Tanzania - The Citizen - Business News

Regional port management association gets new chief

Details The regional port management body in eastern and southern Africa has a new secretary general....

Read more...

Kenya Airways posts record loss

Details Its fleet ownership costs doubled to Ksh25.9 billion (about Sh569.8 billion) in the period while overheads rose 17 per cent...

Read more...

Heri Bomani: provision of mortgages low

Details “There are simply too few institutional private sector developers in this sector, and supply has thus been constrained, coupled with inadequate sales and marketing push to communicate options to the public” Heri bomani, Pangani Real Estate Services Limited managing director...

Read more...

Study: rental charges to fall in next 5 years

Details Tanzania’s housing costs are likely to fall in the next five years as new entrants in the real estate industry increase supply....

Read more...

Extra 350MW expected after commissioning of gas plant

Details About 350 megawatts extra are expected to be generated towards the end of September as Madimba, one of the two new gas processing plants, will start supplying natural gas for electricity generation....

Read more...

Korean firm to set up shop in Tanzania

Details Daegu. South Korea’s Rapang Corporation, manufacturers of bread of high quality and other associated products, are planning to set up a modern bakery manufacturing factory in Dar es Salaam and open sale outlets in the country’s cities....

Read more...

Precision Air doing well: Shirima

Details Financial woes that subjected Tanzania’s leading private passenger airline Precision Air (PW) into a staggering Sh30 billion loss in 2012 are nothing, but an eye opener for the company, the company’s chairman and majority shareholder, Michael Shirima has said....

Read more...

Bank joins race in effort to reduce deficit of 3m houses

Details The National Bank of Commerce (NBC) yesterday joined the list of commercial banks that offer mortgage financing services, a move meant to help Tanzania to reduce a serious shortage of decent houses that currently stands at three million housing units....

Read more...

Local firm gets international certification on environment

Details The ISO 14000 certification assures the public that as a company, they take a proactive approach to environmental compliance...

Read more...

Tanzania ranks high in online food ordering

Details Tanzania leads in Africa by using mobile phones to order food more than computers, an infographic presentation has shown....

Read more...

Low-income world of living up

Details The dramatic lurch of hundreds of millions of people from poverty since the millennium began has not resulted in a truly global middle class, a new report says....

Read more...

WB: Tanzania must collect tax

Details Tanzania has maintained a high level of economic stability over the past decade, making it the fastest growing economy in the East Africa. Although per capita income is near $950, the country’s low performance in tax collection threatens fiscal stability. A new tax reform strategy will provide higher revenue to support the government meet its ambitious development agenda and expand benefits to many more Tanzanians, according to a new World Bank Group report....

Read more...

Advisor launches new collective investment plan

Details >A Dar es Salaam-based investment advisor, Core Capital Limited, yesterday launched a new collective investment scheme that offers investors with investment opportunities using their meagre small-firm resources....

Read more...

Oil prices up as budget implemented

Details >As Tanzanians wake up to see rising prices of all petroleum products, the importation coordinator says that the country has enough stock....

Read more...

MARKET DATA REVIEW: Fundamental analysis on investment in shares

Details >If an investor had invested similar amount of money across 14 domestic listed companies on the Dar es Salaam Stock Exchange (DSE), the annualized capital gain return would have been 4.5 per cent. As the table below indicates – share valuation for some companies have grown up above 30 per cent while a few companies have lost – these are the normal workings of the market....

Read more...

Contracts inked to get funds for energy audits

Details >The confederation of Tanzania Industries (CTI) yesterday signed contracts with six manufacturers. Under the pact, the latter will access funding to carry out energy audits that will help them to determine areas with energy inefficiency....

Read more...

Govt launches framework on entrepreneurship

Details >The government through the National Economic Empowerment Council (NEEC) has inaugurated the National Entrepreneurship Training Framework (NETF) that is intended to be used in schools and colleges in a bid to strengthen entrepreneurship spirit among Tanzanians....

Read more...

Higher internet speeds on the cards

Details >Tanzanians are expected to enjoy higher speed and more reliable internet services after Bharti Airtel’s decision to join OneWeb’s mission for building a new global communications system which provides affordable internet access for all....

Read more...

E-economy gathers momentum

Details The adoption of cashless economy (e-transaction) has become one of the options in the banking sector....

Read more...

17 Japanese businesses for Dar fair

Details Dar es Salaam. At least 17 Japanese companies will take part in the 39th Dar es Salaam International Trade Fair (DITF) which starts in the city later this month, as the world’s third largest economy seeks to explore for an increased share of the market for its products in Tanzania....

Read more...

Ecobank hopes to grow in East Africa after $23m loss

Details Dar es Salaam. Ecobank Group is optimistic that its East African subsidiary stands a better position to record good performance in future....

Read more...

Govt pledges to revive oil refining company

Details Dar es Salaam. The government has promised to revive the lost glory of the defunct Tanzania Italian Petroleum Refinery (Tiper) in a bid to enhance its contribution to the national economy....

Read more...

African nations paying heavy price

Details Five sub-Saharan African central banks have bucked a global trend by increasing borrowing costs this year to ward off inflation and defend their currencies. They’ve had little success. On Tuesday, Uganda’s central bank boosted its benchmark rate by 100 basis points for the second time this year, while Namibia raised its repurchase rate by 25 basis points on Wednesday....

Read more...

$60m okayed for gas project

Details Tortola, British Virgin Islands. Orca Exploration Group Inc. (Orca or the company), the parent company of PanAfrican Energy Tanzania Limited, announced yesterday that it is proceeding with the first phase of the Songo Songo development programme following the World Bank board approval of the International Finance Corporation (IFC) financing....

Read more...

Donor aid for LDCs gets fresh push

Details More aid money needs to go to the 37 least-developed countries (LDCs) to achieve the goal of ending extreme poverty, according to the advocacy group the ONE Campaign. Half of the more than $130 billion in official development assistance provided each year should go to the countries, the group argues. Raising that from the current 30 per cent would provide an additional $26.5 billion for the LDCs....

Read more...

Compete or die, local insurance firms challenged

Details Dar es Salaam. The insurance landscape is bound to change, with more competition coming as the economies of the East African Community (EAC) members integrate, a prominent insurer has said....

Read more...

Milk production ‘too low’

Details Morogoro. Milk production and marketing puzzle continues to haunt the country as only 30 per cent of potentials are being utilised, while per capita milk consumption is a mere quarter of global standard of milk consumption....

Read more...

Africa seeks competitive growth

Details Cape Town. There are “no free rides” ahead for Africa as it seeks to maintain strong growth in the face of fierce global competition, business leaders told the regional World Economic Forum (June 3-5) on Thursday....

Read more...

Financial services firm gets $20m for Africa expansion

Details A Mauritius-based financial services firm, afb, which provides innovative consumer and SME financial products, has signed a $20 million (about Sh40 billion) investment deal with GEMCORP, that enables the former to hasten its speed of growth within sub-Saharan Africa....

Read more...

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....

Read more...

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....

Read more...

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....

Read more...

Preparations for Commodity Exchange Market in full gear

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

Read more...

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....

Read more...

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....

Read more...

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....

Read more...

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....

Read more...

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....

Read more...

Hunt for oil begins in Ngorongoro

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

Read more...

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....

Read more...

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....

Read more...

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...

Read more...

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....

Read more...

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. ...

Read more...

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....

Read more...

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...

Read more...

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....

Read more...

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....

Read more...

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....

Read more...

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....

Read more...

   
© WORLD NEWS