Tanzanian Probe Finds Airtel Unit Was Privatized Illegally

Tanzanian Probe Finds Airtel Unit Was Privatized Illegally

DAR ES SALAAM (Capital Markets in Africa) – A Tanzanian probe found that the local unit of Indian mobile-phone company Bharti Airtel Ltd. was originally transferred from the state illegally and the government will start talks to retake what it says is its rightful share of the business. The investigation discovered that the initial privatization of Tanzania Telecommunications Corp. “broke the law, regulations and procedure,” according to a statement from President John Magufuli’s office that quoted Finance Minister Philip…

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Investor Demand and Business Activity to Increase as Political Stability Returns to Kenya

Investor Demand and Business Activity to Increase as Political Stability Returns to Kenya

NAIROBI, Kenya, December 17, 2017/ — Kenya is emerging from a protracted presidential election process and seeing a return to political stability. Nonetheless, challenges will persist in 2018 for organizations operating in the country and East Africa more widely. High debt levels in Kenya and unpredictable policymaking in Tanzania are among the key risks for businesses operating in the region in the year ahead, says specialist global risk consultancy Control Risks (www.ControlRisks.com) in its annual…

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Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

DAR ES SALAAM (Capital Markets in Africa) – The downfall of Acacia Mining Plc took a new turn as the company’s top executives resigned, bringing fresh uncertainty to the future of the Tanzanian miner owned by Barrick Gold Corp. Chief Executive Officer Brad Gordon and Chief Financial Officer Andrew Wray will step down on Dec. 31, the gold miner said in a statement. The miner’s top three executives are planning to leave, as Chief Operating Officer Mark Morcombe said last month…

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Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

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Brawls, Autocratic Moves Threaten East African Democracy

Brawls, Autocratic Moves Threaten East African Democracy

KAMPALA (Capital Markets in Africa) – Ugandan lawmakers brawl over a bill that could create a president-for-life. Tanzania arrests lawmakers and shutters newspapers. And as Kenya tries to rerun a botched election, a ruling party leader says what the country really needs is a benevolent dictator. As unrest and crackdowns plague some of the region’s largest economies, home to various levels of political freedom, the situation is adding to uncertainty in a part of the world already rocked by…

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Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

DAR ES SALAAM (Capital Markets in Africa) Tanzania needs to provide clear rules to businesses as it improves governance and makes better use of its natural resources, the governor of the central bank said. President John Magufuli’s government has embarked on an industrialization drive that will need the public sector and business to work better together to achieve inclusive growth, Bank of Tanzania Governor Benno Ndulu said Tuesday at a book launch in the commercial capital, Dar es…

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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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