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KABERUKA SHARES HIS EXPERIENCE WITH AFRICAN DIPLOMATS IN BEIJING

The President of the African Development Bank Group, Donald Kaberuka, shared experiences with African ambassadors accredited to China over lunch on Tuesday in Beijing.

Kaberuka said he felt compelled, during what would be his last official visit to China as AfDB President, to express his appreciation for the country’s unwavering support to the Bank and its work in Africa.

He narrated the excellent meetings he has held with top Chinese officials in the ministries and financial sectors, which have provided him and his delegation a better understanding of their strategies, business plans, and the opportunity to chart a course for potential collaboration in future.

Kaberuka made a graphic presentation of the state of African economies as well as the trajectory and future of Africa’s development. He urged the diplomats not to relent in their efforts to attract and deepen cooperation between China and Africa.

There are great expectations to see one of China’s financial institutions become a full-fledged investor in the Africa50 Fund. The fund seeks to bridge Africa’s infrastructure gap. It has so far raised 700 million US dollars. Infrastructure development, Kaberuka said, was key to sustainable inclusive growth and development.

AFRICA IS NOT A COUNTRY - KABERUKA ADVISES ON BETTER WAYS OF DOING BUSINESS ON THE CONTINENT

July 21, 2015 - Africa is not a country but a continent of 54 states, which, in spite of many similarities, differ from one another in many respects, African Development Bank President, Donald Kaberuka told a development think-tank in Beijing on Monday.

Kaberuka said making this distinction had become necessary to ensure that potential business opportunities in African countries are not jeopardised by a single story line whereby negative issues in one country are attributed to all 54 countries on the continent. He was speaking at a round table discussion on “Investment Opportunities in Africa” organised by the Centre for China and Globalisation (CCG).

Citing the Ebola epidemic which hit three countries in West Africa, Kaberuka said it was improper to use this to scare potential businesses destined for other parts of the continent.

AfDB PRESIDENT KABERUKA AND DELEGATION BEGIN OFFICIAL MISSION TO CHINA

July 21, 2015 - The President of the African Development Bank Group (AfDB), Donald Kaberuka and some members of the Bank’s senior management began an official mission to China on Monday, with a series of engagements with Chinese government officials, fund managers and development oriented think-tanks.

President Kaberuka shared his experiences on African and global development issues garnered during his ten-year tenure at the head of AfDB, thanked Chinese government officials and heads of development and allied institutions for their support during those years, and sought their continued bilateral and multilateral support to his successor in particular and to Africa in General.

The mission kicked off in Beijing with engagements with the deputy foreign affairs minister, Zhang Ming who commended Mr. Kaberuka for strengthening cooperation between China and the Bank in particular and China’s relations with Africa in general.

ECOBANK TANZANIA LAUNCHES CUSTOMER SERVICE WEEK

Ecobank Head of Domestic Banking, Ms Joyce Malai (second right), joins her colleagues to cut a cake at the thank-giving event to customers in Dar es Salaam recently. Right is Fatna Tambwe, Head of Client Engagement Management, Ms Veronica Mrema (left) and Branch Manager, Ms Anna Chimalilo.

Ecobank Tanzania has launched its annual customer service week, the annual service week. The campaign which started yesterday is a way to extend their appreciation to their customers and to show how much they are valued.

The 4 days event dubbed “Tunashukuru” was launched yesterday at Ecobank’s Sokoine branch located in Sokoine drive (Karimjee Jivanjee Building).

Ecobank Tanzania’s main focus of the event is not only a courtesy of appreciation to their customers but also an opportunity for the senior management team to interact with them, receive direct feedback on their service as well as address any complaints that they might have. This is the first time that the bank is introducing this initiative and it is expected to be an annual event from this year.

BBC SWAHILI PRESENTS: THE NEW-LOOK DIRA YA DUNIA

TOSHIBA CEO RESIGNS OVER MASSIVE ACCOUNTING SCANDAL

Toshiba Corp. president and CEO Hisao Tanaka
has resigned.

Toshiba CEO Hisao Tanaka resigned on Tuesday, according to CNN, after an internal investigation that revealed the company had been massively overinflating its profits.

Norio Sasaki, vice chairman of the board, and Atsutoshi Nishida, an adviser to the company, will also leave, CNN said.

Chairman Masashi Muromachi will take over as interim president, Bloomberg reported.

A report by independent investigators released on Monday said Toshiba had overstated its operating profit by 151.8 billion yen ($1.22 billion) over several years, roughly triple Toshiba's initial estimate. Tanaka and his predecessor, Sasaki, were aware of the overstatement of profits, it said.

The investigators interrogated 200 Toshiba staffers, according to the Financial Times:

SHIRIKA LA NYUMBA LA TAIFA LASAIDIA MASHINE KWA VIJANA WALIOACHA KUTUMIA MADAWA YA KULEVYA

Vijana walioacha kutumia dawa za kulevya katika eneo la Kigogo Luhanga, Jijini Dar es Salaam wakishangilia baada ya Meneja wa Huduma kwa Jamii wa NHC, Bw. Muungano Saguya alipokabidhi msaada wa mashine tatu za kufyatulia matofali kwa Mlezi wao, Mchungaji wa Kanisa la Kiinjili la Kilutheri Tanzania, Dayosisi ya Mashariki na Pwani Luhanga, Rev. Richard Hananje anayelea takribani vijana 150 hivi. Shirika limetoa msaada wa mashine hizo tatu za kufyatulia matofali ya kufungamana zenye thamani ya shilingi milioni moja na nusu kwa vijana hao na mtaji ili waweze kujishughulisha na kazi za kujiongezea kipato na kusahau utumiaji wa madawa ya kulevya.

Vijana walioacha kutumia dawa za kulevya katika eneo la Kigogo Luhanga Jijini Dar es Salaam wakishangilia kwa pamoja na Meneja wa Huduma kwa Jamii wa NHC, Bw. Muungano Saguya na Mchungaji wa Kanisa la Kiinjili la Kilutheri Tanzania, Dayosisi ya Mashariki na Pwani Luhanga, Richard Hananje ambaye ni Mlezi wa kikundi hicho chenye vijana takribani 150 hivi. Shirika limetoa msaada wa mashine ili kuunga mkono juhudi za Kituo hicho za kuokoa maisha ya vijana wanaojihusisha na madawa ya kulevya.

Meneja wa Huduma kwa Jamii wa Shirika la Nyumba la Taifa, Bw. Muungano Saguya akikabidhiana mashine za kufyatulia matofali ya kufungamana na Mchungaji wa Kanisa la Kiinjili la Kilutheri Tanzania, Dayosisi ya Mashariki na Pwani Luhanga, Richard Hananje kwa ajili ya kuwapatia vijana walioacha kutumia dawa za kulevya katika eneo la Kigogo Luhanga Jijini Dar es Salaam. Shirika hilo limetoa msaada wa mashine hizo za kufyatulia matofali ya kufungamana kwa vijana hao ili waweze kujishughulisha na kazi za kujiongezea kipato.

KENYA: EQUITY TAKES ON SAFARICOM WITH FREE MONEY TRANSFER

From left: Airtel Africa CEO Christian De Faria, Equity Group CEO James Mwangi, Chief Officer – Finance, Innovation and Payments John Staley and Finserve Africa Ltd Chairman John Waweru during the launch.

Mobile phone subscribers in Kenya stand to win big after Equity Group Holdings Limited (EGHL) officially launched Equitel, which it said will offer free money transfer, voice and data services.

Through the new Mobile Virtual Network, Equitel, Equity will provide voice calls at a standard Sh4 across all networks and Sh1 for SMSs, setting the stage for a price war among mobile service providers in the country.

The firm’s CEO James Mwangi said the bank would remain active in providing banking services to its consumers even as it ventures into the country’s telecommunications sector, currently dominated by Safaricom.

UHURU KENYATTA MEETS CHAIRMAN OF THE WORLD'S LARGEST BANK

"Today I held a meeting with the Chairman of the world’s largest bank, the Industrial and Commercial Bank of China (ICBC), Mr. Jiang Jianqing, who called on me at State House, Nairobi. Kenya is open for business and our only formula is that it must be on a win-win basis. It is time for the economic partnership between Kenya and China to move from the government to government level to the level of companies. I urged Chinese investors to look for Kenyan companies and individuals to partner with as they seek to invest in Kenya’s growing economy. It is the people to people links that are fundamental to the strength of our relationship". - Uhuru Kenyatta

BENKI YA NBC YAZINDUA 'HAMIA KWAKO’, NI HUDUMA YA MIKOPO YA NYUMBA

Naibu Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, Angela Kairuki (kulia) na Mkurugenzi Mtendaji wa Benki ya Taifa ya Biashara (NBC) Edward Marks wakionyesha mfano wa funguo kuashiria uzinduzi rasmi wa huduma ya mikopo ya nyumba iliyopewa jina ya ‘Hamia Kwako’ ya benki hiyo jijini Dar es Salaam leo.

Mkurugenzi Mtendaji wa Benki ya Taifa ya Biashara (NBC) Edward Marks (wa pili kushoto), akibadishana mawazo na Ofisa Fedha Mkuu wa Shirika la Mikopo ya Nyumba la Tanzania Mortgage Refinance (TMRC), Oswald Urassa (wa tatu kushoto) katika hafla ya uzinduzi rasmi wa huduma ya mikopo ya nyumba iliyopewa jina ya ‘Hamia Kwako’ ya Benki ya NBC jijini Dar es Salaam leo. Wengine kutoka kushoto ni Mkuu wa Kitengo cha Wateja Binafsi wa NBC, Musa Jallow, Mkuu wa Kitengo cha Mikopo Rejareja cha benki hiyo, Isidory Msaki na Mkuu wa Rasilimali Watu wa benki hiyo, Flora Mollel Lupembe.

Naibu Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, Angela Kairuki (wa pili kushoto), akibadilisha mawazo na Mkurugenzi Mtendaji wa Benki ya Taifa ya Biashara (NBC) Edward Marks (kulia) na Kaimu Mkuu wa Masoko na Mawasiliano wa benki hiyo, Rukia Mtingwa (katikati yao), wakati wa hafla ya uzinduzi rasmi wa huduma ya mikopo ya nyumba ya Benki ya NBC jijini Dar es Salaam leo.

Kaimu Mkurugenzi wa Mikopo ya Makampuni wa Benki ya NBC, Salehe Mohamed (kushoto), akiagana na Ofisa Fedha Mkuu wa Shirika la Mikopo la TMRC, Oswald Urassa baada ya hafla hiyo. Wa pili kushoto ni Mkuu wa Kitengo cha Wateja Binafsi, Musa Jallow na Mkurugenzi Mtendaji wa NBC, Edward Marks.

Naibu Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, Angela Kairuki (wa pili kulia), akizungumza na Ofisa Fedha Mkuu wa TMRC, Oswald Urassa (kulia) wakati wa hafla hiyo. Wengine kutoka kushoto ni maofisa mauzo wa Shirika la Nyumba la Taifa (NHC), Joseph Haule na Michael Mbago.

Meneja Mahusiano wa Benki ya NBC, Daniel Kaila (kulia) na mwenzake, Consolata Shayo (kulia kwake) wakizungumza na baadhi ya waalikwa waliohudhuria hafla ya uzinduzi wa huduma ya mikopo ya nyumba ya benki hiyo jijini Dar es Salaam leo.

STANDARD CHARTERED CEO APPOINTS MANAGEMENT TEAM, SENDS MESSAGE TO EMPLOYEES

Here's the message:

Today I’m announcing our new Management Team to lead and run the Bank. Our task is to reposition our great franchise to achieve superior performance. Our team is ready to take on this challenge. We will also put in place a new organisational structure to make the most of the advantages we have and get us back to a position of strength.

Many of you have given me a helpful perspective on what needs to change and what we can do better. I’ve heard a lot about the complexity of our existing organisation – slow or no decisions and confusion about who is responsible for what. With this in mind, our new organisation is built around a few principles:

• Local clients should be managed through a country or regional management structure.
• Global clients and businesses should be managed on a global basis.
• Most of our products are used across client segments and regions and we must provide for consistent delivery of these products and capabilities.
• Managers must have clear accountability for bottom-line performance and for promoting our values.
• Our organisation must reinforce the highest global standards of risk management, compliance and conduct.
• We will organise ourselves with a sharp focus on efficiency and productivity, using technology as a competitive tool.

TRADE INTEGRATION KEY TO REDUCING POVERTY AND SUPPORTING GROWTH IN AFRICA

Charles Brewer, Managing Director of
DHL Express Sub-Saharan Africa.

ACACIA CONTESTS $115 MILLION CLAIM OVER TANZANIA MINE PERMIT

Acacia Mining Plc, spun off from Barrick Gold Corp. in 2010, is contesting a $115 million compensation claim from a former partner over the loss of a concession in Tanzania.

Bismark Hotels Co., a closely held Tanzanian company, began proceedings with Acacia in March to determine whether the claim is justified, Rosan Mbwambo, a lawyer for Bismark, said July 9 in a phone interview. Acacia rejects the claim as “vexatious and baseless” and will defend itself, the London-based company said in an e-mailed response to questions.

“The claim relates to an application for a prospecting license with no attributable reserves, resources or value to the company and has no impact on any current or future operations in Tanzania,” it said. “The company has made no financial provision in relation to this claim, reflecting our view of its merits.”

Bismark had a prospecting and mining partnership from 1995 to 2012 with Pangea Minerals Ltd., according to Mbwambo. African Barrick Gold Corp., Pangea’s parent company, handed exploration licenses that originally covered an area of about 68 square kilometers (26 square miles) back to Bismark in 2012, he said.

MINING FIRMS BLAME POOR SHOWING ON INSECURITY, LOW INVESTMENT

Existing and prospective mining companies have to grapple with challenges such as poor road network with communication and difficulties of accessing cheap reliable electricity in remote areas.

Insecurity is the newest headache to Kenya-based companies in their quest to carry out geophysical surveys for prospecting gold and other minerals.

Now the Kenya Chamber of Mines (KCM) wants the Inspector General of Police Joseph Boinett to address security challenges in arid and semi-arid areas, where these firms are prospecting for minerals.

“We plan to engage the Inspector General with a view to developing a road map guaranteeing security of equipment and personnel for exploration firms to carry out geophysical surveys with other work programmes,” said KCM chairman Adiel Gitari.

VENTURE CAPITAL INFLOWS RISE BUT FEW DEALS SEALED

Private equity firms from various countries have shown interest in Ugandan firms.

Increased inflows of private equity and venture capital funds across East Africa have afforded Ugandan businesses the option of cheaper, long-term capital, but differences in the expectations of foreign investors and local entrepreneurs have led to few transactions being concluded.

While private equity funds usually go to fast-growing businesses that need capital for expansion, venture capital funds are preferred for startup companies that require money to establish production facilities.

Many private equity funds come in for a 3-7 year investment period coupled with targeted returns of investment averaging 20-30 per cent — calculated in US dollar terms. Average funding amounts range from $1 million-$10 million per transaction, industry sources said.

STRONG U.S. DOLLAR SEES FOREIGN INVESTORS CAUTIOUSLY EXITING REGIONAL BOURSES

Stockbrokers on the trading floor of the Nairobi Securities Exchange.

Foreign investors are selling off shares in East Africa’s stockmarkets in a bid to avert losses as regional currencies tumble against the US dollar. This could make share prices cheaper for long-term investors.

“There is a lot of capital flight because of the events happening both globally and internally. As a result, we have seen stockmarket prices come down,” said Eric Munywoki, a research analyst at Old Mutual Securities Ltd, adding, “African exchanges have been on the losing end since January.”

Globally, the US dollar has become increasingly attractive as the world’s largest economy shows signs of sustained recovery compared with Asia, the Eurozone and emerging markets.

KENYA SHILLING SLIDE TO CONTINUE, UGANDA, TANZANIA'S TO FIRM UP

African currencies continued to suffer losses against the dollar after the US Federal Reserve hinted at a rise in interest rates.

African currencies continued to suffer losses against the dollar after the US Federal Reserve hinted at a rise in interest rates.

US Federal Reserve chair Janet Yellen said an interest rate rise in its September policy meeting remains likely.

Many sub-Saharan currencies continued to perform dismally against the dollar. Analysts noted that the Kenyan, Nigerian and Angolan currencies are overvalued, hence are expected to depreciate further.

The Ugandan, South African, Tanzanian and Ghanaian currencies are seen as undervalued, with some expected to hold their current positions or gain slightly against the dollar.

EAC STATES' GREAT EXPECTATIONS OF SECURING STRONGER TRADE TIES WITH UNITED STATES

US President Barack Obama. East African Community countries have presented a list of issues they hope the United States government will address to expand its trade partnership with the region.

East African Community countries have presented a list of issues they hope the United States government will address to expand its trade partnership with the region.

Trade ministers from the five EAC partner states have made a formal request to the US government asking it to relax the stringent measures imposed on their agricultural exports to the US and also review the high tariffs on some agricultural products such as sugar and cotton.

They are in fact seeking removal of tariffs on all agricultural exports from East Africa as well as creation of more quotas, which they say would be consistent with US obligations under the UN Millennium Development Goals and would fulfil a key demand from these countries in the World Trade Organisation.

EXIM BANK TANZANIA HOSTS ANOTHER IFTAR BANQUET FOR ITS CUSTOMERS IN DAR ES SALAAM

Exim Bank Tanzania Head of Treasury, George Shumbusho gives word of thanks to the bank’s clients and invitees during an Iftar banquet organized by the bank for its clients in Dar es Salaam yesterday.

Exim Bank Namanga Branch Manager, Anna Wesiwasi (standing) attends to some of the bank’s customers during an Iftar banquet organized by the bank for its clients in Dar es Salaam yesterday.

Exim Bank Tanzania Retail Head, Mr. Raul Singh (standing 2nd- right) and the Bank’s Samora Branch manager, Hawa Msangi (standing 1st –right) attend to some of the bank’s customers during an Iftar banquet organized by the bank for its clients in Dar es Salaam yesterday.

Exim Bank Tanzania Cluster Head, Ms Elizabeth Mayengo (standing) attends to some of the bank’s customers during an Iftar banquet organized by the bank for its clients in Dar es Salaam yesterday.

PRESIDENT KIKWETE CHAIRS THE UN MEETING ON HEALTH CRISES IN GENEVA

The Chaiperson of the UN High level Panel on The global Response to Health Crises, President Dr. Jakaya Mrisho Kikwete during a meeting in Geneva on Wednesday. Other panelists from second left Ms. Joy Phumaphi, Calmy Rey, and Celso Amorim from Brazil. Another panel memeber, Rajiv Shah from the US participated in the panel through video conference.

The Panel was appointed by the UN Secretary General, Ban ki Moon in April this year to make recommendations to strengthen national and international systems to prevent and manage future health crises taking into account lessons learnt from the response to the outbreak of Ebola Virus disease. (Photo by Freddy Maro).

PRESIDENT KIKWETE CHAIRS THE U.N. HIGH LEVEL PANEL ON THE GLOBAL RESPONSE TO HEALTH CRISES IN GENEVA

President Dr. Jakaya Mrisho Kikwete greets some staff members working at the Permanent Mission of the United Republic of Tanzania to the UN in Geneva shortly after the President arrived in Geneva to attend the High Level panel on the Global Response to Health Crises on Wednesday.

Permanent Representative to the UN in Geneva, Ambassador Modest Mero hands over to President Dr. Jakaya Mrisho Kikwete a working report during a pre-panel briefing held at Hotel Continental in Geneva.

President Dr. Jakaya Mrisho Kikwete during a pre-panel briefing in Geneva (Photos by Freddy Maro).

PRESIDENT KIKWETE MEETS UN HIGH COMMISSIONER FOR REFUGEES, ANTONIO GUTERRES IN GENEVA

The United Nations High Commissioner for Refugees UNHCR, Mr. Antonio Guterres welcomes to his Geneva office President Dr. Jakaya Mrisho Kikwete. The President paid a courtesy call on him yesterday and held talks on the influx of Refugees in Tanzania.

The United Nations High Commissioner for Refugees UNHCR, Mr. Antonio Guterres introduces President Dr. Jakaya Mrisho Kikwete to him some of his senior staff members.

The United Nations High Commissioner for Refugees UNHCR, Mr. Antonio Guterres and President Dr. Jakaya Mrisho Kikwete shake hands when the latter paid a courtesy call on him yesterday and held talks on the influx of Refugees in Tanzania. Photos by Freddy Maro