Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli’s deepening dispute with  companies he accuses of being tax cheats is rattling investors and dimming the   allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase  revenue from natural resources to help fund his industrialization plans. His   administration has passed laws enabling it to renegotiate contracts and ordered   foreign mining firms to…

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Petra Shutters Tanzanian Mine After Diamond Shipment Seized

Petra Shutters Tanzanian Mine After Diamond Shipment Seized

DAR ES SALAAM (Capital Markets in Africa) – Petra Diamonds Ltd. halted production at its mine in Tanzania after the government seized a parcel of diamonds suspected of being undervalued, as a dispute between the state and foreign-owned mining companies widens. Petra shares fell the most in 16 years. Employees of the Johannesburg-based company are cooperating with the authorities in the East African nation who are investigating a shipment of 71,654 carats of gems that was…

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Acacia Drops Most Since July on Output Cut Over Tanzania Row

Acacia Drops Most Since July on Output Cut Over Tanzania Row

DAR ES SALAAM (Capital Markets in Africa) Acacia Mining Plc shares dropped the most since July as the company will stop underground production at Tanzania’s Bulyanhulu mine until a dispute with the government over taxes and exports is resolved. The stock declined as much as 15 percent, the most since July 25, as Acacia cut its output forecast to about 750,000 ounces, from 850,000 to 900,000 ounces, for this year. It traded down 8.9 percent by 11:31…

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Tanzania Invites Tenders for Africa’s Fourth-Biggest Hydro Plant

Tanzania Invites Tenders for Africa’s Fourth-Biggest Hydro Plant

DAR ES SALAM (Capital Markets in Africa) – Tanzania invited bids for the construction of a $2 billion hydro-power plant that will rank as the fourth-biggest in Africa. The proposed Stiegler’s Gorge Project will be built on the Rufiji River in eastern Tanzania with a minimum capacity of 2,100 megawatts, the Energy Ministry said in tender documents emailed from the commercial capital, Dar es Salaam, on Wednesday. Bids must be submitted by Oct. 16 and the facility…

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Moody’s affirms EADBs Baa3 long-term issuer rating; outlook stable

Moody’s affirms EADBs Baa3 long-term issuer rating; outlook stable

NAIROBI (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the East African Development Bank’s (EADB or the bank) Baa3 long-term issuer rating and maintained the stable outlook. EADB is a regional multilateral bank that serves the East African Community (EAC) with the aim of promoting sustainable socio-economic development as well as the regional integration of its shareholder member states: Uganda (B2 stable), Kenya (B1 stable), Tanzania (unrated) and Rwanda (B2 stable). It…

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Kenya’s Central Bank Holds rate at 10.0 percent, Likely to Sell Dollars

Kenya’s Central Bank Holds rate at 10.0 percent, Likely to Sell Dollars

NAIROBI (Capital Markets In Africa) – At its Monetary Policy Committee meeting this month, Kenya’s central bank held its rate at 10.0 percent. Its Monetary Policy Committee will next meet to set lending rates on Sept.18. While the currencies of Kenya, Nigeria and Tanzania are expected to hold steady, traders said Uganda’s shilling and Zambia’s kwacha are forecast to weaken against the dollar in the next week to Thursday, while Ghana’s cedi will firm. KENYA…

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Kenya’s EABL to convert Tanzania unit loan into equity

Kenya’s EABL to convert Tanzania unit loan into equity

NAIROBI (Capital Markets in Africa) – Kenya’s East African Breweries said it would convert a loan to its Tanzanian business into equity, after reaching a settlement with the competition authority that had been investigating the transaction. Tanzania’s Fair Competition Commission (FCC) threatened to revoke EABL’s 51 percent stake in Serengeti Breweries in 2015, accusing the Kenyan firm of not meeting several conditions. It did not make those conditions public. “In early June, we managed to…

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