ONE OF TANZANIA'S TOP FINANCE AND ACCOUNTING ACADEMICIANS TO BE LAID TO REST IN BUKOBA TOMORROW

The late Professor Kami Rwegasira.

One of Tanzania's top finance and accounting academicians, Professor Kami Rwegasira, who died on Friday while on an official assignment in Rwanda, will be laid to rest on Wednesday at his village of Katoma in Bukoba.

Family spokesperson Dickson Rutagemwa said in Dar es Salaam on Monday that Prof Rwegasira passed away suddenly while on a working trip to Rwanda on behalf of the Open University of Tanzania (OUT).

He is survived by a wife, Agnes Rwegasira Kiishweko, and two children, Manzi Rwegasira and Tensa Rwegasira. Early this month, Prof Rwegasira released and presented at Open University of Tanzania in Dar es Salaam, his research publication titled "Corporate Governance: A Reflexive Mirror Image of Public Political Governance with a reference to Tanzania", which expounded on the link between public and corporate governance.

TANZANIA: BAGAMOYO PORT CONSTRUCTION STARTS THIS YEAR

Beijing, China — THE construction of Bagamoyo Port is expected to begin this year once the required agreements have been penned down, the Tanzania envoy to China said on Monday.

Previous, the construction of the port at Mbegani creek was estimated to begin next January but speed of negotiations permitted the project to kick off this year, thanks to Big Results Now (BRN) initiative.

The Tanzania envoy to China, Mr Abdulrahaman Shimbo told 'Daily News' that the port will be built in phases were the main leg expect to begin soon after completion of negotiation, which are at final stages.

EQUITY BANK TANZANIA LAUNCHES EAZZY 24/7 MOBILE BANKING PLATFORM

EQUITY Bank Tanzania, on Monday unveiled its latest innovation dubbed EAZZY 24/7, mobile phone banking platform that allows the Bank's customers to access banking services using their mobile phone.

The Equity Bank, Tanzania Managing Director, Mr Joseph Iha, said, "The introduction of the Eazzy 24/7 mobile banking platform, which allows customers to access their banking facilities through their mobile phones, will mean that users are able to transact anywhere, anytime conveniently.

He said the services are accessible through Vodacom, Airtel, Tigo, and Zantel. The platform allows customers to carry out various transactions such as Airtime top up, Transfer funds, Pay bills for DSTV, Buy Luku, as well check their Bank balances.

TANZANIA OFFERS TO LEASE MBUDYA, BONGOYO AND SINDA ISLANDS TO BOOST TOURISM

In the early 1960s, the Kawawa Commission recommended among other things to restrict investors from the Islands for security reasons.

The government is finalizing the evaluation of two bidders selected to invest on the Indian Ocean islands close to Dar es Salaam city. The selected companies are Landmark Hotels and Prime Time Promotions.

The move by the Dar es Salaam Marine Reserves (DMR) to lease the islands is to boost tourism. The islands have for many years remained deserted. 

DMR manages a group of marine wildlife reserves in Tanzania, situated off the coast of Tanzania. The reserve system consists of nine uninhabited islands of Bongoyo, Mbudya, Pangavini and Fungu Yasini.

Others are Makatumbe, Sinda and Kendwa Island.  But to start with investors would take over Mbudya, Bongoyo and Sinda islands.

RABOBANK WARNS OF UKRAINE CRISIS FALLOUT

The conflict in Ukraine and its potential impact on the world economy has led Rabobank, the largest Dutch mortgage lender, to warn of possible knock-on effects to its business.

The bank said its net profit slipped by 3% to €1.1bn (£880m) in the first half of the year, owing to charges related to the Dutch bank SNS which was bailed out by the government.

The outlook for 2014 is uncertain, Rabobank said in a statement, partly due to the Ukraine crisis and the possible impact on the global economy.

STANDARD CHARTERED CLOSE UAE ACCOUNTS, FACE POSSIBLE LEGAL ACTION

(Reuters) - Banking group Standard Chartered Plc is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.

Under the settlement, announced on Tuesday, the bank agreed to pay a $300 million fine, end high-risk relationships with small- and medium-sized business clients in the UAE, and suspend the processing of dollar-denominated payments for some clients at its Hong Kong unit.

STANCHART'S $300 MILLION FINE RAISES HEAT ON BOARD

(Reuters) - A $300 million (180.23 million pounds) fine on Standard Chartered (STAN.L) for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had prompted calls for change at the top.

Chief Executive Peter Sands has faced criticism following big losses in Korea, a slowdown in investment banking and the impact of tougher regulations. The bank warned in June that profit would fall in 2014 for a second straight year.

Some investors have already questioned the futures of Sands and Chairman John Peace, prompting the bank to reject reports in July that it was stepping up plans for their succession.

KENYA LOSES KSH40 BILLION AS HOTELS HIT BY TOURISM DROP

Nairobi. Terrorism has exacted a heavy toll on tourism in Kenya with losses of up to Ksh40 billion this year, stakeholders in the sector said on Tuesday. There has been a drastic drop in arrivals, with hotels reporting as low as 20 per cent occupancy.

The Kenya Association of Hotel Keepers and Kenya Union of Domestic, Hotels, Education Institutions, Hospitals and Allied Workers (KUDHEIHA) said in a joint briefing that the sector had taken a beating from travel advisories.

TANZANIA: AIRTEL, TIGO JOIN FORCES

Airtel Managing Director Sunil Colaso speaks in Dar es Salam yesterday during the official launch of the use of  interoperability service that allows Airtel Money customers to send and receive money across networks directly into their Airtel money wallets.

Dar es Salaam. Airtel Money customers can now send and receive money from Tigo’s Tigo Pesa platform, thanks to an initiative launched in Dar es Salaam yesterday.

The initiative is known as interoperability service.

It allows Airtel Money customers to send and receive money from Tigo Pesa networks directly into their Airtel money wallets.

CHINESE ENVOY TO TANZANIA: WE DON'T USE PRISONERS

Chinese ambassador to Tanzania, Dr Lu Youqing.

Dar es Salaam.  The Chinese government says Tanzania has enough qualified and affordable skilled labour and doesn’t therefore need to bring into the country, prisoners to work in Chinese projects.

It’s ambassador to Tanzania, Dr Lu Youqing,  told The Citizen that, Chinese engineering projects have so far provided jobs to over 150,000 people.

CHINESE BUS MAKER TARGETS TANZANIA

Dar es Salaam. A Chinese company, King Long, will soon introduce bus brands in Tanzania. That is likely to increase competition in the market currently dominated by Scania of Sweden and Yutong of China.

The new buses, which are said to have been made specifically for the Tanzanian environment, will be brought after a survey done between 2011 and 2013 by the manufacturer. The survey discovered that bus buyers were complain about engine problems, gearbox and diff malfunctions.

This made King Long want to manufacture buses that suit the geographical nature of Tanzania.

TANZANIA: GOVERNMENT REVOKES 200 IMMIGRATION JOBS

Home Affairs Permanent Secretary Mbarak Abdulwakil addresses journalists in Dar es Salaam yesterday. Right is Director of Criminal Investigations Issaya Mngulu. 

Dar es Salaam.  The government has revoked the hiring of 200 newly employed Immigration Department officers.The unprecedented decision follows the recommendations of the team appointed to investigate claims of  serious irregularities, including nepotism, in the process of hiring the workers.

The team found out that many of those who landed jobs with the department were close relatives of senior officials in the department.  Twenty-eight of the revoked jobs were in Zanzibar.

Home Affairs Permanent Secretary Mbarak Abdulwakil said other reasons for the revocation were the hiring of overage candidates and vague advertisements inviting people to apply for the jobs.

REAL MADRID LEGENDS TOUR SET TO BOOST TOURISM IN TANZANIA

Radio sports presenter of E FM 93.7, Maulid Kitenge (right), with Real Madrid legend, Luis Figo (left), after his arrival in Dar es Salaam last night. 

TANZANIA's football and tourism sectors are set to gain immensely as a galaxy of former Real Madrid stars is set to descend in the country for a tour and interact with fans.

Organisers say the group is expected to be in Dar es Salaam for a three day trip. In fact, some were expected to arrive by last night. Apparently, to have the Real Madrid greats come to Tanzania and play a selected side "Tanzania Eleven" will promote the country in a good way.

It is good for the country and fans because the visit will go a long way in supplementing Tanzania's efforts in promoting the country as a tourist destination and exposed the country's investments opportunities.

TANZANIA: UTT MICROFINANCE BRINGS FINANCIAL SERVICES CLOSER TO ENTREPRENEURS

UTT Microfinance Plc, on Thursday marked an important milestone after launching 10 branches in different parts of the country to bring closer to entrepreneurs financial services, particularly less expensive loans.

Finance and Economic Affairs Deputy Minister, Mr Mwigulu Nchemba, who graced the event said the government was fully supporting the initiative to spread out its wings to various parts of the country.

The event was also attended by directors from various institutions, companies and entrepreneurs. In one year period, UTT Microfinance is already offering eight different loan products, insurance and banking brokerage and mobile money super agent.

GOVERNMENT URGES CHINA TO INCREASE INVESTMENTS IN TANZANIA

The Minister for Industry and Trade, Dr Abdallah Kigoda and Ambassador of China to Tanzania, Dr Lu Youqing, cut a ribbon during the launch of Brands of China African Showcase 2014 at the Diamond Jubilee Hall in Dar es Salaam on Thursday. 

THE government has made a passionate appeal to China to increase investments in spite of 2012 statistics that pegs the aggregate at approximately one billion US Dollars.

Speaking at the opening of the 2014 Brands of China African Showcase, the Minister for Industry and Trade, Dr Abdallah Kigoda, said that this level of investment is lower than what has been invested in other countries, whose relationship with China came later compared to that with Tanzania.

"Therefore I take this opportunity to appeal to the Chinese government to increase investment in Tanzania in sectors such as mining and gas," he said.

TANZANIA: KINYEREZI POWER PLANT READY SOON

Kilwa — Kinyerezi One power processing plant is expected to go on trial by the end of this year to generate and supply power from natural gas under the transportation pipeline project.

Briefing the Permanent Secretary in the Ministry of Energy and Minerals, who is on a pipeline project visit, the project Manager, Engineer Simon Ngilima said that they are also expected to distribute the gas to commercial consumers as well.

He told the ministry's Permanent Secretary, Mr Eliakim Maswi that the task progresses as scheduled adding that from December 15 to sometime in January next year, they will be ready to generate.

PRESIDENT JAKAYA KIKWETE LAUNCHES SH56 BILLION BRIDGE, POWER PROJECT IN MOROGORO

President Jakaya Kikwete listens to Tanzania Roads Agency (TANROADS) Chief Executive Officer Patrick Mfugale with respect to construction of the Kilombero Bridge project. On the left is Minister of Works, Dr. John Pombe Magufuli followed by Mama Salma Kikwete.

President Jakaya Kikwete cuts a tape after laying a foundation stone for the construction of the Kilombero Bridge project in Morogoro on Wednesday.

President Jakaya Kikwete kicked off his seven-day official tour of Morogoro Region on Wednesday by laying the foundation stone for the construction of the much-hyped 56bn/- Kilombero Bridge project as well as launching a mega rural electric power distribution project.

The bridge will help connect and ease transportation networks between Ulanga and Kilombero districts in the region. The project, which is being implemented by a Chinese firm, China Railway 15, will consist of two bridges with the length of 384 and 120 metres respectively and 35 culverts.

FLIGHT LINK WAENDELEA KUTANUA MBAWA, WALETA NDEGE NYINGINE

Ndege ya Kampuni ya Flightlink iliyowasili nchini hivi karibuni,ikiwa imeegeshwa katika eneo lake kwenye Uwanja wa Ndege wa Kimataifa wa Julius K. Nyerere jijini Dar es salaam. Ndege hii aina ya Embraer 120 inauwezo wa kubeba abiria 30 na itakuwa ikifanya safari zake katika Mikoa ya Dar es salaam, Dodoma, Zanzibar, Arusha na Pemba.

Michuzi Blog

MH. KIGODA AFUNGUA MAONYESHO YA BIDHAA ZINAZOZALISHWA NCHINI CHINA LEO JIJINI DAR

Waziri wa Viwanda na Biashara Dkt. Abdalah Kigoda na Balozi wa China Nchini Dkt. Lu Youqing wakikata utepe kuashiria ufunguzi wa maonyesho ya siku nne ya bidhaa zinazotengenezwa nchini China.

Mtendaji Mkuu wa kampuni ya Shenzhen Yingli New Energy Resources Honglin Hui (Kulia) akimueleza Waziri wa Viwanda na Biashara Dkt. Abdalah Kigoda (kushoto) jinsi Solar Panel inayotengenezwa na kampuni hiyo inavyofanya kazi wakati wa maonyesho ya bidhaa zinazotengenezwa nchini China yaliyofunguliwa leo katika ukumbi wa Diamond Jubilee uliopo jijini Dar es Salaam.

Waziri wa Viwanda na Biashara Dkt. Abdalah Kigoda akiangalia pikipiki aina ya SWAN inayotengenezwa na kampuni ya Honda ambayo inayotumia mafuta ya Petrol na Umeme wakati wa maonyesho ya bidhaa zinazotengenezwa nchini China. Kulia kwake ni Balozi wa China nchini Dkt. Lu Youqing na kushoto ni Juwes Wang ambaye ni mfanyakazi wa kampuni hiyo.

Bofya hapa kwa picha zaidi.

Michuzi Blog

TANZANIA, ZAMBIA DIFFER OVER TAZARA RAILWAY LINE

The unacknowledged split between the Zambian and Tanzanian government over the Tanzanian Zambian Railways is heightening with the two countries set to run their coaches separately.

TAZARA has announced that with effect from next week passengers will no longer take a single ride from Nakonde to Daresalaam but will swap coaches at the border.

Public Relations officer Conrad Simuchele said that the change will take effect on August 26.

TANZANIA ON PTA BANK PREFERENTIAL LIST

The Minister of State in President's Office (Relations and Coordination), Mr Stephen Wasira speaks to journalists in Dodoma yesterday at a news conference. The bank marks its 30th Anniversary this year with the Annual Ordinary Shareholders Meeting and Board of Governors meeting slated for Friday, this week. On the left is the bank's President and Chief Executive Officer (CEO), Admassu Tadesse and on the right is Deputy Minister for Finance, Mr Mwigulu Nchemba.

Dodoma — Tanzania is among top five recipients of loans dished by the Eastern and Southern African Trade and Development Bank (PTA Bank), thanks to impressive projects submitted to the regional financial institution by the country.

Among projects that have benefited from the institution are the ongoing construction of Terminal Three at the Julius Nyerere International Airport (JNIA,) which received US $30 million and the Tanzania Ports Authority (TPA) and Kilwa Energy Projects, which received US $20 and US $47 million, respectively.

"The bank has also dished out US $147 million to facilitate trade in the East African Community (EAC) region," the bank's President and Chief Executive Officer (CEO), Admassu Tadesse, told journalists at a news conference here on Tuesday.

TANZANIA: STUDENTS TO BENEFIT FROM MTWARA OIL, GAS SHOW

Students of higher learning institutions are to benefit from the oil and gas Expo and career business summit slated for Mtwara in early October.

Speaking to the 'Daily News' on Wednesday, the project manager, Mr Washington Benbella, said it would help give a collaborative opportunity between students, graduates and companies in the oil and gas sector.

"This is an industry that is going to employ Tanzanians from across the country as long as they gain the skills, so the expo would give them access to career opportunities," he said.

TANZANIA: TPDC TO LAY GAS PIPELINES ALONG DAR ROADS

PLANS are now in the offing for the Tanzania Petroleum Development Corporation (TPDC) to lay pipelines along main roads in Dar es Salaam for distribution of the natural gas in the city.

Accessing affordable source of energy is among the major cause for stress for most city residents that hike household spending leading to high cost of living.

The TPDC Public Relations Officer, Mr Malik Munisi, told the 'Daily News' on Wednesday that connection from the pipelines along the main roads to the nearby areas for connection to the houses would be implemented in a joint venture structure between TPDC and private firms or investors.

TANZANIA: TAZARA PASSENGER TRAINS WILL NO LONGER CROSS BORDER

TAZARA passenger trains will no longer cross border to Zambia or Tanzania. They will intersect and make u-turn at Nakonde border post effective next week, the authorities have said.

Tazara spokesperson, Conrad Simuchile said in a statement issued on Wednesday that passengers crossing the border to Tanzania or Zambia will now be swapping trains at Nakonde border post.

"Trains will no longer run across the national boundaries but will now intersect and u-turn at Nakonde," reads in part the statement issued to announce reorganisation and new timetable for passenger trains for the railway company jointly managed by Tanzania and Zambia.

TANZANIA: WORK ON SH53 BILLION KURASINI PROJECT DUE SOON

Construction of the much-hyped Tanzania China Logistics Centre, which is expected to be the largest in East and Central Africa, is at last about to start.

The development comes after the release of a total of 53bn/- that will be used to pay compensations to Kurasini residents where the project is expected to be built.

The Minister for Industry and Trade, Dr Abdallah Kigoda, told journalists in Dar es Salaam on Wednesday that the government of Tanzania has already given the money to the Export Processing Zones Authority (EPZA), which will oversee the compensation exercise. "We are happy.

TANZANIA: SHILLING BEGINS LOSING GROUND AGAINST THE DOLLAR

The shilling is steadily losing ground against the US dollar as acute demand for the greenback from various key players in the market has continued to exert pressure on the local currency.

The local currency slipped against the US dollars this week when compared to the previous week. NMB e-markets report says as the demand for the greenback seem to be enormous, the shilling continued to nosedive in today's trading session closing at 1657/1690.

"Further fall is likely if flows will not be enough to snatch the demand," stated the NMB e-market report yesterday in Dar es Salaam. Similarly, the local money market is significantly liquid with overnight lending rates going down to the highs of 10 per cent.

TANZANIA: BANKS URGED TO SIMPLIFY LOAN PROCEDURES FOR MSMEs

The Executive Director, TPSF, Mr Godfrey Simbeye (left)addressing participants at a workshop jointly organised by the Tanzania Private Sector Foundation (TPSF) in collaboration with the Financial Sector Deepening Trust (FSDT). On the extreme right is The Minister of State, Prime Minister's Office, Investment and Empowerment, Dr Mary Nagu.

The government has called upon banks and other financial institutions in Tanzania to soften procedures of getting loans to facilitate the growth of Micro, Small and Medium Enterprises (MSMEs) in the country.

The Minister of State, Prime Minister's Office, Investment and Empowerment, Dr Mary Nagu said in Dar es Salaam on Tuesday that access to loans was a key hurdle to the growth of MSMEs in the country and that it was high time this was addressed.

"I call upon banks in the country to help in spearheading the development of this sector that is crucial to sustainable development," she said at a workshop jointly organised by the Tanzania Private Sector Foundation (TPSF) in collaboration with the Financial Sector Deepening Trust (FSDT).

ALL SET FOR EAST AFRICA TRADE FAIR IN MWANZA

Mwanza. — More than 400 exhibitors and at least 500,000 visitors are expected in Mwanza next week for the 9th East Africa Trade Fair for this year, scheduled to take place at the Nyamagana Stadium.

The Chairman of the Tanzania Chamber of Commerce, Industries and Agricultre (TCCIA) for Mwanza Region, Mr Elibariki Mmari, told reporters yesterday that this year's event will be a showcase of a wide range of businesses and products from across the East African member states.

"Most of the East African companies mainly from Uganda, Rwanda, Kenya and host Tanzania have confirmed to take part this year, while almost all who participated last year have also shown interest to participate," he said.

NAKUMATT SET TO CELEBRATE GOLDEN MILESTONE WITH OPENING OF 50TH BRANCH IN ARUSHA, TANZANIA THIS SATURDAY

Regional retailer, Nakumatt Holdings, will this weekend kick-off a series of consumer reward programmes to celebrate the opening of its 50th branch in Arusha, Tanzania, this Saturday.

The opening of Nakumatt Arusha, formerly operated by South African Retailer Shoprite is a major milestone for the retailer, as it had earlier set a corporate target to open its 50th branch by February 2015 under its Nakumatt 2.0 Corporate Development Strategy.

Having started its supermarket operations in 1992 with its pioneer Nakumatt Mega store located along Nairobi’s Uhuru Highway opposite Nyayo Stadium, Nakumatt has been enjoying steady growth for the last 20 years.

SHARES IN SOUTH AFRICA'S BANKS FALL AFTER MOODY'S DOWNGRADE

Shares in South Africa's largest banks fell on Wednesday, following downgrades from the ratings agency Moody's.

Standard Bank, FNB, Nedbank and ABSA, which is owned by Barclays, were all downgraded on Tuesday and Moody's warned of more possible ratings cuts.

The move comes a week after South Africa's central bank bailed out the smaller lender African Bank.

The South African Reserve Bank insisted the country's banking sector remained "healthy and robust."

Analysts said the downgrade was in response to what Moody's views as the risks of unsecured lending, or loans not based on collateral.