DSE Price Updates

                              TOL 330.00     TBL 1,800.00     TTP 510.00     TCC 1,640.00     SIMBA 1,780.00     SWISSPORT 650.00     TWIGA 1,340.00 -20.00     NICOL 305.00     DCB 360.00     KA 1,500.00     EABL 2,000.00     JHL 5,860.00    
LAST UPDATE: 24/9/2008 - 5:58PM EAT

Friday, September 12, 2008

Mengi: confidence essential tool for business success

2008-09-12 10:34:29
By Felister Peter

Businesspersons have been urged to build self confidence as an essential tool for success in their businesses.

IPP Executive Chairman Reginald Mengi made the call in Dar es Salaam on Wednesday when launching the second Tanzania`s National Business Plan Competition 2008 dubbed ``Believe Begin Become (BBB).``

Mengi said most businesspersons lacked confidence in the things they do, causing many to fail even before they start. More...


Trading of DCB shares starts next week

Dailynews Reporter
Daily News; Friday,September 12, 2008 @08:01

TRADING of shares of the Dar es Salaam Community Bank (DCB) at the Dar es Salaam Stock Exchange (DSE) will begin next Tuesday, it was announced yesterday.

The Chairman of DCB Board of Directors, Mr Paul Rupia, said those wishing to sell their shares would be free to do so on Tuesday.

He said that following the oversubscription of the firm’s initial public offer (IPO), the Bank of Tanzania (BoT) on August 28, granted it approval of its revised business plan.

He said: “Under the revised plan the bank (DCB) will retain 5.2bn/-, the whole amount that was raised during the IPO.

“The amount exceeded what was earlier provided in the prospectus.” More...


Centre to start investment scheme

By The Citizen Reporter
The Tanzania Investment Centre (TIC) will launch a programme of identifying various investment opportunities all 26 regions in the country.

The programme, known as the Regional Partnership Programme, will be launched in Dodoma tomorrow.

"The goal of the programme is to promote investment at regional levels by promoting investment attractions in each region," reads a TIC statement in Dar es Salaam yesterday. More...


MDGs: UN Task Force identifies weaknesses


AS MEMBER countries of the United Nations prepare fortheir annual conference at UN Headquarters in New York later this month, a recent UN Report identifies trade and aid as still being major barriers to achieving anti-poverty goals in the poorest countries of the world. The September 4, 2008 Report by the MDG Gap Task Force on the Millennium Development Goals also notesthat there has been “significant progress in debt relief for the poorest countries,” as well as “improved access to medicine and technology; but more needs to be done.” More...


In a related story, Theo Mushi from THE GUARDIAN writes: Millennium Development Goals are off track - UN report:
Most recent report to be tabled before the United Nations General Assembly next Tuesday to mark midpoint implementation of Millennium Development Goals (MDGs) will be casting doubts on African continent`s readiness to meeting a good number of stated development targets.

The report as already seen notes that internationally agreed development goals and MDGs provide a globally endorsed framework to address a number of development challenges and crises facing Africa through the pursuit of sustainable development. More...

Starting business now tougher, says W. Bank

Starting a new business in Tanzania is more difficult today than a year ago, a World Bank report says. And adding insult to injury, getting credit for start-up capital is equally more difficult.

The report tittled, 'Doing Business 2009', a copy of which was made available to The Citizen in Dar es Salaam, has detailed seven out of 10 indicators in which Tanzania has lost ground. More...


Uganda shilling set to firm in medium term

The Citizen Correspondent, Kampala, and Agencies

Uganda's shilling will firm against the US dollar in the medium term on bigger inflows of greenbacks from foreign investors despite record inflation offsetting some of the gains, dealers say.

"Three months from now, we expect a lot of inflows from offshores, NGOs and Ugandans living abroad. This will definitely create a bit of pressure on the dollar towards the end of the year," said Ronnie Mutebi, a dealer from Bank of Africa. Donors have hailed Uganda as a beacon of macroeconomic stability after years of steady growth, but high global oil and food prices have hit East Africa's leading economies hard. More...


Thursday, September 11, 2008

All construction firms ordered to employ qualified engineers

2008-09-10 09:40:02
By Felix Andrew

The government has ordered all contractors working in Tanzania to ensure that they only hire qualified engineers to supervise their construction projects.

This was said in Dar es Salaam last week by the Minister for Infrastructure Development Dr. Shukuru Kawambwa soon after opening the 6th Annual Engineers Day (AED-2008) which was organised by the Engineers Registration Board (ERB). More...


NMB to refund Sh37bn to would-be investors

By Mnaku Mbani

The National Microfinance Bank will have to refund would-be investors more than Sh37 billion following oversubscription of its initial public offer (IPO).

Preliminary reports on the IPO, which opened on August 18 and closed on Monday, indicate that it has been oversubscribed by over 42 per cent.

The Consolidated Holding Corporation announced on Tuesday that a total of Sh100 billion was recorded from the sale of the State's 21 per cent stake in the bank. The Government remained with a 30 per cent stake following the floatation of 105 million shares to the public at Sh600 per share. More..


Cotton prices crashing down contrary to predictions

2008-09-11 10:03:13
By Felister Peter, recently in Mwanza

Cotton farmers will be earning not as much out of every unit they will be selling this year because the global price for the commodity has tumbled compared to last year, reliable sources have indicated.

Price indicators for the crop were revealed recently in Mwanza region by the Kwimba District Commissioner Danhi Makanga. More...


Dr Migiro: Impact of Aids bad for African economies

2008-09-11 10:13:19
By Guardian Reporter

United Nations deputy secretary general Asha-Rose Migiro has said the impact of HIV/Aids has made assessment of the way the pandemic has affected economic development in Africa especially difficult.
She said this when addressing the Third Symposium of the UN University and Cornell University Africa Series on ``The Social and Economic Dimensions of HIV/Aids in Africa`` in New York on Tuesday. More...


Dodoma varsity students due to report in phases

2008-09-11 10:06:13
By Guardian Reporter

Students who have been enrolled at the University of Dodoma (UDOM) for the 2008/09 academic year will report for studies in two clusters, according to a notice issued by the University administration.
According to the notice, made available to `The Guardian`, yesterday students in cluster One, will start their academic year in September 27, this year, while those in cluster two are set to commence their programmes early December, this year. More...


Govt reassures TRL workers on 200,000/- minimum wage

008-09-11 10:04:51
By Patrick Kisembo

The government has said it is working hard, in collaboration with the management of Tanzania Railways Limited (TRL), to ensure the company workers are paid new minimum salaries as agreed.

Infrastructure Development public relations officer Martin Ntemo said on Monday that the government had held several meetings with the TRL management to discuss the issue. More...


Nitty gritties of the upcoming EA investment forum

The Global Investing Committee of the New York Society of Security Analysts (NYSSA), in partnership with the Association of New Generation of Leaders for Africa (AngelAfrica), would like to invite you to the East Africa Investment Forum which aims to provide a platform for governments, private companies, and financial institutions to showcase investment opportunities in East Africa.

The regional block called the East African Community (EAC), is made up of Burundi, Rwanda, Uganda, Kenya, and Tanzania, countries covering 701,028 sq. miles that represent a market of 125 Million people and a combined GDP of US $104.2 billion.

Attendees will hear from among others, government officials, investment agencies, directors of local and multinational financial institutions, and emerging market fund managers and private equity benefactors.

They will learn what leading experts have to say about the Region's economic outlook, its market potential and why this is the right time to venture into this virgin economy. Most importantly, they will share their proven strategies and solutions that are making their ventures succeed in East Africa.

For further information about the Investment Forum please visit http://www.investeac.com

    Conference Focus
  • Financial Sector developments: Capital Markets, Private Equity & Banking
  • Recent growth and trends in Regional stock-markets, IPOs, Market integrations and harmonization, Cross-listing and Cross-trading, and future prospects
  • East Africa's Private Equity landscape, risks and rewards, sovereign ratings, and opportunities in project financing
  • Regional expansion and growth of the corporate and commercial Banking sector, new financial products (e.g. Islamic banking, micro-finance, credit guarantee schemes, credit background), the regional macro-economic environment
  • ICT and Business Process Outsourcing: Exposing American business to East Africa's ICT regulation, Infrastructure development, Knowledge Process Outsourcing (KPO) and Business Process Outsourcing (BPO)

    Confirmed panelists include:
  • Heri Bomani, Managing Director of Kenya Commercial Bank (KCB) in Tanzania
  • William Mpambika Chiume, Founding Partner of EAEconomics & Former Director of Investment Promotion, Tanzania Investment Center
  • Robert Fogler, Managing Director of the Thousand Hill Venture Fund
  • Nyagaka Ongeri, Managing Director of Debt Capital Group at Barclays Capital
  • Cherian George, Managing Director - Americas Global Infrastructure & Project Finance, Fitch Ratings
  • Ashley Bendell, Associate Director - African Equities, Exotix USA
  • Susan Tuttle, Director of Woldwide Innovation Policy IBM
  • Paul Kukubo, CEO of Kenya ICT Board
  • Brian Herlihy, President of Seacom
  • Dr. Jabulani Dhliwayo, CEO of JC Broadband, Nepad Council ICT Department Chair

Date and Venue
1177 Avenue of the Americas (between 45th and 46th Streets)
2nd Floor
New York, NY 10036-2714

Date: September 19th, 2008
Time: 8.30am-4.30pm

For Registration Information Please visit

Goats grazing in downtown Los Angeles

Dear forum members. I just came across this photo on The Telegraph website and I thought I'd share it with you.

A goat-keeper watches over a herd of 100 South African Boer goats chew through tough weeds and dry grasses to clear a steep hillside lot near the Angels Flight funicular railroad in downtown Los Angeles

Wednesday, September 10, 2008

De Beers calls it quits at Mwadui Diamonds

2008-09-10 10:02:53
By Guardian Reporter

Williamson Diamonds Limited`s all-time majority shareholder, De Beers, yesterday concluded a deal that saw its entire 75 per cent stakes changing ownership to Petra Diamonds Limited (Petra).

The transaction earned De Beers, which has operated its interests at WDL through Willcroft Company Limited in a joint venture with the government of Tanzania over the past 50 years, an instant USD10 million (about 11.7bn/-). More...


Did Museveni ditch Tanzania?

2008-09-09 22:42:17
By Mbena Mwanatongoni

Tanzania has threatened to take stern measures including convincing other members of the Nile Basin Initiative to react, should Dar es Salaam prove that Uganda might have entered into a secret deal with Egypt on bilateral arrangements on the use of the River Nile's waters, in July, this year. More...


Bank M opens third branch in Dar

Daily News; Wednesday,September 10, 2008 @00:04

Bank M (Tanzania) Limited has opened its third branch in Dar es Salaam, in what officials described as "a remarkable achievement on its geographical expansion strategy." The new centre, dubbed Money.

Shoppe @ Uhuru, is located at Uhuru Street in the vibrant Kariakoo Business Area, the bank said in a statement issued yesterday. The bank's Co-Head - Corporate Banking, Jacqueline Woiso, said that the bank was opening a centre in Kariakoo, due to high demand for banking services at the area. More...


Tuesday, September 9, 2008

EAC Investment Forum

Fore more details please visit http://investeac.com/ and http://tzcommoncents.com/

Why gold prices could fall to $600 an ounce

I came across this interesting article on BUSINESS TIMES, written by CHRIS WEBER. Since Gold is still the hottest thing to have been discovered in Tanzania in recent years, I figured it would be a nice article to share with you all.
According to NYMEX, Gold is currently trading at low as USD 783.4 per troy ounce. And future prices do not show much promise of going up. Could the author be right then in predicting that prices could fal to USD600 per T.O.?

THE price of gold rose during the 1970s. In fact, it soared from US$35 in January 1970 to a high of $850 in January 1980, that was a rise of 2,329 per cent! But, for most other investment classes like stocks and bonds, the decade of the 1970s was dismal. But what is often overlooked – except by those who actually lived through that era and were holders of gold – is that there was a long period in the middle of the decade when gold either went nowhere or lost up to 50 per cent of its value. No price goes up – or down – forever. And even the mightiest bull market makes time to correct. It has often been observed that a price can retrace its prior great move by 50 per cent. More...

Speaker talks on unfulfilled promises of development partners

By Vicent Mnyanyika

Development partners are central to budgetary problems that Governments in developing countries face, the speaker of the National Assembly, Mr Samwel Sitta, says.

Speaking to a delegation of the Inter-parliamentary Union of the United Nations, he said countries like Tanzania experienced unfulfilled pledges from development partners.

Mr Sitta said failure to honour their pledges brought problems since many development programmes failed to kick off for lack of funds. More...


Freighters slam hard on inefficiency at dry ports

2008-09-09 10:51:05
By Michael Mbiro

Although a plan hatched last year to decongest Dar es Salaam marine port through establishment of Inland Container Depots (ICDs) somewhat looks like doing well, cargo freighters claim pitiable cargo handling capacity was still the cause of prolonged movement delays.

Freighters and importers of containerised cargo do no longer have to put up with prolonged clearance delays at the marine port, rather the headache has now shifted its location to the ICDs. More...


Monday, September 8, 2008

Sacked BoT officials set for court battle

By Bernard James

The Bank of Tanzania (BoT) could face legal suits running into billions of shillings over the External Payments Arrears (EPA) scandal, The Citizen can reveal.

Senior BoT officials sacked this year over the embezzlement of Sh133 billion from the bank's EPA account are challenging their dismissal.
They were removed from their posts over irregular payments to 22 companies in what has turned out to be a major scandal that has rocked President Jakaya Kikwete's government. Five top officials have been affected in the purge. More...


DSE registers low turnover

Daily News; Tuesday,September 09, 2008 @00:04

The Dar es Salaam Stock Exchange (DSE) yesterday posted a 1.76m/- turnover after 1,100 shares changed hands in two deals. The bourse witnessed a steep drop from 27.22m/- turnover recorded on Friday, when 15,500 shares traded in 6 deals.

Two counters were active yesterday. The Tanzania Portland Cement Company (TPCC), which trades at the bourse as Twiga moved 500 shares, traded at 1,360/- each in a single deal. The Tanzania Breweries Limited had 600 shares traded at 1,800/- per share in one deal.

At the end of the session, TWIGA counter had 10,000 shares on bid at 1,340/- per share and 6,900 shares on offer at 1,360/- and 1,420/- per share. The National Investment Company Limited (NICOL) counter had 24,600 shares on offer at 305/- per share. TBL counter had 5,000 shares on bid at 1,800/- cum dividend per share.

The Tanzania Cigarette Company (TCC) had 2,000 shares on bid at 1,640/- cum dividend per share. The Tanga Cement Company (Simba) had 3,400 shares on bid at 1,720/- per share. The aviation services company, SWISSPORT, had 3,200 shares on offer at 650/- cum dividend per share. The Tanzania Oxygen Limited (TOL) had 1,700 shares on bid at 330/- per share.


Final privatisation tasks placed under Consolidated Holding Corporation

2008-09-08 08:57:41
By Theo Mushi

The process of privatising loss making state owned enterprises started way back in 1992, with the establishment of the Presidential Parastatal Sector Reform Commission (PSRC).

Having completed most of its work, in November, 2007, all the remaining tasks of the PSRC were vested to Consolidated Holding Corporation (CHC). More...


Ultramodern USD100m conference complex due to be built in Arusha

2008-09-08 09:07:01
By Regional Reporters

AN ultra-modern international convention and exhibition centre, the first of its kind in Tanzania would be built in Arusha.

The Arusha International Conference Centre (AICC) is behind the project as part of its efforts to promote congress-tourism and bring more foreign visitors to the country and Arusha in particular. More...