Thursday 17 August 2017
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal of establishing a true partnership for the future", Lighthizer said. "By lowering barriers and tackling other constraints that impede trade and investment, we are poised to see U.S.-Africa trade flourish", he said, underscoring that "much...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year, while exports gained 3 percent to 47 billion U.S. dollars. Transport equipment has become a bright spot in China's exports to African countries, with that of ships, trains and aerospace equipment up 200 percent, 161 percent and 252 percent respectively,...
(Tanzania Daily News 08/02/17)
The Energy and Water Utilities Regulatory Authority (EWURA) has reduced cap prices for petroleum products for the month of August with the public witnessing continued drop in prices for the months of April, May, July and August. According to a statement released yesterday by EWURA Acting Director General Engineer Godwin Samwel, the prices that shall be applicable effectively today have dropped by 36/- and 44/- per litre of petrol and diesel, respectively. But the retail prices of kerosene have gone...
(Tanzania Daily News 08/02/17)
Dar es Salaam — Eight major issues are likely to dominate the ongoing negotiations that seek to resolve a dispute between the government and Barrick Gold. An analysis of the dispute shows that the negotiations between the government - which is represented by a team of experts led by the Constitution and Legal Affairs minister, Prof Palamagamba Kabudi - and Barrick Gold Corporation, will mostly centre around the findings of the two presidential probe committee reports into Acacia's mining activities...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Reuters (Eng) 08/01/17)
The Tanzanian government and Barrick Gold have started talks to resolve a tax dispute involving the Canadian company's subsidiary Acacia Mining, the president's office said on Monday. The government accuses Acacia, which is 63.9 percent owned by Barrick, of evading taxes for years by under-declaring exports and has banned exports of gold and copper concentrates. Acacia denies the accusations, which have pummelled its share price, and said last week it had been hit with a $190 billion tax bill, which is equivalent to four times the East African country's annual gross domestic product. "Talks between a special committee formed by President John Magufuli and representatives
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Reuters (Eng) 07/28/17)
Barrick Gold Corp, the world's largest gold miner by production, has an "open mind" and is "very positive" about talks getting underway with Tanzania to resolve an export ban, President Kelvin Dushnisky told Reuters on Thursday. Barrick subsidiary Acacia Mining Plc has two mines affected by a ban that Tanzania introduced in March, accounting for some 6 percent of Barrick's 2017 gold production forecast. Barrick maintained its forecast for output of 5.3 million to 5.6 million ounces of gold, but...
(The East African 07/28/17)
The long-running cross-border trade spat between Kenya and Tanzania has resumed barely four days after the two countries signed a pact removing restrictions that had cost traders billions of shillings by the time it was resolved last Sunday. The Kenya Association of Manufacturers (KAM) yesterday said Tanzania had maintained a number of restrictions that existed before the Sunday truce, making it hard for Kenyan products to access its market. Kenya's Foreign Affairs minister, Amina Mohamed, and her Tanzanian counterpart, Augustine Mahinga, announced last Sunday that the two neighbouring states had agreed to end the import restrictions after ironing out long-standing trade differences.
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(Business Daily 07/27/17)
The long-running cross-border trade spat between Kenya and Tanzania has resumed barely four days after the two countries signed a pact removing restrictions that had cost traders billions of shillings by the time it was resolved last Sunday. The Kenya Association of Manufacturers (KAM) yesterday said Tanzania had maintained a number of restrictions that existed before the Sunday truce, making it hard for Kenyan products to access its market. Kenya’s Foreign Affairs minister, Amina Mohamed, and her Tanzanian counterpart, Augustine...
(Reuters (Eng) 07/27/17)
Barrick Gold Corp, the world's largest gold miner by production, reported better-than-expected quarterly earnings on Wednesday as its mining costs fell and said it would begin talks with the Tanzanian government next week about an export ban. Barrick subsidiary Acacia Mining has three mines in Tanzania, which introduced an export ban on concentrates of gold and copper ore in March. Acacia's operations affected by the ban account for about 6 percent of Barrick's 2017 gold production forecast. Even so, Barrick...
(AfricaNews 07/27/17)
In this weeks’s travel segment we head in the direction of Tanzania. According to SafariBookings.com, the largest online marketplace for African safari tours, Tanzania is Africa’s best safari destination. The website conducted an analysis of more than 2,500 expert and safari-goer reviews and declared Tanzania the best safari country in 2017. According to the Tanzania Tourist Board, almost 2 million tourists are expected to visit the country this year. We also take a look at the annual Wildebeest Migration in...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(Bloomberg 07/26/17)
Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said. Investors in Tanzania’s mining industry have “stolen” from the country by failing to provide a fair share of the revenue they generate from gold and other minerals, Magufuli said in a speech in the central region of Singida on Tuesday. “We are surrounded by wealth; we have to stand up and protect it,” he said. “It shouldn’t happen that we have all this wealth, sit on it, while others come and benefit from it by cheating us.”
(Reuters (Eng) 07/26/17)
Acacia Mining's shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. Shares in the London-listed miner closed 8.5 percent lower at 169 pence, having had more than two-thirds wiped of their value since a ban on the export of gold and copper concentrates was imposed in Tanzania on March 3. Acacia, the biggest gold miner in Tanzania, received a...
(Bloomberg 07/25/17)
Tanzania sent Acacia Mining Plc a tax bill equal to almost two centuries worth of the gold producer’s revenue. The government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017. Acacia reiterated that it has fully declared...
(The Citizen 07/25/17)
Mwanza — Despite Tanzania Tourist Board (TTB) reports, which suggest a big number of tourists visit the country, tourism stakeholders in the region face a difficult time due to a sharp drop in the number tourists. Hotel operators have continued performing poorly, including artists of cultural products like locally-made sandals due to lack of buyers, the majority being toruists. However, TTB marketing officer Glads Tony told The Citizen at the weekend that despite the introduction of new taxes and procedures...
(Bloomberg 07/21/17)
At least two senior employees at Acacia Mining Plc have been detained for questioning by Tanzanian authorities over the past week, escalating a dispute between the company and the state over its operations in the country. Tanzanian President John Magufuli has accused Acacia of failing to pay billions of dollars of taxes. In March, the state banned exports of unprocessed gold and copper, a move Acacia later said has been costing it $1 million a day in lost revenue. Earlier...
(Reuters (Eng) 07/21/17)
Tanzania detained and questioned two senior local Acacia Mining staff at an airport this week in a dispute with the government, two sources said on Friday, and the company said it was having trouble renewing work permits for foreign staff. Chief Executive Brad Gordon denied a Reuters report that foreign staff were asked to leave by the government due to a dispute over mining licenses and accusations of tax evasion. He said its local employees had been interviewed by Tanzanian...

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