Friday 23 June 2017
(Xinhuanet 05/24/17)
Entrepreneurs from East Africa on Tuesday called for increased investments in the power generation so as to develop a strong value-added manufacturing base in the region. Delegates participating in the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda's capital city Kigali, said that heavy investments by both private and the public in the energy sector will enhance the production capacity of manufacturing industries in the region. Rwanda hosts the forum from May 23 to 25 dubbed; "Harnessing the Manufacturing Potential for Sustainable Economic Growth". It has brought together top executives in the manufacturing and agri-business sectors, policy and decision makers, as well as key financial institutions from Africa and beyond to dialogue and explore opportunities...
(Reuters (Eng) 05/24/17)
When U.S. President Donald Trump and other leaders of the world's seven major industrialized nations gather in Sicily on Friday, they will enjoy a spectacular view of the Mediterranean Sea, but won't get any glimpse of boats full of migrants. A common sight off Sicily in recent years, the authorities have banned all migrant landings on the island during the Group of Seven Summit for security reasons, telling rescue vessels that pick them up at sea to take them to the mainland during the two-day meeting. Out of sight does not mean out of mind. Italy chose to host the summit in Taormina, on the cliffs of eastern Sicily, to concentrate minds on Europe's migrant crisis and to seek ways...
(The Citizen 05/23/17)
Dar es Salaam — Banks have been warned against increasing nonperforming loans (NPLs) above the acceptable threshold rate of 5 per cent. The warning has been sounded by the Bank of Tanzania (BoT). The ratio in the banking industry was 9.53 per cent in December 2016. BoT Banking Supervision director Kened Nyoni told BusinessWeek that measures had been taken to address the issue of NPLs. He said as part of the monitoring process, BoT had been conducting regular onsite and targeted examinations to identify internal weaknesses which might lead to an increase in NPLs including the quality of credit risk assessment. He said banks having high NPL ratios are required to devise strategies including implementing aggressive recovery measures. "Recently, we...
(Reuters (Eng) 05/23/17)
Fossils from Greece and Bulgaria of an ape-like creature that lived 7.2 million years ago may fundamentally alter the understanding of human origins, casting doubt on the view that the evolutionary lineage that led to people arose in Africa. Scientists said on Monday the creature, known as Graecopithecus freybergi and known only from a lower jawbone and an isolated tooth, may be the oldest-known member of the human lineage that began after an evolutionary split from the line that led to chimpanzees, our closest cousins. The jawbone, which included teeth, was unearthed in 1944 in Athens. The premolar was found in south-central Bulgaria in 2009. The researchers examined them using sophisticated new techniques including CT scans and established their age...
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored the Fund's regional economic outlook, released earlier this month. It found that sub-Saharan economic growth hit only 1.4 percent last year, the lowest level in two decades and well off the 5-6 percent rates normally reached. It was also well...
(Reuters (Eng) 05/20/17)
France will step up the fight against resurgent Islamist militants in north and west Africa and will work more closely with Germany to help the tinderbox region, President Emmanuel Macron said on his first trip outside Europe on Friday. Visiting Mali days after taking office, Macron vowed to keep French troops in the Sahel region until there was "no more Islamist terrorism" there. He said operations would be escalated in response to signs that militant groups were regrouping and uniting. "It is vital today that we speed up. Our armed forces are giving their all, but we must speed up" efforts to secure the Sahel, he told a news conference in Gao, Mali, where he held talks with President Ibrahim...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to develop capital markets that would have allowed them to raise more money in their own currencies, investors say. United Nations trade body UNCTAD estimates that Africa's external debt stock rapidly grew to $443 billion by 2013 through bilateral borrowing, syndicated...
(The Citizen 05/18/17)
The Deputy Director of the International Monetary Fund, Mr Tao Zhang, yesterday detailed how Tanzania can achieve its long desired goal of becoming a middle-income economy by 2025. Delivering a public speech at the Bank of Tanzania Conference Hall in the city Mr Tao, who is currently vising the country, said increasing investments in the infrastructure development, strengthening the role of the private sector and creating inclusive growth through better access to education, health and finance as some of the things the government could do to fast-track its way to the middle-income status. Relying on local resources Building infrastructure and creating a sizeable industrial base should rely on local resources mobilised from the private and public sectors within the country...
(The Citizen 05/18/17)
Dodoma — The government will promote 196,000 civil servants in the 2017/18 financial year, the Parliament was told yesterday. Minister of State in the President's Office (Public Service Management and Good Governance) Angellah Kairuki told the Parliament that since June 13 last year, the government suspended the promotion of civil servants to pave the way for verification. She was responding to Special Seats MP Salma Mwassa (CUF), who wanted to know why the government wasn't promoting eligible workers. Ms Mwassa added that the move, to a greater extent, demoralised the civil servants, who deserved promotion.
(Reuters (Eng) 05/18/17)
Malawi is planning to take its dispute with Tanzania over Lake Malawi, with its potentially massive reserves of oil and gas, to the International Court of Justice in the Hague, the foreign affairs minister said on Wednesday. Malawi, at the west of Africa's third largest lake, claims the entire northern half of the lake while Tanzania, to the east, says it owns half of the northern area. The southern half is shared between Malawi and Mozambique. Gas finds in the region have made the 50-year-old row over territory between Tanzania and Malawi more intense. "The government of Malawi has been committed to the mediation process and peaceful resolution of the dispute through
(Tanzania Daily News 05/18/17)
Dodoma — The Ministry of Industry, Trade and Investment has doubled development budget in the 2017/18 financial year, pushing the country's industrialisation drive further. The ministry, yesterday, asked Parliament to endorse a proposed budget of 122 billion/- for the next financial year, out of which 80bn/- will be set for development projects and the remaining 42bn/- for recurrent budget. In the current financial year, the development budget stands at 40bn/- and 41.8bn/- was for recurrent budget. Comparatively, the recurrent budget for 2016/17 and that of 2017/18 has remained almost the same with a slight increase of 0.2bn/- , but there was a significant increase of 40bn/- in development funding. When tabling the budget, the Minister for the docket, Mr Charles...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much as 60 billion rand ($4.5 billion), said Evan Walker, a money manager at 36one Asset Management in Johannesburg, although the valuation could also be as low as 40 billion rand depending on how much debt Steinhoff puts into the vehicle...
(Reuters (Eng) 05/17/17)
Gay and lesbian Africans who fled abuse in their home countries face a "culture of disbelief" which makes their experience of seeking asylum in Britain traumatic, a Nigerian lesbian, gay, bisexual, transgender rights (LGBT) campaigner said. Aderonke Apata, 50, who fled persecution in Nigeria, said the practice of assessing Africans' sexual orientation claims based on Western standards was problematic. "They expect an LGBT person to have used sex toys, to go to gay clubs," Apata, an asylum seeker who founded African LGBT charity, African Rainbow Family, told the Thomson Reuters Foundation. Apata has been trying to claim asylum in Britain for 13 years, but her case was refused several times after a judge ruled that she was pretending to be...
(Bloomberg 05/16/17)
When the impoverished West African nation of Niger imposed a ban on donkey exports last year, a small community of traders just over the border in Nigeria was devastated. “Before the ban, you could see thousands of donkeys here,” said Mohammed Sani, a 45-year-old trader in the Nigerian town of Jibiya, as he wiped the sweat off his brow. “Now look at them: there’s no more than 50, crippling the business.” Donkeys are being slaughtered at an alarming pace to feed a global trade in donkey hides that’s fueled by soaring demand in China, where the skins are used to manufacture a gelatin believed to have anti-ageing and libido-enhancing properties. The gelatin, known in China as e’jiao, is so popular...
(Reuters (Eng) 05/13/17)
Tackling climate change in Africa could help resolve multiple problems ravaging the continent, from drought to refugees and violence, the head of the African Union said on Friday. The mix of global warming with economic woes and political conflicts keeps peace from taking hold, said Moussa Faki Mahamat, the Union's new chairman, at Chatham House, an international think tank. "There is a link between climate change and prosperity, as well as peace, on the continent," Mahamat said in French with an interpreter. "Africa is among the least polluting continents, and yet it is the continent that suffers most," he said. Mahamat, the former foreign minister of Chad, was chosen to chair the 55-member, Addis Ababa-based organization in January. In Africa's...
(Xinhuanet 05/12/17)
South African President Jacob Zuma said on Friday his country and Tanzania have agreed to lessen barriers to ensure strong regional economic integration that will help address triple challenge of unemployment, poverty and inequality. Africa need to soften barriers and boarders to ensure free and improved movement of people and goods, Zuma said. This is key for an inclusive economic growth in the continent and to ensure full implementation of the African Union Agenda 2063, Zuma said upon return from a two-day state visit to Tanzania, during which he held talks with his Tanzanian counterpart John Pomba Magufuli in Dar Se Salaam. Zuma characterized th e visit as "a remarkable success" as the two Heads of State discussed and agreed...
(The Citizen 05/12/17)
Dar es Salaam — President John Magufuli has assured a South African business delegation that is in the country of immense cooperation to explore numerous investment opportunities in the country. He said this when addressing the Tanzania -South Africa business forum on Thursday. Explaining about the opportunities, he said that among many opportunities, the country has 44 million hectors of land and only 10million hectors had been used thereby leaving a lot of land for investment. He further added that the climate was favorable for agriculture and land fertile for all crops. He said that the country requirement for fish was at least 400,000 tons annually but only 30,000 tones were produced. "We invite you to invest in the sector...
(Malawi 24 05/11/17)
Neighbouring nations of Tanzania and Malawi are still fighting over Lake Malawi with leaders from both nations taking conflicting stands on the matter. Malawi President Peter Mutharika on Monday spoke at the opening the 4th ordinary session of Pan-African Parliament in Johannesburg, South Africa where he called for the need for nations to avoid causing rows over borders. This was in reference to the longstanding row over part of the Lake Malawi which Tanzania claims it owns. Mutharika said: “From the 1890 Heligoland Treaty to the 1964 Resolution on Border Disputes among African States by the OAU
(Bloomberg 05/10/17)
Tanzania’s focus on more efficient expenditure, while good in the long run, has slowed expansion in one of Africa’s fastest-growing economies this year, according to the International Monetary Fund. Even as President John Magufuli’s government reduced its recurrent expenditure “very sharply,” affecting large sections of the economy that are traditionally reliant on public spending, it also failed to roll out capital projects fast enough to counter the slowdown, said Bhaswar Mukhopadhyay, the IMF’s country representative. Since assuming office in late 2015, Magufuli has fought to reduce government wastage and inefficiency by firing officials seen as corrupt or ineffective, and demanding greater accountability of state funds in East Africa’s second-biggest economy. “This particular government has also actually made the hard decisions...
(Reuters (Eng) 05/10/17)
Tanzania's president John Magufuli said his government will enforce a new rule requiring mining firms to list on its bourse by August as part of measures aimed at increasing transparency and spreading wealth from the country's natural resources.Major foreign-owned mining companies in Tanzania that will be affected by the requirement to list on the Dar es Salaam Stock Exchange include Acacia Mining Plc, AngloGold Ashanti and Petra Diamonds. "By listing these companies on the stock exchange, we will be able to monitor how much (revenue) they actually get," Magufuli said in a television program aired by local stations late on Tuesday.

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