▪  Government wants statistics certified All statistics used in government’s semi-annual and annual performance reports will have to be validated and certified by the Uganda Bureau of Statistics (Ubos) effective next financial year, the Prime Minister has said.Speaking at the launch of the certification mark for official statistics in Uganda. Prime Minister Amama Mbabazi said mechanisms will be put in place to ensure that data used in government’s performance reports are certified as one way of building credible reports used in decision making and accountability purposes. Read more ▪ All Ways Import and Export Logistics Group, a shipping and forwarding company, has opened shop in Kampala to facilitate the shipment of imports from China.According to Mr Patrick Nayenga, the Country representative, the opening of the Kampala branch is meant to facilitate Ugandan traders, irrespective of size, to transport goods from China at a cheaper cost and shorter time compared to the current situation where traders have to pool money to meet freight costs. Read more ▪  Centum Investments realised 10.7 per cent growth in net earnings for the half-year period ending September 30, 2013, posting net profit of about Shs25.8 billion.The Kenyan firm, which cross-listed on the Uganda Securities Exchange in 2011, indicated growth in the net profit from KShs806 million (about Shs23.3 billion) to KShs892 million (Shs25.8 billion). Read more ▪  Kakira Sugar issues Shs76b bond to raise capital for expansion Kampala- In a bid to raise cheap capital from capital markets gains momentum, Kakira Sugar Limited has announced a $30 million (about Shs75.6 billion) corporate bond on the local bourse as it moves to raise long-term capital for expansion.The sugar manufacturer recently received approvals from Capital Markets Authority for the issuance of an unsecured 10-year corporate bond valued at $30 million (about Shs75.6 billion). Read more ▪  Tobacco firm set to invest Shs50b in northern Uganda Kampala- Pan African Tobacco Group (PTG) has announced it would invest $20m (about Shs50b) in Arua, northern Uganda.The investment is expected to support thousands more throughout East Africa.“The $20m investment will allow for construction of a new 30,000 square-metre warehouse and a new factory that will process 10 tonnes of green tobacco per hour. Read more ▪  Gov’t To Construct Shs184bn Karamoja Road President Yoweri Museveni has strongly cautioned the people of Karamoja against felling useful trees that are of industrial use like the Gum Arabic required in the production of beverages. Read more ▪ MEMD:50 global firms target Uganda’s oil refinery Over 50 global firms have applied to build and operate the first multi-million dollar oil refinery in Uganda’ Lake Albert basin.The high interest in the refinery underscores its profitability and a strategic investment project. It has also has also disapproved the critiques who claimed that the project could not attract global interests.Following the confirmation of commercial oil reserves, government’s intent has been to refine the oil resources in the country as per stated in the National Oil and Gas Policy for Uganda.Read more   The Minister of Finance, Planning and Economic Development; the Governor of the Bank of Uganda (BoU); as well as with other senior government officials and representatives from the international, business, and financial communities.At the end of the mission, Ms. Ana Lucía Coronel, IMF mission chief and senior resident representative for Uganda, issued the following statement:“The growth recovery to 5¾ percent in 2012/13, driven by public investment and consumption and stronger private activity in telecommunications, has been supported by a fiscal stance based on strong implementation of investment projects.Read more ▪  Uchumi to list shares in Uganda Uchumi Supermarket will this week cross-list its shares on the Uganda Securities Exchange after getting approval from the capital markets regulators. Currently listed on the Nairobi and Rwanda stock exchanges, Uchumi becomes the first supermarket chain to mark list on Uganda’s bourse. Read more. ▪  BoU Governor cautions farmers against agriculture loans Governor Bank of Uganda, Emmanuel Tumusiime Mutebile. has warned farmers against acquiring loans to finance agricultural activities until they have grasped good agricultural practices. He said this is because uncertainties in the sector could keep them in a debt trap. He instead advised farmers to only ask for loans when they are in a position to use the money as finance to raise their incomes and sufficiently repay the loans and earn some profits as well. Read more. ▪  NIC to get Sh8.4 billion from Rights Issue The National Insurance Corporation managing director, Folayan Bayo, has announced that its rights issue will open in a bid to raise Shs 8.4 billion to increase its capitalization.Read more ▪  CAA: Foreign financiers troop to Uganda, eye new air transport master plan Players in Uganda’s aviation sector are upbeat about prospects for the financing of a planned revamp and expansion of the Entebbe International Airport, as demand for air services continues to outstrip capacity.Read more ▪  Tullow: We are in Uganda to stay, says oil company Tullow Oil PLC (Uganda) is committed to the Ugandan oil and gas industry and will not cease its operations here, officials have clarified.The British exploration company in an email response to a number of questions raised by this newspaper, said it is fully committed to the Uganda project for a long term.Read more ▪   KPMG:Top SMEs warned on attitude Uganda’s Top 100 mid-size companies have been told to adapt best business practices or face extinction.“To be competitive, local businesses must change their attitudes or else they will be overrun by global force” Mr Peter Kimbowa, a renowned motivational speaker and team leader of CEO Summit, said. Read more ▪ ▪  Umeme and Uganda Telecom have launched an extension of the TouchPay and Yaka Service by which Umeme customers can pay their bills using their UTL mobile phones via Msente Mobile Money Service. Announcing at the official launch of the facility at Hotel Africana, Mr Ali Amir, Uganda Telecom’s Managing Director said the telecom’s customers would now be able to pay their Umeme Energy Bills using the MSENTE Mobile Money platform anytime, anywhere and most importantly, at the most affordable rate on the market.Read more ▪  Ministers responsible for Tourism from the EAC partner states and the EAC Secretariat have hosted an EAC joint event to promote the region as a single tourist destination at the World Travel Market (WTM) 2013 in London. Addressing guests at the event, Uganda’s minister for tourism, wildlife and antiquities Maria Mutagamba who is also the chairperson of the EAC sectoral council on tourism and wildlife management, emphasized that the East African region was a secure and safe destination of wonders and opportunities. Read more ▪  The State Minister for Urban Development, Hon Rose Mary Najjemba, has appealed to Kabale Municipal Council authorities to avoid conflict of interest during implementation of projects under Transforming Settlements of the Urban Poor Infrastructure (TSUPU). The minister also revealed that Kabale municipal council would get sh.375 billion from the Uganda Municipal Infrastructure Development, a project that was initiated by the Ministry of Housing and Urban Development. The District Resident District Commissioner, Moses Erayu, also warned the municipal leadership over the recent resolution to have street lights and decorating the streets at a cost of Shs25m, a project that was never implemented. Read more ▪  In a tender involving global giants such as Total and China National Offshore Oil Corporation (CNOOC), Russian Rostec wants to set up the first oil refinery in the fast growing market of Uganda, one of the most business-friendly places in Eastern Africa. The subsidiary of Russian state corporation Rostec - RT – Global Resources - will partner the VTB Capital, while Tatneft will take over the operational role. Read more ▪   Kiwanuka: Ugandans challenged to raise $100m infrastructure bond Reliable power supply, good roods and access to clean water are taking up almost two thirds of the current national budget 2013/14.Despite this, the allocations are still below the required infrastructure spend. James Mworia, the Centum Investments boss has challenged Ugandans to close the gap by mobilising $100m (sh260b) annually through a tax free infrastructure bond to rehabilitate key infrastructure projects. Maria Kiwanuka, the finance minister allocated 18% or sh2.4 trillion of the current national budget to the roads and works sector up from sh1.7 trillion. Mworia noted that the total infrastructure spend should least reach 10% of Gross Domestic Product or $2b (sh5.2 trillion) each year for the next 10 years for the country to attain middle income status. Read more ▪  Ugandan traders in court over South Sudan's bid to join EAC A group of Ugandan traders has dragged five members of the East African Community (EAC) before the regional court seeking to block South Sudan's entry into the bloc.The traders through their lobby, Uganda Traders Association of South Sudan (UTASS), argue in a suit filed in October before the East African Court of Justice, that South Sudan does not meet the requirements expected of states applying to join the EAC. Read more. ▪  Buganda eyes strategic business partnerships Buganda Kingdom has embarked on a move that will see it reap billions of shillings from companies that are keen to benefit from the customer loyalty and the good will that the Kingdom’s initiatives have to offer.Although the kingdom’s technical personnel are still working out the modalities, negotiations with various firms, among them beverage and brewery companies, are already taking shape. Read more. ▪ Bank of Uganda: Uganda’s account deficit now stands at Shs1.4 trillion Low earnings from exports and higher import prices have led to deterioration in Uganda’s current account deficit by $178.8 million (about Shs450.879 billion) during the quarter that ended July to September 2013.Bank of Uganda says the deterioration has seen the total volume of Uganda’s current account deficit increasing to $559.2 million (about Shs1.410 trillion) during the quarter ending September 2013 from a $380.4 million (about Shs959.254 billion) deficit in the previous quarter. Read more. ▪   Uganda Revenue Authority (URA) has warned suppliers against manipulating the procurement process to defeat free and open competition.Addressing the URA Suppliers’ Integrity Forum at Golf Course Hotel in Kampala on Friday, Michael Otonga, from the office of the Commissioner General said collusion by suppliers was depriving URA of benefits of free and open competition.Read more ▪ Bank of Uganda: Uganda's old Bank notes to expire next month - Mutebile  Whoever has bank notes of 1987 has to exchange them at the nearest Bank of Uganda office located in several parts of the country or else lose out, Central Bank Governor Mutebile said at a press conference at the Bank's headquarters in Kampala on Nov. 4."Your last chance to exchange old bank notes expires on December 31, 2013 at 12:00pm local time," Mutebile said, adding the exchange is free of charge and at full face value. Read more ▪  NSSF moves to construct shs1tn housing estate The National Social Security Fund (NSSF) has announced plans to construct a landmark 2,741-unit housing estate in Lubowa, Wakiso district, in its continued effort to give its members competitive returns on their savings. The real estate project, which will cost an estimated USD 400 million (Shs1tn) over a 10 year period, will be developed on the Fund’s 565 acres of land along Entebbe Road and will be one of the most upmarket housing estates in Uganda. Read more ▪  BATU pays out Shs 36 billion to farmers British American Tobacco Uganda (BATU) has paid out Shs 36 billion to 10,200 farmers in the Bunyoro-Mubende tobacco growing region for their crop, Jonathan D’Souza.The farmers in the districts of Kibaale, Hoima, Masindi, Kiryandongo, Kiboga and Kyankwanzi grew and sold 10 million kilograms to the Tobacco Company in line with their contract commitments.The Company, which is also listed on the Uganda Securities Exchange (USE) invested Shs10 billion in supporting the farmers during the season.Read more ▪  Kampala- Crane Bank, in partnership with Technology Associates (TA) has launched the first universal banking software system which will provide a much more user friendly experience for customers.The new system will use bio-metric identification which in effect will do away with signatures when one wants to access their accounts.Read more ▪ More than a decade since the revival of the East African Community, the people of Uganda have had tangible developments arising out of the integration process.Therefore, the East Africa Community is a logical step forward to transform Uganda and all the other partner states into modern and prosperous countries in the long run.Read more ▪  TIER 4 financial institutions which include Microfinance Institutions, (MIs), Savings and Credit Co-operatives Organizations (SACCOs) among others are to acquire a regulatory authority.This authority will be mandated to license and monitor all Tier 4 financial institutions in the country.According to Hon. Caroline Okao Amali, state minister for microfinance in Uganda, a regulatory authority for tier 4 financial institutions will reduce fraud cases.Okao was optimistic that resources accruing from this regulatory body will boost business investments resulting in increased incomes. Read more  In what could turn out to be a great innovation, MTN Uganda has partnered with insurance firms AON and Jubilee to launch MTN LifeCare, a low-cost life insurance policy.It is probably the lowest- priced life insurance policy on the market and for as low as Shs 7,500 per year, MTN customers and non-customers shall get at least Shs 1 million as pay-out in the event of death.Subscription to the policy shall be through the MTN mobile money service. Read more ▪  EAC: Regional standard bureaus join to harmonize grain standards East African Community (EAC) countries have agreed to harmonise grain standards to easily promote cross border trade in the region.Speaking at a meeting organised by the East African Grain Council (EAGC) , the deputy executive director Uganda National Bureau of Standards (UNBS), Ms Patricia Ejalu said leaders of standard bureaus in the region would meet to come up with general standards on grains. Read more ▪  Thakkar calls for tax policy to promote small businesses The Ugandan and other African governments have been challenged to create tax policies which promote the growth of small businesses. The founder and chief executive officer Mara Group, Mr Ashish Thakkar, who was the keynote speaker at the Monitor Thought Leaders Forum, said this is the next thing he is working on through his role in the Global Youth Council at the World Economic Forum. “If governments can create a tax policy that can promote small businesses by coming up with a certain threshold, it will help to make the informal sector formal,” he said. Read more ▪  NIKO Insurance: Agriculture insurance making inroads in Uganda Insurance products for the agricultural sector are on the rise as players seek to grow insurance coverage in the country.Despite agriculture being the backbone of the economy, insurance companies have been reluctant to come up with products for Uganda’s biggest employers. NIKO Insurance is the latest company to roll out products in the sector with three types of agricultural covers for livestock/ animal and crop insurance, weather indexed cover and ‘Kungula’ agri-insurance covers. Read more▪  The power of Mobile Money as an enabler of financial transactions is beginning to gain ground in Africa.Uganda is a case in point, where more than half of MTN’s customers are Mobile Money enabled and generate over 25 million transactions each month. These were some of the insights shared by Shaibu Haruna, MTN Uganda General Manager for Sales and Distribution, as he addressed delegates at the 16th annual AfricaCom conference in Cape Town. Read more ▪ Government wants statistics certified All statistics used in government’s semi-annual and annual performance reports will have to be validated and certified by the Uganda Bureau of Statistics (Ubos) effective next financial year, the Prime Minister has said.Speaking at the launch of the certification mark for official statistics in Uganda. Prime Minister Amama Mbabazi said mechanisms will be put in place to ensure that data used in government’s performance reports are certified as one way of building credible reports used in decision making and accountability purposes. Read more ▪ All Ways Import and Export Logistics Group, a shipping and forwarding company, has opened shop in Kampala to facilitate the shipment of imports from China.According to Mr Patrick Nayenga, the Country representative, the opening of the Kampala branch is meant to facilitate Ugandan traders, irrespective of size, to transport goods from China at a cheaper cost and shorter time compared to the current situation where traders have to pool money to meet freight costs. Read more ▪ Centum Investments realised 10.7 per cent growth in net earnings for the half-year period ending September 30, 2013, posting net profit of about Shs25.8 billion.The Kenyan firm, which cross-listed on the Uganda Securities Exchange in 2011, indicated growth in the net profit from KShs806 million (about Shs23.3 billion) to KShs892 million (Shs25.8 billion). Read more ▪ Kakira Sugar issues Shs76b bond to raise capital for expansion Kampala- In a bid to raise cheap capital from capital markets gains momentum, Kakira Sugar Limited has announced a $30 million (about Shs75.6 billion) corporate bond on the local bourse as it moves to raise long-term capital for expansion.The sugar manufacturer recently received approvals from Capital Markets Authority for the issuance of an unsecured 10-year corporate bond valued at $30 million (about Shs75.6 billion). Read more ▪ Tobacco firm set to invest Shs50b in northern Uganda Kampala- Pan African Tobacco Group (PTG) has announced it would invest $20m (about Shs50b) in Arua, northern Uganda.The investment is expected to support thousands more throughout East Africa.“The $20m investment will allow for construction of a new 30,000 square-metre warehouse and a new factory that will process 10 tonnes of green tobacco per hour. Read more ▪ Gov’t To Construct Shs184bn Karamoja Road President Yoweri Museveni has strongly cautioned the people of Karamoja against felling useful trees that are of industrial use like the Gum Arabic required in the production of beverages. Read more ▪ NSSF moves to construct shs1tn housing estate The National Social Security Fund (NSSF) has announced plans to construct a landmark 2,741-unit housing estate in Lubowa, Wakiso district, in its continued effort to give its members competitive returns on their savings. The real estate project, which will cost an estimated USD 400 million (Shs1tn) over a 10 year period, will be developed on the Fund’s 565 acres of land along Entebbe Road and will be one of the most upmarket housing estates in Uganda. Read more ▪ BATU pays out Shs 36 billion to farmers British American Tobacco Uganda (BATU) has paid out Shs 36 billion to 10,200 farmers in the Bunyoro-Mubende tobacco growing region for their crop, Jonathan D’Souza.The farmers in the districts of Kibaale, Hoima, Masindi, Kiryandongo, Kiboga and Kyankwanzi grew and sold 10 million kilograms to the Tobacco Company in line with their contract commitments.The Company, which is also listed on the Uganda Securities Exchange (USE) invested Shs10 billion in supporting the farmers during the season.Read more ▪ Kampala- Crane Bank, in partnership with Technology Associates (TA) has launched the first universal banking software system which will provide a much more user friendly experience for customers.The new system will use bio-metric identification which in effect will do away with signatures when one wants to access their accounts.Read more ▪ More than a decade since the revival of the East African Community, the people of Uganda have had tangible developments arising out of the integration process.Therefore, the East Africa Community is a logical step forward to transform Uganda and all the other partner states into modern and prosperous countries in the long run.Read more  European ship building firm enters EA market The Netherlands ship building firm Veka Group in partnership with Kampala’s Ronbag Real Estates Ltd, plan to build a shipyard in Jinja, eastern Uganda at a cost of €1.15 million ($1.56 million). Read more ▪  FDI to Kampala rises to $358m Uganda posted a 25.6 per cent rise in foreign direct investments (FDI), grossing $358 million in the three months to August 2013. Data released by the Bank of Uganda (BoU) shows that the country had registered FDI of $285.3 million in the preceding three-month period. BoU executive director for research Adam Mugume attributed the positive momentum to ongoing investment in the oil sector and infrastructure development, specifically in electricity and roads. Read more ▪  Xpress Money - New player to shift market share in money transfers The entry of another player in Uganda’s international money transfer market is likely to tilt the market share of the players, signaling heightened competition to retain customers. This follows the signing of a partnership between Xpress Money, an international money transfer player, and Diamond Trust Bank Uganda, to facilitate international money transfers globally. The Abu Dhabi-head quartered company becomes the third player in Uganda’s international money transfer market, which has been for decades dominated by two players – Western Union, which currently enjoys the largest market share and Money Gram. Read more ▪ East African countries in third attempt to sign Monetary Union Uganda will host other partner states in their third attempt to sign the East African Community Monetary Union Protocol this November. If all goes well, the signing of a Monetary Union’s ratification will be done by all the member states- a gesture expected to see the region transit into having a common currency. Read more ▪  Museveni Breaks Ground For Shs1.4tn Isimba Power Dam President Yoweri Museveni has hailed the Government of the People’s Republic of China for supporting Uganda in the development of hydro- power generation that will accelerate the industrialization process as it is one of the prerequisites for the modernization of the country. "I am happy to perform this ceremony of ground breaking for the construction of Isimba power station that will provide electricity that will help Uganda especially in running industries,” said Museveni. Read more ▪  Entitled, “East African Common Market Scorecard 2014: Tracking EAC compliance in the movement of capital, services and goods,” the report was prepared with the support of the World Bank Group. The scorecard examines selected commitments made by the partner states, outlines progress in removing legislative and regulatory restrictions to the protocol, and recommends reform measures.Addressing delegates at the launch of the report in Arusha on Tuesday, EAC Secretary General Dr Richard Sezibera said that all partner states were expected to remove internal tariffs, implement a common external tariff, and remove non-tariff barriers to trade, among other commitments. “If implemented, these measures will have a profound and positive impact on the economies of the partner states.”East African countries, Dr Sezibera said, had committed themselves not to introduce new restrictions, and to eliminate existing ones. Read more ▪  President Yoweri Museveni has called for the protection of government land including that vacated by refugees saying it can be used to attract investors who will build growth centres to attract people from poverty.The President was Tuesday presiding over the ground breaking ceremony for a US$300million, 18 square miles facility that will also house a beef production zone, host a world class abattoir to consume about 400 cows a day, breeding of new strains of livestock, feeding and production areas, slaughter houses, packing facilities and maintenance hall for the cattle depository. The development follows an earlier meeting in 2012 during which President Museveni held talks with the Turkish investors led by the ASB Group Chief Executive Officer (CEO) Sitki Ayan over business opportunities in Uganda particularly the creation of a special economic zone.The President warned Ugandans against land fragmentation saying it creates problems and does not attract investments said there is a lot of market in Turkey for products such as coffee which will be produced an processed here before export. Read more ▪  Govt to multiply number of coffee trees, productivity Prime Minister Amama Mbabazi has met a delegation from the largest coffee roaster in Europe, D.E Master Blenders at his office in Kampala. The company is also the third largest coffee roaster globally, with headquarters in the Netherlands. During the meeting on Tuesday, Mbabazi disclosed that the government had embarked on an ambitious programme to multiply the number of coffee trees in the country, and increase their productivity. He said agricultural zoning was critical for household poverty eradication. Mbabazi urged the company to develop strategic relationships with farmers in support of the programme. The company is already operating in Luwero district focusing on quality improvement, good agricultural practices and improved market access for participating producer groups.“I can assure you of total support to facilitate that partnership because our economy is private sector-led and I don’t see this changing soon,” Mbabazi said. He noted that proceeds from the nascent oil industry would be used to boost agricultural production, value addition and product quality to international standards. Read more ▪  MOA: Government targets Shs248b in fish exports Government has started working on measures that will see the country’s fish exports greatly increase to fetch $1billion (about Shs248 billion).State Minister for Agriculture Zirubaberi Nyira Mijumbi said Uganda wants to contribute to increased social and economic development in the East and Central African region through fish trade and fisheries development.“We want to tackle the whole value chain from impounding illegal fishing gear, post-harvest handling, border inspection to stop trade of immature fish across the region, among other interventions,” Prof Zirubaberi said last week after opening the 2nd trade event organised by the Indian Ocean Commission in conjunction with European Union and United Nations Food and Agricultural Organisation. Read more ▪ DDA: Milk demand outstrips supply due to low yields As demand for milk exceeds supply, farmers are worried of low earnings following the current dry spell that has reduced harvested volumes.Experts in the industry say that harvests are still low in some of the producing areas.Dairy Development Authority Coordinator for South Western region Stephen Aikiriza says: “Despite the areas receiving rain in the months between October to December, it didn’t reach the desired intensity.”As a result, areas of Isingiro, Bukanga-Kamwema, Endizi Sub-county, parts of Kiruhura and Lyantondde did not feel the intensity of the rain, thus the low harvest.Mr Aikiriza adds: “As these areas were getting to terms with the situation, they were caught up with the current dry spell which has left many farmers with low supplies.” Read more ▪  PSFU: Development plan detached from Budget In the next four months, the first part of the National Development Plan will give way to the second phase after nearly five years of what economic and development analysts describe as mixed fortunes.The National Planning Authority (NPA), the planners and coordinators of the National Development Plans (NDPs), however, give themselves a 60 per cent rating, arguing that they could have done better had the government ministries, departments and agencies aligned their programmes and projects to the development document. Private Sector Foundation (PSFU) policy analyst Moses Ogwal, in an interview last week, said more should have been done compared to what the planning agency claims to have achieved. According to the NPA chairperson, Kisamba Mugerwa, one of the biggest achievements the institution has registered is transforming the attitudes of the government from previously thinking short-term to long-term planning. Read more  Museveni Boosts ‘Industry Revolution’ In Kapeeka President Yoweri Museveni had a very busy day as he launched several poverty eradication programmes in Nakaseke District. In the morning, the President visited Golden Steel Rolls hoe factory in Sanga, Kapeeka road.At this industry, he was informed that power shortage was hindering production and efforts aimed at creating more opportunities for workers.“The President was informed that electricity is a bottleneck to production. He directed the Minister of Energy, Hon. Irene Muloni, to visit the factory not later than Tuesday and solve the problem,” says the President’s Communication Assistant, Sarah Kagingo.Museveni last year launched a special wealth creation project to uplift the people and army veterans living in Nakaseke and the greater cattle corridor from poverty. Read more ▪  Solar loans to boost business Uganda Energy Credit Capitalisation Company (UECUganda Energy Credit Capitalisation Company (UECCC) under the Energy ministry has developed a loan product to enable easy accessibility to solar systems.CC) under the Energy ministry has developed a loan product to enable easy accessibility to solar systems.Ms Specioza Ndagire, the managing director UECCC, explained that the solar loan product will increase access to credit facilities for both domestic and commercial enterprises. Ms Ndagire noted that there is need to support people in this loan product to increase the consumption of solar in the country.“We will commit credit to participating financial institutions (PFIs’) for on-lending to both domestic and commercial consumption,” said Ms Ndagire.This solar loan product is intended to address the higher costs of acquiring solar systems in the country. Read more ▪  Kacita Vows to Boycott Trading Licenses Traders under their umbrella organisation Kampala City Traders Association (KACITA) have vowed not to continue paying any license fees to Kampala Capital City Authority (KCCA) and Uganda Revenue Authority (URA) effective immediately. In a stakeholders meeting held in Kampala, Isa Ssekito, the KACITA spokesperson, declared that this has come as a result of KCCA and URA failing to sensitise the traders on the requirements for obtaining trading licenses. “Traders need more information about the procedures, benefits of the Tax Identification Number (TIN number) which was made a compulsory requirement for anybody to obtain a trading license in Kampala,” Ssekito explained. “We have decided as traders that there be no more paying of licenses to KCCA, URA until when they fulfill their earlier promise of sensitising the traders on which forms of taxes they have to pay. They should also explain why they charge inflated fees to all those traders who have registered for TIN numbers.” Read more ▪  Museveni Woos Investors For Mega Railways Project President Yoweri Museveni has called on investors to work with government towards securing funds for the construction of the railway lines to South Sudan, DR Congo and Rwanda. The President was meeting a delegation of Fouad Alghanim & Sons Group of Companies led by the Chief Executive, Mr. Fouad Alghanim at State House in Entebbe. The Group is involved in a wide spectrum of investments such as the energy, construction, communications, shipping and agro processing sectors. Under the regional infrastructure project, a new railway line will connect Kenya, Uganda, Rwanda and South Sudan and is expected to reduce transport costs by more than 60 per cent, expand production and reduce the costs of goods and services according to reports. This will also add at least 2,000 miles to the East Africa's railway network. Read more ▪  UMA: Manufacturers commend UPDF presence in S. Sudan The Uganda Manufacturer’s Association (UMA) has commended the UPDF for their efforts in trying to stabilise South Sudan, saying it will protect their business interests and consumers.Traders have counted losses in billions of shillings as merchandise movement ground to a halt due to insecurity in South Sudan.Amos Nzeyi, the UMA chairman, advised traders to take advantage of the war and plant food crops that will be sold to South Sudan once the war ends. There is, however, no timeline on when the war will end.South Sudan is one of Uganda’s biggest markets for both agriculture and manufactured commodities.But this has come under serious threat because of the crisis, with analysts saying the UPDF presence has somewhat stabilised what would have been a “completely hopeless situation.”State minister for investment Gabriel Ajedra recently said Uganda has lost close to sh2b since war broke out in South Sudan between the government and rebels loyal to former vice-president, Dr. Riek Machar. Read more ▪  West Nile residents complain of prolonged power shortage The West Nile is facing power shortages following the breakdown of the second turbine at Nyagiki power station in November 2013.Arua, zombo and Nebbi districts are now receiving 1.75Meggawatts (MW) of power from only one turbine, yet the peak load is 2MW, creating the need for loadshading in the region.However, Suresh Ballal, the general manager of WENRECO, the power distribution company in the region, said power interruptions are due to a breakdown of transformers and weak power lines that formerly belonged to the Uganda Electricity Board.Repair works for the units that have broken down is taking abnormally long and the consumers are getting increasingly frustrated. Read more ▪ BOU: 286 farmers apply for ACF loans Despite majority of Ugandans being involved in agriculture, only 286 farmers have applied for government’s cheaper loans estimated at Shs218 billion, under the Agricultural Credit Facility (ACF), a Bank of Uganda (BoU) official has said.The executive director Finance BoU, Mr David Kalyango, told the Daily Monitor, that of the 286 loan applications, 239 were approved and money disbursed, with 65 per cent of the loan portfolio financing agro-processing projects.Dismissing allegations of low uptake, Mr Kalyango said the scheme has steadily improved over the years, with the number of participating financial institutions. Read more  Informal sector now growing faster, says Ubos The informal sector is the fastest growing segment of the economy, according to a recent report by the Uganda Bureau of Statistics.According to the report, the number of businesses operating informally is multiplying at a speed that is far greater than the pace of enterprises that mutate into formal operations annually. And if the trend is not checked, economic analysts warn its impact on the economy could be grave as the government will be short of resources to fund its (national) budget. “Informal sector is the fastest growing sector in Uganda, accounting for 43 per cent of the total economy,” reads in part the Uganda Bureau of Statistics (UBOS) data. Read more ▪  The Chairperson Uganda National Planning Authority (NPA), Mr Kisamba Mugerwa, has identified lack of proper coordination between the government ministries, departments and agencies as being responsible for the poor enforcement of the national development plan.According to Mr Mugerwa, so much should have been achieved since the launch of the comprehensive National Development Plan in 2007, had the entire government departments owned up the development document and implemented it in collaboration with each other.“One of the key findings of the mid-term review of the National Development Plan (NDP) was the lack of alignment of the sector development plan,” Mr Mugerwa said yesterday at a strategic meeting on formulation of the 2nd NDP that should be up and running by September, 2014.He continued: “Our role (NPA) is only coordinating the process while the ministries, departments and agencies and other non-state actors are to prepare and ultimately implement the plan.” Read more ▪  Arabica coffee prices increase Prices of Arabica coffee parchment have rebounded to sh4,200 per kilogramme, up from sh3,000 after nearly six months of price stagnation.The increment came at the right time, the back-to-school period, when most coffee farmers need to pay school fees for their children. Students and pupils reported back to school for the first term on February 3.Joseph Sodo, a coffee farmer from Katongo parish, Kapchorwa district, explained that the rise had offered a lease of hope to the coffee business.Sodo, who has a child in secondary school and two at primary level, last week sold off 32 bags to get fees for them.“With the price increment, it means each 65-kg bag of premium Arabica coffee parchment rose to sh273,000 up from sh195,000. I got sh8.7m which enabled me to pay my children’s fees,” Sodo said.“The huge gain I made from this increment, however, is the fact that I had 2,400kg of stocked parchment that I had purchased when prices were still low.”Prices of Arabica coffee parchment in Bugisu region are mainly dependent on the price at the New York Stock Exchange (NYSE) where its green beans trade under the name Bugisu Arabica. Read more ▪  Uganda has received more Valentine’s season flower export orders this year, a development that points to a good year for the industry.This is good for the industry which suffered a setback when the main market, European Union, went through a recession that saw consumers cut back on their expenditures.Speaking to the Daily Monitor, Mr Dimple Mehta, an administrator at Rosebud Limited-the leading producers of roses in the country revealed they have received more orders this year.“This year we have received more orders compared to the previous years,” he said.Industry sources say that it is still hard to tell how many tonnes will be exported because, this being the peak season, orders are still coming in.However, partial figures indicate 200 tonnes have so far been exported. Read more ▪  SB: Farmers ignorant about cheap agriculture credit - bank official Despite efforts by the government to avail cheaper agricultural credit through the Agricultural Credit Facility (ACF), a few farmers have taken advantage of the facility to boost productivity, a senior banker has said.Speaking to journalists in Kampala, Stanbic Bank managing director Philip Odera said limited sensitisation about the existence of the facility has led to low uptake of the credit funds.“We partnered with government to offer subsidised lending to agriculture but the challenge has been limited communication about the availability of the funds to the sector,” he said. “We continue to encourage the Small Medium Enterprises dealing in agriculture to take advantage of this cheaper credit to grow the agricultural sector.” Read more ▪ MV Kalangala set for private operator The Government is looking for a competent company to manage and operate Marine Vessel (MV) Kalangala. The vessel which plies Nakiwogo landing site in Entebbe and Lutoboka in Kalangala, was assembled in 2005 as fulfilment of President Museveni’s pledge to the people of Kalangala for eased water transport and connectivity to the mainland. It was initially managed by M/S Mulowooza and Brothers between 2006 and 2010 but when the three-year contract expired, the works and transport ministry took over its management to date.The vessel is currently in Mwanza, Tanzania where it is undergoing the annual repairs to meet the international maritime safety requirements. Susan Kataike, the works and transport ministry spokesperson said the procurement process for the private operator for the vessel is ongoing. Read more ▪  Uganda Communications Commission (UCC) has approved five firms to deal in the importation and sale of free-to-air decoders, opening up a market that has been dominated by pay-tv providers.The companies allowed to deal in the DVB-T2 devices include; Widestar Digital (U) Ltd, Icomsys Africa Ltd, Brivid Uganda Ltd, a source familiar with the deal at the communications regulator told the Daily Monitor.Syscorp International Ltd and Trans-African Container Transport Ltd are the other companies that have been given a a go-ahead. “We hope that free-to-air decoders will start arriving in the country,” the source said, adding that the price for the device is yet to be determined as the country is a free market economy. Read more ▪  SCB: Shilling to stay strong, experts say The Uganda Shilling has continued to exhibit its strength as dollar demand in the market remains relatively sluggish.By close of business yesterday, the shilling was trading at 2,462/2,472 against the US dollar, slightly stronger than it traded at the close of last week when it traded at 2,465/2,475.Speaking to the Daily Monitor, Standard Chartered Bank’s manager corporate affairs Herbert Zake said: “Looking ahead, we expect the Uganda Shilling to trade in recent ranges with support seen from continued lack of demand for the dollar.”Experts say the shilling’s strength is not a good sign for a country which is promoting her export industry and if the situation continues in favour of the local unit, the annual export value will definitely drop. Read more ▪ Special economic zone to be opened in Nakaseke Multiple taxes hamper telecom operationsThe Government has signed a deal with ASB Group, a Turkish company, to establish a $300m special economic zone for beef production in Nakaseke district.Under the agreement, the government has provided an 18 square mile site at Kaweweta in Nakaseke, which will next week be handed over to the investor.The semi-arid area, which lies in the cattle corridor, accounts for 80% of livestock in Nakaseke district.The project coordinator, former finance minister Syda Bumba, said recently that the project will be implemented in phases.Special economic zones are common in countries such as China, India and Dubai. They are designated areas in countries that possess special economic regulations that are different from other areas in the same country. The regulations contain measures that are conducive to foreign direct investment. Read more ▪ The government has been asked to reconsider the numerous taxes levied on telecommunication operators saying failure to do so will stifle the rollout to other Ugandans who have not been yet subscribed to the telecom industry.“Telecom industry is still the most taxed industry in the country. We now pay 2% of annual levy to the regulator towards development of ICT. There is also 25% debit on importation of airtime paper. So far for any value added we have to pay,” Denis Kakonge, the Airtel –Uganda legal officer said.He cited the taxes on handsets, gaming, scratch airtime cards and the calls made. Kakonge said the system needs to be revised like it is in other EAC countries.The remarks were made during the Indian Day parliamentary debate with Uganda’s MPs and various dignitaries from the business community at Victoria Serena at Mutungo .While addressing MPs, Kakonge also asked for punitive measures like introduction of a tough law to deter those vandalizing the telecom infrastructure. Read more ▪ BOU: Uganda’s current account deficit improves by Shs437 billion The Bank of Uganda state of economy report for February indicates Uganda’s current account deficit improved to $417.2 million (about Shs1.030 trillion) during the quarter ended December 2013 from a $594.2 million (about Shs1.467 trillion) deficit in the previous three months period (quarter).However, Uganda still has more work to do in order to further reduce the negative effects of a heavy current account deficit on its economic growth. “The improvement in current account deficit was driven mainly by: higher receipts of current transfers due to peak season receipts of workers’ remittances in December and higher project aid inflows to government and lower deficits posted in the goods, services and income accounts,” the Central Bank report read. Read more ▪  EY: Better investment climate key to improved revenues, experts say Following the recent revenue shortfall of nearly Shs250 billion, Uganda Revenue Authority will have to quickly capture more people into the taxpaying bracket even as it seeks to close loopholes that could see the deficit further widen, tax and economic analysts have advised.In the medium term though, the experts say there is a great need to improve the overall investment climate if the country is to improve its revenue earnings.The Tax Partner and Country Leader of Ernst & Young, Mr Muhammed Ssempijja, predicts hard times for the tax collectors although they are also of the view that it is not too late for the tax body to redeem itself from the looming revenue shortfalls. Read more ▪ EAC: Regional customs launch shifted Kenya, Uganda and Rwanda have postponed the single customs territory (SCT) roll-out, giving Burundi and Tanzania more time to prepare for the shift. East Africa Community (EAC) secretariat custom officer Ally Alexander told the committee on Communication, Trade and Investment in Mombasa that the implementation of the model would begin in June. “We are looking at reducing the costs and number of days to clear the cargo from Mombasa to Kampala to take three days instead of the previous 18 days,” Mr Alexander said.The SCT was initially planned to begin in January with the three countries moving their revenue staff to common entry and exit points to begin goods clearance. But Tanzania and Burundi protested their exclusion in the arrangement after Kenya announced in January that it was ready to start accommodating revenue officials from the two landlocked states in Mombasa, prompting the three States to go slow on their plans. Read more▪  UIRI: Create banks for small businesses, Gov't told Prof. Charles Kwesiga, the executive director of Uganda Industrial Research Institute (UIRI), wants the Government to encourage the establishment of commercial banks dedicated to supporting small businesses (SMEs).Kwesiga said a number of prospective entrepreneurs fail to take off due to the high interest rates charged by commercial banks.He said Uganda’s hope to achieve an industrialised economy hangs in balance unless the Government moves fast to reduce the cost of borrowing. “We must create a financial infrastructure that can offer affordable financing especially to SMEs,” Kwesiga said. “This infrastructure can involve capitalising the Uganda Development Bank (UDB) and have a section of commercial to support SMEs as has been done in the Asian tigers like Thailand, Malaysia and India.”Created in 2006, the UIRI has mainly focussed on incubating young entrepreneurs’ business plans by offering technical training and other requisite start-up facilities. However, Kwesiga explained that a number of the incubatees had failed to take off due to the high cost of borrowing. Read more ▪ Uganda is now 10th biggest Internet user in Africa with over four million subscribers, the head of the Uganda Communications Commission (UCC), Eng. Godfrey Mutabaazi, has said.Mutabaazi attributed the growth to increased circulation of smart phones on the market, distribution of computers to schools and competition in the telecommunication sector. According to UCC, 13% of Ugandans use the Internet. Almost 60% of Web traffic in Uganda is from mobile devices such as smart phones and laptops. Read more ▪  Barclays: Banks try incentives to capture customers Commercial banks have come up with a number of inducements including cash-backs, interest rate discounts and fee waivers, among others, as they struggle to revive growth in loan advancement to the private sector.This is in the wake of a slowdown in most commercial bank loan books that contracted as businesses and individuals in the country grappled with double digit inflation that resulted in a steep rise in lending rates.According to Barclays Bank retail director, Mr Nazim Mahmood, relieving customers of insurance fees seeks to give them peace of mind and lower the costs involved in financing a loan. “When the bank takes up the payment of the insurance, it means that our customers are able to get their prospects financed with peace of mind in case the insured eventualities occur,” he notes in a statement. Read more ▪ UMA: Local manufactures call for a ban on imported drugs Manufacturers of medical supplies in Uganda have asked the Government to ban the importation of supplies that serve the same purpose as those made in Uganda.“Local manufacturers have no protection. We make enough products, but we are seeing many people importing what we make,” said Abacus Pararental Drugs managing director Harish Shah.Shah was addressing members of the Uganda Manufacturer’s Association (UMA) at the Abacus premises recently.“There is no way the local manufacturer can benefit from the local market if the same product he is making is being imported into the country and is sometimes cheaper,” Shah noted. Read more ▪ Uganda’s economy continues to soar and by the end of the 2014/15 financial year, economists have predicted that it will have hit $28b (about sh70 trillion).Addressing NRM legislators at the National Leadership Institute in Kyankwanzi, President Yoweri Museveni noted that as a result of tackling market challenges and more exporting opportunities, the economy is bound to grow.Museveni made the remarks while opening the NRM 10-day retreat, where the executive and the party MPs will discuss the rising bank interest rates, corruption and the 2016 party manifesto.The President noted that in the last 28 years Uganda has expanded 16 times, from GDP of $1.5b to $24b today.“By the end of the 2014/15 financial year, our economy will be $28b. The size of the GDP depends on the foreign exchange rate. When the Uganda shilling appreciates, as it is bound to when we start oil and other minerals minning, the size of the GDP will rapidly grow,” the President said. Read more ▪  The government announcement recently that it will set a minimum wage is good news for the economy and also for the workers, but not in the way they think.As it is now, we have a minimum wage of sh6,000 a month, which was decreed in 1984, but inflation and an increasingly higher standard of living means the number is worse than redundant.Our workers’ unions have been pushing for a revision of this number, but the Government has argued that it is best left to individual employee-employer negotiation, fearing that if they set a number, investment in the country will become unattractive.Both are right, but for different reasons than they think. Let us take it from the investors’ point of view. Investors like cheap labour if they are producing for a market that is not finicky about standards and one that does not consume much anyway.In such a market, you can literally source your labour off the streets and not care about what value they are bringing to the operation other than their sweat. Read more ▪  Uganda Investment Authority (UIA) will lobby government to increase funding for marketing tourism in North America and other selected satellite cities around the world from the current expected $9,000 (Shs221 million) to $5 million (Shs12 billion).“Lobbying is part of our mandate,” UIA executive director Frank Sebbowa said last week in a meeting aimed at building competitiveness in tourism with a view to attract investment and employment in the sector. He continued: “We will lobby for $5 million to be put in marketing the country’s tourism industry every year. This is something we shall start doing immediately.” This was after tourism industry players argued that lack of marketing explains why tourists prefer going to neighbouring countries like Kenya, Rwanda and Tanzania rather than here—in Uganda. Read more ▪  Uganda Revenue Authority (URA) has closed its half year accounts with a revenue shortfall of nearly Shs250 billion, mainly because of low consumption resulting from reduced economic activities. To beat the shortfall, which is more than 20 times the amount of money needed to get rid of counterfeit and substandard goods in the country, and nearly five times the amount of cash required to run the ministry of trade, the tax collectors will have to raise their collections target by at least 27 per cent.According to Ms Kagina, the deficit in international taxes of 26 billion and the Domestic taxes shortfall of 216billion, largely defined the kind of performance registered in the last six months of the financial year 2013/2014.Under domestic collections, Corporation tax registered a shortfall of Shs161billion, an indication that the population consumption has declined. Read more ▪ IOCSA: Companies advised on good corporate governance Companies have been urged to practice a culture of good corporate governance so as to grow businesses and increase profitability.Speaking at a press conference ahead of the third annual Directors and Company Secretaries Conference scheduled for late this month, the Institute of Chartered Secretaries and Administrators chairperson Ms Alison Dillon Kibirige said the quality of corporate governance within companies, irrespective of the size, has a direct impact on the level of growth and profitability, adding that good governance is also a major tool for attracting foreign investors.Good corporate governance involves having good structures in place, business ethics and values, stakeholder engagement and transparency and accountability. Read more ▪ 2013 was a successful year for us as the leading Telecom operator in Uganda. The success was underpinned by major improvements in the customer experience and Infrastructure. In terms of customer experience, we successfully introduced higher Internet access speed services, extended coverage to new areas, registered 96% of our subscribers, launched MTN business, which has led to the consolidation of our integrated ICT business solutions and successfully added a number of new products.In terms of new products and services, 2013 has recorded a large number of new launches introduced such as “4G LTE”, “3G 42Mbps” ,” MTN WiFi HotSpots”, “MTN Xtra Time” and many other exciting services which we launched first in the Uganda market. In terms of infrastructure, we added 115 new Network coverage sites, bringing the total number of sites supporting our network to 1,220 and upgraded the capacity of another 406 Network sites. In addition, MTN Uganda upgraded almost all its network sites in Kampala from 2G to 3G. MTN Uganda is also keen to positively impact the lives of the people in the communities where it operates through its social transformation platform. Read more ▪ URA: Uganda Economy Posts "Worst Performance In Several Years" Economic experts are concerned over the slack in the general performance of the national economy over the last 6 months. This has been reflected in a major decline in revenue collections by Uganda Revenue Authority. URA Commissioner General Allen Kagina announced that the revenue body had registered a shortfall of a staggering Shs242 billion in the half. With taxes on international trade performing at 98.5 percent (26.43bn shortfall) and and domestic taxes at 91.15 percent (216.37bn shortfall), Kagina described the body's performance as the worst in several years. Some of the underperforming sectors included financial institutions, manufacturing, transport, communication, real estate, electricity, water, renting and others. Read more ▪  Buganda Kingdom has signed a memorandum of understanding with Henan Guoji Industry Group Limited, a Chinese company, to develop a mid-low income real estate.Through its investment holding company, Buganda Investments and Commercial Undertakings Limited (BICUL) and Henan Guoji partnership, the Kingdom wants to see the country’s housing deficit reduce.In an interview with the Daily Monitor, BICUL chief executive officer Roland Sebuwufu said: “There is still high demand for housing in the mid –low income bracket especially in the Central Business Districts, but the uptake was slow because of the high costs of the finished products yet the lending rate on mortgages is still high.”He added that the kingdom wants to partner with serious investors to provide solutions that would benefit not only the Buganda, but also contribute to the economic development of the country. Read more ▪ The Uganda Communications Commission has launched the 4th edition of ACIA 2014, to reward and promote technology innovations aimed at finding solutions to Uganda’s local problems. UCC Executive Director, Godfrey Mutabazi, says the government body has a statuary mandate to promote research and development in the sector. “In fulfilment of this mandate, UCC has adopted a number of strategies including provision of funding support, raising awareness about research and innovation, providing platforms to facilitate linkages between private and public innovation actors,” said Mutabazi . ACIA was established to provide a platform to recognize outstanding innovations from local companies and individuals in the development and adoption of ICTs in Uganda.Read more ▪  Women stakeholders including national level women’s business associations; business women’s groups (Urban and Rural); individual women business entrepreneurs and key Government institutions deliberated on modalities of working together to enhance their participation in the East African Integration Process at Kampala Sheraton Hotel.Organised by TradeMark East Africa in partnership with the iCON Enterprise Foundation (formerly iCON Women & Young People’s Leadership Academy), the East African Business Council and the East African Women in Business Platform (EAWiBP), the meeting themed: “Enhancing Participation and Amplifying Voices of Uganda Women in Business and Trade in the East African Integration Process”. The function was graced by the Minister of Trade, Industry and Cooperatives, Hon. Amelia Kyambadde. Read more ▪  Celebrated for the first time, Africa Mining Vision Day calls for a more sustainable, people-centred mining agenda.On the margins of Africa’s largest annual mining conference, “Mining Indaba”, taking place from February 3-6 in Cape Town, South Africa, multilateral development organizations have called on the private sector to join forces with them in ensuring the revenues from mining are reinvested in people.The development comes high on the heels of a report by Human Rights Watch, saying Uganda’s nascent mining industry could do more harm than good for indigenous people unless the government makes reforms and mining companies start respecting rights. Read more ▪  Cabinet has decided that Government should continue funding the African Peer Review Mechanism (APRM), saying “it is still relevant to the Governance of Uganda,” Chimp Corps report. According to Information Minister, Rose Namayanja, “Cabinet noted that the APRM promotes peer learning and capacity building by exercising constructive peer dialogue and persuasion thereby making the process effective, credible, and acceptable.” It also approved the Extension of the APRM Programme of Action for the period 2014 -2015. APRM is a mutually agreed instrument voluntarily acceded to by the Member States of the African Union (AU) as an African self-monitoring mechanism. Read more ▪  Fresh produce export company secures Shs4 billion investment Pearl Capital Partners, a specialist agriculture investment firm, has invested $1.5million (about Shs3.7billion) in a local export company, KK Foods, which supplies fresh produce to European markets.The Managing Director of KK Foods, Mr James Kanyije, in an interview yesterday, confirmed that his company had secured the funds, describing the deal as important and timely. KK Foods is a major exporter of fresh vegetables and fruits to the European market.Its main products are fresh chillies, hot pepper, bananas, okra, egg plants and groundnuts, mainly produced from smallholder farmers in Central and Western Uganda.According to investment and economic analysts, this venture will boost KK Foods ability to supply the European market more efficiently while at the same time reap more in terms of profits than it previously did although it will also give up some of its control to the investment firm.Read more ▪  MEMD: Uganda to sign memo with oil firms over production-ministry Uganda will sign a memorandum of understanding on Thursday with Britain's Tullow Oil, France's Total and China's CNOOC, an Energy Ministry spokesman said, in a vital step towards starting oil production in the country. Energy Minister Irene Muloni said last month that developing Uganda's oil fields and building infrastructure would cost between $15 billion and $22 billion, although there were plans to try to reduce that. Read more ▪  BOU: Uganda Keeps Lending Rate At 11.5% As Inflation Drops The Central Bank of Uganda pegged lending rates at 11.5 percent, the lowest since 2011 when the apex bank tightened monetary policy to control skyrocketing inflation.The move came in anticipation of a surge in inflation rates. Uganda’s annual core inflation rate dropped to 4.6% in January from 5.7% in December, according to data from the country’s bureau of statistics.“Although core inflation has decelerated, helped by recent Ugandan shilling appreciation, food prices which have risen strongly in recent months – are still a concern,” Standard Chartered economist Razia Khan said in a note.The central bank’s deputy governor, Louis Kasekende fears that the conflict in South Sudan, which he blames for some of Uganda’s economic troubles, if sustained could plunge Uganda into further economic misfortune. Read more ▪  EAFF: Regional body seeks to replicate Uganda coffee farmers’ Executive members of the East African Farmers’ Federation (EAFF) have expressed interest in replicating the Uganda originated Farmer Ownership Model (FOM) that has supported increased roles of smallholder coffee farmers along the crop value chain systems.Applied with in the membership of the National Union of Coffee Agribusiness and Farm Enterprises (NUCAFE), the FOM serves as an architecture directed at changing the role of the middlemen in the coffee value chain and increasing the monetary value that farmers retain, thus salvaging them from the plight of losses.Against that background, the Nairobi- based EAFFA is considering replicating and promoting the Model among other East African Community countries so that farmers elsewhere can also tap into the economic benefits enjoyed by a cross-section of Uganda coffee farmers.EAFF program officer Policy and Advocacy Mainza Mugoya noted that since the Model emphasises reduced roles of middlemen along the value chain, efforts should also be geared towards promoting it in the production systems of many other crops across the region. Read more ▪  Innovation Spurs Insurance Industry Worried about identity theft? You are not alone. Identity theft means that someone has stolen your personal information for the purposes of conducting transactions without your knowledge, and therefore purporting to be you. Identity theft is a fast-growing crime that can take a heavy financial and personal toll. Among other things, it can cost a good deal of time and money to restore your credit and your reputation.The inevitability of having to embrace the digital age means that even in Uganda, electronic financial transactions will soon become part of everyday life, and thus expose your personal information to potential abuse. Risk mitigation parameters exist for your protection in the form of Identity Theft Insurance. Read more ▪ For the last two years, the real estate sector has sent mixed signals; a boom in construction coinciding with a slump in demand for property.A study from the real estate giant Knight Frank, however, appears to settle the debate: Uganda's property is on a long road to recovery. House purchases and mortgage loans are up, as property yet again attracts the eye of investors and anyone with money to spend."The property market, although nowhere near its peak performance, is showing signs of slight recovery," says a report looking at the third and fourth quarters of 2013. "The easing of credit restrictions for mortgage financing and reduced lending rates from 30 per cent to 22 per cent currently [have] led to a revived interest in residential house purchases... "The recovery should come as a relief. For the last ten years, no sector has received as much attention and excitement as the property sector. House prices shot through the roof, and rentals and commercial structures sprouted all over the city and its suburbs. Read more ▪  UFEA: Flower exports record growth Uganda’s flower industry is regaining its export volumes thanks to a 4.8 per cent and 2.4 per cent increment in volumes and value, respectively by the end of 2013.Data from the Uganda Flowers Exporters Association (Ufea), show the country last year exported 6.7 million Kilogrammes (6,773 tonnes), up from 6.4 million kilogrammes (6,444 tonnes) in 2012.In an interview with Prosper, Ufea executive director Juliet Musoke explains: “We estimate the export sales for 2013 at $37.2 million, up from $36.3 million for 2012.” “This performance showed a 2.4 per cent increment, and we have been seeing a steady growth since 2010 which saw the lowest volume and sales since 2006,” Ms Musoke added. Read more ▪  The guest speaker at the Monitor Thought Leaders Forum has been listed as one of the 10 most powerful men in Africa, according to the latest issue of a respected American business magazine.Forbes Magazine says Mr Ashish Thakkar and the nine others are entrepreneurs, corporate executives, social entrepreneurs, political and civil leaders who are “changing Africa and the world around them; often times without much fanfare…”Among other things, Mr Thakkar is noted for having founded Mara Online, a group of online and mobile telephony platforms that allow users to interact with each other. “The serial entrepreneur [Thakkar] advises several heads of states in Sub-Saharan Africa and runs Mara Foundation, a social enterprise that mentors young African entrepreneurs,” the magazine says of Mr Thakkar. Read more ▪  The beer industry is optimistic about a sound economic environment in 2014 that should see beer consumption rise again after a tough 2013.Beer consumption in Uganda is still low at about 7-8 liters per capita consumption. Much of the alcohol consumed is informal and semi processed because beer is still relatively expensive. But with an expanding economy and more disposable income, this is set to grow.“The prognosis for beer is positive with underlying prospects on oil coming on stream, and rising incomes,” observed Jenkinson. Read more ▪  The World Bank has advised Uganda to develop policies that aim at social inclusion as the country positions itself to become a middle income country in the next couple of decades following its development strategies in the national vision.Uganda aims to become a middle income country by 2040 and the country’s grand plans are outlined in its “Vision 2040”. However, the World Bank says expectations from a middle income country are higher than those from low income ones.The World Bank says middle income countries are expected to address issues of social inclusion in ways that go beyond poverty reduction and that they are expected to attend to the needs of thosewho are most vulnerable to being left out using the available natural resources. Read more ▪  I think it is safe to say, in trying to decide what causes businesses to fail or thrive at its basic level; it is how the company’s shareholders and management handle the issue of instant versus delayed gratification. Everything else is detail.The aforementioned Buffett, who has made his fortune investing in companies since he was 11, has a very simple way of telling which investments are good or not.Through long experience, Buffett, 83, has learnt to look for companies that show consistent growth in their net value – the extent to which the companies’ assets are larger than its liabilities. If this figure keeps growing year-in, year-out the probabilities are high that the share price will soon mirror this growth in company value.The growth in assets is the most manifest sign of delayed gratification, a virtue we will do very well to cultivate in our businesses and personal lives. Read more ▪ ICAI: Indian accounting body launched in UgandaThe Institute of Chartered Accountants of India Uganda (ICAIU) was launched at Silver Springs Bugolobi, Kampala by Indians living in Uganda. It’s a branch of India’s professional accounting body known as the Institute of Chartered Accountants of India (ICAI).Speaking at the launch, the Chairman of Indian Association of Uganda, Rajesh Chaplot said the institute is to uphold chartered accountancy profession in Ugandan as trustee of high quality, financial competency, managing business risks, corporate governance, assurance and audit competency and business competitiveness in fast changing business world.“The aim for this chapter is to recognize the need for professional development in the changing global and Ugandan business environment. We also want to organise professional development sessions for Indian and Ugandan professionals with focus on value based, changing business and organisation structures,” he said. Read more ▪  Uganda has the world’s youngest population, with more than 78 per cent below the age of 30.But for 22-year-old Deziderio Byansi, a resident of Kasokoso Kiganda zone, a slum area in Kireka, job searching has never been on his to-do list. Byansi employees four other young people at his company ‘Dezi Smart Entrepreneurs’ and he has trained more than 75 young people from Kasokoso, Mutungo and Mbuya communities to make a range of products including; candles, paper bags, school chalk, liquid soap, hair shampoo, bar soap, book binding and charcoal briquettes, among others.Although he sells his products in the environs of Mutungo such as some supermarkets in Mbuya, Kiswa, Mutungo, Nakawa and Kireka, Byansi is finding difficulties.“The challenge is that big supermarkets [Uchumi, Nakumatt, Tuskys] are hesitant to take on some products because our company is not yet registered.” Read more ▪  Govt will go ahead with Pension sector liberalisation - Muhakanizi The Finance ministry says the cost of paying pensioners through the Public Service Pension Scheme programme is impacting negatively on government budget.Reacting to criticisms from officials of the Gender ministry and the National Organisation of Trade Unions among others against the move to liberalise the pension sector in Kampala last week, Secretary to the Treasury Keith Muhakanizi said: “Government is tired of paying the cost of pensioners through the Public Services Pension Scheme and so the sector must be liberalised.”Mr Muhakanizi explained that the fiscal price of paying pensioners on government is high yet at the same time there are a lot of inefficiencies in the current Public Service Pension Scheme. Read more ▪  Uganda has started the process of setting up standards and codes to govern the petroleum value chain.The process started last week with the launch of a 16-man technical committee composed of various experts from the academia, the industry, private sector, security and technocrats.The committee will provide for the formulation and harmonisation of standards for the downstream, midstream and upstream petroleum operations, which are critical to the development of the oil and gas sector.Kabagambe Kaliisa, the permanent secretary of the energy ministry, said there is urgent need to expedite the development of standards for the entire petroleum value chain.“This calls for standards and codes that can be adopted locally and also meet international requirements,” he said in a speech read by John Bosco Habumugisha, the assistant commissioner in charge of pipeline development.“Aspects of safety, security, health and environment are of paramount importance in ensuring effective regulation of the oil and gas sector, hence the need for appropriate standards and codes.”Kaliisa said it is important to involve stakeholders because they have many roles to play and “this will enable us to consult with you on how we can move forward in the country’s pursuit of commercialising the oil and gas resources.” Read more ▪  Kenya's year-on-year inflation rate inched up to 7.21 percent in the year to January, the statistics office said , coming closer to the 7.5 percent upper threshold of the central bank's target range.In neighbouring Uganda, headline inflation also rose, to 6.9 percent in January from 6.7 percent the month before. Core inflation fell to 4.6 percent from 5.7 percent.The two east African economies have enjoyed relatively manageable inflation in the past two years. High commodity prices in global markets and drought at home had caused inflation to soar in 2011.Kenya's policymakers held interest rates at 8.5 percent for their fourth straight meeting this month, citing stability in key indicators such as inflation.Though the January inflation increase is small, it is the first since September, when it jumped to its 2013 high of 8.29 percent after a new sales tax came into force. Traders said it is unlikely to affect policy for now because the outlook for prices is still benign."Headline inflation remains contained, with major threats expected to escalate from May onwards due to grain imports and potential negative base effects," said Alex Muiruri, a fixed-income trader at African Alliance Investment Bank. Read more ▪  UNBS: Oil, gas production regulations in offing The Ministry of Energy and the Uganda National Bureau of Standards (UNBS) have put up a committee that will develop standards and regulations meant to govern the oil and gas production phase expected to start in 2018.Speaking during the inauguration workshop of the technical committee on petroleum yesterday, Energy minister Irene Muloni said the committee will be tasked to among others develop standards that are acceptable globally. Headed by Dr Bernard Kariko Buhwezi, a lecturer at the Faculty of Engineering Makerere University, the committee is expected to start operations immediately. Environmental impact She said the standards that will be developed by the committee of more than 30 people, will focus mainly around areas such as safety, security, health and environment in the oil and gas sector. Read more. ▪ East African cooperatives to benefit from new regulation Cooperative societies across East Africa will now collaborate on numerous fronts, including joint marketing, thanks to a regional Bill in offing. According to Uganda Cooperative Alliance secretariat and the Eastern African farmers’ Federation, the drive to have both regional (EALA) legislation allow the collaboration and national cooperative laws amended, is in high gear.In an interview with the Daily Monitor, Mr Mike Sebalu, the East African Legislative Assembly (EALA) member and the brain behind the EAC Co-operative Societies Bill 2014 said by mid-year, the Bill will have been passed and assented to by all the regional heads of state. Read more. ▪  Mergers, acquisitions expected in banking sector, expert says The insurance and banking sectors could witness mergers and acquisitions in the near future as companies are unable to make meaningful profit margins to ensure business sustainability, a market expert has warned.The Principal Makerere University Business School, Prof Wasswa Balunywa, said Uganda’s economy is small and unable to profitably accommodate many players. Mr Balunywa, who was speaking at the insurance industry’s chief executive officers meeting in Kampala , added that a few financially strong companies are likely to swallow up small ones through mergers and acquisitions so as to make meaningful profits which are now shared among many players. Read more ▪ Members of the Eastern Africa farmers Federation (EAFF) have appealed to the East African Legislative Assembly (EALA) to speed up the enactment of East African Communities Co-operative Societies Bill 2014.The Bill, being advanced by the Eastern Africa Farmers' Federation (EAFF), aims to facilitate the engagement of the co-operative movement in the EAC integration process.It will also help farmers in the region understand protocols so that they can be able to make decisions and have direct contact with the people who buy their goods.“Most of the trade in the region is not done by farmers. The farmers who trade in the region account for only 1%.The rest still don’t understand common market protocols,” said Stephen Muchiri, the chief executive officer of EAFF.Muchiri said that the law will not only regulate cooperatives but will also help farmers across the region understand common market protocols which will then ease cross border trade. Read more ▪ Uganda warms up to a chance to tap into Turkish business success AS a once notable producer of coffee in the world, Uganda has not experienced much success in marketing this important cash crop. Now a newly established Turkish business consortium is promising to work together with the Uganda business community, the government and farmers to help promote the once world famous Ugandan coffee on the international market. The Turko Group is a Turkish owned business consultancy group scheduled to start its operations here in March this year with the aim of promoting business and investment opportunities between Uganda and Turkey.The Group is under the auspices of the Turkish-Ugandan Business Council formed in 2012 to promote trade and business between the two countries. Speaking at a media briefing recently, Ersin Eren, the chairman of the Turkish Ugandan Business Council said that promoting Ugandan products like coffee to the international market will be one of a number of activities that this new consulting group will undertake. Read more ▪ In a country with a rich heritage there are many people who are now increasingly being excluded from employment, social services and powerful positions.According to the World Bank, the drivers of this exclusion include levels of education, ethnic identity, religion and educational background.The World Bank points out that social inclusion is not just about poverty reduction or about reducing income inequality; it is the process of improving the ability, opportunity and dignity of people, disadvantaged on the basis of their identity, to take part in society.The World Bank has urged Uganda to ensure that as the economy grows and it pursues it vision of becoming a middle income some people are not left out to enjoy these benefits.“Social inclusion is becoming more urgent for Uganda. Profound transitions like the changing population structure, urbanization, climate change, information revolution and natural resource driven growth are creating new opportunities but also risks for inclusion,” said Ahmadou Moustapha Ndiaye, country manager World Bank Uganda. Read more ▪ Banks’ mentality holding back funding to private health care The conservativeness of commercial banks in lending to private health facilities is hurting the prospects of better health care in Uganda, an expert has revealed.“Because of the misunderstanding of the private health sector, and the perception of low business acumen of those working in the sector, banks perceive the risk of lending money to the sector to be so high,” Dr. Dithan Kiragga, the chief party of USAID/Private Health Care Programme has said.As a result, many private health facilities struggle to buy new equipment, train their staff further, hence compromising the state of health care. Read more ▪  Affordable phones, internet will raise data use - report The mobility Report produced by Ericsson, a Swedish technology firm analyses the subscription and applications development using telecom and data industry intelligence. “The past 20 years was voice, next 20 years will be about data,” said Fredrick Jejdling during the Sweden-Uganda ICT conference at the Kampala Serena Hotel. He said this growth will be more than the global average which will be about 10 times.Uganda’s ICT industry has grown exponentially and is currently ranked 22 in Africa and 130 in the world in the global ICT development index. There are now more people using mobile banking than bank account holders, a situation the Swedish ambassador to Uganda observed as “extremely important with knock on effects on a range of other areas.” Read more ▪   Minister cautions against repeat of past dam mistakes The state minister for investment, Dr. Gabriel Ajedra, has cautioned energy sector players to avoid past mistakes that proved costly as the Government embarks on building new power plants.The Government has started the construction of new power projects such as the 600MW Karuma dam and Isimba dam.“I do hope that the mistakes made on Nyagak 1 will not be repeated. For us as politicians in West Nile, it gave us huge headache. We could not defend the actions of the energy players. How could a dam of 3.5MW take more than five years to be completed?” he asked.“If Nyagak 1 was designed well, we could have generated about 7MW. Now we have to build Nyagak 3 in the same spot. Why?”Speaking at the handover ceremony of the new board of the Uganda Electricity Generation Company Limited (UEGCL), Ajedra said the delay in getting the Bujagali project on the grid was costly. Read more ▪  Energy shortfalls are set to be reduced further in the country following interventions to set up a modern solar assembling plant in Kampala.New Vision has established that the Euro 4m (shs18b) will be initiated by Clean Energy Partnership Africa (CEPA) a local renewable energy firm in partnership with J.v.G Thoma GmbH German based leading renewable energy company.According to statistics there has been a rise on demand for solar power especially in rural areas. But the demand seems to be shifting to the urban as well due to continues outages experienced by urban dwellers of late.Martin Erone Manager Legal services Uganda Electricity Transmission Company (UETCL) said renewable energy is the only way to go. “The demand for power increases everyday yet that demand can’t be fully met. We need constant investment in energy and renewable sources such as solar are appropriate,” he said.David Ebong the Chief Executive said once in place the price of solar panels and installations that are considered expensive will reduce due to local manufacturing. Read more ▪  CCLE: Tyre company to create 700 jobs The C.C.L.E rubber company, set to commence domestic production in March, will be employing more than 700 people, a company official has revealedSpeaking last week in Kampala, Mr Chen Fan, the managing director, said they are waiting for one of the key machines which is already enroute to Uganda and once it arrives by end of this month, the installation will be done next month and production begins in March.He said more than half of the employees are Ugandans because of the need to have local managers who understand the local market.Mr Chen was receiving 20 Ugandan youth who had been undergoing a six-month Tyre engineering training course in China. “This batch is the first to acquire Tyre engineering skills in East, Central and Southern Africa,” he said. Read more ▪  Dependence spreading poverty - experts Dependency “syndrome” coupled with bad attitudes largely explain why a substantial segment of the population survives on less than two dollars a day, a panel of experts discussing why some citizens are excluded from major economic sectors have said.The experts were speaking during the launch of a World Bank funded report “Inclusion Matters: The Foundation for Shared Prosperity” in Kampala yesterday.According to the Executive Director of Enterprise Uganda, Mr Charles Ocici, until the country, particularly individual citizens rise above what he describes as the dependency syndrome, the largest segment of the society will remain excluded or part time players, impacting negatively on the economy. Read more ▪ As the East African Community enters its 14th year of integration, there are still penny-pinching issues that have pushed up the cost of doing business.The EAC’s bid to create a single East African market entails easing travel restrictions, harmonising tariffs and cutting telecommunication costs.This means the private sector has to be brought at the fore-front since it is regarded as the engine of growth, thanks to its contribution to the economic development of respective member states.The East African Business Council has positioned itself as the policy advocacy body in the region to ensure that policies are implemented. Read more ▪  MARA: Use online business support services January tends to be a slow month during which the entire country seems to be trying to find its feet again after the festive holiday season. Money is hard to come by for many and business sales tend to slow down too.This could be a golden opportunity for you to think about what you will change in your approach to your business in 2014.In addition to tapping into ideas from your staff, family and friends, you might also consider using some of the free, online business support services that creative minds have put at our fingertips. Two of the online services available in Uganda are: Grow Movement: Headquartered in the UK, this uses the services of business experts all over the world to offer remote volunteer consulting services to entrepreneurs in Uganda, Rwanda and Malawi. Read more ▪  Tough times lie ahead for tea exporters in East Africa as dry weather conditions slash production.A new report from Mombasa Tea Brokers East Africa Limited predicts a gradual drop in tea production as Kenya approaches its dry season. The same trend is being experienced by Uganda where tea production has fallen due to the dry weather.In this period- Uganda, which is the second contributor to the Mombasa auction, surprisingly realised an increase in its sales. The country sold 4.1 million kilogrammes of tea, up from 3.4 million kilogrammes it sold.Sharing his experience with Prosper magazine, Mpanga Tea Estate’s chairman of the board of directors, Mr Jessey Bwango, attested to the low production. Read more Damalie discovered that the share price of Safaricom had risen above Ksh11.60.In 2008 the company listed on the Nairobi Stock Exchange. Already a big telecom company by then, investors in both Uganda and Kenya expected to gain a lot from the appreciation of the share price once it started to trade on the stock market.Many of the investors, or speculators, were relying on the performance of the shares of earlier listed companies such as Kengen in Kenya and Stanbic Bank in Uganda whose prices had doubled and tripled respectively.Safaricom listed at Ksh5 but instead of going north, the share price rapidly headed south. The timing of the listing of Safaricom played a major part in the depreciation of its price That was the time when the financial crisis was coming to light and investors were dumping stocks to retreat to more stable assets. Read more ▪  The International Monetary Fund has cleared Uganda to increase its debt ceiling on non-concessional borrowing by up to 47%, to allow the East African nation to fund ambitious hydroelectric projects aimed at addressing chronic power shortages.The country's borrowing limit has been increased to $2.2 billion from $1.5 billion, a boost for the country's efforts to access funds to meet its widening budget deficit, Ana Lucia Coronel, the IMF's senior resident representative in Uganda, said .The development is a relief for Africa's top robusta coffee grower and fledging oil producer; Uganda has been grappling with a widening budget deficit for the past two years, as spending has increased while funds from donors waned."The allowed increase is expected to finance electricity projects that are critical to close the acute infrastructure gap that makes Uganda one of the countries with the lowest levels of electrification in Africa," Ms. Coronel said. Read more ▪  The government has suspended proposals to construct a mini airport at Lubiri-Mengo to complement the Entebbe International Airport, citing the Buganda Kingdom’s indecision.Speaking at the 20-year Civil Aviation Master Plan Consultative workshop in Kampala last week, Works and Transport minister Abraham Byandala said while negotiations are still ongoing, the kingdom seems to have showed less interest in the proposal.“Mengo is still divided between culture and development,” Mr Byandala remarked, “The proposal was suspended for some time to let them (Mengo) first settle the differences.” Read more ▪ UNBS to inspect Pre-paid metres Uganda National Bureau of Standards (UNBS) has signed a Memorandum of Understanding (MOU) with the Electricity Regulatory Authority (ERA) to start examining prepaid metres before issuance.The deal sealed comes on the heels of rising consumer complaints over exaggerated billings by the metres currently rolled out as a trial exercise by electricity distributor, Umeme.The MOU, a copy seen by the Daily Monitor, will enhance action and operation of both government bodies on the metres and ensure specific standards of quality control in the activities of licensees for electricity transmission, distribution, sale activities and feasibility studies for projects. Read more ▪  Industrialisation: Uganda can take tips from Turkey While the rest of Europe is still reeling from the effects of the global economic crisis, Turkey shrugged them off quickly. The country is a good case study of how a peasant economy can be transformed into an industrialised one. Industry lies at the heart of Istanbul, a city employing 17 per cent of Turkey’s 75 million people while Uganda is still trying to find its rightful place.Established 28 years ago, the Gebze-created industrial zone in the heart of Istanbul has thrived without credit. Seated on 537 hectares, with modern machine parks, its companies produce merchandise of international standards.Accommodating more than 125 domestic and foreign companies, the industrial zone attracts foreign capital to Turkey. The $17 trillion economy, also an emerging global investor, has a capital export base of more than $25 billion. Read more ▪ MOA: Government targets Shs248b in fish exports Government has started working on measures that will see the country’s fish exports greatly increase to fetch $1billion (about Shs248 billion).State Minister for Agriculture Zirubaberi Nyira Mijumbi said Uganda wants to contribute to increased social and economic development in the East and Central African region through fish trade and fisheries development.“We want to tackle the whole value chain from impounding illegal fishing gear, post-harvest handling, border inspection to stop trade of immature fish across the region, among other interventions,” Prof Zirubaberi said after opening the 2nd trade event organised by the Indian Ocean Commission in conjunction with European Union and United Nations Food and Agricultural Organisation. Read more OS: Ugandan inflation edges down to 8.1 percent in October Uganda's headline inflation rate slowed to 8.1 percent in the year to October and the Uganda Bureau of Statistics revised September's rate to 8.4 percent from 8 percent.Read more ▪ A recent report by African Alliance, a research and securities firm, said the outlook for the region’s oil and gas sector is bright, but the ability to deliver on large scale projects will be key to realising this potential. Read more ▪  Parabel Ltd has successfully completed the first phase of a 7 million USD, high tech agro-investment that produces human food and animal feed in Entebbe, Uganda.The project run by the Abu Dhabi-based company, Parabel Ltd, involves a unique technology designed to grow, harvest and process a locally available aquatic plant, Lemna, to create food and feed products.Read more ▪ Regional leaders agreed to fast-track the construction of an oil pipeline between Kenya and Uganda.At the conclusion of a meeting Kigali under the auspices of the Third Integration Project Summit, Kenya, Uganda, Rwanda and South Sudan set the November 30 deadline for contribution of monies meant for a study on the practicability of the project.Read more ▪  France has granted $23m concessionary loan to finance the construction of the Nkenda-Fort Portal-Hoima transmission line to evacuate electricity from the proposed thermal power plant at Mputa oil field in Hoima.The 220 kV is also being co-financed by the Norwegian grant of $54m. Uganda will meet the costs related to compensation and resettlement action plans estimated at $19m. During the signing cerement of the French loan agreement in Kampala, finance minister Maria Kiwanuka, said the support will extend electricity to the “western axis,” where the recent development the oil industry have progressed.Uganda Electricity Transmission Company (UETCL) will implement the construction of the transmission line project. Read more ▪  The new World Bank Doing Business Report 2014 released in Washington, shows that Uganda managed only one business reform by eliminating the need to have instruments of land physically stamped to certify payments of stamp duty. This implies that the country is not making significant progress in improving the business environment for investors. Read more ▪ ▪  ▪   A campaign to increase coffee production in Lango and Acholi sub-regions has kicked off with Uganda Coffee Development Authority (UCDA) pledging to raise 100 million coffee seedlings to distribute to farmers in the region. UCDA officials said the campaign is to increase export from the current two million bags to 4.5 million in the near future. Read more. ▪ Kawanda develops wilt resistant banana varieties developed in collaboration with the Queensland University of Technology Researchers at Kawanda national agricultural research laboratory have developed new varieties of bananas resistant to the devastating banana bacterial wilt disease, nematodes and weevils.Read more. ▪  Crane bank has signed up to a new software system, Temenos T24, which aims to bolster its service delivery and security applications.Officials from the bank and Temenos Group AG said the software would be installed into Crane bank's branch network in Uganda and Rwanda over the next 11 months.Read more ▪   At the Integration Projects Summit in Kigali, the Presidents of Rwanda, Uganda, Kenya and South Sudan launched the single customs territory. The single customs territory is a milestone in the economic development of the region, especially for countries that share the Northern Corridor trade route.The development reaffirms the concerted efforts toward moving the East African community into a robust economic bloc. Read more ▪  MTN launches mobile money ATM cash out service MTN Uganda and Crane Bank have launched a Mobile Money ATM cash out service.In the first ot is kind partnership with one of the largest indigenous banks, the MTN Mobile Money cash out service allows MTN customers to withdraw money from Crane Bank’s ATMs using their phone. Read more ▪ UIRI to produce, export ceramics The Uganda Industrial Research Institute (UIRI) is setting up a $2m (sh5.2b) plant to produce and export ready ceramic and porcelain assorted products.When complete, the plant will also be used as a demonstration and training facility for the development of both small cottage family factories and larger ceramic and porcelain factories.Read more ▪  The intended move to allow commercial banks to sell insurance products will boost insurance penetration levels, Mr Elvis Khisa, the Insurance Institute of Uganda chief executive officer, said bancassurance – a process of selling insurance products by banks – will be key in the growth of Uganda’s insurance numbers. Read more ▪  On the eve of two major agriculture summits in Mauritania and Senegal, the World Bank is urging African countries and communities in the Sahel and the international development community to help protect and expand pastoralism on behalf of the more than 80 million people living in The Sahel who rely on it as a major source of food and livelihoods.The Bank is calling for more large-scale irrigation to help the region to move towards embracing climate smart agriculture that can manage competing demands for land, water, and other natural resources, in a region that has long suffered from drought, hunger, and low economic growth. Read more ▪ OIL: MPs ‘Green’ as government presents new bill-Maria Kiwanuka The public finance bill seeks to ensure prudent management of oil revenues to promote transparency and accountability. The proposed amendments were tabled before the three committees tasked to scrutinize the bill by Lawrence Kiiza, the director economic affairs at the ministry of finance (photo the finance minister, Maria Kiwanuka) . Read more ▪   Uganda has signed a loan agreement with German Development Bank, KfW, of €15m (about sh51b) for the construction of a new 132 kW transmission line from Kampala to Entebbe. General duties finance minister, Fred Jachan Omach, signed on behalf of Ugandan government while Udo Weber, the head of development cooperation at the German Embassy in Kampala signed on behalf of his government.Read more ▪  Lion Assurance joins club of ISO certified companies Lion Assurance Company Limited has clinched the most coveted (International Organisation for Standardisation) ISO 9001:2008 certification. URS (United Registrar of Systems), which is a member of Registrar of Standards (Holdings) Ltd, awarded the certificate to Lion Assurance. (Roger Mugisha (L) and Lion Assurance Marketing Manager Donato Laboke)Read more ▪  ACCA: Companies told to adopt open financial reporting Companies have been urged to adopt integrated financial reporting to ensure financial stability and business sustainability in the long-run. Speaking at the ACCA chief financial officers’ (CFO) forum in Kampala. Mr Grace Kavuma, the Tullow Oil chief executive officer, said due to the changing dynamics globally, companies need to move from the traditional model of reporting and start communicating their financial story to stakeholders in the most transparent way. Read more ▪  UAP Insurance: The firm deepens footprint in regional property sector UAP, which has presence in Kenya, Uganda, South Sudan and Tanzania, is aggressively pursuing real estate investments in a bid to expand its revenue streams that in the past have been mainly tethered to the bourse Read more ▪  USSIA: Small scale industries want designated markets The executive secretary, Uganda Small scale industries Association (USSIA) John Walugembe has asked the Kampala Capital City Authority (KCCA) to find a market place for members so as to get market for their products. Read more ▪  Simba Group of Companies: Mining firm breathes new life into Kitaka gold deposits Simba Mining Company has reopened the Kitaka Gold mine that has been dormant for more than 50 years in addition to exploring more areas in Ibanda and Kamwenge Districts for possible gold deposits in partnership with Chinese.Simba Group of Companies chairman Patrick Bitatuure said they partnered with Chinese because of their technology. “Without technology you can not do much in mining. They are training our youth here,” he said.Read more ▪  Bwik Petroleum: Profiting from petroleum products distribution With no job to give him an income, Birulu ventured into petroleum products distribution, a decision that has earned him a name among Uganda’s enterprising personalities. Read more ▪  BoU: Uganda’s business confidence improves The latest survey by Bank of Uganda shows that Uganda’s business confidence remained optimistic in September, signalling good times ahead.The Confidence Index (CI) increased slightly by 0.5 points from 62.3 points in Aug 13 to 62.8 points. Read more ▪  Uganda is 18th well governed African state, says report The coveted Mo Ibrahim Index of African Governance has ranked Uganda 18th out of 52 African countries. Uganda, according to the report released yesterday, scored 56 per cent out of 100-higher than the African average of 51.6. Uganda has shown its biggest improvement in the category of Human Development. Human Development measures welfare, education and health since 2000.Read more ▪  Museveni commissions 1,700 new housing units in Naguru Uganda could become home to the biggest shopping mall in East Africa after the completion of the Shs4 trillion Nakawa-Naguru modern satellite town project whose construction was commissioned by President Museveni. On completion, the satellite town, eight years behind schedule, will also host recreational facilities, places of worship, Nakawa Division headquarters, a five-star hotel, a referral hospital, and schools on the 160 acre estate. Also proposed is a shopping mall and more than 1,747 flats, bungalows and commercial blocks for sale. ▪  YahClick offers broadband perk for Ugandan businesses YahClick Service Partners truIT, and Yahsat, the Abu Dhabi, UAE based satellite operator, are working together to reduce the entry costs of acquiring YahClick high speed, reliable and cost effective satellite broadband internet services. Following on from the positive uptake of the service in Uganda to date, truIT in partnership with Yahsat are offering businesses free equipment and reduced installation charges for selected YahClick Business service plans up until December 19, 2013. These businesses will only be charged the monthly subscription fee resulting in a saving of up to $ 1,000. Read more ▪   New hydro projects to ease Uganda’s power costs Uganda is investing heavily in hydropower, to move the country away from dependence on Independent Power Producers who rely on diesel for generation, which contributes significantly to the country’s carbon footprint. According to former Uganda Manufacturers Association chairman Abdi Alam, who is also the chief executive at Alam Group, manufacturers typically pay as much as 14 US cents for each kilowatt hour of electricity, which is much higher than what manufacturers in Kenya pay for instance. Read more ▪  World Bank - Tourism to create one million jobs in the region East African Community member states are set to create more than a million jobs in the tourism sector in the next eight years, new data indicates. The five member states are projected to create 1,086,000 jobs in the industry by 2021, absorbing jobless youths, a new World Bank report shows. Read more ▪ European ship building firm enters EA market The Netherlands ship building firm Veka Group in partnership with Kampala’s Ronbag Real Estates Ltd, plan to build a shipyard in Jinja, eastern Uganda at a cost of €1.15 million ($1.56 million). Read more ▪ FDI to Kampala rises to $358m Uganda posted a 25.6 per cent rise in foreign direct investments (FDI), grossing $358 million. Data released by the Bank of Uganda (BoU) shows that the country had registered FDI of $285.3 million in the preceding three-month period. BoU executive director for research Adam Mugume attributed the positive momentum to ongoing investment in the oil sector and infrastructure development, specifically in electricity and roads. Read more ▪ Xpress Money - New player to shift market share in money transfers The entry of another player in Uganda’s international money transfer market is likely to tilt the market share of the players, signaling heightened competition to retain customers. This follows the signing of a partnership between Xpress Money, an international money transfer player, and Diamond Trust Bank Uganda, to facilitate international money transfers globally. The Abu Dhabi-head quartered company becomes the third player in Uganda’s international money transfer market, which has been for decades dominated by two players – Western Union, which enjoys the largest market share and Money Gram. Read more ▪ East African countries in third attempt to sign Monetary Union Uganda will host other partner states in their third attempt to sign the East African Community Monetary Union Protocol this November. If all goes well, the signing of a Monetary Union’s ratification will be done by all the member states- a gesture expected to see the region transit into having a common currency. Read more ▪ Museveni Breaks Ground For Shs1.4tn Isimba Power Dam President Yoweri Museveni has hailed the Government of the People’s Republic of China for supporting Uganda in the development of hydro- power generation that will accelerate the industrialization process as it is one of the prerequisites for the modernization of the country. "I am happy to perform this ceremony of ground breaking for the construction of Isimba power station that will provide electricity that will help Uganda especially in running industries,” said Museveni. Read more ▪  BoU maintains CBR at 12% The Bank of Uganda yesterday stayed its policy rate at 12 per cent, citing stability in the economy with increased investments. The BoU maintained the rate at 12 per cent because it anticipates that the inflation rate will fall back to its policy target of 5 per cent over the medium term. Presenting the monetary policy statement for October, the Governor of Bank of Uganda, Mr Emmanuel Tumusiime Mutebile, said the increase in food prices is temporary and should start to abate. . Read more ▪  New minerals worth trillions discovered in Busoga region With the country’s focus overly tilted towards the oil discoveries in the Albertine belt, another mineral discovery of Rare Earth metals has been discovered in the Busoga sub-region. Capable of transforming the country’s economy, the minerals include; Aluminous clays, yttrium, and rare metals such as gallium and scandium, whose exploration is in advanced stages but financial worth stands at $370 billion (about Shs942 trillion). Read more ▪  Mining: Uganda at defining moment Vast deposits of mineral wealth could turn around many lives. Bridgette Radebe, the executive chairperson of Mmakau Mining, in South Africa, who delivered the keynote speech at the second mineral wealth conference held in Kampala organised by the Uganda Chamber of Mines and Petroleum, said this was “a defining period” for Uganda. “Uganda is sitting on a defining moment for the unique years to come,” Radebe said. Read more ▪  Soybeans - export prospects Soya has the potential to boost household incomes and fight hunger and malnutrition.In 2011 Uganda exported 1,597 tonnes of soya beans worth $875,000 (sh2.1b). This was an improvement from 2010 when the country earned $293,640 (sh734m). According to the National Soya bean network (N-soynet), Uganda produces close to 200,000 tonnes of soya annually. Fifty percent is used in the production of animal and chicken feeds, 30% is exported and only 20% is consumed locally. Read more ▪  Roofings asks government for iron ore mining licence Roofings Rolling Mills has asked the government to grant it a licence to enable it venture into iron ore mining as it seeks to cut down on the import bill of the raw materials used in steel manufacturing. Roofings Group chairman Sikander Lalani said a mining licence will enable the steel manufacturer to produce sponge iron for use in its factory and also supply other steel manufacturers in the East Africa region, whose demand is more than a million tonnes annually. Read more ▪ President Museveni: Government set to remove direct taxes on mining activities The government has said it will remove direct taxes on all mining activities in the country which are discouraging investments in the sector. The directive was given by President Museveni on while closing the second annual mineral conference that brought together investors and development partners in the mining sector. “I’m going to tell the [Finance] minister to remove these direct taxes because they do not make sense at all to me,” he said. Read more ▪ has successfully completed the first phase of a 7 million USD, high tech agro-investment that produces human food and animal feed in Entebbe, Uganda.The project run by the Abu Dhabi-based company, Parabel Ltd, involves a unique technology designed to grow, harvest and process a locally available aquatic plant, Lemna, to create food and feed product  Red tape frustrating NSSF investment plans Fund (NSSF) investment plans in real estate have stalled over the last three years due to unwieldy bureaucracy, the fund’s managing director, Richard Byarugaba, has said. Because of this, NSSF top management has decided to invest in Kenyan bonds because they do not require seeking affirmation from a multiplicity of stakeholders, which often takes a long time. For NSSF to invest in the real estate market in Uganda, management has to get a nod from the Solicitor General, Minister of Finance, Chief Government Valuer and the Public Procurement and Disposal of Public Assets Authority. Read more ▪ Soda firms struggle to keep market share with new ideas Soda manufacturers have come up with new innovations as they quietly struggle to hold onto their market share as well as entering new territories. Lately, the industry has seen some fierce competition with the entry of new players in the market that have come up as cheaper or affordable alternatives. The entry of three new players in the soft drinks market this year, including Riham, Azam and Fizzy sodas are believed to have shade some traditional manufacturers market share, a situation that has created panic among the affected companies. Read more ▪  New institute to improve oil, gas management skills With the shortage of management skills evident in the oil and gas sector, particularly among indigenous companies, an institute has been established to help plug the skills shortage. According to the Private Sector Foundation Uganda, the establishment of the institute was long overdue given that the country is left with just a few years to start commercial oil production. The establishment of the Institute of Petroleum Studies in Kampala will, unlike previously, afford Ugandans the opportunity to study management courses without spending millions of dollars abroad. “Our courses take into account the Ugandan context,” Mr Patrick Ruharuza, the chief executive officer of the Institute of Petroleum Studies (IPSK) told Daily Monitor in an interview last week. Read more ▪   TVS - Motor cycle body to start assembly plant TVS Motor Company, an Indian-based automotive has announced plans to establish a multi-billion dollar assembling plant in Uganda. The announcement was made last week by Mr K. N. Radhakrishnan, the president of the company at the launch of its latest products on in Kampala. Mr Radhakrishnan, said the development was being fast-tracked and in advanced stages coming ahead of the company’s 100 years anniversary. “During the next two quarters, we intend to set up an ultramodern assembly line through which we will roll out products that are tailor-made for the Ugandan market,” he said. He added that the company equally intends to launch two new motorcycle models during this period. Read more ▪   World Bank commits Sh84.8tr to fight poverty Washington. The World Bank Group committed $52.6 billion (nearly Sh85 trillion) in loans, grants, equity investments, and guarantees to help promote economic growth, increase shared prosperity, and fight extreme poverty in developing countries during financial year ending on 30 June 2013. “The Bank’s performance has been strong during my first year as President, and we are well positioned to address the economic challenges developing countries face during these still uncertain times,” said World Bank Group president Jim Yong Kim. “At the Spring Meetings, our shareholders endorsed two new goals: ending extreme poverty by 2030 and boosting shared prosperity by fostering income growth for the bottom 40 per cent of the population in every developing country. We are realigning all of the Bank’s efforts to achieve these goals." Read more ▪   New mobile money firm launched EzeeMoney, a new mobile money service provider, has been officially launched in Ugandan. The service operated by EzeeMoney Limited will work in collaboration with Centenary Bank-which will provide an escrow account to primarily safeguard the electronic transfers. Mr Emmanuel Mutebile, the Governor Bank of Uganda, said in his speech that the entry of the new product will further cement the growth in money transfer services that has been witnessed in the last five years. “The product will help build a modern and inclusive financial services industry in Uganda,” he said. Read more ▪  Bank of Uganda is prudently managed "The Bank of Uganda assures the public that it is prudently managed, and has adequate resources, including foreign reserves to maintain price stability and a sound financial system. The Bank of Uganda believes in the values of transparency and accountability and is very supportive of efforts by the media to bring to light the conduct and performance of public entities" - Dr Tibamwenda is the director of communications, Bank of Uganda. Read more ▪  Uganda urged to invest in education The government has been urged to increase investment in higher institutions of learning in order to spur the country’s economy. While presenting at the 21st Joseph Mubiru Memorial Lecture in Kampala, Mr Trevor Andrew Manuel, the South African minister for National Planning, said in developing countries, education institutions are particularly valued for their contribution towards national development. “Quality education requires adequate resources, on one hand, as well as strong partnerships with communities to hold schools accountable,” he said. Read more ▪ Makerere named 4th best varsity in Africa Makerere University is now ranked the fourth best institution of higher learning in Africa, up from ninth position about a year ago. The Webometrics rankings, conducted by Cybermetrics Lab, a Spanish-based research agency, assess the performance of universities from all over the world based on their web presence and impact. Africa top ten Names: University of Kwazulu Natal, University of Cape Town, Stellenbosch University, Makerere University, University of the Witwatersrand, University of Pretoria, University of the Western Cape, Obafemi Awolowo University, Rhodes University, Cairo University Read more ▪   KCB bank Uganda launched its trustee services, joining a list of other banks in the race to reap from the imminent liberalization of the pension sector. Chairman Samwiri Njuki said the bank would play the main function of a custodian, managing and keeping assets of the fund safe, holding assets for fund managers and doing all the administrative work. “We shall have a services manager and this will be your contact person. In case you have anything you want, we will be able to provide it,” Njuki said. Read more ▪ Bank of Uganda to buy dollars The Uganda shilling was relatively flat against the dollar, ahead of two key economic events: - the inflation number and Central Bank Rate policy announcement - as most market players refrained from placing big orders. However, overall for, the shilling registered a marginal gain of 0.1 per cent. Another notable development was the announcement by Bank of Uganda to resume its reserve build-up program through daily purchases of $2m, aimed at boosting sovereign reserves. Numbers indicate a reserve level of approximately $3bn. Read more ▪   Tullow chief speaks of East Africa’s great oil prospects London: East Africa is set to become a major oil province, according to Tullow Oil’s glowing, released in London. Tullow announced that with promising prospects in Kenya, combined with Uganda’s already confirmed 3.5 billion barrels of oil, East Africa continued to show immense potential. Tullow says it is close to signing a memorandum of understanding on a basin commercialisation plan with the government of Uganda. It also pointed out that more oil and gas prospects have been identified in Ethiopia and Madagascar. Read more ▪  Single Tourist Visa to Rwanda, Uganda and Kenya Delegates from Rwanda, Uganda and Kenya agreed on Friday to begin issuance of a single tourist visa, aimed at easing and promoting tourism among the three states.It is the latest of several decisions the three countries are finalizing without their two other EAC members, Tanzania and Burundi. Earlier last week, RRA boss Ben Kagarama announced that Rwanda will implement a Single Customs Territory (SCT) with Uganda and Kenya where all customs on incoming goods to any of the three countries will be handled once at the port of entry, Mombasa. Read more ▪  Export - handicraft trader reaps from recycling At the expo, organised by the Private Sector Foundation Uganda (PSFU) under the theme, How to export to Europe, Bendicta Nanyonga, the founder and head of the Kinawataka Women Initiative (KWI), tells they penetrated into the international market, and made a name for themselves with crafts such as handbags, sports bags, belts, purses, table mats, doormats and earrings, from used straws. On their first attempt to export their products to UK, they were asked for 10,000 packages of bags, doormats, belts and others. “People outside Uganda value recycling. And if you have crafts, your market is readily available,” Nanyonga said. Amelia Kyambadde, the minister of Trade, Industry and cooperatives, agrees there are a number of challenges that need to be sorted out, ▪  Value addition can earn Uganda eight times more Henry Ngabirano, Uganda Coffee Development Authority (UCDA) chief confirmed that Uganda has been the number one coffee exporter in Africa for over a decade even though Ethiopia produced more coffee in 2012. Uganda exported 1.6 million bags of coffee, with Ethiopia’s 1.4 million bags right behind it. This means Africa is supplying 9% of the world’s demand but unfortunately, most of it is raw unprocessed beans, which fetch the country almost just a quarter of actual value. Stakeholders should now be debating whether we should move towards exporting processed coffee as opposed to raw beans. Read more ▪  Nairobi- Uganda power distributor’s shares traded for the very first time at the Nairobi bourse, following the activation of the Regional Inter-Depository Transfer Mechanism (RITM). Umeme’s shares were cross-listed at the Nairobi Securities Exchange (NSE) seven months ago but lack of an appropriate infrastructure to allow for the quick transfer of shares has hindered trading, despite the counter being one of the most traded at the Uganda Securities Exchange (USE). Read more ▪  UNITED NATIONS (AP) Secretary-General Ban Ki-moon has appointed Africa's first female vice president, Speciosa Wandira-Kasibwe from Uganda, as his special envoy for HIV/AIDS in Africa.Wandira-Kazibwe replaces ex-U.N. deputy secretary-general Asha-Rose Migiro of Tanzania. Ban thanked Migiro for her powerful advocacy to end AIDS and her work for the U.N. Read more ▪ Businesses tipped on oil sector contracts There are considerable business opportunities in the budding oil sector, members of the Uganda Chamber of Mines and Petroleum (UCMP) have been told. Recently UCMP was given a guided tour of the petroleum sites in the Albertine Graben region of western Uganda. The Chamber took 20 of their members on a fact finding mission which they also used to look out for available and future business opportunities. ▪ Ugandans reminded on quality Ugandan business people have been advised to keep quality at the forefront of their strategies to make it easier for them access regional and worldwide markets. Trade and industry minister, Amelia Kyambadde launched the Market- Linked Alumni. “It is important that as we manufacture and trade, we do not forget to keep quality at the forefront of our strategies. We would want to be known in the region and the world over as a source of quality products,” Kyambadde said. Read more ▪  EAC boss briefs CEOs on US$1.5b corridor The East African Community (EAC) Secretary General Amb. Dr. Richard Sezibera, has said Ugandan manufacturers should take advantage of the $1.5 billion that is to be spent in the construction of the East Africa’s Central Corridor. This is a major east-west trunk route that runs through central Tanzania. “There is a big EAC construction project for the Central Corridor that is estimated to cost $1.5 billion. The Ugandan manufacturer’s can take advantage by either participating in the construction through bidding or investing in the off-the-corridor activities that will come as a result of the project,” he said. Read more ▪ Single Customs will cut delays In the spirit of stronger East African integration, the revenue authorities of Kenya, Uganda and Rwanda have started preparations for the implementation of a Single Customs Territory. In a meeting held at the Mombasa Port, Kenya early last week, the Commissioners’ General of the three East African countries deliberated on the mechanisms to operationalize the decisions of the heads of state who have continuously called for its fast tracking. Read more ▪ Investment experts recommend northern Uganda for business Experts have advised investors to consider the north for investment given the vast untapped opportunities in the region. Economic researchers, members of the civil society and government officials said the region is blessed with vast fertile land that can be used for commercial farming, agro-processing, and is rich in minerals and oil. “This makes it a potential region for both local and international investors,” said Gabriel Ajedra, the state minister for investment. Read more ▪  PTA Bank, Uganda traders sign financial deal Cut-throat competition among foreign lenders to finance trade and projects in Uganda has compelled regional development lender, PTA Bank, to forge closer relationships with local business associations to protect its market share. After years of remote presence in Uganda that has seen the lender execute local transactions from Nairobi, PTA Bank has entered into an alliance with the Uganda National Chamber of Commerce and Industry (Uncci). Read more ▪  Uganda looks East for project financing deals Uganda is now looking East as it seeks to sidestep the stringent conditions for aid from Western donors. Asian nations have become important players in the economy, financing development programmes through loans and grants and winning contracts to undertake big infrastructure projects. Western donors have been castigated for giving conditions, which include political accountability and respect for human rights before signing such deals. Read more ▪  Ugandan scientists differ on proposed GMO law A raging debate over the proposed genetically modified law has split Uganda down the middle. The National Biosafety Bill is currently before parliament as scientists, civil society and lobby groups pull in different directions over the rationale of enacting the law. “To achieve sustainable food security we will need different techniques, including organic, conventional, possible hybrid systems as well as biotechnology, to produce more food at affordable prices,” said Dr Andrew Kiggundu, head of bioscience at Kawanda Research Institute. Read more ▪  Chinese maze: Uganda’s procurement mess threatens regional rail project As Presidents Kenyatta, Kagame and Museveni prepare to meet in Nairobi next month for a review of progress on resolutions they made in Entebbe late June, concern is emerging over recent developments in Kampala that threaten to derail East Africa’s grand rail project. Just weeks to the meeting, Kampala is scrambling to work its way out of a maze of Chinese construction firms, all fighting for the lucrative tender to build a new railway network extending to the border with South Sudan and a new port on Lake Victoria. Read more ▪  Automated stock trading for end of year The Uganda Securities Exchange (USE) hopes to have the electronic trading system running by the third quarter of 2013. USE chief executive officer Joseph Kitamirike said the current “outcry” method where stock brokers shout out their deal offers will continue until the automation process is complete. “We are still on track and we hope we deliver before end of the year,” said Kitamirike during the listing of the African Development Bank bond on the market. Read more ▪  Govt to revive Uganda Airlines Plans are underway to reinstate the defunct Uganda Airlines, in a move geared at boosting tourism and trade. Experts argued that Uganda Airlines can operate like Ethiopian Airways, Air Tanzania, Rwanda Air and British Airways, which are government-owned, or Kenya Airways, which is a joint-venture between the Royal Dutch Airlines, KLM and the Kenyan government. The proposal also highlights internal and external routes, which Uganda Airlines will use. Read more ▪ Over 100,000 exhibitors for 2013 Buganda Tourism Expo Over 100,000 exhibitors and visitors from different parts of the country and overseas are expected to participate in 2013 Buganda Tourism Expo. The expo which is to run from July 29 to August 4, 2013, is organized under the theme “Tourism and Water”. It is aimed at celebrating and promoting the protection of the environmental sources across the country. The expo is organized by the Buganda Kingdom and Ministry of Tourism. Read more ▪ Join cooperatives, minister advises small-scale traders Trade minister Amelia Kyambadde has advised Small and Medium Enterprises (SME) to form cooperatives to access markets and micro-financing in order to exploit the business opportunities in the region. While officiating at the launch of the ‘KCB Made in Uganda’ enterprise development training programme, Ms Kyambadde said her ministry was ready to register the cooperatives and offer linkages to financial assistance. “Access to credit is easier if the small and medium enterprises are organised in form of cooperatives,” she said. Read more ▪  Entebbe International Airport set for $400m upgrade In move geared at increasing competitiveness and boosting Uganda’s fast-growing reputation as East Africa’s tourism and investment destination, the Government is developing a master plan to expand Entebbe International Airport (EIA) alongside four aerodromes. Under a 20-year Civil Aviation Master-plan (CAM) valued at over $400m, about $300m will be spent in the expansion of EIA, as well as Kasese ($60m), Gulu ($26m), Arua and Kotido, said transport state minister, Stephen Chebrot. Read more ▪  Experts advise Africa to expand aviation industry Despite an expanding global airline industry driven by investment and tourism, Africa’s contribution has been hampered by capacity and infrastructural expansion of its airports, aviation experts have said. Read more ▪  Shs267 billion set for 47,000 university science students The African Development Bank $103 million (Shs267 billion) loan to Uganda will enable six targeted Institutions of higher learning to enroll additional 35,000 students in science and technology programmes at university and more than 12,000 through virtual learning. ADB regional director of East Africa Resource Centre Gabriel Negatu said the project will lead to job creation and self-employment in Uganda. “Targeted institutions provide training for more than 60 per cent of the country’s university level enrolment, and 95 per cent of those training in sciences and technology,” Mr Neguta said. Read more ▪   Firm, bank join to fund construction Heavy machinery supplier Mantrac, has partnered with the Stanbic bank to fund Uganda’s construction sector. The partnership, the officials said, was an ongoing continental initiative to fill the gap of infrastructural development by speeding up financial solutions to the clients. Mr Denis Owili, the Stanbic Bank’s head of vehicle and asset finance, said the collaboration will help clients get financing for their proposed projects; under Matrac’s leasing mechanism. Read more ▪  Mbabazi courts Chinese investors The Government is scouting for Chinese companies to take over contracts for infrastructural projects. Prime Minister Amama Mbabazi said the companies would source the funds on their own and get paid when revenues from oil and gas start flowing in. “Our government is concentrating on a few priorities due to insufficient funding and China is to fund a number of these,” Mbabazi said at the conclusion of his one-week visit to China where he had been invited by the ruling Community Party of China.Read more ▪  Coffee farmers to get pre-harvest loans Plans have been finalised to help Coffee farmers in the Rwenzori region access pre-harvest loans to curb the practice of picking unripe coffee berries. The move is intended to improve the quality of coffee produced in the region in order to attract better prices on the international market. Other international coffee dealers represented at the meeting included the Green Coffee Buyers Company and Atlas Coffee Importers based in the United States of America. Read more ▪  China gives Uganda $8.2 million grant Uganda has signed an agreement with China to receive a technical and economic cooperation grant worth 50m RMB (about $8.2m). While signing the agreement with Zhao Yali, the Chinese ambassador to Uganda, at the ministry of Finance on Friday, Finance minister Maria Kiwanuka said the government would choose between agriculture, infrastructure and human resource development to invest the money. “The grant will be used for the implementation of projects that will be agreed upon by the two governments in the near future,” Kiwanuka said. Read more ▪ |
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