Business urges speed in Customs Union

By Zephania Ubwani, Arusha

The business community in East Africa has called for the speedy implementation of the EAC Customs Union to enable it to move forward.

A recent survey commissioned by the East African Business Council(EABC) shows that businesses in the region want the implementation expedited so that they can fully benefit from it. More...


[SOURCE: THE CITIZEN]

Cut VAT on cellphones, EA urged

By Samuel Kamndaya

High taxes are making cellphones expensive in East Africa.

To stem the trend, East African Community (EAC) member states should reduce value added tax (VAT) and import duties on mobile phones, Nokia East Africa general manager Gerald Brandjes said. More...


[SOURCE: THE CITIZEN]

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
By JOSEPH MWAMUNYANGE
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]

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...


[SOURCE: THE CITIZEN]

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)
  

Quick Links

• Forum Homepage
  
• Forum Registration
  
• NYSSA Homepage
  
• Angel Africa Homepage
  

Panelists
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
Location:
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
www.investeac.com/REGISTER

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...


[SOURCE: SUNDAY OBSERVER]

EAC Investment Forum

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

Businesses directing gaze to EAC market

By The Citizen Reporter

A delegation of local businessmen will early next month embark on a regional tour that seeks to facilitate cross-border trade, investment partnerships and exploring business opportunities in the four East African Community partner states.

About 100 businesspersons will take part in the tour covering Kenya, Uganda, Rwanda and Burundi. The 10-day business expedition will commence on September 7, coordinators of the trip said yesterday.
Dr Evans Rweikiza, the managing director of the Tanzania Private Sector Foundation (TPSF), the organizers of the tour, told reporters in Dar es Salaam that the tour is part of preparations for the EAC common market. More...


[SOURCE: THE CITIZEN]

East African Payment System in the offing

DANIEL SEMBERYA

THE East African Payment System (EAPS) is expected to
go on stream in December this year, after the central banks
of the three founder member countries of the East African
Community – Kenya, Uganda and Tanzania – had fulfilled
all the prerequisites thereof.
Among the other things achieved by the three central
banks are the implementation of a Real Time Gross
Settlement System (RTGS) using common specifications,
and collateralization of central banks lending to commercial
banks. More...


[SOURCE: BUSINESS TIMES]

Impact of EACU on regional intra-trading remains hazy

2008-08-27 10:51:37
By Adam Ihucha, Arusha

The extent to which the four years old East African Customs Union (EACU) has stimulated intra-trade within the five member states regional bloc so far remains obscure because of lack of a monitoring system, a cabinet minister declared here on Monday.

Tanzania`s Minister for East African Cooperation, Dr. Diodorus Kamala has attributed that situation to the lack of a permanent monitoring system for all of the EACU intra-trade activities, with agreed measurable objectives, verifiable indicators and timeframe benchmarks. More...

[SOURCE: THE GUARDIAN]

E.Africa currencies seen mixed in coming week

By The Citizen Reporter and Agencies

The Kenya shilling is expected to stay under pressure from the dollar in the coming week to Wednesday, while the Tanzanian currency will hold steady and possibly firm slightly, dealers in the region said yesterday.

The Ugandan currency is seen holding steady.

More...


[SOURCE: THE CITIZEN]