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Items filtered by date: Saturday, 07 April 2018

Tanzania’s economy grew around 7.1 per cent last year, beating the government’s own revised forecast, Prime Minister Kassim Majaliwa said.

In November, the country trimmed its gross domestic product (GDP) to 7.0 per cent from 7.1 per cent. That forecast had also been revised from 7.4 per cent. But Majaliwa said East Africa’s third-largest economy grew faster than expected last year owing to an increase in mining activity.

“Latest data ... shows that the country’s gross domestic product grew 7.1 per cent in the period between January and December 2017, compared to a GDP growth of 7.0 per cent in 2016,” Majaliwa said in the parliamentary presentation obtained by Reuters.

The session on Monday was held behind closed doors.

Full-year GDP growth in 2017 was driven by mining and quarrying (17.5 per cent), transport and storage (16.6 per cent) and construction (14.7 per cent) activities, he said.

The World Bank cut its forecast for Tanzania’s full-year GDP growth in November to 6.6 per cent due to slowdowns in public spending and growth of credit to the private sector. Tanzania has pledged to boost public investment in infrastructure projects, including a standard gauge railway, new roads and an expansion of ports.

But some investors have been unnerved by some policies from the government of President John Magufuli, who is nicknamed “The Bulldozer” for his governing style.

“There appears to have been an overall deterioration in business sentiment due to the perceived risks resulting from the unpredictability of policy actions,” the World Bank said in its economic update on Tanzania in November.

Published in Economy

Boeing has won a closely watched contest to supply 47 new 787 Dreamliner jets to American Airlines, beating European rival Airbus for the highly coveted order of widebody, long-haul aircraft.

"This was a difficult decision between the Boeing 787 and the Airbus A350 and A330neo and we thank both manufacturers for their aggressive efforts to earn more of American's business. In the end, our goal to simplify our fleet made the 787 a more compelling choice," American Airlines President Robert Isom said in a statement.

The deal, at a list price of more than $12 billion, is the latest in a series of blows to the Airbus A330neo. It comes just weeks after Hawaiian Airlines dropped an order for six Airbus A330-800neo jets in favor of the 787, leaving that variant of long-haul A330neo with no customers.

"This new order is a powerful endorsement of the 787 family's unique passenger appeal and unmatched ability to help airlines open new routes and grow profitably," Boeing Chief Executive Kevin McAllister said in a statement.

Reuters had previously reported that Boeing was primed to emerge triumphant in the hard-fought widebody contest, bringing along in its victory engine maker General Electric, whose engines are expected to power the Boeing aircraft.

As part of the deal, American and Boeing have reached an agreement to defer the delivery of 40 737 narrowbody jets previously scheduled to arrive between 2020 and 2022 to "better align with planned retirements of other narrowbody aircraft."

 

Published in Business

U.S. President Donald Trump said in a statement thisweek that he has instructed U.S. trade officials to consider $100 billion (71.4 billion pounds) in additional tariffs on China "in light of China's unfair retaliation" against earlier U.S. tariff actions.
The statement said the U.S. Trade Representative has determined that China "has repeatedly engaged in practices to unfairly obtain America’s intellectual property."

China's state media says U.S. tariff action will be defeated

China's state media has rallied against the United States warning its trade protectionism actions would end in defeat and that the only option now was to hit the United States hard enough so it will "remember the pain".
"If the U.S. says that it will pay any price, it must be firmly attacked," China's official Xinhua news agency said on Saturday.

China warned on Friday it was ready with a "fierce counter strike" of fresh trade measures if the United States follows through on President Donald Trump's threat to slap tariffs on an additional $100 billion of Chinese goods.

On Wednesday, China imposed $3 billion of tariffs on U.S. fruits, nuts, wine and pork, just hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products. Rising trade tensions between the world's two largest economies follows a U.S. finding that China was engaging in unfair trade practices in connection with intellectual property protections. China rejects the charge.

China's media, which is strictly controlled by the government, has come out in defense of the country, painting the country as a victim of an overly aggressive United States bent on taking illegitimate unilateral action.

"The White House has completely lost its sense of reality!," said the ruling Communist Party's People's Daily newspaper in a Friday commentary, alleging the United States is acting unilaterally and engaging in trade protectionism.

Meanwhile, the nationalist Global Times said in an editorial published late on Thursday that the "Chinese are aware that the only option now is to hit the U.S. hard enough so that it will remember the pain."

 

Published in World

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