Tanzania - The Citizen - Business News

Africa seeks new super banker

Details Abidjan. With 80 ADB shareholders - 54 African states and 26 non-African countries - set to vote on Thursday, it is difficult to predict, who will succeed Rwandan Donald Kaberuka, bank chief for two consecutive terms since 2005....

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AfDB issues $71m for energy

Details >Tanzania has signed an agreement with the African Development Bank (AfDB) that will see the former accessing a credit worth $70.5 million (about Sh140 billion) to finance the energy sector....

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Eight candidates seek to become next AfDB chief

Details Abidjan. Eight candidates are vying to become the next head of the strategic African Development Bank as the continent is undergoing an economic transformation....

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Preparations for Commodity Exchange Market in full gear

Details Preparations for the anticipated Commodities Exchange Market are at an advanced stage....

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Current account deficit narrows by 16 per cent

Details The current account balance narrowed by 15.8 per cent to a deficit of $4.295 billion in the year ending March 2015 compared with $5.102 billion recorded previously, the Bank of Tanzania (BoT) has reported....

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Only one-fourth of world’s workers have solid jobs, says ILO

Details >Only a fourth of the world’s workforce have stable contracts, leading to growing job insecurity, a UN report said yesterday....

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Govt’s pledge to manufacturing sector

Details Dar es Salaam. The government has pledged to provide more support to over 51,000 manufacturing industries in Tanzania with the aim of addressing the challenge of unemployment in the country....

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Kimei’s take on the shilling

Details >A seasoned banker yesterday called upon the Bank of Tanzania (BoT) to leave the value of the Shilling to be determined by market forces....

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Why Tanzanian rice raises suspicion

Details >Tanzania’s rice is loved in Kenya and Uganda but traders are denied access to enter those countries as buyers doubt if the product is genuine....

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Hunt for oil begins in Ngorongoro

Details The Tanzania Petroleum Development Corporation (TPDC) has deployed its experts in Ngorongoro Crater for oil exploration....

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EAC ministers to sign EPA

Details The Council of Ministers for the East African Community (EAC) is expected to sign a document of Economic Partnership Agreement (Epa) with the European Union (EU) at the end of this year....

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New hotel fees spark criticism

Details >The Tanzania Confederation of Tourism (TCT) has reacted to new concessional fees that the government intends to charge hotels around national parks, saying they will hit the industry hard....

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Hospital faces eviction in rent tussle

Details A commercial legal tussle, involving African Medical Investment Ltd (AMI Hospital, also known as Trauma Centre) and a local businessman, Navtej Singh Bains, took a new twist late last week when the Commercial Division of the High Court of Tanzania ordered an eviction against the hospital...

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Govt gets tips on making graduates more competitive

Details A call has been made for the government to revamp the university curriculum to ensure that Tanzanian graduates compete and fit in the labour market demand inside and outside the country....

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Govt issues budget pledge to youth ahead of new fiscal year

Details The government will increase the budget for empowering youths by 66.6 per cent during the next financial year, the Labour and Employment deputy minister has said. ...

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New NBC boss outlines his plans for the lender

Details The new managing director for the National Bank of Commerce (NBC), Mr Edward Marks, has officially reported for duty, promising to scale-up the profitability of the financial entity to new levels....

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Tigo earnings soar in first quarte

Details Tigo’s parent company, Millicom, registered a 21.6 per cent growth in revenues during the first quarter of the current calendar year, wit...

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State launches team of negotiators for gas deals

Details >The Union Government yesterday launched a team of negotiators in all natural gas and oil contracts with international oil companies (IOCs) so as to tap the best deals for the socioeconomic benefit of Tanzania and its people....

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Z’bar clove exports decline by Sh52bn, says BoT report

Details >The export value of Zanzibar’s main crop, cloves, declined from $59 million (Sh118 billion) to $33 million (Sh66 billion) between February 15 last year and February 15 this year, according to a Bank of Tanzania report of March this year. Under the report, the decline in clove export value is at 44.8 per cent in one year, which is attributed by the fall in its output from 53,000 tonnes to 22,000 tonnes....

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Airline confirms relaunch of Dar-Tabora route next week

Details >Precision Air (PW) will start flying to Tabora once again on May 15 after a six-year suspension....

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Revenue collection targets missed

Details >Mainland Tanzania missed its revenue collection target by about 17 per cent in February while Zanzibar fell short of the goal by 7 per   cent....

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We’ll form body to supervise EAC insurance: officials

Details >The East African Insurance Supervisors Association has agreed to develop a regional framework that will supervise activities of insurance companies with operations across the region through countries’ Insurance Regulatory Authorities....

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New cashew nut boom as exports rise by 31pc

Details Tanzania’s cashew nut exports increased by 31 per cent in the year ending February 2015 as majority of the traditional crops recorded lower output. ...

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Brokers cash in on impending tomato shortage

Details As tomato becomes a scarce commodity in the Northern Zone regions due to a pest invasion, brokers are cashing in on the crop....

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Tanzania faces economic subtleties

Details >Tanzania and other sub-Saharan Africa faces uncertain times economically this year despite the continent’s resilience and lower global oil prices, the World Bank has said. The global economy is expected to grow at 2.9 per cent this year and 3.2 per cent next year...

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CRDB profit share up by 7.1 per cent

Details Dar es Salaam. Investors with CRDB Bank will put on broad smiles this year as the financial entity has raised dividend issuance by 7.1 per cent....

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Loopholes in online cash transfers cut govt revenue

Details The government is losing billions of shillings from corporate sources of taxes due to online bulk cash transfer system that has loopholes for cybercrimes, according to banking lawyer Hawa Sinare....

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Market becomes competitive on entry of new vehicle firm

Details >A German-Chinese company, which designs and manufactures trucks, buses, sport utility vehicles and agricultural machinery, is officially entering the Tanzanian market next month....

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NBS robustly defends new statistics bill

Details >The National Bureau of Statistics (NBS) has defended the 2013 Statistics Bill on the grounds that it has more room for enhancing research than what critics say....

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Arusha college starts exporting tailor-made media courses

Details >Innovation has started paying dividends at Habari Maalumu College (HMC), as the learning institution has been exporting tailor-made media courses overseas for three years now....

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UDA to buy over 70 buses for running BRT for 2 years

Details >Usafiri Dar es Salaam (Uda) and Dar es Salaam Commuter Bus Owners Association (Darcoboa) have established a new company that will run the much-anticipated Dar es Salaam Rapid Transit (Dart) project....

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Exclusive breastfeeding crucial for child growth

Details What is the first thing many of us do when we wake up in the morning? We may not proudly admit it, but we check our mobile phones first to check the time, and then we scroll through our Facebook, Twitter and Instagram newsfeeds to see what our friends are up to and get the breaking news of the day. We do all this, while we are still in bed....

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Online hotel booking portal to open Dar office next month

Details Nairobi. Africa’s Online Hotel Booking Portal-Jovago.com, will open its Dar es Salaam office next month (May) in a move aimed at bringing service development and business management closer to the Tanzanian market....

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T-Bills earn govt less as cost of borrowing rises

Details Government’s plan to raise Sh135 billion from institutional investors through issuance of short-term debt obligation hit a snag on Wednesday as patrons sought to earn more by raising yields on Treasury Bills (T-Bills)....

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We can work together, govt tells banks

Details The government says it is willing to advise public servants to open their accounts and receive their salaries via a number of commercial banks if the latter improve quality standard of services on competitive basis, the Deputy Minister of Finance, Mr Adam Malima, has said....

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We target four regions: bank

Details The United Bank of Africa Tanzania (Uba) is planning to open branches in Mtwara, Mwanza, Arusha and Mbeya regions....

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TOL Gases eyes 3 African countries as profit jumps

Details TOL Gases Limited is mulling to start selling its products to Kenya, Zambia and Zimbabwe as the company’s 2014 profit more than doubles....

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TZ’s number of internet users hits 5 million

Details Tanzania has about five million internet users, thanks to exponential growth of Information and Communication Technologies (ICT) during the past few years....

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Twiga announces Sh48bn dividend

Details Tanzania Portland Cement Company (TPCC), which trades as Twiga, has announced a total dividend of Sh48.04 billion for 2014....

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Rehabilitation of our quarry plant is crucial: Rahco

Details Reli Assets Holding Company (Rahco) has embarked on a project to rehabilitate its quarry plant....

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IT company gets patent

Details A cyber security firm has been awarded a patent for identity and policy-based network security and management by the US Patent Office....

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East African business leaders hopeful of economic climate

Details Business executives in East Africa are optimistic about the regional economy despite insecurity in Kenya and weakening currencies, a new survey indicates....

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Twiga eyes 1.5m tonnes

Details Dar es Salaam. Tanzania Portland Cement (TPCC), which trades as Twiga Cement, said at the weekend that its production targets will not be deterred by ongoing illegal importation of vital construction materials....

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African economic growth now expected to slow in 2015: IMF

Details Economic growth in sub-Saharan Africa remains strong, but is expected to slow for a second successive year in 2015 in the face of declining commodity prices and the Ebola epidemic, the International Monetary Fund (IMF) said on Tuesday....

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Support Tanzania SMEs, foundation urges China

Details The Tanzania Private Sector Foundation (TPSF) has urged the Chinese government to provide direct support to Tanzanian small and medium enterprises (SMEs)....

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Tax authority says revenue ‘theft’ claims are untrue

Details >Tanzania Revenue Authority (TRA) said yesterday that no tax is lost through undocumented payments....

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High freight charges raise prices of goods

Details Prices of goods to final consumers rise because import freight charges are high.This happens because empty containers are sent to the countries of origin....

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Fastjet raises Sh139bn for expansion plan

Details The London Stock Exchange (LSE)-listed Fastjet, has raised $75 million (about Sh138.75 billion on the existing exchange rate) to finance its expansion into various African routes....

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Wassira: Govt pays Sh65bn for crops bought on credit

Details >The government has paid Sh65 billion as part of the debts in owes farmers under the National Food Reserve Agency (NFRA), a cabinet minister said yesterday....

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Foreign firms to participate in Tanga Trade exhibition

Details >Foreign companies from at least five countries have confirmed to take part in the coming 3rd Tanga International Trade Fair which is aims to be the biggest business occasion after Dar es Salaam International Trade Fair (DITF)....

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