Tanzania - The Citizen - Business News

Enoc wins fuel tender

Details >After bidding to the lowest, ENOC Africa, a Tanzanian oil company, has won a tender to import fuel under the Petroleum Bulk Procurement System (BPS) for October this year....

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EAC for 85m euro support from EU in next five years

Details >The European Union (EU) through the European Development Fund (EDF 11) has allocated the East African Community (EAC) 85 million Euros grant in the next five years to support the regional priority issues....

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Small farmers ‘not tool for cheap propaganda’

Details >The tendency to use smallholder farmers as a propaganda tool is creating a drawback to agribusiness development in Tanzania, according to Mr Salum Shamte, managing director of sisal processing and marketing company Katani Ltd....

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WB underlines digital payments

Details  Integrating digital payments into the economies of emerging and developing nations addresses crucial issues of broad economic growth and individual financial empowerment, according to a new report by the World Bank Development Research Group....

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StanChart ranked top

Details Global Finance - an English-language monthly financial magazine which has offices in New York, London, Milan and Rio de Janeiro – has ranked Standard Chartered Bank as the Best Consumer Internet Bank in Tanzania....

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Firm offers oil, gas scholarship to ten Tanzanians

Details Ten Tanzanians are set to join different universities in the United Kingdom for a one-year scholarship programme in oil and gas....

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TTB set for bigger role

Details The government is in final stages of reforming the Tanzania Tourist Board into an Authority, a situation that will see the body’s mandate ballooning....

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Oil company plans major expansion

Details  An oil comopany, Enoc Africa, is planning a major expansion programme in Tanzania....

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Dar bank honoured for serving customers

Details Euromoney magazine has named the NMB Bank, the best financial institution in Tanzania at the Euromoney 2014 Awards for Excellence in London for the second year in a row....

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Govt mine produces Sh1.5bn gold

Details Stamigold under ownership of the State Mining Corporation (Stamico) produced gold worth Sh1.5 billion in one year after changing ownership from the African Barrick Gold (ABG) mine known as Tulawaka....

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DSE curbs on foreigners end

Details >The government has approved the opening of  the capital account to remove foreign restrictions in the local capital markets....

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Swiss bank releases first-ever statements

Details Geneva. The elite of Swiss private banks yesterday began lifting the veil on their books after a radical shift in their business model, amid tougher international regulations and crackdowns on tax dodgers....

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Arusha to host meeting on tourism

Details >Tourism stakeholders will meet next month in Arusha to discuss ways of unlocking the industry potential in Tanzania....

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Invest in India, envoy urges Tanzania businesses

Details Dar es Salaam. India has urged members of the Tanzanian business community to invest in the South Asian nation....

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TICTS brings Sh41bn cranes to raise efficiency at Dar port

Details >The Tanzania International Container Terminal Services (TICTS) has brought equipment worth Sh41 billion to improve its efficiency at the Dar es Salaam port....

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Police Force joins ICT broadband backbone

Details >Police will soon start using improved communication systems after completion of connecting all its major stations with an optic fibre network in the country....

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Nakumatt invests Sh3.2bn in branch

Details >Regional retailer Nakumatt Holdings invested $2 million (Sh3.2 billion) in its new branch in Arusha as it seeks to double the formal retail penetration in East Africa in the next ten years....

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Indian steel trading firm enters Tanzania’s market

Details Founded in 1945, as a steel trading company, Mahindra & Mahindra of India, has managed to diversify its operations from automotive manufacturing, which started two years later to a conglomerate with its tentacles in more than 20 categories today....

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Airtel, Tigo join forces

Details >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....

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Tanzania Distilleries introduces Scotch whisky

Details >Tanzania Distilleries Ltd (TDL) has added one more product to the range of spirits and wines it distributes in the country....

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Nakumatt set to open fourth branch

Details >Regional retailer, Nakumatt Holdings, is opening its 50th branch tomorrow as the Kenyan giant strategizes to get an increased share of the East African market....

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Plan afoot to raise Sh1bn for poor children

Details Two organisations have teamed up in an initiative aimed at raising Sh1.2 billion to help needy children in Tanzania....

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Worry as pests ruin groundnuts in Urambo

Details Pests account for 72.2 per cent of losses in groundnuts yields in Urambo District, a recent report shows....

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Vehicle distributor seeks better way to serve community

Details Diamond Motors Limited is undertaking a comprehensive corporate social responsibility (CSR) programme for the community to benefit more from its operations....

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Ease rules of borrowing funds, Nagu tells banks

Details Financial institutions should soften borrowing procedures to facilitate the growth of micro, small and medium enterprises (MSMEs), a minister has appealed....

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Tea prices hit three-month low at Mombasa auction

Details >Tea prices have remained depressed since last year and farmers are expected to earn the lowest bonus payment for the 12 months to June due to a supply glut....

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Dart project vandalised: RC

Details >The official handover of Morogoro Road will take longer than expected as some unscrupulous people have already started vandalising infrastructure....

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MARKET DATA REVIEW: Capital within the context of local empowerment

Details >Back in 2010 two pieces of legislation (Mining Act of 2010 and the Electronic and Postal Communication Act of 2010) were passed by our Parliament and got signed by the president with all the optimism that these laws entailed to fulfill, including some of the dream of local citizens, especially the aspect of the requirement that companies with Special Mining Licences and those operating in the telecommunication sector will be required to offer shares to the public and subsequently list on the Dar es Salaam Stock Exchange....

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Prepare employees to live well upon retirement: minister

Details >Public and private institutions have been urged to provide training on entrepreneurial skills to their employees as part of preparing them for retirement....

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Govt praised over delicensing

Details >The Tanzania Hunting Operators Association (Tahoa) has commended the minister for Natural Resources and Tourism, Mr Lazaro Nyalandu, for his recent handling of illegal and unethical tourist hunting practices....

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Pretax profit up 122pc, says lender

Details >The profit before tax for the National Bank of Commerce (NBC) rose by 122 per cent during the year ending June 2014, the financial entity’s results show....

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Anti-poaching tech introduced

Details >Huawei Technologies has introduced a technology for boosting government’s anti-poaching campaign....

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FEATURE: Insights Into the US-Africa Leaders Summit

Details >Last week’s US-Africa Leader’s Summit, which was organised and hosted by the US, ended with new hopes for Africa. This was after US President Barack Obama promised that all that his country wanted was to become an ‘equal’ partner in Africa’s growing success. President Obama -- while pledging $300 million in assistance per year to expand the reach of Power Africa in pursuit of a new, aggregate goal of 30,000MW -- told the 50 heads of state that America was no longer a nation eager to exploit the continent’s resources but rather build partner...

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Firm’s cyber security incentive

Details Dar es Salaam. Universities, Academies and similar institutes in educational institutions have been urged to make use of discount policies offered to promote cyber security....

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Three US companies seek to invest in Tanzania

Details >Hardly two weeks after Tanzania’s investment bodies convened a promotion forum in the US, three American companies have requested to invest under the country’s Export Processing Zones Authority (EPZA)....

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Govt promises full support for NSSF projects in Kigamboni

Details >The government is seeking ways of solving infrastructural matters before Kigamboni area is developed into a fully fledged modern city....

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Tourism earnings cross Sh3 trillion

Details >Earnings from tourism went up by 12.28 per cent during the year to June 2014 as the travel sector cements its position as the most important industry in Tanzania’s economy....

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Economists’ advice on gas revenue

Details >Economists have proposed that for Tanzania to benefit from its ongoing extractive activities, the revenue collected should be directed into investment projects....

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DTB second half pre-tax profit increases by 38pc

Details >The profit before tax for Diamond Trust Bank (T) Ltd (DTB) rose by 38 per cent during the first half of 2014, compared to a similar period in 2013, financial statements show....

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Dar faces population explosion: experts

Details >Africa is expected to have the biggest labour force in the world and experiencing faster economic growth than any other region come 2040, according to a report issued by PwC....

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Iringa faces hotel shortage despite rich tourist sites

Details Iringa is home to a number of tourist attractions yet it has inadequate hotels to accommodate the ever-increasing number of visitors. The situation hinders economic growth....

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Students earn millions by investing in bourse

Details It is possible for one to create wealth of Sh4.1 million in three months with capital of Sh1 million at the Dar es Salaam Stock Exchange (DSE)....

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Green initiatives in telecoms discussed

Details >Over 60 telecommunications experts from across the world are in Dar es Salaam for a two-day GSMA workshop on Green Power for Mobile Working Group —  Africa....

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Trade curbs stifle Sadc integration, says official

Details >A string of trade barriers are thwarting efforts by members states of the Southern African Development Community (Sadc) to attain a full regional integration despites members states signing almost all trade protocols....

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Banker: TZ can raise funds easily from global markets

Details >Tanzania is in a strong position to raise funds from international markets to finance its infrastructure projects considering its current development in macroeconomic conditions, according to a Standard Chartered top official....

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Importer: We target middle class

Details >The number of Tanzanians who graduate into the middle class is increasing. That creates demand for new products, a beverage dealer said....

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Swala share price up 20pc

Details >Investors of Swala Oil and Gas Limited that was listed on the Dar es Salaam Stock Exchange (DSE) yesterday had a chance to get a return of up to 20 per cent after each share appreciated by Sh100 on the first trading day....

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Workers’ welfare on focus

Details >Human resource professionals across the country are set to gather for the 4th Tanzania’s Human Resource Summit this week that will discuss issues facing workers in the country. Compensations to workers is among the topics to be covered during the two-day summit to be held on the August 14 and 15, according to a statement by Iris Executive Development Centre, organisers of the event....

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TZ insurance sluggish: report

Details >Tanzania’s insurance dealers have failed to absorb huge potential of retail market causing decimal inclusion of Tanzanians in the insurance sector....

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New policy now boosting leather products business

Details Tanzanians now stand in a good position to dominate the leather industry and leather products, thanks to a new government policy on import and export of hides and hide products....

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