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

Tuesday, September 16, 2008

Borrow for development, Tanzanians told

Daily News; Tuesday,September 16, 2008 @07:42

PRESIDENT Jakaya Kikwete has exhorted Tanzanians to draw loans from financial institutions for their own development.

Launching a branch of the National Bank of Commerce (NBC) Limited here on Sunday, President Kikwete said people should not fear to borrow from banks as even "the rich like Bill Gates do borrow." More...


New report urges Africa to diversify exports to fight poverty

2008-09-16 10:45:26
By Beatrice Philemon
Most recent report by Debt, AIDS, and Trade in Africa (DATA) has yet again reminded Africa to diversify its exports further than over-reliance on raw agricultural products as the surest means of increasing its share of global trade.

It is DATA's 2008 report which categorically states that value-added products such as processed foods, apparels, footwear and other labour-intensive agricultural and manufactured goods are vitally important in boosting Africa?s trade in global markets and help uplift the continent from the shackles of poverty. More...


Twiga Bancorp unveils new products

Daily News; Tuesday,September 16, 2008 @00:04
Twiga Bancorp Limited yesterday launched two new products aimed at helping parents and guardians to save money for children's future education and other activities. Speaking at the launching occasion in Dar es Salaam yesterday, the General Manager, Hussein Mbulilo, named the products as Twiga Kids Account and Holiday Account. More...


Lender launches clients' contest

Daily News; Tuesday,September 16, 2008 @00:04

Bayport Financial Service Tanzania has launched a competition for its clients aimed to encourage them on best utilisation of credit. The Bayport Chief Operations Officer, Mr Etienne Coetzer, said in Dar es Salaam yesterday that the competition entailed the selection of 10 clients who have utilized well credits extended to them by investing in business start-ups, education and farming. More...


Monday, September 15, 2008

Wall Street Crunch Continues...

If you follow world financial news, you have probably already learnt of the latest news on the effects of the Wall St. credit crunch. Well, if you haven't, then read here about Bank of America's acquisition of Marill Lynch in an all-sock deal worth USD50bn, as well as Lehman Bros. declaring Chapter 11 bankruptcy protection, after the bank failed to secure a buyer last week, thus sending shares in the US, European and Asian markets tumbling.

Following the acquition of Merill Lynch, S&P has downgraded Bank of America's credit rating, while the collapse of Lehman Bros. has sent shocks in the financial world, since the Investment Bank was 150 years old - the fourth largest in the US. This begs questions about what would happen to the smaller banks, with lesser years of experience. Only 2 months ago we witnessed Freddie Mac Fannie Mae having to rely on the Government to bail tem out.

Back in July we had a discussion on this forum titled "HOW DID THE AFRICAN FINANCIAL SYSTEMS AVOID THE WALL STREET CRUNCH?". There were various views on weather African countries had truly escaped the effects, or was the worst yet to come. Following the proceedings on Wall Street during in the last 2 months, has your view changed in any way? What are the lessons to be learnt by African countries, and Tanzania in particular? Some economists in the US believe the credit crisis is almost over; and only few ripple effects will be felt, but the worst is behind us. What's your view on this?

Treasury Bond Auction Summary - 10/9/2008

TRA seizes Sh6.5bn from Ticts in tax dispute

By Bernard James
The Tanzania Revenue Authority (TRA) has seized Sh6.5 billion belonging to the Tanzania International Container Terminal Services (Ticts) over a tax dispute, The Citizen has learnt.

The state agency, we have established, moved early this month and attached a bank account operated by Ticts, a cargo handling company enjoying lucrative monopoly at the Dar es Salaam port. More...


New `dry ports` in Dar too taxing on importers

2008-09-15 09:32:09
By Michael Mbiro

The move last year to establish two Inland Container Depots (ICDs) as extensions to Dar es Salaam marine port to help decongest containerised cargo has turned out to becoming financial burdensome to importers, reliable sources have revealed.

A random survey conducted by this newspaper recently has uncovered that the initiative hatched by the Surface and Marine Transport Regulatory Authority (SUMATRA) in tandem with the Tanzania Revenue Authority (TRA), Tanzania Ports Authority (TPA) and members of the shipping fraternity, does not work in conformity with interests of importers. More...


Dar will soon be running mega bio-gas project

2008-09-15 09:30:48
By Mgeta Mganga

Dar es Salaam city`s authorities are hatching a plan that will see all degradable solid waste materials turned into raw materials for the production of biogas fuel for generating electric power to feed homes and industries.

A feasibility study is said to have been completed and has already been tabled before relevant regional authorities for further action. More...


Tanzania to export gas to Kenya

President Jakaya Kikwete, left, on an official visit of the Artumas gas exploration plant in Mtwara, southern Tanzania. Photo/LEONARD MAGOMBA
Posted Sunday, September 14 2008 at 10:08

Kenya will be the first destination for Tanzania’s natural gas exports.

The Artumas Group Incorporation, a Mtwara-based gas exploring company, has been given the go ahead by the government to export to Kenya.

A source at the Ministry of Energy and Minerals told The EastAfrican that gas exports to Kenya will depend on whether they can satisfy local demand. The plant has a capacity for 300MW.

The company recently finalised plans to use compressed natural gas for motor vehicles and domestic purposes. More...

[SOURCE: The EastAfrican]