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Changing face of Namanga, the border point connecting Tanzania and Kenya where improved infrastructure makes it an attractive as captured by yesterday. East African Community (EAC) Heads of State meet on joint retreat in Uganda this week to deliberate of regional infrastructure and health development projects. (Photo by Hazla Omar)

Business

PREPARATIONS are finalized for the Joint EAC Heads of State Retreat on Infrastructure and Health Financing and Development scheduled for this week in Kampala, Uganda, EAC Secretary General Amb. Liberat Mfumukeko has said.

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THE Sumbawanga Airport is set to receive a 55.9bn/- major facelift and become an international facility. The airport, once completed, sets to stimulate economic growth in the region while at the same time attract business opportunities in the neighbouring countries—Zambia and DRC.

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THE shilling loses its grip against US dollar last week as the pressure continues to mount. The shilling, due to increase pressure from greenback lost its grip slightly by 0.09 per cent to 2,254/89 versus 2,252/97 the week before, according to Orbit Securities weekly report.

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DAR ES SALAAM Stock Exchange (DSE) turnover has gone up 20 per cent thanks to increased activities at three counters in the last seven days.

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THE East African Council appellate division has dismissed an appeal filed by Castro Pius from Tanzania with cost. The Tanzanian whose application was seeking for an injunction to stop the EAC partner states which had not signed the European Partnership Agreement (EPA) not to sign the same and those who had signed, to stop them from carrying out any further procedures and processes.

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TANZANIA Breweries Limited (TBL) has scooped an award as the best practices in recycling and environmental friendly waste management at its Dar es Salaam plant.

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A TOTAL of 13 institutions including hospitals and orphanage have benefited from donation of various products confiscated by Tanzania Revenue Authority (TRA) in Mara region recently.

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THE value of manufactured goods in the southern zone has increased by over two-fold pushed up by cement and cashew nut kernel output, according to a Bank of Tanzania (BoT) report.

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WOMEN operators in tourism industry will meet for a one-day symposium dubbed ‘Women in Tourism 2018’ in Serengeti National Park this week to discuss the role of women in society and participation of women in the labour market.

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TANGA Regional Commissioner Martine Shigella (pictured) has appealed to the ministry of Works, Transport and Communication to fast-track expansion of Tanga port due to its importance to East African land locked countries.

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BUSINESS community in Dodoma has asked the government to intervene and end trade of illicit liquor in the country, saying they pose serious health threats to the youth.

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TANZANIA Electric Supply Company (Tanesco) has signed a memorandum of understanding (MoU) with Kibo Mining as a precursor to the finalisation of a power purchase agreement (PPA) for the Mbeya coal-to-power project (MCPP).

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SIHA District Council has approved a draft budget plan of 26.6bn/- for the financial year 2018/19 with own sources decreasing by 18.9 per cent.

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THE Gross Domestic Product (GDP) in the south eastern zone grew by 16.3 per cent thanks to good performance in agriculture and manufacturing sectors. The GDP for Ruvuma, Mtwara, Lindi and Coast regions measured at current price, climbed to 10.75tri/-in 2016 from 9.24tri/- in 2015, according to a Bank of Tanzania report“This performance was mainly on account of good performance in agriculture and manufacturing sectors,” says the report titled South Eastern Zone Economic Performance Report For the Year Ending June 2017.

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TANZANIA Electrical, Mechanical Services Agency (TEMESA) plans to fix an automated fare collection system at Pangani Ferry in Tanga Region, to boost revenue collection by plucking off leakages.

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FISHERMEN in Lake Tanganyika in Kalambo District, Rukwa Region have expressed concern over a 800m/- modern fish market which is not operating for the past five years.

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DAR ES SALAAM Stock Exchange (DSE) has posted a strong net profit increase of 47.4 per cent in last year’s quarter four, thanks to transaction fees that doubled.

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ABOUT 44.8 million transactions valued 1.90tri/- were processed through interoperability between major mobile payment services providers in the country in the first half of 2017/18 fiscal year.

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THE National Economic Empowerment Council (NEEC) will hold a national forum to promote opportunities in the construction of crude oil export pipeline that will transport Uganda’s crude oil from Hoima to Tanga port.

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COAST Region is set to become the country’s industrial hub going by the number of new large and medium size facilities under construction in addition to those already operating.

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THE Bank of Tanzania (BoT) is considering to review deposit payoffs after when a bank collapses to ensure depositors get more from their deposits.

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DAR ES SALAAM Stock Exchange (DSE) turnover plunged 88 per cent in a single week to be among the heaviest fall since this year began.

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STAKEHOLDERS in the agriculture sector convene in Dodoma from tomorrow for a three-day Annual Agricultural Policy Conference (AAPC) to assess progress in policy reforms and chart out agenda for the future reforms in the sector.

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TANZANIA Petroleum Development Corporation (TPDC) gas processing plant has operated for almost 20,000 hours without an occupation accident.

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BANK of Tanzania (BoT) will maintain the accommodative monetary policy stance to stimulate further recovery of growth of private sector credit and general support of various economic activities.

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THE Business Registrations and Licensing Agency (BRELA) has finally replaced the paper based registry with the Online Registration System (ORS), which among other things aims at simplifying companies and business registration.

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PARLIAMENTARY Committee on Agriculture, Livestock and Fisheries has appealed to the government for tax exemption on loans for agricultural input supported by Private Agricultural Sector Support Trust (PASS), to enable the basket fund to reach more farmers.

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THE country’s banking sector soundness has improved further despite closure of five community banks over lack of adequate capital early this year.

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GROWTH of private sector credit declined to 1.7 per cent in the year ending December last year compared to 7.2 per cent in the corresponding period 2016 due to higher nonperforming loans and banks’ preference to low risk government securities.

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THE Islamic Republic of Iran has shown interests in conducting business with Tanzania, especially on the oil and energy sector, after being satisfied with good investment regulations put in place by the government.

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PROVISION of training to Small and Medium-sized Enterprises (SMEs) on business licensing, access to finance as well as entrepreneurship skills are crucial for them to make real progress.

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ABOUT half of bureaux de change currently operating in the country are likely to close as they will fail to meet new licensing requirements, a senior Central Bank officer, has said.

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TRAVEL receipts rose by over 450bn/- to reach 5.14tri/- last year up from 4.68tri/- in 2016 due to an increase in the number of tourist arrivals as an outcome of promotion by the government and private sector.

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