United Bank for Africa Plc (UBA) today announced a donation of over USD 14 million, through the UBA Foundation, to catalyse a comprehensive Pan-African response to the fight against the coronavirus (COVID-19) global pandemic. The donation will provide significant and much needed support to Nigeria and 19 other African countries,
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The Bank of Uganda (BoU) has ordered commercial banks to defer dividends and bonuses in light of the COVID-19 impact on the economy, Business Focus has exclusively learnt. This is aimed at keeping financial institutions liquid and the economy afloat during this difficult period. This means that shareholders are likely
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After a turbulent week, the local currency recouped some of its losses on account of receding dollar demand rising hopes that a torrent of selling risk assets may have run its course. The shilling pulled back, crossing the support level of 3900, to trade at 3870/3880 at the close of
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Uganda has registered another four COVID-19 cases, bringing the total number to 18 as of yesterday. This revelation is contained in a statement issued by President Yoweri Museveni today morning. “Although it is too early to accurately determine whether we are defeating the virus or not, I have some good
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Trump attributes rise in US cases to testing The US now has more confirmed cases of coronavirus than any other country, with more than 85,500 positive tests. According to the latest figures collated by Johns Hopkins University, the US has overtaken China (81,782 cases) and Italy (80,589). But with almost
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In the face of an unprecedented challenge, the World Tourism Organization (UNWTO), with the support of the World Health Organization (WHO), calls on innovators and entrepreneurs to put forward new solutions to help the tourism sector recover from COVID-19. With millions of jobs at risk as the pandemic hits tourism
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The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries: The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world’s population and two-thirds of
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Kenya has banned the importation of second-hand clothes, popularly known as mitumba, as a way of limiting the spread of coronarivus. “Importation of used clothes is suspended with immediate effect to safeguard the health of Kenyans and promote local textiles,” Kenya’s Daily Nation newspaper quoted the Trade secretary, Betty Maina,
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By Guy Ryder, Director-General, International Labour Organization The human dimensions of the COVID-19 pandemic reach far beyond the critical health response. All aspects of our future will be affected - economic, social and developmental. Our response must be urgent, coordinated and on a global scale, and should immediately deliver help
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Stanbic Bank posted an impressive Shs259bn Profit After Tax in 2019, up from Shs215bn recorded in 2018. This represents an increment of 20%. Patrick Mweheire (pictured), who was the Chief Executive for both Stanbic Uganda Holdings and Stanbic Bank Uganda (SBU) for 2019, also saw loans advanced to customers increase
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