Tanzania Financial News

Karan Adani boasted that a newly inked $553 million US government financing deal toward a port terminal being developed by his family’s conglomerate was a “reaffirmation by the international community.” The announcement marked a welcome reprieve for India’s Adani Group following a damaging short-seller attack and a number of corporate fraud allegations leveled against it this year. It also signaled Washington’s endorsement for the port empire owned by Karan’s father and billionaire Gautam Adani — seen as a close ally of Prime Minister Narendra Modi — that would help curb China’s maritime influence in the Indian ocean. Those waters account for more than one-third of the world’s bulk cargo traffic and two-thirds of oil shipments. Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai, called Adani’s port ambitions a “strategic” play, assisting India to counter China’s own string of ports in its backyard, stretching from Sri Lanka to Pakistan. Now Adani Ports and Special Economic Zone Ltd., seen as the conglomerate’s crown jewel, is eyeing further “opportunities in our neighboring countries,” Karan Adani, the operator’s chief executive officer, told Bloomberg News in the Sri Lankan capital. Those include potential ventures in Bangladesh, as well as East African and Southeast Asian nations, including Tanzania and Vietnam, adding to its existing Sri Lanka and Israel developments, he said. In a world that’s “looking beyond China — it is indeed a Chinese-styled expansion by Adani,” said Sanjiv Bhasin, director at Mumbai-based IIFL Securities Ltd.

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A New York-based climate watchdog says the French oil company TotalEnergies is failing to protect the sanctity of hundreds of graves in a controversial project that aims to build a heated pipeline from oil fields in Uganda to a port in Tanzania

Hussein Ali Mwinyi, president, chairman, revolutionary council, Zanzibar has inaugurated the Indian Institute of Technology (IIT) Madras Zanzibar on Monday at the Zanzibar campus in the presence of Tanzanian officials, Indian dignitaries, faculty and students. The IIT Madras Zanzibar is the first ever international campus of an IIT. The historic initiative by the Indian government was undertaken to take the top-quality education system of India to international arenas. In the first batch at IIT Madras Zanzibar, women comprise 40% of the total students admitted to the BS and MTech programmes in Data Science and Artificial Intelligence (AI), according to an official statement.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

A Bitcoin (BTC) educator based in Tanzania has scaled Africa’s highest peak, Kilimanjaro, financing the entire trip through Bitcoin and Nostr donations.

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Tanzania's government has signed a controversial port management deal with a Dubai-based company that had fueled protests in the African country and led to arrests of dozens of critics

NEW DELHI : India-backed Global Biofuels Alliance (GBA) is looking for more countries to join it from South-east Asia and Africa after the Philippines and Tanzania became the latest entrants. The move is strategically significant as it is expected to give India an upper hand over China which has interests in both South East Asian and Africa and has been opposed to joining the alliance. The alliance launched on 9 September on the sidelines of the G20 Leadership Summit was initially conceptualized with a view to getting all G20 members on board.

Australian graphite stocks surged after China announced export controls restricting supply of one of the key battery minerals required for electric vehicles, opening a new frontier in a trade war with the US and its allied nations.

₹2.37 trillion on the second day of the Global Maritime India Summit (GMIS). Around 70 memorandums of understanding (MoUs) were inked across diverse maritime sectors, including port development, green hydrogen & ammonia, port-led growth, business & commerce, shipbuilding, knowledge exchange, and port connectivity.

Adani Ports & SEZ is “confident” of repaying by Feb 2024, the $650 million of foreign currency bonds that are maturing next year, its CEO said Sunday. “We have already prepaid $120 million and then another $190 million,” Karan Adani told reporters on the sidelines of the inauguration of its Vizhinjam port in Kerala. “We are very confident that by January-February we will prepay the balance amount. And that was part of our commitment at the start of the year, when we had said our net debt-equity ratio will be 2.5X,” Adani had in February said his company would repay Rs 5,000 crore worth of debt by next financial year. Adani’s debt-prepayment is part of its efforts to win back investor trust, large swathes of which were eroded after an American short-seller Hindenburg alleged it of stock price manipulation. As of June, the company had prepaid $2.65 billion worth of loans. The company, that aims to become the world’s largest port operator by 2030, is looking at brownfield international port projects in Vietnam, Kenya and Tanzania, said CEO Adani. The Vietnamese government had, in a statement in May, said it welcomed Adani’s investment in its Lien Chieu port and renewable energy projects.

India visit. The African nation is seeking to qualitatively upgrade its defence ties with India, Hassan told Dipanjan Roy Chaudhury in an interview.

Piyush Goyal Tuesday said India and Tanzania can collaborate on tourism, information technology, food security, agriculture, healthcare and pharmaceutical sectors. «Tanzania is our biggest export destination in Africa.

Mint breaks down how. Hassan’s visit drove India’s relationship with Tanzania forward in key ways. First, bilateral ties were elevated to the level of a strategic partnership.

Visiting Tanzanian President Samia Suluhu Hassan who was on Tuesday conferred with an Honorary Doctorate by the Jawaharlal Nehru University said that the honour will be forever etched in her memory as it is the first award to her in a foreign country. Speaking at JNU's Special Convocation ceremony conferring the Honorary Doctorate to her, President Hassan expressed her gratitude for the honour, which she termed added «colour» to her life history. «Namaste everybody,» the Tanzanian President said at the beginning of her speech. «The world says, there is no midway in falling in love with India, be it an Indian song, an Indian movie, or Indian cuisine, it is very difficult to resist an Indian charm. I experienced it when I came to India for the first time in 1998 to study in Hyderabad.

India and Tanzania will sign 15 agreements covering different areas of cooperation, Tanzanian Foreign Minister January Yusuf Makamba said ahead of the bilateral talks between visiting President Samia Suluhu Hassan and Prime Minister Narendra Modi on Monday. The presidential visit from Tanzania to India is taking place after a span of more than eight years. «This is a very important visit for Tanzania.

Samia Suluhu Hassan is planning a trip to India early next week as India and Tanzania aim to upgrade ties to strategic partnership. Defence ties with Tanzania have received a major boost in the last few years as the South East African state has shown keenness to purchase Indian military equipment and expand maritime security partnership, officials told ET. The Indian Army chief visited Tanzania this week. In recent years, India and Tanzania have been cooperating in the field of defence training in Indian institutions.

By Melanie Burton

The ASX says it will not allow Magnis Energy Technologies to trade on the exchange after auditors raised concerns about the company’s finances.