British global insurer AON has quit 10 African markets including Uganda, citing weak economy that can’t permit its growth. According to a February 20, 2017 statement, Capitalworks, a leading Africa focused and based private equity firm specialising in investing on the continent, is to acquire AON’s shareholding in 10 countries
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As Ugandans struggle to take in the controversial Shs6bn handshake, the Ministry of Energy seems to have been rocked with another scandal. Business Focus has established that documents showing proof of payment of oil revenues by oil companies have disappeared with no trace from the East African country’s Ministry of
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Bharti Airtel Africa, one of the leading telecommunications service provider with operations in 15 countries across Africa and BCS with support from Facebook will undertake a fiber project in North Western Uganda. According to a February 17, 2017 statement from Airtel, the fiber ring of 770km, when completed later this
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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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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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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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The Uganda shilling remained stable amidst muted demand as most corporates stayed out of the market focusing on mid-month tax obligations during the week ending 17th February 2017. Trading was in the range of 3580/3590. In the Treasury bill auction, yields slightly dropped to trade at 12.546%, 12.910% and 13.850%
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A fake financial institution defrauding Ugandans of their hard earned money has been revealed. According to the Bank of Uganda (BoU), Uganda’s Central Bank, “ONE COIN DIGITAL MONEY” is not licensed by the BoU under the Financial Institutions Act, 2004, and is thefore conducting business outside the regulatory purview of
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Kagesera (Left) and Kato pose for a photo during their good moments/Courtesy photo The police has issued warnings to parents over rampant acts of sodomy by notorious gangs targeting students in their holidays. The Police 2016 Report sighted an increase in the number of students that are dropping out of
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