On October 20, 2016, Uganda's Central Bank, the Bank of Uganda (BoU) announced that it had taken over the management of Crane Bank Ltd after the bank became “a significantly undercapitalized institution.” On February 27, 2017, BoU announced the takeover of the now defunct Crane Bank by dfcu. However, a
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Applications are now open for the 2017 GrowthAfrica Acceleration Programme in Kenya and Uganda. The objective of the programme is to scale ventures, make them investment ready and to develop entrepreneurial leadership. The program targets ambitious, committed and innovative entrepreneurs. The programme invites applications from ventures that are: scalable and
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Revenue Authorities in Kenya, Uganda and Rwanda have officially unveiled a Regional Electronic Cargo Tracking System (RECTs) enabling them to jointly track movement of goods from port to destination electronically; that is from Mombasa Port to Kampala and Kigali. The US$4.4 (UShs1515.7bn) Million System was unveiled on Friday February 24,
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The Uganda shilling maintained a firm stance, with a bit of volatility mid-week due to a slight pickup in demand but thereafter, improved inflows helped to cushion the unit during the week ending 24th February 2017. Trading remained in the range of 3580/90, similar to the previous week. According to
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Uganda Telecom Ltd (UTL), the oldest telecom firm in Uganda is increasingly getting troubled following the quitting of its top managers. In a February21, 2017 press statement, UTL revealed to the public that a number of its top employees had ceased being part of the company and they were therefore
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Etihad Airways Engineering has signed an agreement with Kenya Airways to perform mandatory checks on its Boeing 787-8 fleet. This is part of an integration programme for the newest additions to the airline's fleet. The first of six scheduled Boeing 787 C-checks begins this month, with the last one planned
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African Gold Refinery (AGR), the first and biggest gold refinery in East and Central Africa has officially opened in Uganda. Uganda’s President Yoweri Museveni launched the Entebbe based refinery on February 20, 2017. In his remarks, Museveni stressed the critical importance of value addition, noting that AGR’s state-of-the-art refinery will
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On Febeuray23, 2017, Bonney Katatumba, a prominent businessman in Uganda and Honorary Consul of Pakistan in Uganda was pronounced dead. Katatumba succumbed to complications arising from Asthma and Pneumonia after he had undergone a colon cancer operation at International Hospital Kampala (IHK). But what will he be remembered for?Katatumba was
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Failure to implement existing laws have played a big role in the slow growth of Uganda’s insurance industry, players say. According to the Uganda Insurers Association (UIA), non- enforcement of the compulsory insurances; Motor Third Party Insurance, Workers Compensation Insurance and Marine Insurance have seen Uganda lag behind her counterparts
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British American Tobacco Uganda (BATU) net profit have reduced by 25% to Shs7.8bn in 2016, down from Shs10.4bn recorded in 2015, thanks to the tough economic situation in 2016. Its profit before tax stood at Shs11.1bn, down from Shs11.9bn in 2015. The profit relate to cigarette business only owing to
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