Thursday, May 31, 2018

Tanzania: What Tanzania Is Doing to Boost Financing for Industries

Dodoma — The government is engaging the financial sector in a bid to accelerate financing for industries-led economic growth, which is expected to transform Tanzania into a middle income country come 2025.

Tanzania: What Tanzania Plans to Do to Lower Lending Interest Rates

Photo: Pixabay
Savings, money (file photo).
Dodoma — The government has outlined five policy measures it has taken to stimulate lowering of lending interest rates in Tanzania.
Deputy Minister for Finance and Planning Dr Ashatu Kijaji also told the National Assembly that the government will continue taking more measures to ensure further decrease of the interest rates.

Chinese exhibitors arrested over counterfeit products

Exhibitors representing Jiaxing Zhongyi Cable
Exhibitors representing Jiaxing Zhongyi Cable and Wire Company Ltd from China who were allegedly found with counterfeit products during an exhibition at KICC, on May 30, 2018. PHOTO NATION MEDAI GROUP  

Tigo, MasterCard simplify payment ecosystem


THE COUNTRY’S strategic bid for electrification of cash has enticed three partners to form a simple hassle-free but secured payment solution using Tigo and MasterCard platform.
The platform enables a customer to pay various bills by scanning Masterpass Quick Response (QR) code at a point of sale using TigoPesa app using smartphone without extra charges. Non smartphone users also can

New smartphones to enhance internet usage

AIRTEL Tanzania has partnered with itel mobile to introduce affordable smartphones to promote usage of internet which is key to building robust economic growth.
Airtel Marketing Director Isack Nchunda said Airtel is happy to enter into this important partnership with itel to launch in the market its latest affordable smartphone.

Farmers, businesspersons counselled on financial services

By DAILY NEWS Reporter 

FARMERS and business community in Singida Region have been encouraged to use financial institutions for keeping money securely and saving for future investments.
Singida Regional Commissioner Dr Rehema Nchimbi said here at the launch of NMB Wakala that farmers and business people incomes generated during onion and sunflower harvest seasons should be kept in banks

Dodoma economic forum to attract 400 participants


AT LEAST 400 people are expected to take part in a one-day annual forum to discuss creation of an integrated economy in Dodoma mid-next month.
The event, Annual Economic Empowerment Forum, designed to bring together participants from public and private sectors under ‘Industrialisation a Pillar for Economic Empowerment’ theme.

Air Tanzania joins TATO to boost tourism

By DEUS NGOWI in Arusha

THE national flag carrier, Air Tanzania Company Limited (ATCL) and Tanzania Association of Tour Operators (TATO) are joining hands in boosting tourism in the country by ensuring reliable airline travel.
In a joint event organised on Tuesday evening, top officials of the duo as well as top tour operators

Prosecution put to task over delays in fraud case


THE Kisutu Resident Magistrate’s Court has given the prosecution seven days to complete all investigation processes before moving to another stage into the 7bn/- economic and money laundering trial of four prominent figures, including renowned advocate, Dr Ringo Tenga.

Ruby businesspersons see new horizons at TSN Business Forum

By DEUS NGOWI in Arusha 

RUBY traders have expressed gratitude and new hope after they were given time to air their views and connect with stakeholders in the TSN Business Forum held here recently, and now are asking the government to let them sell the gemstone in while in raw form.

Strategies to promulgate Tanzanite on cards


THE State is planning to promulgate Tanzanite as its specified mineral, with the aim of adding value to the expensive gem that is found only in Tanzania. Also,
the government through the Ministry concern is finalising plans to enact a law that will compel adding value to the gems before they are exported. The new initiative was announced by Minister for Minerals

Finally, Equities Market Slides into Negative Territory after 11-day Bear Run

The stock market finally slipped into the negative territory Thursday after 11 days of sustained dominance by the bears. The selloffs, mostly in bellwether stocks, pulled the Nigerian Stock Exchange (NSE) All-Share Index 1.29 per cent lower to close at 38,104.54, while market capitalisation ended at N13.803 trillion. The

Global Standard in Banking Education Introduced

Nume Ekeghe
As part of efforts to promote ethical standards as well as provide the foundation for high-quality and consistent education for bankers worldwide, the Global Banking Education Standards Board (GBEStB) has announced the release of the first banking standard for banking practitioners across the world.

Nigeria’s Manufacturing Index Grows at Slow Pace

  • CBN directs banks to pledge N1bn govt securities for OTC trade settlement
Obinna Chima
Activity in the manufacturing sector expanded in May, but at a slow pace compared with the previous month, the Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) released Thursday has shown.

Politics and poverty caused past conflicts in East Africa – not climate change, but is this about to change?

  By Mark Maslin
East Africa in particular is predicted to experience a dramatic increase in unpredictability of seasonal and inter-annual rainfall.
It seems obvious that climate change has – and will – cause human conflict and the mass movement of people. Look at the effects of the droughts in Syria, Darfur and Ethiopia. The former UN Secretary General Ban Ki-moon even described the ongoing war in Darfur as one of the “first climate wars”.

How Zambia is dealing with its water problem

A woman fetching water amid water scarcity

By CNBC Africa
Faced with longer droughts and growing water demand, the Zambian government has taken drastic action to reduce groundwater use.
Faced with longer droughts and growing water demand, the Zambian government has introduced fees on groundwater use.Under a new executive order that came into effect in March, owners of domestic boreholes

As the United Republic of Tanzania turns 54 many believe the dream is over

By CNBC Africa
Tanzania’s latest clampdown takes decades of repression to new lows.
The United Republic of Tanzania has just turned 54. Union Day commemorates the union of the Tanganyika mainland and the islands of Zanzibar, following a bloody revolution on the islands in 1964.But the mood is not one of celebration, unity or tolerance of difference. Instead, the government’s creeping authoritarianism is

Gtext group targets NSE listing in five years

Trading floor of NSE, Lagos

By Benjamin Alade
Gtext global, a conglomerate of companies has indicated interest to get listed at the Nigerian Stock Exchange as part of its expansion plans to global market in the next five years. The Chief Executive Officer of the

Investors’ wealth depreciates further by N181 billion in bearish trading

 By Helen Oji
The reign of the bears continued unabated to the last trading day of the month of May, as most highly capitalised stocks depreciated in price market, causing market capitalization to plunge further by N181 billion.

Nigeria remains a formidable investment hub in Sub-Sahara Africa, says FNCCI

Oye Hassan-Odukale

By Eniola Daniel
Nigeria remains a formidable investment hub in sub-Saharan Africa as it is ranked the number one business destination in the region and as well one of the sought business destination from countries around the world, the Franco-Nigerian Chambers of Commerce and Industry, has said.

WhatsApp users in Uganda to pay $0.05 daily tax

Debate on tax on social media faced stiff
Debate on tax on social media faced stiff resistance from younger Uganda MPs. FILE PHOTO 
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Uganda Parliament has passed the law on controversial taxes on mobile money transactions and social media use amid strong protests from critics.

Mnangagwa warns of stern action against dissent in Zanu-PF

Zimbabwean President Emmerson Mnangagwa.
Zimbabwean President Emmerson Mnangagwa. FILE | NATION MEDIA GROUP 
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Zimbabwe President Emmerson Mnangagwa has revealed that there was a plot by members of his own party to impeach him if he wins the July 31 election.

Stringent controls in Tanzania mining sector begin to pay off

Tanzania President John Magufuli. PHOTO | REUTERS
Tanzania President John Magufuli. He inaugurated the Great Mirerani Wall, a 24.5km wall surrounding Mirerani tanzanite mine on April 6, 2018. PHOTO | REUTERS 
By The EastAfrican
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Tanzania has collected Tsh615 million ($270,000) as royalty from tanzanite small-scale miners in the first three months of 2018.

Burundi constitutional court validates referendum result

President Pierre Nkurunziza could stay in power until 2034. PHOTO | AFP
Burundi constitutional reforms, which passed with 73 per cent voting in favour, extend presidential terms from five to seven years, which could allow President Pierre Nkurunziza to stay in power until 2034. PHOTO | AFP 
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Burundi's constitutional court on Thursday dismissed an opposition petition to invalidate the result of a referendum to change the constitution.

Juba protests UN sanctions against three ministers

Under UN sanctions South Sudan Government
Under UN sanctions South Sudan Government Spokesman and Information minister Michael Makuei. FILE | NATION MEDIA GROUP 
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The South Sudan government has protested the blacklisting of its three ministers by the UN Security Council (UNSC) over claims of fuelling violence.

US seeks UN deadline for South Sudan to stop fighting

Nikki Haley
Nikki Haley, US ambassador to the United Nations, speaks during an emergency meeting of the United Nations Security Council in New York City. PHOTO | DREW ANGERER | AFP 
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The UN Security Council will vote Thursday on a draft resolution presented by the United States that would give warring sides in South Sudan until June 30 to end fighting or face possible sanctions.

Algeria seizes 700kg of cocaine on container ship

Algerian authorities have seized more than 700kg (1,543lb) of cocaine smuggled aboard a container ship and made 20 arrests.

I&M Bank’s 2017 pro fit grows by 12 per cent

Participants at the I&M Bank General Assembly in Kigali this week. / Michel Nkurunziza.

I&M Bank’s profit after tax increased to Rwf6.5 billion as of December 2017, representing a 12 per cent rise from 2016 profit.
This was attributed to increased efficiency and cost curtailment.

Things every newbie needs to know about starting a business

Starting a business is exciting — and scary. It’s a bit like driving through a heavy fog where you are only able to see a few feet in front of the windshield — you don’t know what’s up ahead until it’s upon you. However, the longer you are an entrepreneur, the better you can navigate through that fog.
Don’t listen to statistics
People love to throw around the statistic that 95 per cent of businesses fail. Don’t listen to that — it’s an

U.S. economic growth revised down to 2.2% in first quarter

The U.S. economic growth was revised to an annual rate of 2.2 per cent in the first quarter of the year, slightly lower than 2.3 per cent previously estimated, the U.S. Commerce Department reported on Wednesday.

RRA begins crackdown on EBM defaulters

Rwanda Revenue Authority (RRA), yesterday, started a countrywide operation to curb misuse of Electronic Billing Machines (EBMs).
The operation started in Kigali city.

Mauritius’ Swan Insurance closes in on BK Insurance

Bank of Kigali chief executive Diane Karusisi speaks to journalists this week. Sam Ngendahimana.

The national Bank of Rwanda is reviewing a shareholder’s agreement between Swan Insurance, from Mauritius, and BK Insurance that involves acquiring a 30 per cent stake in the Rwandan firm.

Conservation wins as gorilla population exceeds 1,000

Rwanda mountain gorillas from the Susa group, one of the biggest gorilla families in Volcanoes National Park. Sam Ngendahimana.
Conservations efforts to save the endangered mountain gorillas are paying off after the latest census put the figure at over 1,000 up from 800 when the last count was carried out.

Airport check-in eased as Kigali International Airport introduces vehicle scanner

For those users of Kigali International Airport, a common inconvenience has been the first checkpoint where a traveler previously had to carry luggage out of the car for dogs to sniff and carry it back in.

Wilderness Safaris to open luxury camp in Akagera National Park

Wilderness Safaris will, in December, open their second high-end tourism facility in Rwanda at the Akagera National Park.
This is the second investment by the Botswana-based tour operator that has over 30 years of experience.

Cyberbullying, sharing of nudes to be criminalised

Internet users who enjoy spreading malicious rumours will soon have to think twice before they do so online or face jail time and hefty fines, thanks to a new law preventing and fighting cyber-crime.

Ellen: Spending time with gorillas changed my life

The mountain gorilla is a popular tourist attraction and endangered species.
Ellen in Virunga Park. / Courtesy
Ellen in Virunga Park. / Courtesy

Popular American TV talk show host, Ellen DeGeneres, described her experience trekking the gorillas as life changing.
“Spending time with these gorillas changed my life. Thank you to everyone who is helping Dian Fossey Gorilla Fund,” Ellen wrote on Twitter.

Inflation rises marginally in May on higher cost of food

The cost of living measure rose for the first time this year in May due to higher food prices. PHOTO | FILE The cost of living measure rose for the first time this year in May due to higher food prices. PHOTO | FILE 
The cost of living measure rose for the first time this year in May due to higher food prices.
Inflation increased marginally to 3.95 per cent, from 3.73 per cent in April, according to the Kenya National Bureau of Statistics (KNBS).


    • Inflation increased marginally to 3.95 per cent, from 3.73 per cent in April, according to the Kenya National Bureau of Statistics (KNBS).
    • Food takes up the largest share (36 per cent) of the basket of goods that is used to calculate inflation, making it the main driver of the cost of living.
    • Tomatoes recorded the steepest price surge of 15 per cent to Sh120 per kilo, followed by spinach which was up five per cent to Sh69 a kilo.

Mobile operators escape fines over use of unregistered SIM cards

A man using a mobile phone. FILE PHOTO | NMG
A man using a mobile phone. FILE PHOTO | NMG 
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Chief executives of the three mobile networks have escaped with a warning from the regulator for allowing use of unregistered SIM cards on their platforms against the law.

State goes slow on domestic borrowing after exceeding target

Central Bank of Kenya in Nairobi. FILE PHOTO | NMG
Central Bank of Kenya in Nairobi. FILE PHOTO | NMG 
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The Treasury has exceeded its domestic borrowing target a month early and will only take up additional funds from lenders to redeem maturing debt, Central Bank of Kenya (CBK) has said.