Saturday, July 26, 2014
Tanzania’s central bank said on Friday it had taken over the management of a bank accused by the US government of large-scale money laundering.
The decision comes after the Central Bank of Cyprus placed two branches of FBME Bank under its control following a report from the US Treasury’s Financial Crimes Enforcement Network (FinCEN) describing the bank as a “primary money laundering concern.”
Tanzania’s central bank said it took control of FBME Bank on Thursday because of the potential effect of the Cypriot move on Tanzania’s own banking system.
It said FBME’s four branches in the east African country would remain open for business.
“The objective underlying this decision ... is to ensure safety of customers’ deposits and safeguard the entire banking system,” it said in a statement.
Family-owned FBME Bank – which also has a representative office in Russia – has denied the US allegations and accused the Cypriot central bank of a “hostile takeover.”
It said its lawyers had already made contact with US authorities and that FinCEN had compiled the report without its input.
at 10:00 AM
Friday, July 25, 2014
Tanzania has a good chance of becoming a major producer and exporter of natural gas over the next decade, said the International Monetary Fund.
Significant offshore discoveries have been made over the last two-to-three years and further exploration is underway, the fund said in its recent country report for Tanzania.
“Although gas resources haven’t yet been declared commercially viable, estimates of discoveries indicate recoverable offshore gas resources of at least 24 trillion-26 trillion cubic feet, potentially sufficient for a four-train Liquid Natural Gas plant (possibly as a common facility for several upstream gas fields),” it said. “A final investment decision is expected at the earliest in 2016 or 2017.”
Total investment during the development phase could amount to $20 billion-$40 billion, depending on the scale of the project.
at 1:31 PM
Livingstone International University Graduates First Class
In 1999, Patrick Kalifungwa had a dream that one day he would give birth to a university. His dream was postponed as he was called to enter politics and serve as the Republic of Zambia’s Minister of Tourism, Environment and Natural Resources. Dr. Kalifungwa’s years as Minister motivated him further following which he completed his doctorate degree at Glamorgan University in the United Kingdom. He returned to Zambia and in June 2009 he launched Livingstone International University of Tourism Excellence and Business Management (LIUTEBM), the first university in Zambia to offer degrees at the undergraduate and post graduate level in Tourism and Hospitality Management.
This past month, LIUTEBM graduated its first class. After fifteen years, Dr. Patrick Kalifungwa experienced the realization of his dream – and the benefits it has provided to some 170 joyful and thankful graduates in various degree programs including Travel & Tourism Management, Hospitality Management, Business Management, Communications, and Law.
at 1:34 AM