BG GROUP SHARES ARE GOING THROUGH THE ROOF AFTER A COLOSSAL MERGER WITH SHELL

Shares in BG Group are rocketing upward after the company agreed to a merger with the oil giant Shell. The tie-up will create a company worth £224 billion ($334.5 billion).

As of 1:37 p.m. London time (8:37 a.m. ET), shares of the London-listed BG Group were up 33.51%, climbing to levels most recently seen in the summer, before falling oil prices took their toll.

Here's how it looks:

Investing.com, Business Insider

ROYAL DUTCH SHELL TO BUY ENERGY RIVAL BG GROUP IN £47 BILLION DEAL

Royal Dutch Shell says it has agreed to buy oil and gas exploration firm BG Group in a deal that values the business at £47bn.

The two firms say they have reached agreement on a cash and shares offer which gives investors a 50% premium on BG Group's share price on 7 April.

The deal could be one of the biggest of 2015 and could produce a company with a value of more than £200bn ($296bn).

BG Group's shares opened up 42% on the London Stock Exchange at 1,293.5p.

Shell's £177bn market capitalisation dwarfs that of BG, which now stands at £31bn after a 20% fall in its share price over the past year.

Dividends

BG Group is the UK's third largest energy company, and currently employs about 5,200 people in 24 countries.

It was created in 1997 when British Gas demerged into two separate companies: BG and Centrica.

BG took control of exploration and production while Centrica took charge of the UK retail business of the former British Gas.

BRITISH BANKING SCANDALS HAVE WIPED OUT 60% OF PROFITS SINCE 2011

Wipedout

Financial scandals wiped out 60% of Britain's biggest five banks' profits since 2011.

According to the accountancy giant KPMG's latest report, entitled "A Paradox of Forces," the Royal Bank of Scotland, Lloyds Banking Group, HSBC, Barclays and Standard Chartered forked out £38.7 billion ($57.6 billion) in customer remediation, conduct failings and fines since 2011.

KPMG warned that while conduct costs fell by 8% last year to £9.9bn, banking scandals "continue to be a major issue."

It said that half of the costs related to financial scandal remediation went towards the compensating victims of the mis-selling of Payment Protection Insurance (PPI) and interest rate hedging products.

Meanwhile, KPMG said that the impact of conduct costs is exacerbating the banks' need to cut spending and restructure their units to cover its cost of capital. None of the banks surveyed achieved a return on equity of more than 8%, compared with an average 11.6% in 2009.

DHL - INCREASED SECURITY MEASURES FOR TRADING INTERNATIONALLY

Oliver Facey, Vice President of Operations
for DHL Express Sub Saharan Africa.

WAFANYAKAZI WA BENKI YA CBA WASHEREHEKEA PASAKA NA WATOTO YATIMA

Msimamizi wa Kituo cha Watoto Yatima cha Msimbazi Centre kilichopo jijini Dar es Salaam, Sister Anna Marandu (kulia) akipokea msaada wa chakula na vifaa mbalimbali kwa ajili ya watoto wanaolelewa kituoni hapo kutoka kwa Meneja wa benki ya CBA tawi la barabara ya Nyerere, Nuru Mwangulangu wakati wafanyakazi wa benki hiyo walipotembelea kituo hicho kutoa misaada mbalimbali na kucheza na watoto jana ikiwa ni moja ya shamrashamra za kuwapa burudani katika kipindi hiki cha Sikuu ya Pasaka. Wengine pichani ni baadhi ya wafanyakazi wa benki hiyo.

Watoto wanaolelewa katika Kituo cha Watoto Yatima cha Msimbazi wakifurahia zawadi mbalimbali zilizotolewa kwa ajili yao na benki ya CBA, waliosimama ni baadhi ya wafanyakazi wa benki hiyo ambao wametembelea kituo hicho kwa ajili ya kutoa zawadi mbalimbali na kucheza na watoto ikiwa ni shamrashamra za kusherehekea Sikukuu ya Pasaka.

Baadhi ya wafanyakazi wa benki ya CBA wakiwa katika picha ya pamoja na Msimamizi wa Kituo cha Kulea Watoto Yatima cha Msimbazi kilichopo jijini Dar es Salaam, Sr. Anna Marandu na baadhi ya watoto wanaolelewa kituoni hapo muda mfupi baada ya kukabidhi msaada wa chakula na vitu mbalimbali kwa ajili ya kusaidia watoto hao leo ikiwa ni shamrashamra za kusherehekea Sikukuu ya Pasaka.

Benki ya Commercial Bank of Africa (CBA) jana imetoa msaada wa vitu mbalimbali kwa watoto yatima wanaolelewa kwenye kituo cha Msimbazi kilichopo Ilala jijini Dar es Salaam ambapo baadhi ya wafanyakazi hao walishiriki kulea na kucheza na watoto hao ikiwa ni njia ya kuwaonyesha upendo.

Akizungumza kituoni hapo Meneja wa benki hiyo wa tawi la Nyerere, Nuru Mwangulangu, ambaye aliongoza wafanyakazi wenzake waliofika kituoni hapo alisema wamefanya hivyo kama sehemu ya utaratibu wao wa kuchangia makundi yenye mahitaji maalumu kwenye jamii hususani watoto ambao ndio tunaamini wanapaswa kuandaliwa vizuri na kupata mahitaji muhimu na haki wanazostahili kwa kuwa ndio taifa la kesho.

PRESIDENT JAKAYA KIKWETE MEETS UN SECRETARY GENERAL BAN KI-MOON IN NEW YORK

President Jakaya Kikwete is received by the UN Secretary General Mr Ban Ki-Moon at the UN Headquarters in New York.

President Jakaya Kikwete in talks with the UN Secretary General Mr Ban Ki-Moon at the UN Headquarters in New York.

President Jakaya Kikwete and his entourage leave the UN Headquarters in New York, after holding talks with the UN Secretary General Mr Ban Ki-Moon at the UN Headquarters in New York. STATE HOUSE PHOTOS.

The Chairman of the United Nations High-level Panel on the Global Response to Health Crisis President Jakaya Kikwete on Monday met and held talks with UN Secretary General Ban Ki-Moon in New York.

This was the first time President Kikwete met the UN Chief since he appointed him to chair the panel, whose other members include those from Brazil, Switzerland, Indonesia, Botswana and the United States.

KENYA, TANZANIA IN TIGHT RACE FOR REGION TRANSPORT HUB STATUS

Kenya and Tanzania are caught in a head-to-head race to become the preferred regional transport hub amid massive expansion projects in sea ports, connecting railway and road networks.

Tanzania on Monday said it plans to spend Sh1.3 trillion ($14.2 billion) to construct a new rail network in the next five years, financed with commercial loans as the country aims to become a regional transport hub.

Tanzania, like its neighbour Kenya, wants to capitalise on a long coastline and upgrade existing rickety railways and roads to serve growing economies in the land-locked heart of Africa.

Oil and gas discoveries in Kenya, Uganda and Tanzania have turned the East African region into an exploration hotspot, but transport infrastructure in those countries has suffered from decades of under-investment.

UGANDA TELECOM IS ON THE BRINK OF COLLAPSE

Uganda telecom is at the verge of financial collapse with a Shs366 billion liability, outstripping its total asset base of Shs220 billion, according to the latest audit report Uganda Telecommunications Commission has released.

The Uganda Communications Communication (UCC) has now served the UTL with a notice threatening to revoke its national telecommunications operator licence unless it devises a working strategy to pull itself out of its problems and it has a 60-day ultimatum to come up with it.

“The sector cannot continue this way. The company cannot support the delivery of a decent service and has defaulted on some of its obligations, causing instability in the sector and now something has to be done. UTL and its shareholders must sort out this lest its licence be revoked,” vowed Mr Godfrey Mutabazi, the executive director of UCC in an interview with the Daily Monitor.

RWANDA: AIRTEL LAUNCHES MICRO-FINANCE LOAN SERVICE FOR ITS SUBSCRIBERS

Mobile operator Airtel Rwanda has launched a micro-finance loan service. The new product is operated in partnership with the microfinance company Atlantis Ltd. and is called “Igurize Amafaranga”. It allows one to take a loan of 50,000 Rwandan francs (72 dollars) repayable in two weeks. Speaking at the launch of the new service, Phillip Onzoma, the head of Airtel Money, explained that “there is an increasing need for financial institutions to partner with telecom companies to extend financial services to all Rwandans” .

Raissa Muyango, managing director of the microfinance company Atlantis Rwanda, explained that this service is “convenient as one can borrow money without presenting any collateral, especially during emergencies when in need of urgent cash to solve problems”. To qualify for the micro-loan, one has to be an Airtel customer with active voice, Internet or airtel money services.

Airtel bringing innovation to Rwandans is not unique. Other mobile operators have already been launching initiatives in that area. This is the case of Safaricom in Kenya, which offers through its M-Pesa platform, financial loans to its subscribers. Safaricom has pushed away this service for subscribers who need large sums of money. It recently signed a partnership with regional lender KCB to provide clients with mobile money loans of up to the tune of Ksh1 million (10,800 dollars).

Agence EcoFin

TULLOW PROMISES TO CONTINUE OIL PRODUCTION IN GHANA DESPITE STEEP OIL PRICE FALL

Oil and gas exploration giants Tullow PLC is reeling under the continued fall in prices of crude oil on the international market despite meeting a production target of some 100,000 barrels per day in Ghana.

The price fall which is now hovering around 50 dollars per barrel has led to the drastic decision by the company to close or cut down operations in Mauritania, Norway, Kenya Uganda and other South American countries, Managing Director of the Company Charles Darku disclosed at a meeting with journalists in Accra Wednesday.

Ghana is facing its fair share of troubles in the troubled oil industry with 70 workers already laid off.

Darku said the company’s best and most efficient decision under the circumstances  was to lay off the workers and it did so fairly with 50 per cent locals and 50 per cent expats being asked to go home.

INTERNATIONAL MONETARY FUND EXECUTIVE BOARD APPROVES A THREE YEAR BAILOUT PROGRAMME WITH THE GOVERNMENT OF GHANA

Friday, April 3, 2015, the IMF Executive Board approved a three-year Extended Credit Facility (ECF) programme for Ghana. Access amounts to SDR 664.2 million (about US$ 918 million), or 180 percent of Ghana’s IMF quota.

Ghana has made significant progress in achieving strong and inclusive growth over the past decade. However, since 2012, the economy has come under severe stress due to both global and domestic factors, resulting in high fiscal and current account deficits. Whilst these are being corrected through various government programmes, the persistence of the setbacks has not made the pace fast enough as envisaged.

To address these macroeconomic imbalances the government since 2013 and subsequently through its 2014 Home-Grown Policy Programme adopted ambitious and comprehensive stabilization and reform programmes as noted. Although these measures helped to improve the situation, new and continuing adverse global and domestic developments continue to pose challenges to economic management.

STANDARD BANK GROUP'S VISION FOR AFRICA - A CONTINENT THAT IS MOVING FORWARD LIKE NO OTHER

What does Africa know about moving forward? More than anyone else in the world. There is an energy, a driving force, that is moving the continent forward.

And what does Standard Bank Group know about moving Africa forward? More than anyone else in the world. We see 60% of the earth’s arable land, ready to sow; the potential in having the largest youth population in the world by 2050; and the phenomenal increase in middle-class households due to a rising GDP.

Watch this clip to get an insight into Standard Bank Group’s vision for Africa.

MGAHAWA WA KWANZA MKUBWA WA KITANZANIA WAFUNGULIWA NCHINI SWEDEN

Mgeni rasmi Balozi wa Tanzania nchini Sweden, Mh. Dora Msechu (wa tatu kushoto) akiwa na mwenyeji wake Meya wa Trollhattan, Paul Akerlund (wa tatu kulia), Afisa kutoka Wizara ya Mambo ya Nje na Ushirikiano wa Kimataifa nchini Tanzania, Tagie Daisy Mwakawago (kulia), Mmiliki wa mgahawa unaotoa huduma za chakula cha kitanzania unaofahamika kama "Lunch by Chef Issa" (The house of Tanzanian food) uliopo katika mji wa Trollhattan, Sweden unaomilikiwa na mtanzania Chef Issa Kapande (wa pili kulia) katika picha ya pamoja na wadau mara baada ya kuwasili kwenye mnuso wa uzinduzi wa mgahawa huo. (Picha zote na Zainul Mzige wa modewjiblog).

Na Mwandishi Maalumu, Trollhattan-Sweden

MGAHAWA mkubwa unaotoa huduma za chakula cha Kitanzania unaomilikiwa na mpishi maarufu duniani, Issa Kapande `Chef Issa’, umefunguliwa nchini Sweden na kuvunja rekodi ya dunia.

Mgahawa huo ulizinduliwa na balozi wa Tanzania nchini Sweden, Mh. Dora Msechu.

Balozi Msechu alimpongeza Issa Kapande na mkewe kwa kufanikisha kuwapo kwa mgahawa huo ambao umeweka rekodi kuwa mgahawa mkubwa kuliko yote ya Kiafrika katika nchi za Ulaya.

Aidha, alimshukuru Torvald Brahm mwenyeji wa mji huo kwa kumuunga mkono Issa hadi kufanikisha ndoto yake ya kuwa na mgahawa wa kwanza wa Kiafrika katika mji wa Trollhattan utakatoa huduma ya chakula cha kitanzania.

Katika uzinduzi huo ambapo wenyeji wa manispaa hiyo akiwemo Meya na mwenyekiti wa Trollhattan, Paul Akerlund na msaidizi wake Peter Eriksson walikuwepo, balozi ambaye ndio kwanza ameanza kazi alielezea kufurahishwa na juhudi za Kapande.

Ujumbe maalum kutoka Tanzania kutoka kushoto ni Khamis Mwinjuma Simba, Abdi Hakim kutoka Shinyanga, Mkurugenzi Mtendaji wa Shamy International Ndg. Said na Adhan kutoka Shinyanga.

Mgeni rasmi Balozi wa Tanzania nchini Sweden, Mh. Dora Msechu akiwa na mwenyeji wake Meya wa Trollhattan, Paul Akerlund (kushoto) pamoja na Chef Issa Kapande (kulia) wakielekea kwenye eneo la tukio.

DIAMOND TRUST BANK OPENS 23RD BRANCH IN TANZANIA WITH KAHAMA OUTLET

The Diamond Trust Bank Tanzania Limited (DTBT) opened its newest branch in the country on Thursday last week, in a move meant to see the financial institution getting closer to its growing number of clients in the town and Shinyanga Region as a whole.

With the official inauguration of the Kahama branch, DTBT now has a total of three outlets in the Lake Zone – others are Tabora and Mwanza.

“We appreciate the overwhelming response of the people of Kahama as evident from the number of accounts opened during the few months of our operations,” the bank’s group chief executive officer Mrs Nasim Devji said.

SHOPS REOPEN AFTER ELECTRONIC FISCAL DEVICES STRIKE

SHOPS REOPEN: Congo Street in the Dar es Salaam’s central business district as captured on Thursday last week. This was after shops in the area reopened following reports that the strike had ended. The leader of the traders, Mr Johnson Minja, who is facing charges of inciting traders to reject Electronic Fiscal Devices (EFDs), was released on bail on Wednesday. The traders have been striking for days to push for his release.

April 3, 2015, Dar es Salaam. A traders’ association claims the government may have lost up to Sh9 billion in uncollected tax during the past three days when shops remained closed in various parts of the country over a business dispute with the taxman.

Traders closed shops for over a week to show solidarity with their leader who was remanded after his bail was abruptly cancelled by a Dodoma court where he is charged with inciting traders to reject EFDs.

Mr Johnson Minja, who is the chairman of the Tanzania Traders Association, is facing charges of inciting traders not to pay tax using Electronic Fiscal Devices (EFDs).

CONSTRUCTION OF TAZARA FLYOVER DUE MID 2015

An architectural design project for Tazara flyover to be
built at a junction between Nyerere Road – which connects
the Julius Nyerere International Airport to Dar es Salaam
City Centre and Nelson Mandela Expressway in the city.

Dar es Salaam. The construction of the long-awaited Tazara flyover is expected to start mid this year following a series of discussion between Japan and Tanzania.

The Japan International Cooperation Agency (Jica) chief representative in Tanzania, Mr Toshio Nagase, said the delay in kicking off the project was a result of failure to agree on how to divide the contract and manage risks.

Promises to construct the flyover at the busy Tanzania-Zambia Railway Authority started two years ago with its implementation failing to start.

“We are now planning to adopt and follow Fidic [International Federation of Consulting Engineers] procedures. We hope they will solve the complications encountered earlier, thus enable the project to kick off mid this year,” said Mr Nagase in an interview when Jica was handing over two surveillance vehicles to the Tanzania Revenue Authority.

PRESIDENT JAKAYA KIKWETE: PRESIDENCY IS STRESSFUL, THANKLESS JOB

President Jakaya Kikwete.

Dar es Salaam. President Jakaya Kikwete has described his job as “stressful and thankless”. Two terms are enough, he said at the Woodrow Wilson International Centre for Scholars in Washington DC on Friday. The centre focuses on independent research, open dialogue and actionable ideas.

In a particularly candid moment, Mr Kikwete added: “After 10 years, you need to move on. It’s been 10 years since I came to this high profile office. I was very young, just 55. But what I can tell you about this job is that it is stressful and thankless.”

In his speech, President Kikwete--whose second and final five-year term ends in October--reflected on his accomplishments, some of the key challenges he has faced and lessons learned during a decade at the helm.

The session was co-ordinated by Ms Monde Muyangwa, the director of the African Programme. Ms Muyangwa asked President Kikwete if he could share his views on why African leaders tend to cling to power, but he avoided a direct comment, saying instead: “I should not speak on their behalf. You need to invite them and get their opinions.”

200 TOURIST HOTELS UP IN ARMS OVER HEFTY CITY SERVICE LEVY

Dar es Salaam. More than 200 tourist hotels have petitioned the High Court to stop local governments charging the city service levy, which is said to have had a devastating effect on their business.

Crying foul over the levy which, they argue, has been imposed contrary to the constitution, the hotels have asked the court to declare the tax unlawful and direct municipalities and city authorities to stop collecting it.

The Hotels Association of Tanzania (HAT), says it has gone to court as a last resort after several attempts to resolve the longstanding tariff dispute failed.

DESPITE MAJOR DISCOVERY BY STATOIL, EAST AFRICAN OIL STILL FACES OBSTACLES

East Africa holds out a lot of promise for oil and gas exploration, but its ultimate emergence as an energy player remains in doubt.

Statoil, the mostly government-owned Norwegian oil company, announced on March 30 that it has made a major natural gas discovery off the coast of Tanzania. But the gas find is merely the latest among eight significant discoveries of hydrocarbons off the coast of East Africa. Statoil was already sitting on nearly 21 trillion cubic feet (tcf) in its Block 2, and the latest discovery will chip in an additional 1 to 1.8 tcf.

Statoil is not the only international oil company drilling in Tanzanian waters. ExxonMobil and the UK’s BG Group are also drilling offshore. Along with Kenya and Uganda, Tanzania has put East Africa on the map for exploration companies. The Tanzanian government says that it has 53.2 tcf of recoverable natural gas reserves within its borders.

However, the optimism surrounding Tanzania’s oil and gas sector has darkened since last year, for several reasons. First, the arrest of two top officials at the Tanzania Petroleum Development Corporation in November 2014 threatened to derail the nation’s push towards oil and gas development. The arrests came because the officials refused to disclose the details of the production sharing agreements they reached with foreign oil companies Statoil, ExxonMobil, BG Group, and Ophir Energy.

BOARD MEMBER VACANCY - NATIONAL MICROFINANCE BANK (NMB)

DAR ES SALAAM EXCHANGE NAMED AMONG AFRICA'S BEST PERFORMERS

Dar es Salaam Stock Exchange (DSE) was the third leading performing bourse in Africa, after Uganda and South Africa, when measured by capital gain returns in US dollar terms in January.

DSE registered a capital gain return of 3.8 per cent, which was overtaken by Uganda Securities Exchange (USE) led by 5.1 per cent in the list of 15 bourses in Africa. USE is followed by Johannesburg Stock Exchange (JSE) at 4.3 per cent.

The DSE Chief Executive Officer, Mr Moremi Marwa told “Daily News” as for the month of January 2015, the bourse was the third Exchange in Africa when measured in terms of capital gain returns in dollar terms.

BENKI YA NMB YADHAMINI MKUTANO WA SERIKALI ZA MITAAKWA SH. MILIONI 200

Benki ya NMB imedhamini mkutano mkuu wa serikali za mitaa (ALAT) utakaoanza tarehe 8 April mpaka Tarehe 11 April, 2015 katika hoteli ya Kunduchi Beach jijini Dar es Salaam. NMB imetoa shilingi milioni 150 kwaajili ya kufanikisha mkutano huo na shilingi milioni 50 kwaajili ya ununuzi wa trekta litakalotolewa kama zawadi kwa meya (Mayors Award) na halmashauri iliyofanya vizuri katika Nyanja mbalimbali kama utawala bora na utengenezaji wa miradi ya kiuchumi.

Afisa Mkuu wa Fedha wa NMB – Waziri Barnabas akitangaza udhamini wa NMB katika mkutano mkuu wa ALAT Taifa mbele ya waandishi wa habari katika ukumbi wa Karijee jijini Dar es Salaam. Katikati ni Mwenyekiti wa ALAT taifa na Mstahiki Meya wa Dar es Salaam - Dr Didas Masaburi na pembeni ni Katibu Mtendaji wa ALAT - Bw Abraham Shamumoyo.

Mwenyekiti wa ALAT taifa na Mstahiki Meya wa Dar es Salaam - Dr Didas Masaburi akitangaza maadhimisho ya mkutano mkuu wa 30 wa ALAT -2015. Pembeni ni Afisa Mkuu Fedha wa NMB – Waziri Barnabas na Katibu Mtendaji wa ALAT - Bw. Abraham Shamumoyo.

Afisa Mkuu wa Fedha wa NMB – Waziri Barnabas akikabidhi mfano wa hundi kwaajili yaudhamini wa mkutano mkuu wa ALAT – 2015 kwa mwenyekiti wa ALAT taifa na meya wa Jiji la Dar es Salaam Dr Didas Masaburi . Katikati ni Katibu Mtendaji wa ALAT – Bw Abraham Shamumoyo.

NATIONAL MICROFINANCE BANK (NMB) SPONSORS MAYOR'S AWARDS

NMB Chief Finance Officer, Barnabas Waziri (left), hands over a dummy cheque worth TShs. 200 million to the Chairman of the Association of Local Authorities of Tanzania (ALAT), who is also Dar es SalaamMayor, Dr. Didas Masaburi, during the launch of Tanzania Mayors' Awards in the city on Thursday. NMB is the main sponsor while Tanzania Standard (Newspapers) Limited (TSN) is among the sponsors of the awards.Looking on is the Secretary General of ALAT, Habraham Shamumoyo.

The Association of Local Authorities of Tanzania (ALAT), will for the first time present Awards to outstanding Mayors and Chairpersons of Urban and District Councils, in this year’s 31st annual meeting.

Addressing a press conference on Thursday, the Dar es Salaam Mayor, Dr Didas Massaburi, said the event, which will be held from 8th to 9th this month in the city, will see ALAT marking 30 years anniversary since it was started.

The guest of honour at the event is expected to be President Jakaya Kikwete, who will also hand out the awards to the outstanding Mayors and Chairpersons. The award is titled Mayor’s Award.

DCB COMMERCIAL BANK PLC - BOARD DIRECTORSHIP POSITION (FEMALE CANDIDATE)

GAS DISCOVERIES POISED TO TONE UP THE TANZANIAN ECONOMY WITHIN 12 YEARS

BOT Governor, Prof Benno Ndulu.

Tanzania's economy is projected to start accelerating at the rate of 15.3 per cent annually within the next 12 years, following massive off shore discovery of natural gas in the country, it was said in Dar es Salaam on Thursday.

The Governor of the Bank of Tanzania (BoT), Prof Benno Ndulu, said the country’s current proven reserves stood at 55 trillion cubic feet (tcf), while construction of a liquefied natural gas (LNG) plant was scheduled to be undertaken between 2017 and 2022.

In his presentation at the launch of Breakfast Series Meetings on “Preparing for Gas Economy,” organised by Ms Rex Attorneys, Prof Ndulu said Tanzania stands to register tremendous prosperity with gas economy.

“Based on current estimates and under favourable global prices, gas production might add to government coffers about 3-4 billion US dollars (nearly 5.5 - 7.4tri/-) per annum,” the governor said.

Prof Ndulu, however, pointed out that natural gas ‘is not forever’ and at one point in future the wells would completely dry up, stressing the need for prudent policies and judicious use of proceeds for diversifying the economy.

EASTER SPECIAL FROM PRECISION AIR

SHOPPING FOR EASTER HAS NEVER BEEN EASIER - KAYMU TANZANIA

Mahatma Gandhi once said, “A man who was completely innocent, offered himself as a sacrifice for the good of others, including his enemies, and became the ransom of the world. It was a perfect act.” Christians believe, according to Scripture, that Jesus came back to life, or was raised from the dead, three days after his death on the cross. “Even if you're not Christian, just from being in our culture you know Jesus and resurrection and redemption.”

NIGERIA'S ELECTIONS - AFRICA'S SHINING MOMENT

Razia Khan, Standard Chartered.

The All Progressives Congress (APC), led by former military leader General Muhammadu Buhari, has won Nigeria’s presidential election, unseating the People’s Democratic Party (PDP) that has dominated the country since its 1999 transition to civilian rule.

The election symbolises the institutional change that made the PDP’s election upset possible. Against considerable odds, INEC, Nigeria’s independent electoral commission, played a key role in delivering credible elections. The implications run deep. This glimpse of institutional strength speaks powerfully about Nigeria’s future as the African economic powerhouse that might yet emerge with continued, sustained reforms.

In overseeing relatively peaceful elections that will transfer power from one government to another, Nigeria joins the ranks of other African countries such as Ghana, Kenya, Zambia and Senegal that have already seen successful multi-party transitions.

In terms of its economic and political importance, however, Nigeria outweighs all the others. Almost one in four sub-Saharan Africans is Nigerian. Nigeria has an economy of $540bn, accounting for over a third of SSA’s GDP. What happens in Nigeria matters for Africa. This latest maturing of Nigeria’s democracy will have region-wide implications.

BOB DIAMOND'S AFRICAN BANKING VENTURE RUNS INTO PROBLEMS

Former Barclays CEO’s Atlas Mara vehicle questioned over pay, conflict of interest

Bob Diamond, Atlas Mara’s founder, speaks during an interview at the World Economic Forum in Davos, Switzerland, in January.

LONDON—Just over a year after Bob Diamond founded Atlas Mara Ltd to build an African banking empire, problems are cropping up.

Some investors are questioning the lavish pay doled out to managers at the investment vehicle set up by the ex-Barclays chief executive. Local regulators have delayed a key Atlas Mara hire. The vehicle’s publicly traded shares have nose dived. And corporate-governance experts are criticizing a personal shareholding by Mr. Diamond in one of Atlas Mara’s acquisition targets, which wasn’t fully disclosed until months after Atlas Mara offered to buy it.

Atlas Mara executives say they aren’t daunted.

“Our thesis is 100% intact,” CEO John Vitalosaid in an interview. “We’re building the premier sub-Saharan African financial institution by making a number of acquisitions to establish our geographic footprint, then will integrate and grow those acquisitions.”

TOP 10 RICHEST BANKS IN AFRICA BY ASSETS 2015

Across Africa, banks are expanding, but unfortunately their returns are not. Many banks are promising high returns as they expand across Africa. The main attraction of the continent's banking market is that it is vast and virtually untapped. Banking penetration among Africa's billion inhabitants varies significantly from nation to nation, but many people in countries like Senegal and Tanzania have virtually little access to banks.

These banks are expanding their network and are willing to take risks. Here is a brief overview of the top 10 richest banks in Africa by assets as of 2014.

10) Credit Populaire du Maroc - $27.662 Billion (Morocco)
Credit Populaire du Maroc (Groupe Banque Centrale Populaire)is a Morocco-based group of banks engaged in the provision of financial products and services. It offers products and services to individuals, professionals and businesses. It has assets of around $27.662 billion.

9) Banque Misr - $29.436 Billion (Egypt)
Egyptian bank Banque Misr was founded in 1920 and nationalized in 1960. The bank has assets of approximately $29.436 billion. It has branches in all of Egypt's governorates.

HEIFER AWARDED $750,000 FROM STARBUCKS FOUNDATION TO SUPPORT COFFEE FARMERS IN TANZANIA

The project will provide assistance to at least 5,000 smallholder coffee farmers and their families

LITTLE ROCK, Ark. (April 2, 2015)— Heifer International was awarded a Starbucks Foundation grant of $750,000to help fund the Mbozi Farmer Livelihood Improvement Project in Tanzania, which will help improve livelihoods and quality of life for smallholder coffee growing communities in the East African country.

This grant is part of Starbucks comprehensive approach to ethical sourcing.  To date, Starbucks has contributed $15 million in social projects to support farming communities around the world . The project will be part of our East Africa Dairy Development Project in Tanzania and will assist at least 5,000 smallholder coffee farmers and their families.

Heifer and Starbucks have collaborated in the past. In 2009, after CEO Howard Schultz visited smallholder coffee farmers in Rwanda, he heard the heartfelt requests from farmers that, if they had cows, they would have milk, better nutrition and income for their families. Starbucks employees rallied together to provide the cows these farmers wanted so desperately. Watch the inspiring video here.

STANDARD CHARTERED MAKES BOARD CHANGES AND LEADERSHIP APPOINTMENTS

• Viswanathan Shankar (also known as V. Shankar) (“Shankar”), Group Executive Director, has resigned from the Group to pursue other interests
• Jonathan Paul is appointed as Group Head, Financial Markets
• Sumit Dayal is appointed Group Head, Corporate Finance
• Mark Dowie to become Vice Chair, Clients and Products
• Dr Michael Gorriz is appointed as Chief Information Officer

Shankar, aged 57, Group Executive Director and Chief Executive Officer, Europe, Middle East, Africa and Americas has resigned from the Group to pursue other interests, after a successful career at Standard Chartered spanning 13 years. Shankar will stand down from the Board with effect from 30 April 2015 and leave the Group thereafter. In this context, Shankar will not be seeking re-election to the Board at the forthcoming AGM on 6 May.

EXIM BANK TANZANIA CUSTOMERS URGED TO COLLECT THEIR FAIDA CHIP AND PIN DEBIT CARDS

In its efforts to curb the prevailing cyber-crimes and provide customers with reliable and safe banking services, Exim Bank Tanzania has urged its esteemed customers to collect their Faida chip and pin Debit Card which was introduced in January 2015 to replace the existing Magnetic Stripe Faida Debit Card.

Faida chip and pin Debit Card provides enhanced security through an embedded chip that processes the customer’s data with unparallel security and hence making it virtually impossible to copy or tamper with.

According to a statement released by the Exim Bank’s Head of Operations, Mr. Eugen Masawe in Dar es Salaam on Wednesday said the deadline for card collection is on the 15th of April that makes only 13 days remaining from today.

FASTJET RAISES USD 75 MILLION FOR EXPANSION

2 April 2015 - fastjet, Africa's low cost airline, is pleased to announce that, following the launch of a proposed placing on 1 April 2015, it has successfully placed 5,000,000,000 new ordinary shares (the Placing Shares) at a price of 1 pence per share (on a pre-consolidation basis) (the Placing Price) to new and existing institutional shareholders, other investors and fastjet management (the Placing). The Placing, raised gross proceeds of GBP 50 million (approximately USD 75 million) (the Placing Proceeds).

Net proceeds from the Placing will be deployed in two key areas - expansion working capital and the launch and growth of operations in Kenya, South Africa, Uganda, Zambia and Zimbabwe. fastjet will use funds raised in excess of that needed for its working capital requirements to commence an aircraft acquisition programme of used Airbus A319 aircraft.

CHINA'S NEW DEVELOPMENT BANK IS BECOMING A MASSIVE EMBARRASSMENT FOR OBAMA

China's new development bank, which was announced just five months ago, is becoming a massive headache for the US.

Try as it might, the US government can't persuade its allies to stop joining the Asian Infrastructure Investment Bank (AIIB).

The bank will be a bit like the World Bank, providing loans to developing countries in Asia for infrastructure projects.

Unlike the World Bank, China will hold the reins of the AIIB. The US administration is publicly worried that the institution will not meet high governance standards, but it really seems opposed to the move because it signals a growing Chinese influence in the region and in global politics.

The US has already endured a series of embarrassments over the bank. It might have been expected that some European countries with a cooler relationship with the US would join, which they did. India and Singapore, however, were quick to sign up despite having decent relationships with the US. And several other countries have started joining, leaving the US almost completely isolated in its position.

FROM RENAULT TO TANZANIA - DRIVE THE CHANGE

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CHINA IS NOT GOING TO LET NORTH KOREA INTO ITS NEW ASIAN DEVELOPMENT BANK

Kim Jong Un riding a ski lift.

China is leading an initiative to start a new development bank, Asian Infrastructure Investment Bank.

North Korea very much would like to join that development bank.

China's response? No way.

According to EmergingMarkets.org, China rejected North Korea's proposal to join the development bank after the latter country would not provide sufficient evidence of the state of its finances.

North Korea has never revealed much about its finances to the world, but according to Emerging Markets:

"[North Korea] saw membership of the new China-led development bank as a realistic ambition, sources said, given that China regularly and unilaterally lends money to the isolated DPRK regime in return for uranium and other mineral ores."

APPLE AND ALIBABA COULD DESTROY THE BANKS

Jerry Seinfeld is one of the stars in American
Express' Apple Pay ad.

The world of payment technology may be a boring one for most people, but it's difficult to avoid exposure to it. Whether paying for your morning coffee with contactless card, buying a new TV on eBay using PayPal or paying your rent through a mobile app payment systems are an ubiquitous part of modern life.

And they're quietly undergoing a revolution.

In the old days almost all payment systems were managed through your bank. Whether by issuing a cheque or paying with your debit card, in effect every transaction you made was settled through a single institution that managed your current account.

Those days are already coming to an end. With the advent of prepay cards, online payment systems such as PayPal or Africa's mobile payment system M-Pesa, gambling websites such as Betfair, or even Oyster cards people are holding money across multiple platforms. This is a question of ease (you don't need to type in your credit or debit card details every time); security (all of your money is not in the same place); convenience (you don't need to open a bank account or worry about going into a branch); and, of course, cost (you don't pay transaction fees if you use a platform's own payment system).

DARK SIDE OF FASTJET: WHY IT'S NOT CHEAPER ANYMORE

Dar es Salaam. Is Fastjet really a low-cost airline? This question has been asked several times by passengers flying Tanzania’s budget airline, but the answers have been confusing, sometimes misleading.

Think about these facts. If you booked your flight to Mwanza from Dar es Salaam seven days before travelling, the return ticket will cost you a whopping Sh696,000 if you don’t have any luggage weighing 20kg or more, which costs an extra Sh20,000. This means that a return ticket for a traveller with at least 20kg of luggage costs Sh716,000.

That is what happened last week, when Asha, a 34-year-old businesswoman, booked a Fastjet flight to Mwanza, hoping to travel next Sunday, on Easter, and return to Dar es Salaam on April 14, this year.

“I was shocked to hear that it would cost me that much money (Sh716,000) for a return ticket to Mwanza…is Fastjet still a low-cost airline?” she asked in a text message to The Citizen.