Saturday, February 28, 2015

Law on commodity exchange in pipeline

President Jakaya Kikwete with the Aga Khan at State House in Dar es Salaam on February 23, 2015. PHOTO | EMMNAUEL HERMAN | NATION MEDIA GROUP

Written by ABDUEL ELINAZA

THE legal framework for establishment of a commodity exchange market awaits cabinet approval before landing in parliament in the near future.

From left: Presidents Pierre Nkurunzinza (Burundi), Jakaya Kikwete (Tanzania), Uhuru Kenyatta (Kenya) Yoweri Museveni (Uganda) and Paul Kagame (Rwanda) at the Nairobi Heads of State summit on February 20, 2015. PHOTO | JEFF ANGOTE | NATION MEDIA GROUP

Written by DAILY NEWS Reporter and Agencies

THE African Development Bank (AfDB) has approved a $145 million (about 261bn/-) loan to fund the building of an electricity line between Tanzania and Kenya to improve regional power connections.

Tigo unveils expansion plan

Business

Bharti Airtel will announce the launch of cross-border mobile money transfers for its customers in Kenya, Rwanda and Uganda. PHOTO | FILE | NATION MEDIA GROUP

Written by MASEMBE TAMBWE

TIGO Tanzania plans to spend 120 million US Dollars this year in expanding its network coverage and improving the quality of its services.

Govt five-year bond oversubscribed

Business

Written by DAILY NEWS Reporter

THE long-term government paper has continued to be attractive to investors to record oversubscription, thanks to improved liquidity in circulation.

Rising tides threaten Mtwara gas pipeline

Written by DAILY NEWS Reporter in Mtwara

THE Chairman of Board of Directors of the Tanzania Petroleum Development Corporation (TPDC), Mr Michael Mwanda, is shown by Madimba Gas Plant Manager, Mr Leonce Mroso (right), part of the area which has been destroyed by sea waves on Mnazi Bay in Madimba Ward, Mtwara Region, during the board’s tour of the area recently. The seafront was eroded by rainwater endangering the gas pipeline. Looking on (left) is TPDC Public Relations Officer, Mr Francis Lupokela. (Photo by Our Correspondent)

PART of the 532 kilometre of natural gas pipeline from Mnazi Bay in Mtwara to Dar es Salaam is under threat of being washed away by high tides unless urgent remedial measures are taken.

Tanzania Petroleum Development Corporation (TPDC), Madimba Gas Plant Manager, Mr Leonce Mroso, attributed heavy rains of January 13 to the damage of over 100 metre stretch of the edge leaving only a four metre from the Indian Ocean to the gas pipeline.

Gas production from new well to start soon

Business

Written by DAILY NEWS Reporter and Agencies

GAS production from the Kiliwani North is getting closer as Tanzania Petroleum Development Corporation (TPDC) began constructing vital infrastructures after completing laying of pipeline.

Business Mwadui diamond production up 15 per cent .

Business

Written by DAILY NEWS Reporter

PRODUCTION at the country’s largest diamond mine, Williamson Diamond Limited (WDL), rose by 15 per cent to 98,949 carats in the first half of the year ended December.

Manufacturing sector exports seen up

Business

Written by DAILY NEWS Reporter

GOOD performance in exports of manufactured goods and travel receipt pushed the value of Tanzania’s exports to 8,812.5 million US dollars for the year ended December, 2014, up from 8,459.7 million US dollars recorded in the corresponding period in 2013.

Capital markets body approves real estate trust

Business

Written by DAILY NEWS Reporter

Mr Fred Msemwa.

CAPITAL Markets and Securities Authority (CMSA) has approved Watumishi Housing Company Real Estate Investment Company (WHC-REIT), which has started with 68bn/- and is expected to grow gradually to 358bn/- in five years.

Business

Written by DAILY NEWS Reporter

TTU President, Mr Gratian Mukoba.

TANZANIA Teachers Union (TTU) has said the much awaited Tanzania Teachers Bank (Mwalimu Commercial Bank) has finally taken shape and that the initial public offer is expected to start from April 8 this year.

Progress on track to issue debut Eurobond

Business

Written by HENRY LYIMO

The Minister for Finance and Economic Affairs, Ms Saada Mkuya Salum.

THE government is finalising legal procedures before floating of the long-awaited Eurobond between April and May this year, the Minister for Finance and Economic Affairs, Ms Saada Mkuya Salum has said.

BoA customer wins luxurious car

Written by DAILY NEWS Reporter

BANK Of Africa (BOA) Tanzania General Manager (Business Development), Mr Wasia Mushi, shows Gaming Board Inspector, Mr Milao Mrisho and the bank’s Regional Manager, Mr Emmanuel Mwaya a Toyota Brevis and a motor bike during the final draw of the promotion dubbed ‘Deposit and Win.’ Mtwara resident, Mr Ismail Said Mohamed, emerged the top winner and secured the car. (Photo by Mohamed Mambo)

MTWARA resident, Mr Ismail Said Mohamed, secured a brand new Toyota Brevis, after emerging a top winner in Bank of Africa (BoA) Tanzania customer’s deposits drive.

In the final draw of the promotion dubbed “Deposit and Win” held in Dar es Salaam, several other clients of BoA walked home with various prizes including a motor bike, tablets, smartphones, and shopping vouchers.

VODACOM Tanzania Managing Director, Mr Rene Meza (second left) and TIGO General Manager, Mr Diego Guitierrez exchange documents after signing a partnership pact of M-Pesa and Tigo-Pesa interoperability in Dar es Salaam yesterday. Looking on (left) is Vodacom Head of Regulatory Affairs, Advocate Ngayama Matongo and Tigo Brand Manager, Mr William Mpinga. (Photo by Robert Okanda)

Written by DAILY NEWS Reporter

M-PESA and Tigo Pesa customers will soon be able to send and receive money directly into each other’s mobile phone account (e-wallets), following an agreement signed in Dar es Salaam.

Shilling slightly gains ground

Business

Written by DAILY NEWS Reporter

THE shilling has gained marginally against the US dollar thanks to interbank demands and is expected to maintain its ground as corporate sector tries to meet important end of the month obligations.

Written by DAILY NEWS Reporter

EQUITIES of banks have appreciated most in term of price since the year began eight weeks ago becoming the best performers on Dar es Salaam Stock Exchange (DSE).

Written by DAILY NEWS Reporter

DESPITE falling yield rates, the short term government papers continued to be impressive to investors thus recording oversubscriptions.
According to the Bank of Tanzania (BoT) auction summary, yield rates across all tenors declined significantly but did not discourage investors to scramble for the investment opportunity in the treasury bills.

Written by DAILY NEWS Reporter and Agencies

KIBO Mining told investors all five of its projects are now active -- as joint ventures with AIM peer Metal Tiger at the Morogoro gold prospect and the Pinewood uranium portfolio have kicked off.

Military jet crashes in Mwanza, pilot injured

Written by PIUS RUGONZIBWA in Mwanza

THE military aircraft, (top left) moments before take-off, the accident was caused by a bird that was sucked in one of the engines. The lone pilot escaped with burns at Mwanza Airport on Friday morning. (Photos courtesy of TPDF)

TANZANIA People’s Defence Forces (TPDF) Major Peter Lyamunda cheated death on Friday after a fighter jet he was piloting crashed as it was taking off at the Mwanza Airport on Friday.

IN my Wednesday column (THE TOUCHLINE) this week, I hailed the NSSF’s decision to establish a state-of-the-art soccer academy at Kigamboni in partnership with one of the leading soccer clubs in the world, Spain’s Real Madrid.

32 million Tanzanians ‘wired’ .

Written by ABDUEL ELINAZA

AT least 32 million Tanzanians had access to phone services, while the number of internet users reached 11 million at the end of last year, the industry regulator said in a recent report.

Mbinga West MP Komba is no more

The late Captain John Komba

Written by DEOGRATIAS MUSHI

Mbinga West Member of Parliament and Member of the ruling Chama Cha Mapinduzi (CCM) National Executive Committee (NEC) Captain John Damian Komba is no more.

By Lawi Joel
TANZANIANS must be glad to know that ambassador of the State of Kuwait Jasem Al-Najem is mightily impressed by the city of Dar es Salaam's calm and the nature of the country's beaches.

Photo: The East African

File photo.

By Kizito Makoye And Belinda Goldsmith
Dar es Salaam — A Tanzanian court has charged four people over the murder of an albino woman over six years ago as pressure mounts for authorities in the east African country to do more to stop the killing of albinos whose body parts are prized in black magic.

Photo: The East African

File photo.

By Pius RugonzibwaMwanza — MWANZA Regional Commissioner Magesa Mulongo challenged newly appointed District Commissioners (DCs) to work hard to address the challenges facing the region, citing abductions, torture and killings of people with albinism.

Harare (AFP) - Zimbabwean President Robert

Mugabe admits land reform blunder in Zimbabwe

Zimbabwean President Robert Mugabe has admitted he blundered by giving ill-equipped black farmers vast tracts of farmland seized from whites under his controversial land reforms. In an interview with the state-owned Zimbabwe Broadcasting Corporation (ZBC) late Thursday to mark his 91st birthday on…

AFP

View gallery

How to max out your Social Security checks

How to max out your Social Security check (Corbis)

How to max out your Social Security checks

Understanding benefits and how they affect people who work past 60 years old is more important than ever. Misconceptions »

Russian opposition leader fatally shot

Russian opposition leader Nemtsov shot dead in Moscow (Reuters)

Russian opposition leader fatally shot

Boris Nemtsov, a former deputy prime minister, was an outspoken critic of President Vladimir Putin. Assailants fired shots from a car »

Russian investigators: Opposition leader killing may be 'provocation' (AP)

Kremlin calls murder of Putin critic 'provocation'

Russian investigators list possible motives, but not the one seen as most likely by many Boris Nemtsov supporters. Ukraine link »

Leadership retreat is fitting initiative in liberal democracy - Ndushabandi

By: Edwin Musoni & Mary Ingabira

Dr Ndushabandi during the interview yesterday. (Timothy Kisambira)

The twelfth annual National Leadership Retreat opens today at Rwanda Defence Forces Combat Training Centre in Gabiro. It is one of the home grown solutions that have helped transform Rwanda to be the country that it is today. In an interview with The New Times’ Edwin Musoni and Mary ...

300 top leaders begin Leadership Retreat

By: Eugene Kwibuka

Some of the senior leaders depart for the retreat from Kigali yesterday. (Timothy Kisambira)

More than 300 senior leaders from the central government, local government and the private sector start a three-day retreat, today, at the Rwanda Defence Forces Combat Training Centre in Gabiro, Eastern Province.

Broadband is about transformation - Kagame

By: Times Reporter

President Kagame and Carlos Slim receive Unesco 70th Anniversary award from Irina Bokova, DG of Unesco, in Paris yesterday. (Village Urugwiro)

President Paul Kagame yesterday co-chaired the eleventh International Telecommunications Union (ITU) Broadband Commission meeting in the French capital Paris.

Women sell fruits and vegetables on a street in Bujumbura on June 5, 2013 after the main market was razed to the ground during an inferno four months prior. PHOTO | ESDRAS NDIKUMANA | AFP

By HAVYARIMANA MOSES
In Summary

2,552 - The number of traders accommodated in the new market from 5,640 traders registered in 2013.

Central Bank of Kenya Governor Prof Njuguna Ndung’u (centre) with Metropol Credit Reference Bureau MD Sam Omukoko (left) and Kenya Bankers Association CEO Habil Olaka at a Metropol corporate function in Nairobi on July 24 last year. PHOTO | FILE

By James Anyanzwa

In Summary

Move is expected to help control the level of credit risk among commercial banks and ensure stability of the financial systeminShare

Finance Minister Saada Mkuya displays a briefcase containing the 2014/2015 budget. Government says it will not plan for any support after it faced challenges accessing promised aid. PHOTO | FILE

By A JOINT REPORT, The EastAfrican

In Summary

Withheld financing has impacted the disbursement of Tsh290 billion ($163,413,000) to the national electoral commission to procure biometric voter registration kits, as well as prepare for a referendum on a new constitution, scheduled for April. Major energy and infrastructure projects have also been affected.

South Sudanese President Salva Kiir. PHOTO | FILE

By FRED OLUOCH

In Summary

As the South Sudan peace process continues in Addis Ababa, Ethiopia, President SALVA KIIR spoke with The EastAfrican at State House in Juba.

As the president of South Sudan, why do you think your country is facing an internal war only three years after Independence?

Prof Stefan Dercon, the chief economist Department for International Development.

By MARTIN LUTHER OKETCH

In Summary

Good side. This, however, gives the country time to be more cautious

Kampala.

The fall in global oil prices is likely to cause slowdown in investment and development of the oil industry in Uganda, the chief economist of Department for International Development (DFID) has warned.

A phone user makes a call. According to the UCC, about 19.5 million Ugandans are now using mobile phones. FILEPHOTO

By Dorothy Nakaweesi

Kampala. At least 52.3 per cent of Ugandans have access to mobile phones, according to the Uganda Communications Commission 2014 Access and usage of communication services across Uganda study, released last week.

By afp

Zimbabwean President Robert Mugabe on Saturday will celebrate his 91st birthday with a million-dollar bash attended by thousands of faithful party supporters.

Manchester United's English striker Wayne Rooney celebrates scoring a penalty during their English Premier League match against Sunderland at Old Trafford on February 28, 2015. PHOTO | PAUL ELLIS | AFP

In Summary

Louis van Gaal's United were frustrated by Sunderland until the 64th minute at Old Trafford, when John O'Shea conceded a penalty for dragging back Radamel Falcao.
Rooney planted the penalty into the bottom-left corner
United goalkeeper David de Gea had to turn a low shot from Connor Wickham around the post, while Jermain Defoe fired over the bar.
Southampton lost further ground in the battle for Champions League qualification after sinking to a second successive defeat at West Bromwich Albion.
Leaders Chelsea are not in league action this weekend as they play Tottenham Hotspur in Sunday's League Cup final.

By AFP
More by this Author

MANCHESTER

A case of mistaken identity helped Wayne Rooney return Manchester United to winning ways in the Premier League with a brace in a 2-0 victory over Sunderland on Saturday.

KenGen rides on new plants to record Sh4.9bn profit

KenGen managing director Albert Mugo at a past press conference. New power plants saw Kenya Electricity Generating Company (KenGen) profit after tax for the half-year period to December 2014 rise to Sh4.9 billion. FILE PHOTO | NATION MEDIA GROUP

In Summary

The profit jump was fuelled by a 36 per cent upswing in revenue from the sale of electricity to Sh11.6 billion from Sh8.5 billion during the period under review.
Investments in new power plants lifted KenGen’s installed capacity from 1,231 megawatts as at December 2013, to 1,575 megawatts.
Olkaria’s 280-megawatt plants are among key power projects that the government is banking on to achieve its target of raising the country’s installed capacity by 5,000 megawatts by the end of next year.

By NATION REPORTER
More by this Author

New power plants saw Kenya Electricity Generating Company (KenGen) profit after tax for the half-year period to December 2014 rise to Sh4.9 billion.

Kenya Power managing director Ben Chumo (centre) accompanied by Uasin Gishu Deputy governor Daniel Chemno with Veronica Mwihaki, 104 years old and her daughter Hannah Wanjiku (left), 70 years, after she lit her house at Kasarani estate in Eldoret town on February 14, 2015. FILE PHOTO | NATION MEDIA GROUP

In Summary

Focus would be placed on the counties to ensure that residents living in remote areas are hooked to the national grid.
The two financial partners will inject Sh12.2 billion each into the programme that will cut connection charges from the current Sh35,000 to about Sh1,160.
The firm is investing Sh10.45 billion in the construction of 36 sub-stations to reinforce the country’s electricity network.

By CHARLES WOKABI
More by this Author

Kenya Power plans to make at least three million new connections in the next two years as it aims at distributing electricity to the whole country by 2020.

Jacob Odungu and Fredrick Kiprotich at Nation Centre in Nairobi on February 25, 2015. They were rescued from slavery in Angola. PHOTO | EVANS HABIL | NATION MEDIA GROUP

In Summary

They were promised lucrative jobs and left in high spirits only to end up in a labour camp.
Lawyer for businesswoman says the two Kenyans are lying.

By SAMWEL BORN MAINA
More by this Author

What appeared to be a turning point of good fortune for two men on a plane to Angola was, in fact, the beginning of their one year of slavery.

The building that houses the Ethics and Anti-Corruption Commission in Nairobi. FILE PHOTO | JEFF ANGOTE | NATION MEDIA GROUP

In Summary

We have created an environment where honest labour is punished, and thievery is rewarded.
We may not like this reality, but it is the truth.

By LUKOYE ATWOLI
More by this Author

There’s been a lot of talk recently about bringing to book suspects involved in mega corruption scandals, especially after a court in the United Kingdom convicted two businessmen of engaging in corrupt practices with some Kenyan public officials.