MILAN (AP) -- Global stocks slid again Friday as fears of a possible U.S. recession combined with ongoing worries over Europe's debt crisis, which is stoking acute fears over the continent's banking sector.
European banking shares hit a near two and a half year low on renewed worries of the health of the continent's banks, while safe-haven gold prices nudged up against the $2,000 an ounce mark, and crude prices fell as investors feared a global slowdown will zap demand for crude.
"This week has seen a continuation of the trend of weaker than expected data and political reaction to the European problems which pretty much amounts to 'Let's have a get together a couple of times a year,' " said Gary Jenkins, an analyst at Evolution Securities."
Friday, August 19, 2011
Wednesday, August 17, 2011
Dar es Salaam stock exchange sells data to US
DAR ES SALAAM, TANZANIA - The Dar es Salaam Stock Exchange (DSE) has exchanged market data with the United States-based Bloomberg global business.
The Bloomberg will access and provide the DSE with real time market and financial information to more than 300,000 subscribers globally.
According to Mr. Gabriel Kitua, the DSE Chief Executive Officer, the move will enable global investors to make spot decisions about buying or selling. "The DSE-Bloomberg agreement will place Tanzania exchange market to the rest of the world," Mr Kitua said.
He said t the deal is one of the efforts to increase the DSE market visibility
and liquidity to enhance its vibrancy.
Tanzania Stock Exchange Suspends Nicol From Trading Its Shares for a Month
The Dar es Salaam Stock Exchange suspended National Investment Co. from trading for one month after the Tanzanian company failed to submit its financial results for 2009 and 2010.
The suspension takes effect today, the Dar es Salaam-based bourse said in a statement published in the Daily News newspaper today.
To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net
To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net
The suspension takes effect today, the Dar es Salaam-based bourse said in a statement published in the Daily News newspaper today.
To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net
To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net
Gold to boost FDIs to Tanzania, survey establishes
By Polycarp Machira
The Citizen Reporter
Dar es Salaam. Tanzania’s gold reserves will continue to be a magnet for investors in the medium term, placing the country among those with high prospects for attracting more foreign direct investment (FDIs) over the next five years, a new report reveals.According to Ernst & Young 2011 African Attractiveness Survey released this month, higher FDI prospects for the country emanate from the rising price of gold, which has increased by 75 per cent over the last three years.
Except for Burundi, all members of the East African Community (EAC) are in the survey’s list of 17 African economies likely to offer appealing FDI opportunities in the next five years. Apart from Kenya, Uganda and Rwanda, Ernst & Young also earmarks other promising FDI destinations in Africa Zambia, Tunisia, South Africa, Senegal, and Nigeria. The list also includes Mozambique, Morocco, Mauritius, Ghana, Ethiopia, Egypt, DRCongo and Angola.“Driven by the rising price of gold that has increased 75 per cent over the last three years, Tanzania’s gold reserves will continue to attract investor interest over the medium term,” the survey notes. It also says that although the risks in investing in Africa may appear high, the risks involved are manageable, and the rewards appealing.
The report notes that Tanzania’s relatively well-educated labour force, coupled with political stability and the government’s sound macroeconomic management of the economy, will add to the country’s attractiveness. However, it cautions that the relatively small domestic market, poor infrastructure network and high levels of bureaucracy are a barrier to further investment in the non-mineral sector of the economy.
Gold Rush: Hunting for gold in Tanzania
LONDON (Commodity Online): Hunt for Gold deposits has heightened around the world as countries led by global central banks and investors fascinated by the magic money sustaining power of the yellow metal are trying to amass gold.
How much gold reserve you have is the question that everyone asks these days. While the 403 tons of gold sale by the International Monetary Fund (IMF) was lapped up by countries ranging from India to Sri Lanka, central banks are putting more emphasis on increasing their gold holdings.
This unprecedented race for gold has resulted in a boom in gold prices in the last one decade. Gold price is now in the historic price range of around $1400 per ounce.
Soaring gold price has greatly helped dozens of gold companies around the world. Companies are investing more money to mine gold.
How much gold reserve you have is the question that everyone asks these days. While the 403 tons of gold sale by the International Monetary Fund (IMF) was lapped up by countries ranging from India to Sri Lanka, central banks are putting more emphasis on increasing their gold holdings.
This unprecedented race for gold has resulted in a boom in gold prices in the last one decade. Gold price is now in the historic price range of around $1400 per ounce.
Soaring gold price has greatly helped dozens of gold companies around the world. Companies are investing more money to mine gold.
Tuesday, August 16, 2011
Tanzania's gold exports revenues surged by 18%
Tanzania's gold exports revenues surged by 18% in the year that ended May 31st 2011 due to increased prices on the international market.
The Central Bank of Tanzania said that in its latest economic monthly review, Tanzania exported gold worth USD 1.67 billion in May compared with USD 1.42 billion a year earlier.
The price of gold rose by 26.5% to USD 1,321.17 per troy ounce mainly due to the weakening of US dollar against other major currencies which in turn increase the demand for gold as a safe investment.
The Central Bank of Tanzania said that in its latest economic monthly review, Tanzania exported gold worth USD 1.67 billion in May compared with USD 1.42 billion a year earlier.
The price of gold rose by 26.5% to USD 1,321.17 per troy ounce mainly due to the weakening of US dollar against other major currencies which in turn increase the demand for gold as a safe investment.
Americas Trading Group Selects NYSE Technologies to Develop and Manage its High-Performance Execution Platform for Latin America
The concept is to provide a comprehensive suite of products and services designed to fulfill the needs of the most demanding and sophisticated global clients requiring high performance access to Latin America’s markets. The platform manages local and cross border order flow to the different exchanges and brokers in Brazil, Mexico, Chile, Colombia, Peru and Argentina. Clients in those markets can also route orders to the various destinations around the world reached by NYSE Technologies’ SFTI global network for the financial industry.
Corporate Bonds Listed on DSE
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Market Report
Total Market Capitalization:- TZS 5,951.73 bln (USD 3,701.49 mln)
Indices:
TSI: 1072.75
TSI: 1072.75
DSEI: 1273.49
SWISSPORT - Unaudited Financial Results for the 6 Months Ended 30 June 2011
Swissport Tanzania Ltd, an aviation services provider to Julius Nyerere and Kilimanjaro International airports is pleased to announce its un-audited financial results for the six months ended on 30 June 2011. During this period, the number of flights handled increased by 30% while the volume of cargo handled increased by 31% when compared to the same period last year. On the other hand, total revenue increased by 42% while operating costs increased by 39%. Profit before tax increased by 44% from TAS 2,765M during the first half of 2010 to TAS 3,990M. This solid result was due to the increase in frequencies and the use bigger aircraft by our customer airlines, good performance of Swissport Executive Aviation Unit, increase in the number of freighters, increase in the importation of cargo and enhanced operational efficiency. Depreciation of the shilling against the major currencies also contributed to this performance.
Tanzania invites gold processors
MONDAY, 15 AUGUST 2011 14:13 JOHN MBALAMWEZI
The eligible firms will be required to partner with the National Development Corporation (NDC) in a development and implementation of the pilot project.
According to NDC, the implementation of the project will also require the eligible firm to make a joint venture with another qualified firm.
Mr. Gideon Nasari, the Managing Director and the Chief Executive officer of NDC told East African Business Week in Dar es Salaam last week that the DNC intends to pre-qualify developers, mining companies, beneficiation companies or firms to act as co-sponsors and share holders along side the NDC in promoting joint ventures to develop the project.
According to the Ministry for Energy and Mineral, NDC is mandated to devolop small scale mining as an important economic sector. The aim is to transform the informal artisan mining activities into an organized, formal and modern small scale mining sub-sector.
DAR ES SALAAM - Tanzania is calling for international and local firms to venture into modernization of artisan mining and establishment of a Gold processing plant at Mantinje-Igunga District, Tabora.
The eligible firms will be required to partner with the National Development Corporation (NDC) in a development and implementation of the pilot project.
According to NDC, the implementation of the project will also require the eligible firm to make a joint venture with another qualified firm.
Mr. Gideon Nasari, the Managing Director and the Chief Executive officer of NDC told East African Business Week in Dar es Salaam last week that the DNC intends to pre-qualify developers, mining companies, beneficiation companies or firms to act as co-sponsors and share holders along side the NDC in promoting joint ventures to develop the project.
According to the Ministry for Energy and Mineral, NDC is mandated to devolop small scale mining as an important economic sector. The aim is to transform the informal artisan mining activities into an organized, formal and modern small scale mining sub-sector.
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