| Africatime
Tuesday 28 March 2017
(Reuters (Eng) 03/24/17)
Gold miner Acacia Mining said it was incurring an average daily loss of more than $1 million in revenue at its two mines in Tanzania due to a local government directive banning exports of gold and copper concentrate. Shares in the company were down as much as 1.6 percent in early morning trade, compared with a marginally lower FTSE mid-cap index. Tanzania's energy and minerals ministry imposed a ban earlier this month on sending copper concentrate or mineral sand for processing abroad, putting 30 percent of Acacia's revenue at risk. Acacia, majority owned by Barrick Gold, has three gold mines in Tanzania that also produce copper. Tanzania is Africa's fourth-largest gold producer and Acacia its...
(Xinhuanet 03/20/17)
The World Bank said Monday that Tanzania would be able to access an estimated 2.4 billion U.S. dollars in concessional financing over the next three years, an increase of half a billion dollars over the past three-year period. Visiting World Bank President Jim Yong Kim said the bank was encouraged to hear about the tremendous reform efforts by the the government of President John Magufuli. He made the remarks at the launching ceremony for the construction of Ubungo Interchange in Dar es Salaam undertaken by China Civil Engineering Construction Corporation (CCECC), which is funded by the World Bank with a total of 80.96 million dollars.
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(New Vision 03/17/17)
Irene Muloni, the Minister of Energy and Mineral Development expressed optimism that the pipeline will be done by 2020 The deliberations were heated. The media was locked out. After more than eight hours behind closed doors, the talks between Ugandan and Tanzania officials regarding the crude export pipeline ended past 9pm on Thursday night. After the talks, Prof. Sospeter Muhongo, the Tanzanian minister of Energy and Minerals revealed to waiting journalists that an inter-governmental agreement between Uganda and Tanzania will be reached this month regarding the subject. “The discussion today was fruitful. We are 85% sure that we may come up with an inter-governmental agreement document by the end of this month.
(News Day 03/17/17)
The recent mission by Tanzanian buyers in Zimbabwe is expected to generate export business worth $1,5 million in the next six months and there is a huge potential for more business, an official has said. Trade promotion body ZimTrade recently hosted an eight-member Tanzanian business delegation, which sought to make orders from local companies. The buyers were drawn from pharmaceuticals, agricultural implements and inputs sector companies. ZimTrade’s public relations officer, Dillon Kamutenga, told NewsDay that the recent mission by Tanzanian...
(Xinhuanet 03/17/17)
Amid an ever rising cost of paraffin in Kenya, adoption of solar lamps for night fishing is rapidly becoming a cheaper source of power for fishermen at the expansive Lake Victoria in Western Kenya. A liter of kerosene cost an average of 0.55 dollars in March, 2015 against the average 0.7 dollars in early 2017 thus increasing the cost of input for the fishermen who spend 12 hours in the waters searching for a healthy catch. However, solar lamps are...
(Reuters (Eng) 03/17/17)
Tanzania has awarded a coal mining licence to the local unit of Nigeria's Dangote Cement as part of plans to lower the company's production costs and ease disruptions caused by energy shortages. The cement maker suspended output in December, citing technical problems and high production costs, but has since resumed making the building material. "The process of allocating a coal mining area to the Dangote cement factory was completed on March 11," Tanzania's energy and minerals ministry said in a...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(Xinhuanet 03/10/17)
Tanzania stand at the ongoing 2017 tourism showcasing event of Internationalle Tourismus Borse (ITB) continues to attract many visitors following the display of key tourist products including the excavated Laetoli footprints of early humans. Devota Mdachi, managing director of Tanzania Tourist Board (TTB) said on Thursday that a Laetoli footprint of early humans is one of many tourist destinations available in the country, which shows that the origin of humans being is in Tanzania, an important historical phenomenon. "This alone a great tourism icon for our country that we are proud of," Mdachi said in
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(Xinhuanet 03/03/17)
Tanzanian authorities on Thursday closed four liquor making factories on the first day of the crackdown against the outlawed sachet-packed liquors The crackdown was conducted by officials from the Vice President's Office, National Environment Management Council (NEMC), Tanzania Food and Drugs Authority (TFDA), Tanzania Bureau of Standards (TBS), Tanzania Revenue Authority and the police. Heche Suguta, the NEMC Senior Legal Officer, said in a statement that most of the closed factories were operating illegally and most were based in Tanzania's...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Xinhuanet 03/01/17)
The World Bank announced on Tuesday that it has approved 130 million U.S. dollars in additional financing for infrastructure investments in seven cities in Tanzania. The bank said in a statement that residents in the seven rapidly urbanizing cities in the East African nation will benefit from the funding to scale up infrastructure investments and promote growth. The statement said the Tanzania Strategic Cities Project (TSCP) covering seven strategically important cities of Tanga, Arusha, Mwanza, Kigoma, Dodoma, Mbeya and Mtwara...
(Xinhuanet 03/01/17)
The Tanzanian government on Tuesday commended Chinese investors for a decision to build a giant cement manufacturing plant in the northeastern coastal city of Tanga. The proposed plant is expected to be the giant in east and central Africa. "The Chinese investors' move is recommendable as it meant to meet country's cement demand as well as making the products is available at a relative low price," said Tanzanian Prime Minister Kassim Majaliwa. He made the remarks when he met with...
(Xinhuanet 02/28/17)
Tanzania is set to include the Africa's tallest indigenous tree into the list of the country's must-visit tourist hotspots, authorities have said. The 81.5-meter Entandrophragma excelsum sits on one of the foothills of yet Africa's tallest mountain, the world-famous Mountain Kilimanjaro. Said Mecky Sadiki, Kilimanajaro Regional Commissioner, said Monday he would lead a team of regional senior officials on the tour to tree's location to pave way for its pending launch and international publicity. "This is one of the untapped...
(Tanzania Daily News 02/22/17)
ANNUAL value of exports of goods and services has increased by 5.2 percent to 9,381.6m/- US dollar in December 2016, according to the Bank of Tanzania (BoT) monthly economic review for January, 2017. According to the report, to a large extent, the increase came from improved performance across the major exports, save for manufactured goods exports that slightly declined. Annual value of traditional export rose by 11.6 percent to 885.6m/- US dollar in December 2016 from the corresponding period in...
(Tanzania Daily News 02/22/17)
THE Dar es Salaam Stock Exchange equity market turnover weakened by 44 percent, closing this week at 228m/- compared to 406.46m/- posted on the previous week. The top trading equities that dominated the market share in this week were Tanzania Breweries Ltd (TBL) at 33 percent, followed by Mwalimu Commercial Bank (MCB) at 20 percent and the self-listed Dar es Salaam Stock Exchange (DSE) at 18 percent. Others in the list include Mkombozi Commercial Bank (MKCB) at 9percent, CRDB Bank...
(Daily Nation 02/22/17)
Bungoma Governor Ken Lusaka has been caught up in a high stakes trade war between Kenya and Tanzania after an Arusha company alleged he had instructed it to label fertiliser bags it was exporting "Made in Kenya". Tanzania took the matter so seriously that Prime Minister Kassim Majaliwa on Monday visited Minjingu Fertiliser Plant, a few kilometres from Arusha on the Dodoma Highway. This was after it was discovered the company had several 50kg-bags labelled "County Government of Bungoma-Nafaka Plus"...

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