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Tanzania - The Citizen - Business News

Kikwete eyes private funding for central transport corridor

Details The government seeks to mobilise funds from both local and international sources so as to improve the central transport corridor -- especially by expanding Dar es Salaam Port and revamping the central railway line....

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NBC back on track to making profit

Details The National Bank of Commerce (NBC) net profit for 2013 edged northwards by 337 per cent, signalling that the entity has regained the profit making stance in the market which is highly competitive....

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Firm won’t invest more in TZ as mine woes persist

Details Richland Resources Ltd will be undertaking a strategic review of its operations, as profit at its Mererani tanzanite mine at Block C continues to be hit by illegal mining and smuggling operations....

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Sh160m up for grabs

Details Only two finalists from East Africa, who are Kenyans, have contested for the 2014 Innovation Prize for Africa (IPA 214) that will kick off on the May 5, in Abuja, Nigeria....

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Kenya to acquire middle-income status in 5 months

Details Kenya on Friday hit the road to becoming a middle-income nation in five months’ time after authorities said that a statistical review of the economy whose outcome would be announced in September was under way....

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Dar bourse turnover rises by 815pc

Details The Dar es Salaam Stock Exchange’s turnover improved by 815 per cent last week....

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Shilling gains slightly against greenback

Details The Shilling gained ground against the dollar by 0.2 per cent in the beginning of the second quarter of this year. The situation is attributed to the Bank of Tanzania’s liquidity squeeze in forex markets....

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High licence fees hurt us: small traders

Details >The Vibindo Society has pleaded with the government to review business licence fees for small and medium traders, because the current arrangement discourages a good number of people planning to start business....

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Tobacco firm wins Uluguru awards

Details >Tanzania Leaf Tobacco Company (TLTC) was yesterday recorgnised as the overall winner of Uluguru Awards for the year 2014....

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New phone now hits TZ market

Details >The latest versions of Samsung’s Galaxy S series phones (Galaxy S5) are now available in the country....

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SA advised to tighten monetary policies

Details The South African Reserve Bank may have to raise borrowing costs to protect the country against the outflow of capital and limit the effect of a weaker rand on inflation, the International Monetary Fund (IMF) has said....

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Internet users hit over 9m

Details Where do Tanzanians access internet services from? This is an important question to ask as Tanzania’s uptake to internet services has kept growing tremendously, now reaching nine million users....

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ABC, Atlas create premier sub-African banking group

Details ABC Holding and Atlas Mara will combine with African Development Corporation (ADC) to create a Sub-Saharan financial services group building on Banc ABC’s brand and multi-country banking platform....

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Curb capital flight, expert tells African countries

Details Executive Secretary of the Economic Commission for Africa, Carlos Lopes has called on countries to tackle capital flight and tax havens in Africa with a sense of urgency....

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Firm plans more Dar rail commuter routes

Details  Reli Assets Holding Company (Rahco), the state-owned firm responsible for railway infrastructure, plans to construct new rail routes to increase commuter train services in the commercial capital, Dar es Salaam, the firm said....

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Copper prices expected to fall in 2nd half of 2014

Details The global copper market is expected to post a moderate surplus this year, which will result in copper prices remaining under pressure, the fifth instalment of Thomson Reuters’ ‘GFMS Copper Survey 2014’ has found....

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IMF cuts growth forecasts

Details  The International Monetary Fund (IMF) on Tuesday lowered its global economic growth forecasts for this year and the next, saying the world economic activity is strengthening, but it remains weak and uneven as slow-burn risks linger....

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Farmers to benefit from Sh40bn loans

Details Farmers in parts of sub-Saharan Africa are set to benefit from a $25 million (Sh40 billion) risk sharing facility from the Africa Agriculture and Trade Investment Fund (AATIF)....

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Of Shakespeare, Edwin Mtei and the British Council...

Details Three weeks ago, I penned some historical anecdote in these columns titled ‘Beware the Ides of March, warned the soothsayer...’...

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Should ‘impressive’ economic growth in Africa be celebrated?

Details Reports about ‘impressive’ economic growth on the African continent in general and Sub-Sahara Africa in particular are not short in supply....

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Award winner unveils secret behind success

Details For auditor, business consultant and tax expert Hanif Habib of Dar es Salaam, life is supposed to be dynamic for one to make and get the most out of it....

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Rwanda’s 20 years’ journey of hell, healing experience

Details In the early morning of April 7, 1994 all hell broke loose in Rwanda. A few hours earlier, President Habyarimana’s plane had been shot down and crashed in the garden of his own palace....

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Samsung Galaxy S5 in Tanzania next week

Details  Samsung Electronics Tanzania is set to unveil its highly anticipated flagship device- Samsung Galaxy S5 in the country on Friday next week (April 11, 2014), the company said yesterday....

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ADF okays $53m for Tanzania project

Details The board of directors of the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB) Group, approved a $52.55million to help finance a Technical, Vocational Education and Training and Teacher Education programme (TVET) in Tanzania....

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Leased plane boosts ATCL performance by 57 per cent

Details Air Tanzania Company Limited (ATCL) has recorded a 57 per cent increase in passenger uplift just few weeks after receiving the leased 50-seater CRJ-200 aircraft and also stepped up its on-time performance to 98 per cent....

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Executive: Cooperate to tackle fakes

Details Counterfeits are a global problem whose solution is a holistic approach that involves all stakeholders, an executive of an electronic firm has said....

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Fuel prices up as shilling dips

Details  Motorists will have to pay more this month following an increase in fuel prices....

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WB approves Sh136bn for Tanzania

Details The World Bank (WB) has approved $85 million (Sh136 billion) to support Tanzania’s efforts to strengthen its capacity to manage public expenditure, business climate and make the power sector sustainable....

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Exim expands in Comoros

Details Exim Bank Tanzania has opened its fourth branch in Domoni, Anjouan....

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Gas company rights issue oversubscribed by 33pc

Details TOL Gases Limited’s rights issue has been oversubscribed by 32.7 per cent at the Dar es Salaam Stock Exchange (DSE)....

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Sale of NHC’s 118 houses starts April 23

Details The National Housing Corporation (NHC) yesterday announced that it will start selling 118 houses on April 23....

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Anti-poaching campaigner widens scope

Details A Tanzanian tourism and conservation campaigner is to take the war against poaching to the US as part of efforts to sensitise the international community on the dangers of ivory trade to fragile economies....

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Hotel to spend Sh14 billion on expansion

Details Kibo Palace, one of the leading tourist hotels in Arusha, plans a major expansion costing Sh14 billion, the managing director Vincent Laswai, announced last week....

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Japan gives Sh6bn grant to Tanzania

Details  Tanzania yesterday signed an agreement with the Japan International Cooperation Agency (Jica)....

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13 new investors get EPZA nod

Details A total of 13 new investors have been issued with licences by the Export Processing Zone Authority (EPZA)....

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Hunger ‘eats up 16.5 per cent of Africa GDP’

Details Child under nutrition caused by hunger is causing an estimated loss of between 1.9 per cent and 16.5 per cent of gross domestic products (GDP) among African countries as costs to health and productivity per year, a new study shows....

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Company moves to boost telecoms

Details Telecommunications infrastructure firm Helios Towers, has launched a new service that seeks to ensure a good and reliable telecoms networking in the country....

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Govt advised to rethink tax administration procedures

Details Early this month, Acquisition International magazine of the US announced winners of the 2014 International Tax Awards that recognise outstanding achievements of individuals and companies within the tax industry....

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Online outlets now creating jobs

Details Online news ventures have added nearly 5,000 US media jobs in the past few years, boosting an industry that is still reeling from technology changes, a study showed on Wednesday....

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Ecobank eases Sino-Tanzania transactions

Details >Businesspeople, banking with Ecobank Tanzania Limited (ETZ), will now be able to transact directly with their Chinese counterparts without the involvement of a third party, thanks to a new initiative launched in Dar es Salaam earlier this week....

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Insurance firm doubles its net profit

Details >African Life Assurance closed last year with net profit growth of 100 per cent from Sh5.2 billion in 2012 to Sh10.3 billion....

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Mtwara builds Sh5 billion dumpsite

Details >In a move to respond with increased activities following the discovery of gas, Mtwara Municipal Council is finalising construction of a Sh4.96 billion sanitary landfill site, the largest ever in the country....

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DHL keen to reinforce service points across Tanzania

Details DHL Express Tanzania has launched a new state of-the-art service point at Five Star Complex off Nyerere Road in Dar es Salaam as part of the company’s commitment to reinforce its service points across the country to serve its growing customer base....

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Uganda, three oil firms sign $20m deal

Details With the signing of the memorandum of understanding between the government and three oil companies, Uganda could benefit from investments worth $20 billion....

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Tax body grapples with scourge of smuggling

Details The Tanzania Revenue Authority (TRA) is still grappling with the importation of goods through informal trade routes, known as “panya routes”....

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JK: Adopting outgrower plan possible

Details Korogwe. The government will look into the possibility of adopting smallholder and outgrower schemes in big farms all over  Tanzania, President Jakaya Kikwete said....

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214 houses up for grabs at Dar suburb: NHC

Details >The National Housing Corporation (NHC) yesterday announced another round of sale of 214 houses at Mwongozo in Kigamboni....

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Tuico seeks to block Shoprite transfer

Details >The Labour Division of the High Court will  today hear an injunction filed by  the Tanzania Union of Industrial and Commercial Workers (Tuico) that aims  at blocking business ownership transfer from Shoprite Checkers (T) Limited to Nakumatt of Kenya....

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Investors’ bids for T-bond surpass target by Sh86bn

Details >The two-year Treasury bond was oversubscribed by 277 per cent last week, propelled by evidence of existence of huge amounts of monies in the economy....

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MARKET DATA REVIEW: Privatisation as vehicle for promoting capital market

Details >Privatisation is the process of transferring ownership of a business, enterprise, agency, public service, or public property from the public sector (a government) to the private sector....

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