so that many Tanzanians can afford to use air transport in conducting their economic activities.

The advice was given by the General Manager of Travelport, Mr Eliasph Mathew during the launch of a new network for issuing tickets online (Precise Sky) which will help small airlines to compete in the aviation business. Travelport is an international company which is involved in assisting airline companies to get air ticketing systems.

Mr Mathew said that there are too many taxes levied against airlines but at the end of the day the burden of the taxes is taken down to passengers.

ELIHURUMA NGOWI JOINS SERENGETI BREWERIES LIMITED

Mr. Elihuruma Ngowi has joined Serengeti Breweries Limited as Brand Manager with a profound experience in Customer Care, Marketing and Sales after having spent over eight (8) years at Vodacom Tanzania Limited.

At Vodacom, he worked in various departments from Customer Care to Marketing and finally with Sales & Distribution Department where he held key positions, most notably as Product Marketing Manager, Devices & Alternative Channels Manager and Franchise Operations Manager respectively. He is also the Vice President and co-founder of CIBN Tanzania Limited.

ALLIANCE ONE ON TARGET FOR 2014 TOBACCO BUYING SEASON

AOTTL Managing Director, Mark Mason.

Tobacco bales awaiting grading at a Primary Society godown in Tabora

The tobacco buying season which began in Tanzania during May 2014, resulted in Alliance One Tobacco Tanzania Limited (AOTTL) purchasing 28 million kgs of Flue Cured Tobacco by third week of August 2014. The Flue cured tobacco (FCV) was valued at 61.7million USD (Tshs 101.805 Billion) at an average price of 2.20 USD per kilo. Dark Fire cured tobacco (DFC) purchases stood at 0. 225 million Kgs valued at 0.278 million USD (Tshs 458.7 million) at an average price of 1.23 USD per kg.  AOTTL buys tobacco from 182 contracted Primary Societies with over 35,000 farmer members.

FASTJET LAUNCHES FOURTH INTERNATIONAL ROUTE BETWEEN TANZANIA AND UGANDA

Low-cost pan-African airline offers only direct air link between Tanzania and Uganda

1 September 2014 - fastjet, the low-cost pan-African airline, is delighted to announce that it is launching flights between Dar es Salaam, Tanzania and Entebbe, Uganda. Entebbe is fastjet's fourth international destination and the new route will be the only direct air link between the two African capitals. Tickets for the new route go on sale today.

Flights are planned to commence on Tuesday, 16 September 2014 and will operate on Tuesdays and Thursdays for the first weeks of September, increasing to four flights a week from the 29 September.