Tanzania - The Citizen - Business News

Devalued yuan shakes EA currencies

Details East African economies are caught up in a global currency war that could see the local units weaken in the face of cautious devaluation of the Chinese yuan and a US interest rate hike that could come as early as next month....

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Foundation establishes loans fund

Details Vodacom Foundation has set aside Sh200 million that will be loaned to women entrepreneurs through their village community banks (Vicoba) as a way of helping them to become economically independent....

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Regional assembly okays bill

Details Artistes and other players in the cultural and entertaining sectors in East Africa are set to benefit from the recently passed EAC Culture and Creative Industries Bill, 2015 by the East African Legislative Assembly (Eala)....

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US economy grew 3.7 per cent in Q2

Details The US economy grew much stronger than first estimated in the second quarter, at an annual rate of 3.7 per cent, the Commerce Department reported yesterday. The number for gross domestic product was initially reported at 2.3 per cent on July 30....

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High risk in aviation industry scares away local millionaires

Details From manufacturing, real estate to road transportation, participation of Tanzanian investors is noticed but not in the aviation sector....

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Z’bar chefs to get more cooking knowledge

Details A new entrant into the hospitality industry, Park Hyatt Zanzibar, plans to use its global experience to impart knowledge to its chefs...

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Oil prices firm, but remain near six-year lows ahead of US report

Details Oil prices turned higher yesterday but remained near six-year lows ahead of the latest US energy report after jitters over China’s faltering economy spurred heavy losses earlier this week....

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We’ll pay pension funds: govt

Details The government’s total debt to social security funds amounts to Sh8.43 trillion...

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Service for M-Pesa customers eased

Details Tanzania’s M-Pesa customers can now receive and send money in less than five minutes around the world....

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Longest vessel to berth at Dar port

Details This, however, is just the start, says a CEO...

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Bank opens branch as losses fall

Details The First National Bank (FNB) opened its newest branch in the city yesterday amid reports that its operating losses are declining as it moves towards the breakeven point....

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Vodacom incurs wrath of TCRA

Details The Tanzania Communications Regulatory Authority (TCRA) has fined Vodacom Tanzania Sh22 million for failing to comply with the regulations....

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Barclays Bank Tanzania launches ‘Switch Campaign’

Details Barclays Bank Tanzania is introducing a campaign that seeks to market its salary account to existing and prospective clients....

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Emerging economies let currencies slide

Details Currencies in Asia have especially suffered from speculation that the US Federal Reserve will soon lift interest rates...

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Germany deep water port ready for giant cargo ships

Details Wilhelmshaven seeks to give Rotterdam and Antwerp a run for their money...

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Bending over backwards for China?

Details South Africa’s education minister has announced that Mandarin, the group of related Chinese dialects that together are spoken by nearly a billion people—more native speakers than for any other language—will be phased in as an optional and examinable subject in public schools from January 2016....

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Govt buys 26pc shares to retake General Tyre

Details The government has taken back General Tyre East Africa Limited (GTEA) after purchasing 26 shares owned by US-based company, Continental AG, at a price of one million US Dollars (Sh2.1 billion)....

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New policy on private sector in the offing

Details Tanzania is in final stages of drafting a private sector development policy and strategy which seeks to create a conducive business environment among businesses....

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Commodity exchange to raise agriculture share to economy

Details Contribution of agriculture to Tanzania’s economy is seen rising soon when the Commodity Exchange market starts....

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Plea for next government to invest amply in transport sector

Details Million dollars that will be injected by three organisations in a project of upgrading the Dar es Salaam Port in three years...

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Overnight borrowing cost falls

Details Interbank rate fell to 4.40 per cent on Tuesday from 20 per cent early this month...

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$105bn lost as jumbos killed in Tanzania

Details Tanzania lost more than $105.15 billion in the past five years due to poaching, a latest report reveals....

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Vacate BRT lanes, petty traders told

Details Petty traders and others who misuse Bus Rapid Transit (BRT) trunk lanes here have been ordered to vacate the areas as the date for the project kick-off nears....

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Trading of PTA Bank bond begins

Details The oversubscribed PTA Bank bond worth Sh33.7 billion began to be traded at the Dar es Salaam Stock Exchange (DSE) yesterday, giving investors a new avenue in which to inject their cash....

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Gold down on hopes of US rate rise

Details Average world market prices for gold decreased in June by 1.4 per cent to $1181.5 per troy ounce compared with the preceding month, a Bank of Tanzania (BoT) report has established....

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330 city bus plan drivers for training

Details A training programme for 330 drivers for the interim phase of the Bus Rapid Transit (BRT) was officially launched here yesterday by the minister of State in the Prime Minister’s Office (Regional Administration and Local government), Ms Hawa Ghasia....

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Borrowing cost falls slightly

Details BoT figures show lending rates fell in June to 6.07 per cent from 6.10 per cent in May...

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Bodaboda riders get donation of thousand reflective jackets

Details StarTimes would like to see road accidents are minimised if not averted completely in the country,...

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Air Tanzania’s Dar-Mwanza flights resume

Details The state-owned company had suspended the route in August 2014 and resumed it on Saturday evening....

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Up game to gain edge in tourism, TZ told

Details Tanzania should be more aggressive in marketing its rich tourist destinations and improve its infrastructure instead of complaining it was being unduly overshadowed by neighbouring Kenya for the sector’s sweet cake....

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Be more innovative, insurers urged

Details Insurance firms have been challenged to be more innovative by designing more friendly products that will attract more customers....

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Buyer beware of the “AS IS” clause in contracts

Details Homes & Property...

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Question and Answer in Real Estate

Details HURDLES IN OWNING A PROPERTY IN ZANZIBAR...

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Sh2.66bn water projects set to benefit thousands in 2 regions

Details Over 13,700 citizens in Coast and Morogoro regions are set to benefit from safe and clean water as the government steps up efforts to make the vital liquid accessible to an increased number of Tanzanians....

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Dar es Salaam-Mwanza ATCL flights set to resume

Details Air Tanzania Company Limited (ATCL) will resume flights on the Dar es Salaam-Mwanza route tomorrow, the state-owned firm said yesterday....

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Weak shilling eats into NMB’s profit

Details The DSE-listed lender registered a post-tax profit of Sh77 billion during the period between January and June 2015...

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Top 100 firms’ list to be unveiled today

Details The survey, initiated by Mwananchi Communications Limited (MCL) and KPMG, will be releasing its fifth results...

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Businessmen challenged to go beyond the borders

Details Traders in the country have been urged to extend their operations to other East African countries in order to tap abundant business opportunities available out there....

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Visa Platinum US dollar debit card for bank clients launched

Details Barclays Bank Tanzania yesterday launched its Visa Platinum US dollar debit cards that will help the bank’s clients – who hold US dollar accounts – to access their money globally....

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Local government advised on bank loans

Details East African Cooperation minister Harrison Mwakyembe has advised local authorities to formulate strong feasible proposals that will easily win the hearts of commercial banks in the endeavour to hasten the speed of the development in their areas....

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Unease still felt on energy laws

Details Three energy-related bills drew protests from the opposition and civil society organisations...

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Vodacom keen to invest more in rural coverage, pledges new CEO

Details Vodacom Tanzania has introduced its new managing director Ian Ferrao who promised to accelerate the firm’s investment for expanding rural coverage....

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Producers to focus on new trends

Details Latest trends in manufacturing practices will be the hallmark of the first Manufacturing Business Summit and Exhibition in East Africa that will be held in Kampala early next month....

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Mining zone collects Sh2bn

Details The Southern Mining Zone surpassed a target of non-tax revenue collection in the 2014/15 financial year, according to the Ministry of Energy and Minerals....

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Museveni asks DR Congo to join EAC Common Market

Details President Museveni has asked the people of Kasese District to convince their counterparts in neighbouring DR Congo to join the EAC Common Market in order to benefit from the integration....

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EAC gets $2bn from creative industry: SG

Details It may be taken for granted, but the East African Community (EAC) bloc earns a whooping $2 billion from its creative industry a year, nearly 20 times the annual budget of the Arusha-based regional organisation. The industry has been described as one of the most rapidly growing sectors not only in income, but also job creation as well as export trade....

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We’ll strike, say freight forwarders

Details The actual date and day on which they will down tools are not yet public...

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Deposit revenues before spending, authorities urged

Details The government has called upon local government authorities (LGAs) to cultivate a tendency of banking all their collected revenues before making expenditures for the same....

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Vehicle assembly plant takes shape

Details The company will set up centres at various locations in the country to enable farmers to access spare parts...

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House prices skyrocket as property taxes climb

Details We have noticed a growing interest in real estate development in Tanzania especially by new entrants. Is this good for the industry?...

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