IFC, Airtel Uganda in Three-Year Advisory Services Deal Worth U.S. $ 3.9 Million
IFC, a member of the World Bank Group, today announced an advisory services agreement, valued at US $3.9 million, with Airtel Uganda to expand access to mobile financial services to strengthen financial inclusion.In Uganda, just over half of the adult population has access to formal financial services, leaving the other half no choice but to rely only on cash and informal practices for transactions, savings and credit, which is costly and risky.The aim of the project is to assist Airtel Money Uganda in strengthening its mobile money operation to increase the number of its active customers. These customers will include rural and underserved communities and women. IFC will provide advisory services on agent network management and product development, funded by the Bill & Melinda Gates Foundation.Read moreFinance minister Maria Kiwanuka: Parliament set to scrap taxes on agricultural inputs
The House is poised to adopt a finance committee report that recommended that the proposed 18% Value Added Tax (VAT) on agricultural inputs and equipment be scrapped.While readingthe budget, finance minister Maria Kiwanuka proposed an 18% VAT on agricultural supplies such as hoes, fertilisers, seedlings and tractors in order to generate sh30.4b, about 0.2% of the entire budget.However, the committee, chaired by the Kyadondo North MP, Kasule Sebunya  presented its report saying the proposed taxes would kill the agricultural sector that is struggling with a meagre growth of 1.5% to increase the use of agro-chemicals, improved seeds and fertilisers.“Application of VAT on agricultural supplies will make the situation worse, especially in rural areas and hinder the mechanisation of agriculture in the country,”Sebunya told the plenary session presided over by Deputy Speaker Jacob Oulanyah. Oulanyah adjourned the debate on the committee report, but this was after allowing the shadow finance minister and Tororo County MP Geoffrey Ekanya to also present his minority report rejecting VAT on salt. Read moreUNICEF: Private Sector to implement child-friendly business principles

The Ugandan business community has signed up to the implementation of international principles to respect children’s rights, eliminate child labour, provide young workers, and ensure safety of children.The children’s rights and business principles in Uganda took place at Serena Hotel in Kampala under the theme: “Invest in Ugandan children: Realise Uganda’s Vision .”It was organized by the UN children’s agency UNICEF, Global Compact Network in Uganda, Save the Children and the Private Sector Foundation Uganda. Present were the minister of gender, labour and social development, Mary Karoro Okurut and minister of health, Dr. Ruhakana Rugunda. According to Aida Girma the UNICEF country representative, Uganda becomes the 41st country to commit to implement the children’s rights and business principles. Read more

MOWT: Hoima-Kaiso-Tonya road to be completed  — UNRA
 Eng. Abraham Byandala, the works and transport minister, said during a recent visit that the road was constructed in order to provide an enabling investment environment. “It will connect Hoima town to the Albertine region, where there is oil drilling and exploration as well as to the proposed oil refinery at Kabaale in Buseruka subcounty, Hoima district,” he said. He said the contractor was finalising parts of Kaiso-Tonya road and the 5km stretch from Hoima town to Karongo. “It was supposed to be completed, but given the delays in the compensation process, it dragged,” Dan Alinange, the Uganda National Roads Authority (UNRA) publicist, explained. “We are putting the wearing course (the upper layer in roadway), we hope it will be handed over. The bridges have all been completed,” Alinange said. Fred Kakoraki, the district vice-chairman, said the road has boosted business along that route, given the number of multi-national companies and individuals who have acquired land to establish businesses in the area. Read moreTLB: Hoima Transporters Panic As Giants Step in
Competition in Hoima's transportation market has intensified, as big firms stake their claim.Traffic to and from Hoima, at the heart of Bunyoro sub-region, has increased dramatically since the discovery of oil there. With more people now travelling to the Albertine sub-region, bus companies have started paying attention to a route previously ignored . Kasamba coach and Link bus transporters have joined the Hoima-Kampala route, breaking the monopoly long enjoyed by Hoima coach.Hajji Ahmed Bintu, the manager of Hoima coach, told The Observer that the situation was challenging because the Transporters Licensing Board (TLB) in Kampala was not bothered by who joined the route as long they paid the required fee.Read more

CPS: Energy ministry revokes Fuelex licence
The Ministry of Energy closed down Fuelex filling stations, following revocation of the company’s operating license.According to Rev. Frank Tukwasibwe, the commissioner for petroleum supply, the proprietors were selling fuel whose origin was not known. All officially imported fuel bears the required markers of certification which Fuelex feul did not have.“We warned them several times, but they refused to heed to our warnings. We do not know how they were bringing in the fuel,” Tukwasibwe said. Dunstan Luwaga, a URA officer attached to the electronic cargo trucking system unit, told the New Vision that the fuel could have been smuggled in with help from some energy ministry and customs border officials.He added that the Government loses a lot in taxes because such fuel does not go through the channels stipulated in the law.The assistant commissioner for petroleum supply, John, said evading taxes creates imbalances in the market as the cheating company is able to lower its retail market rate.Read moreCityBlue Hotel: New hotelier to boost tourism sector
Another hotel player has entered the hospitality industry to boost tourism sector in the country. CityBlue Hotel opened its doors to customers in Kampala promising tourists and other clients quality service at affordable cost.With investment worth $5m (about sh12.5b) in Uganda and Rwanda CityBlue Hotels brings in new age of hospitality attuned to the modern day traveler whose key comforts are free WIFI.“We shall provide hospitality for holiday makers, gorilla-trekkers, corporates, non-governmental organization staff and business people at reasonable prices compared to 5 star hotels,” Jameel Verjee, the founder and chief executive officer of CityBlue Hotels said.CityBlue Hotels located in Nakasero, Kampala has swimming pool, poolside specious bedrooms with flat-screen TV sets and a gym room for those who want to work-out.Read more

The Chinese Transport Ministry has written to Ministry of Works and Transport of Uganda endorsing China Harbour Engineering Company (CHEC) as a company with strong capability and international operation experience to implement the railway project in Uganda, Chimp Corps report.According to the agreement, CHEC will work closely with the UPDF Engineering Brigade and also construct a polytechnic school in Uganda for continuous training of army officers in technical and engineering skills.A statement issued by CHEC’s representatives also expressed commitment to the above MoU singling out that the Government of South Sudan has also selected the company to upgrade her railway line. Chimpreports understands government preferred working with CHEC because of their commitment to train UPDF according to the Chinese model to manage strategic infrastructure.Read more

UPS: Privatization in Uganda
The success of both the Private and Public Sector depends on Government. In the era when the Public Sector-dominated the economy, the Private Sector Players used to cry foul that ‘’the Government was interfering too much in the business of doing business of which it [GOU] was a poor owner and Manager.”They accused Government, not only of inefficiency and ineffectiveness but also of corruption.Then the era of liberalization, privatization, decentralization, democratization, economic integration and globalization came, courtesy the Bretton Wood Institutions and the Private Sector. Given that scenario, then, why should the Private Sector blame the Government, anymore, for economic inefficiency? Read more

Uganda Clays Limited (UCL) plans to raise about Shs12.8 billion ($5 million) for the Kajjansi and Kamonkoli factories as the company looks to turn around its business.Talking to Daily Monitor, the firm’s finance manager, Ms Jacqueline Kiwanuka, said the planned Shs12.8 billion will be utilised for automating the Kajjansi factory and reducing firing costs at the Kamonkoli factory by introducing gasification (producing gas from biomass).This is in line with the company’s medium term plans to reduce production losses and improve efficiency. Drying of products is done naturally while firing especially at the Kamonkoli factory is costly due to the furnace fuel which increases production costs.Read more

Toa Electronics, a Japanese manufacturer and distributor of high-end audio and video equipment, has partnered a local firm to distribute its products in Uganda, it was announced.The company manufactures speakers, projectors, video equipment, microphones, cables, and bathroom accessories, among others. Technet, a local technology firm based in Bugolobi, will be their main distributor in Uganda. Technet will, in turn, partner with local electronic retailers to sell the products.Ralph Singer, Toa's sales and marketing manager for Southern Africa, said they saw a gap in the country for genuine products. Plus, Singer said, there was increasing investment in modern buildings, including shopping centres and malls in the country, which require specialised products in terms of wiring for communication and clear sound."There are so much of inferior products on the market," Singer said. "The average man on the street is being ripped off. Ugandans just work with what is available, but we want to change that." Read more

The East African Community (EAC) and the International Monetary Fund (IMF) have come together to help regional states in compiling finance statistics for their different governments.Once done, the initiative will assist the EAC partner states meet the fiscal data requirements associated with the East Africa Monetary Union (EAMU) Protocol.Speaking about the initiative, the EAC deputy secretary in charge of planning and infrastructure, Dr Enos Bukuku, said: “The intervention is timely in facilitating production of robust statistical data required for the establishment of the regional monetary Union and transition to EAC single currency ”. Mr Bukuku noted that GFS will be compiled in accordance with internationally agreed methodological standards, would not only provide the region with an important framework for comparing, analysing and evaluating fiscal policy, but also an opportunity to improve government and public sector performance.Read more

Members of Japanese Parliament have pledged to promote Uganda as a tourism and investment destination but asked the government to work on its image which has been tainted by the two-decade northern Uganda insurgency The MPs, Mr Asahiko Mihara and Mr Daishiro Yamagiwa, while touring the country, are quoted in a press statement issued by the Ministry of Trade as saying they were amazed by the potential and opportunities Uganda has.In a meeting with State minister for Industry James Shinyabulo Mutende in Kampala, the Japanese Ambassador to Uganda Mr Junzo Fujita and the two MPs are further quoted as having said Uganda’s potential lies in tourism and agribusiness, specifically in value addition. Read more

Uganda's annual headline inflation for the year declined to 2.8% from 4.3% that was recorded for the year , the Uganda Bureau of Statistics UBOS announced.The decline was largely attributed to a reduction in annual food crops inflation that decreased to 1.5% from the 12.9%.However, there was an increase in annual EFU inflation of 2.5%  compared to the 0.3% .Similarly, the annual core inflation increased slightly to 3.1%  compared to the 3.0%. Read more

UMA: Pending commercial Bills stifle manufacturing sector - players
The delay to conclude the enactment of several commercial Bills into active laws is subjecting Uganda’s manufacturing sector to unfair competition within the region.At the moment, there are a number of commercial Bills pending but the most needed are the Anti-Counterfeiting Goods Bill No.  and the Sale of Goods and Supply of Services Bill.The other bill, which manufacturers want to be enacted, is the Competition Bill and these bills are being handled by the ministry of Trade, Industry and Cooperatives. If not passed soon possess a big threat to Uganda’s quality manufactured goods thus cripple the industry Speaking to the Daily Monitor, the executive director Uganda Manufacturers Association (UMA), Mr Ssengendo Ssebagala, said: “Conclusively enacting these Bills into laws will save the country’s growing manufacturing industry which has created so many jobs but also seen the country reduce on the import bill.” .Read more

SMAI: Farmers fail to use Shs500b credit facility
The State Minister for Animal Industry, Maj Bright Rwamirama, has said the Ministry of Finance has embarked on mechanisms through which farmers can start benefiting from a Shs500 billion credit facility to improve farm production.While addressing the National Farmers Council assembly, Maj Rwamirama, said his ministry is disappointed with the low absorption of the Shs500 billion facility which Bank of Uganda created for 15 commercial banks to disburse to farmers so as to mechanise their farms.“Government has been putting aside Shs60 billion for commercial banks so that farmers can buy tractors, milk pumps, post-harvest handling equipment and ox-ploughs for farm power but unfortunately the absorption rate has been only 40 per cent, because farmers cannot write bankable projects,” he said.Read more

British American Tobacco Uganda (BATU) will stop growing tobacco leaf in Uganda, the company has announced.In a message to its shareholders and the public, the tobacco company said: “The Board of Directors has considered and approved a proposal to discontinue its leaf growing and export business in Uganda.”The development means that thousands of farmers who are contracted by BATU across the tobacco growing regions in the country will have to renegotiate a fresh deal with Alliance One International, the new company that is taking over the leaf growing operations from BATU or else supply another tobacco company with the cash crop.Read more

The European Union (EU) has announced a trial equity fund of $30 million (about Shs78 billion) meant to finance small and medium sized farmers and boost food production and household incomes.Announcing the fund in Kampala, the head of the EU delegation in Uganda, Mr Kristian Schmidt, said the support was in response to limitations faced by small and medium agribusinesses owners in accessing capital that is needed to boost their businesses despite the sector contributing to 24 per cent of Gross Domestic Product.“In Uganda, agriculture is a strategic sector….accounting for over 47 per cent of export revenues and employing 73 per cent of the population. Much of the industrial activity is agro-based…accounting to 40 per cent of total manufacturing,” Mr Schmidt said. Read more

Weak commodity exports amid increased importation of goods and services into the country have worsened Uganda’s trade balance.The Central Bank State of the Economy report for  states that Uganda’s trade balance continues to deteriorate on account of stagnant exports and high import requirements. This implies that Uganda’s trade position with the rest of the world is not favourable and the country is spending more on imports than it is earning from exports. According to the report, Uganda’s trade deficit fell by 11.4 per cent, implying that total trade deficit stood at $2.123 billion (about Shs550.918 trillion). The deficit rose to $2.365 billion (about Shs613.717 trillion). The executive director of research, Bank of Uganda, Dr Adam Mugume, said, private consumption imports decreased by $6.9 million (about Shs17.905 billion) to $352.5 million (about Shs914.737 billion). Read more

Government is set to secure $150 million (about Shs389 billion) from the Government of India for long overdue development of the Kampala Industrial and Business Park, the State minister for Investment, Mr Gabriel Ajedra, has said. According to Mr Ajedra, if the deal with the Export-Import Bank of India goes through, the park will be installed with power, water and roads. Talking to Daily Monitor in Kampala, Mr AJedra said: “I was in India and I can confirm to you that, we will be getting $150 million from the Government of India to develop the Namanve infrastructure—fix power, water and roads.”He continued: “At the moment, we are engaging a consultant who will give us an update on the revise costs of what is needed to be fixed. And when this is done, then we can sign an agreement.” Read more

URA re-opens Mateos, Nandos after Agreement
Uganda Revenue Authority has shut down two renowned food joints in Kampala  over nonpayment of tax arrears. The closed joints are Mateos and Nandos, both located on Parliamentary Avenue.According to one of the workers who preferred anonymity, the tax body officers, together with Police and UPDF, swung into action and ordered workers and customers out before they closed the premises.“They told us to vacate the place because of tax arrears that the restaurant owes and that it could not be reopened until our bosses cleared with URA,” explained another worker as he pointed at a notice on one of the entrances at Nandos. Read moreKIWOI: Recycling straws for business
Benedicta Nanyonga paints a picture of a friendly, strong, determined woman as she welcomes you to her craft stall at a trade expo.At first glance, the items in her stall may pass off as ordinary tie and craft items but close scrutiny reveals they are made out of plastic straws. Nanyonga, the director and founder of Kinawataka Women Initiative (KIWOI) located on plot 11 Robert Mugabe Road in Nakawa, has found her niche in picking straws and recycling them into unique products that appeal to both the Ugandan and international markets. The 65-year-old has overcome challenges which would have discouraged the average innovative business minded people to become the brain behind the million shilling recycling enterprise.Read moreProsper Magazine: Global prospects good for soybean farmers
Ugandan soybean farmers stand a chance to cash in on the increasing global demand for the commodity only if they improve their crop varieties.Although the country’s soybean export volumes have dropped by 25 per cent from 2,751 tonnes to 2,056 tonnes, there is growing demand for the commodity globally. World soy bean imports have reached $62.4 billion (Shs162.2 trillion), indicating a 15 per cent trend when it stood at $36.3 billion (Shs94.3 trillion). China is the biggest importer of this commodity, importing soybeans worth $37.9 billion (Shs98.5 trillion) according to global statistics.Germany and Mexico follow the import queue at $2.09 billion (Shs5.4 trillion) and Mexico $2.06 billion, (Shs5.3 trillion) respectively.In an interview with Prosper magazine, Uganda Export Promotions Board (UEPB) export officer, Mr Moses Mabala, shares: “China’s performance as the largest and fastest growing import market of soybean. Read moreEAC: High transportation costs push regional traders to Dar es Salaam port
The high cost of moving cargo through Kenya is pushing most East African traders to Dar es Salaam despite reforms that have significantly raised efficiency at the port of Mombasa.Traders based in Kigali, Bujumbura and Goma pay less to move goods from the port of Dar through Tanzania’s Central Corridor than from Mombasa Port through Kenya’s Northern Corridor, a new survey shows.It costs Shs12 million ($4,800) to transport a standard 40 foot container cargo through the Northern Corridor to Kigali, Shs16.9 million ($6,500) to Bujumbura and Shs18 million ($7,000) to Goma from Mombasa Port .The same container transported through Dar would cost Shs11 million ($4,300) to Kigali, Shs11.7 million ($4,500) to Bujumbura and Shs12 million ($4,700) to Goma, a survey conducted by the Shippers Council of Eastern Africa indicates. Read more

Tata Comunications: New fibre cable to spur competition
Internet penetration has stalled at 12.5% but is set to shoot up as competition rages. State investment minister, Gabriel Ajedra noted that the partnership is timely as government moves to boost internet access. James Walker, the Tata communications Vice President, managed network services noted that the move into Uganda is part of their strategy to capitalize on growth opportunities in African markets. “The partnership with Roke Telkom is designed to enable us to merge the best international technology delivery with the strongest local technology implementers,” he said in a statement. Roger Sekaziga, the Roke Telkom boss noted that the new deal is similar to an international airliner offering its services to Uganda. He added that it’s now up to Ugandans to utilize the additional internet capacity.Read more

AREA: Construction industry wants rates reduced to build affordable houses
Construction Industry players are engaging the Central Bank over the possibility of offering reduced interest rates for developers investing in residential properties, a real estate official has said.Speaking at a breakfast meeting organised by Stanbic Bank home loan department in Kampala, the president Association of Real Estate Agents (AREA), Mr Andrew Mukiibi, said: “Bank of Uganda is willing to give industry players who are members of AREA a tailor-made interest rate as it is the case with agricultural loans.”He continued: “We are in negotiation with the central bank over that because if we don’t address this issue (interest rate matter) then it will be impossible for us to provide the low-end housing units because we cannot afford it as it will be very expensive for us and even the end users.” Read more

URA: Tax proposals in Budget will be rigorously enforced, says govt
Numerous tax proposals and exemptions that were announced in the Budget speech will be enforced irrespective of civil society and business association leaders’ complaints, government officials have said. There are efforts underway to have some of the tax proposals, especially the one on agricultural inputs, fuel, water, computers and bank charges, suspended as discussion around it takes shape.Speaking at the Uganda Media Centre,the Uganda Revenue Authority acting commissioner domestic taxes, Mr John Mayanja, said: “In the region, we (Uganda) are yet to collect as much taxes as our neighbours and to do that, we must increase our tax base (sources of more revenue collection).”He continued: “This means that we have to do away with exemptions and have sectors like agriculture and education, among other sectors, to also contribute in terms of taxes. “This means that we will ensure that all areas that have been exempted or zero rated pay its taxes just like the other areas.” Read moreBOU: Interest rate declines to 21.7 per cent
The effect of high interest rates on the borrowing public has slightly eased following a 6.3 per cent reduction  to 21.7 per cent.The reduction in the commercial lending rate has been attributed to the low Central Bank Rate and the improvement in Uganda economic environment. Due to a difficult economic environment and a high Central Bank Rate, the average commercial lending rate had been hovering at a height of 28 per cent.However, there has been a remarkable reduction in the lending rate, which in some has relieved the public from the burden of high cost of credit from commercial banks for enterprise expansion. The director research Bank of Uganda, Dr Adam Mugume, said the average lending rate on shilling denominated loans remained relatively stable averaging 21.7 per cent . Read moreNakumatt plans to list on regional stock markets
Nakumatt Supermarket has announced plans to list on the Nairobi Securities Exchange (NSE) and neighbouring stock markets, offering investors a chance to own a piece of the region’s biggest retailer valued at $400 million (Shs1 trillion).The retail chain has also said it will sell a 25 per cent stake  to fund growth. Nakumatt had announced suspension of talks with strategic investors following the Westgate Mall attack that destroyed its most lucrative branch, but now says it has re-opened negotiations to sell part of the business.“It is instructive to note that given that we are now considering to sell an equity stake (and not strategic investment), the stake in consideration will be significantly less than 25 per cent,” Nakumatt managing director Atul Shah said in a statement. Read more

The proprietor of Select Garments, Robert Ahimbisibwe has come out to refute the reports that his fashionline, Select Garments was crumbling due to his indebtedness.The closure of the Select Garments main branch at Forest Mall recently due to lack of rent sent tongues wagging and made people come to the conclusion that the Select Garments Empire was crumbling.According to Mr. Stanley Isiagi, the Managing Director of Old Stanely Hotel, which manages the mall, Select Garments owed them over $200,000 (about Shs520m) in rent arrears and this forced the mall’s management to close them down.In a statement, Ahimbisibwe announced that the Forest Mall shop was now open and ready for business. Read more

USE: Sectors that could make for good stocks
Uganda Securities Exchange (USE) recorded one of its best performances since inception our outlook remains positive for the short six months to the end of this year and early next year. The stock market recorded a total turnover of Shs141 billion in the first half compared to a turnover of Shs72 billion, reflecting good performance. The stock market recorded a turnover of only Shs19.5 billion and Shs20.4 billion, respectively.The performance is due to the corporate actions among which was the listing of Umeme on the USE, increased foreign investor participation in the market and recovery of economies locally, regionally and globally.Read moreHow Samona grew into a multimillion business
When Ssalongo’s children suffered an itchy skin problem, the last thing on his mind was finding a solution that would later turn in profits. According to Ssalongo Micheal Kasawuli Mukasa, the proprietor and chief executive officer of Samona products Ltd, while living in Nateete  where he operated a number of businesses including a cosmetics shop, his children developed an itchy skin condition—scabies.Their torment was ended when Ssalongo’s auntie asked him to try out herbal medicine which, to his surprise, cured the ailment and has since inspired a successful business. Read moreCitadel: Egypt’s Qalaa pumps Shs63 billion in Rift Valley Railways

The investment company formerly known as Citadel is putting more cash in Rift Valley Railways.
Citadel – which has almost $10 billion under management – announced it was getting out of the private equity business.It said that it was transforming itself into an investment company, focusing its major acquisitions in energy, cement, agribusiness, logistics and mines.At that time, chairman and founder Ahmed Heikal announced a new capital increase and said the company would be exiting non-core investments to focus on what it knows best, like the refinery under construction that will process about 50 per cent of the diesel that Egypt currently imports.The “economic fallout from the Arab Spring has generally depressed asset values and put liquidity at a premium, making this an opportune moment to increase our holding in core investments,” Heikal explained. Read more

Government has been urged to institute a 25 per cent Common External Tariff on importation of reinforced bars (iron bars).The proposal was put forward by East Africa’s steel and iron manufacturing giant Roofings Group, saying this will protect local industries from cheap and substandard imports.The tariff proposal was made during a tour by Parliament’s committee on Tourism, Trade and Industry at the group’s plant located at the business park in Namanve. The 25 per cent tariff will match that already imposed by Kenya in its budget after her steel mills had started closing shop due to unfair competition from cheaper imported iron and steel products.“It is our request that Parliament addresses this concern with urgency as we are facing increased deterioration of the market which may see the plant downsize further or closed. Read more

MOFPED: Govt will support investment
Finance minister Maria Kiwanuka has said the Government will help many local companies to grow, pay taxes and in turn create employment, by providing a conducive environment.“The Government is committed to improving the lives of its people through providing a condusive environment for companies to grow. In turn, these companies will create employment for our people and manufacture goods for export to neighbouring markets. This will earn us more foreign exchange,” Kiwanuka explained. The minister made the remarks, as Uganda Baati Limited celebrated doing business in Uganda. The function was held at the company’s head office in Kampala. Kiwanuka assured the business community that the Government values its partnership with the private sector. “We have, become attentive listeners to your suggestions because we are determined to make you the real shakers and movers of our economy,” she said. Addressing Baati, Kiwanuka said the Government was proud to associate itself with the company’s activities. “From what I have been seeing on the market, the company is growing even stronger and bigger. I wish to thank you for introducing steel products to the Ugandan market and for sustaining the business for so many years,” she explained. Read more

UNBS Rises Against Fuel Adulteration
The Uganda National Bureau of Standards (UNBS) in conjunction with the Ministry of Trade Industry and Cooperatives has launched the fuel quantity and quality of fuel Awareness, an activity that is part of UNBS’ public engagements as they celebrate.Speaking to journalists at Uganda Media Centre in Kampala, UNBS Public Relations Officer, Maggie Lukowe noted that the government of Uganda started the Fuel Marking and Monitoring Programme (FMP) in a bid to curb the vice of fuel adulteration that was threatening fuel consumers in the country.“Under this arrangement, all fuel products destined for the Ugandan market have to be marked with a specialized color at the customs point of entry into the country to distinguish it as meeting the fuel standards required,” Lukowe explained. Read more

MTN Uganda celebrates 10 Million subscribers landmark-gives back to customers
As part of its celebration of the landmark achievement of 10 million subscribers, MTN Uganda has accorded the success to the loyalty and commitment of its customers and hence announced a give-back of 10 million minutes of free MTN airtime and 100million MB of data. This means that each customer automatically gets one MTN to MTN minutes and 10 MB of data.“I cannot emphasize the importance of this milestone to us, it is clear from our research that network quality and investment remains one of the key reasons for customers trust and loyalty to MTN and we are grateful to our customers who have been loyal and very supportive to this achievement. I affirm that our key focus remains the expansion of the infrastructure to enhance network quality for both voice and data across the region”. MTN Uganda’s Acting Chief Marketing Officer Kenneth Kiddu said. Read more

URA starts clearing global cargo through single customs system
The Uganda Revenue Authority (URA) will start a pilot project of clearing of bulk international cargo through the Single Customs Territory (SCT).The SCT involves removal of internal border customs controls on goods moving between partner states with an ultimate realization of free circulation of goods.According to the URA commissioner customs, Mr Richard Kamajugo, the trial project will involve overseas cargo bound for Uganda through the port of Mombasa.“The bulk cargo on the list includes Clinker- a raw material used in the manufacturing of cement, edible oils and wheat grain,” Mr Kamajugo said.The revenue body says the project will, before all international containerised cargo brought on board.Read more

MOEMD: Govt starts free power connections in villages
Goverment has started paying power connection fees for rural households to encourage use of electricity by the rural folks, energy minister, Irene Muloni, has disclosed. “All households near the power lines (within 15 metres range) are being connected. ‘‘We only request the premise owners to contact certified electricians to wire their premises and inform any power distribution company near them. Their premises will be connected for free,” Muloni said. She was speaking during a workshop organised by the United Nations Foundation in partnership with the World Wide Fund for Nature Uganda at Protea Hotel in Kampala. Presenting a keynote address on universal energy access in Uganda, Muloni revealed that the free power connections are targeting 1.28 million new service connections in the short and medium term. “To increase the number of connections, we are implementing the output based aid programme, which provides a subsidy to enable electricity connections in the rural areas. This will help those who are unable to pay connection fees,” she noted. The minister urged power distribution service providers and development partners to buy into this strategy for both increasing the financial basket and vigilance in connections. Read more

BOU: Registered mobile money users reach 17 million mark
Since its establishment in Uganda, the penetration of mobile payment has grown fast with the number of registered mobile account holders standing at 17.6 million.The current trend reiterates the continued influence of mobile money transactions in Uganda’s financial services and the country’s economy.Mobile money transfer services entered the Ugandan non-bank financial market and, there are six providers namely; MTN, Airtel, Uganda Telecom, Orange, M-cash and Eeezy Money.The trend in mobile payment in terms of registered use has surpassed the number of people holding accounts in the financial institutions that are supervised by Bank of Uganda, which includes commercial banks, Credit Institutions (CIs) and Microfinance –Depositing Taking Institutions (MDIs). Read more

CAA: Rwanda, Ethiopia airlines to fill Air Uganda gap
New RwandAir and Ethiopian Airlines operations at Entebbe will help fill the gap created by the absence of Air Uganda which is under suspension, the Civil Aviation Authority (CAA) has said.Government granted the two airlines fifth freedom rights to fly the Entebbe-Nairobi and Entebbe-Juba routes. Fifth freedom is the right to carry passengers from one's own country to a second country and from that country to a third country. RwandAir started new operations between Entebbe and Juba in South Sudan. Ethiopian Airlines is expected to start new operations between Entebbe-Nairobi routes soon, the CAA spokesperson, Ignie Igundura said. CAA revoked the air operators’ certificates for three carriers including Air Uganda, Uganda Air Cargo and Trans-Afrik (U) Ltd, citing their failure to meet standards for operations.Their suspension of business followed an audit of the policies and procedures of CAA by the International Civil Aviation Organisation (ICAO). Some carriers were forced to hike ticket prices after the suspension of Air Uganda which was the main airline plying the routes. Read more

NBL: Beverage industry players seek to attract low end consumers
Beer industry players are seeking to invest in local raw materials in the manufacturing of products in an attempt to lure the traditional brew drinkers into formal beer drinking segment.Industry statistics show that Ugandans are still average drinkers, consuming about 10 litres annually compared to South Africans’ 80 litres and Czechoslovakia leading with 100 litres per person annually, making them the highest alcohol consumers in the world.To raise the numbers, the industry market leader, Nile Breweries Limited (NBL), is targeting the informal drinkers, (those who drink local brew). “We are looking at getting informal markets into consuming our products and growing our markets as well,” the new managing director NBL , Mr Greg Metcalf, said in his first news conference in Kampala.“We will be using more of the local raw materials to make affordable products that are appealing so that we can move people from informal drinking,” he added. According to him, his company will be investing more in production of local barley, including employing the services of experts to help farmers here enhance their yields—both in terms of quality and quantity. Read moreMOLHUD: Govt to introduce guidelines to control property prices
In an attempt to shield the unsuspecting clients from being cheated by some crafty property agents, government will develop guidelines that industry players will refer to in determining prices of properties, a senior government official has disclosed. The Director of Housing ministry of Lands, Ms Agnes Kadama Kalibala, told Daily Monitor that the guidelines will arrest the ‘senseless’ prices that most properties are being sold at.She said: “We are trying to have the Association of Real Estate Agents (AREA) empowered so that together we can come up with guidelines that will ensure that properties are sold at reasonable prices.”
She continued: “As we speak now there is no control on the property prices, that is why you hear of those cases—exaggerated prices for properties.”At a breakfast meeting organised by Standard Chartered Bank with the AREA members , it emerged that clients are being ripped off by unscrupulous real estate agents who increase the prices of properties by over 70 per cent on the basis of speculation. Read moreLow tax on cement hits home producers
Local cement producers are facing competition from low-cost Asian rivals after the East African ministers excluded the commodity from a list of protected items and retained a lower duty on imports.The decision is set to hurt producers even as it promises the consumer low prices for the commodity.“It has been our prayer that the import duty is increased to at least 35 per cent so that we are cushioned from the imports. It is our view that we promote local businesses before allowing in cheap imports into the market,” said Narendra Raval, chairman of Devki Group that manufactures the National Cement brand.Producers in the region have been lobbying for inclusion of cement in the list of sensitive products following a biting shortage of the commodity. The list contains items which are protected by high import tariffs because the region has the capacity to produce them. Read moreUSE registers expansion with Shs800 billion turnover
Uganda Securities Exchange (USE) has registered the highest turnover (revenue) to Shs816,629,836 realised from trading of 243,879,916,645 shares.This upward growth in USE’s turnover signifies that Uganda’s stock market is expanding and at the same time the investors are also benefiting from their investments in the stock exchange. This is the first time in USE’s of existence to register this impressive turnover in a single quarter and on an annual basis. The volume of shares traded at the exchange was 158,108,93, which saw USE registering a turnover of Shs16,876,649,182. USE trade manager Andrew Mwima told the Daily Monitor that of the total turnover, 97.16 per cent arose from the Umeme counter; Stanbic Bank Uganda, British American Tobacco Uganda (BATU), Dfcu and Bank of Baroda Uganda (BOBU) counters each contributed 1.44 per cent, 0.82 per cent, 0.46 per cent and 0.09 per cent respectively of the total turnover . Read moreWPF: 900 farmers in Rwenzori region to profit from Shs800m grain deal
The World Food Programme (WPF), a United Nations agency and SNV, a Netherlands’ development organisation have contributed Shs800 million to boost grain production in the Rwenzori sub region.Under the project, Purchase For Progress, the two organisations are targeting 900 farmers grouped in 31 clusters to increase quality and quantity maize and bean production to sustain local and WFP markets. The money, according to Mr George William Oroma, the SNV agriculture advisor, will be channelled into skills development to help farmers produce more and set up satellite collection centres where harvests can be stored for use during dry seasons. Read moreBOU: Central Bank begins financial literacy campaign in schools
Bank of Uganda has started a campaign to boost people’s understanding of economic issues affecting them so that they can identify opportunities to exploit.The move, according to the Central Bank’s head of corporate affairs, Edward Tenywa, was prompted by the realisation that many Ugandans have no grasp of economic issues, which affects their economic participation.“Without the right financial knowledge and of the workings of the Central Bank, individual players in the economy will be in the dark about key indicators such as inflation and how they affect price levels and productivity,” Tenywa added.Key factors such as the Central Bank Rates (CBR) directly affect interest rates on loans and deposits and commercial banks automatically adjust rates whenever the Central Bank sets a new rate.Bank customers could also get a raw deal when they miss out on Central Bank information releases, Tenywa explained. Read moreMTN Subscribers to Shop Online Using Mobile Money
MTN Uganda announced the launch of an online payment system using the Mobile Money service, adding to a wide range of innovative products attached to the service including payment of utility bills, School Fees, Life Insurance, among others.In a statement, MTN Acting Chief Marketing Officer, Kenneth Kiddu explained the steps which he described as quite easy, quick and simple, “ A customer simply needs to log on to any online selling site then select MTN Mobile Money as the payment option.”“A customer will then be required to enter their Mobile Money number, and will receive a notification on their phone prompting them to confirm payment by punching in their Mobile Money PIN, added Kenneth”“On successful completion of the transaction, an SMS notification with a transaction ID will be sent to the customer’s phone. The customer will then get a call from the merchant on how and where to deliver the items purchased,” he explained. Read moreBATU declares no dividends as exorbitant taxes erode profits
Exorbitant taxes are not only taking a toll on British American Tobacco Uganda (BATU), a legally licensed tobacco firm, but are also among the reasons why the company’s shareholders will not be entitled to interim dividends.According to unaudited results the company registered a revenue decrease of six per cent, a dip attributed to among others, taxes on tobacco. Equally affected are the profits from operations, which decreased by 50 per cent, as reflected in the BATU unaudited accounts.According to BATU, the drop in revenue by six per cent is mainly as a result of timing in export leaf shipments while the decrease in operations profits by 50 percent primarily due to the impact of higher cigarette excise duties following the 43 per cent weighted average rate increase coupled with the imposition of import duties. Read moreUganda to start getting ADB loans with interest
Unlike in the past where it used to access loans at zero interest rate, Uganda will begin borrowing at higher cost from the African Development Bank (ADB).This follows the country’s graduation to access loans from the bank’s window which attracts interest rate.Uganda has always borrowed accessed loans from the bank’s window which offers interest-free loans. The development bank has been involved in supporting development efforts of Uganda and has approved loans and grants amounting to $3.24 billion (about Shs85.212 trillion) for 123 operations.Borrowing from the ADB window attracts interest rates of about 6 to 8 per cent because it is the bank’s commercial window which gives out loans on a commercial basis given the prevailing market interest rate. Read moreTrade minister Amelia Kyambadde: Uganda turns to DRC as alternative market to troubled South Sudan
Trade minister Amelia Kyambadde has disclosed that the government is preparing to negotiate with the Democratic Republic of Congo (DRC) over the possibility of the two neighbouring countries furthering their trade ties.According to Ms Kyambadde, the talks are intended to pave way for more penetration of Uganda’s exports into the large DRC market, thereby reducing reliance on the troubled South Sudan.Speaking during the opening of the Trade Facilitation Expo, Ms Kyambadde said the talks will be held so that traders and manufacturers, especially those affected by the South Sudan civil war can take refuge in the large DRC market as the situation in South Sudan stabilises. Read moreICRA: Uganda’s S&P credit rating up
International credit rating agency, Standard & Poors (S&P) affirmed Uganda’s credit rating at B/B with a stable outlook from B negative based on high GDP (Gross domestic Product) growth rates and continued investments.Standard & Poor's Financial Services LLC (S&P) is a US financial services company, part of McGraw Hill financial which produces financial research and analysis of stocks and bonds.Despite aid cuts, Uganda’s economy grew by 5.8% from 3.2% before as the economy rebounded from high inflation.S&P’s highest rating is AAA which is enjoyed by a few countries especially the Nordic region.The review implies that Uganda is less risky for international investment and is a shot of confidence is Uganda’s economic prospects. Reacting to the development, Prof Emmanuel Tumusiime-Mutebile, the governor Bank of Uganda said that; “Standard and Poors’ affirmation of Uganda’s B/B Credit rating is yet further proof of international confidence in Uganda’s future economic growth prospects and the management of its economy.”“It sends a clear signal that the Ugandan economy provides attractive opportunities for private investment,” Mutebile added. Read moreHealth, agriculture key to Africa's development: Bill Gates
Health and agriculture development are key if African countries are to overcome poverty and grow, US software billionaire Bill Gates said, as he received an honourary degree in Ethiopia."By getting things right in these two areas, the gains can be exceptional," Gates said, calling health and agriculture "enabling factors for all the other things that need to be done." But Gates warned that progress could be undone by instability, pointing to northern Nigeria, where attacks by Boko Haram extremists have derailed efforts to eradicate polio."This Boko Haram disruption is the one real cloud on the horizon, where it means there are groups of children that we're not able to get to," he told reporters after receiving his award.Gates -- the world's richest man -- and his wife are the co-founders of the Bill and Melinda Gates Foundation, which tackles health and poverty in Africa. Read moreMOF: Uganda loses Shs1 trillion in capital outflows annually
Although Uganda is attracting a lot of Foreign Direct Investment (FDI), it loses $400 million (about Shs1.05 trillion) in capital outflows in form of dividend payments to the shareholders, the Ministry of Finance has revealed.Owing to economic liberalisation, there are many multinational companies operating in Uganda in the energy, agriculture, oil, and manufacturing, among others.Speaking at the launch of African Development Bank Economic Outlook for Africa in Kampala, the acting commissioner macroeconomic ministry of Finance, Mr Robert Okudi, said Uganda witnesses capital inflows as well as out inflows.“There is an annual out flow of $400 million in dividend payments to shareholders of companies operating in Uganda,” he said. Discussing how the revenue required for investment in Uganda can be generated, he said: “We have the opportunity in the capital markets; vibrant capital markets will enhance revenue mobilisation and domestic savings in this country.” Read moreTax holidays hurting URA performance, says Kagina
Tax holidays and exemptions have had a negative impact on revenue collections, Uganda Revenue Authority Commissioner General Allen Kagina has said.Speaking at a news conference in Kampala where she enumerated the agency’s performance, Ms Kagina said although the need for exemption was meant to enhance trade and investment, revenue collection became the victim in the process, explaining why the policy is now being reversed. She said: “The government has over time introduced different tax policies which impact on revenue collection. Although it had benefited some, we think without it our collection and contribution to Gross Domestic Product (GDP) ratio would have been much better.”According to her, the country has been providing tax incentives which were meant to mainly attract investments and support productive sectors to take off with the major exemptions residing in the VAT and income tax regimes to support construction, agriculture, health and education sectors. Read moreUNBS: AGOA failure blamed on private sector
Ugandan traders’ failure to exploit the huge American market under AGOA agreement is due to the private sector’s failure to produce enough and good quality products, an official has said.Ms Susan Muhwezi, the presidential adviser on African Growth and Opportunity Act (AGOA) and Trade, said that right from its inception, the well-intended programme was messed up by its initiators who failed to provide production and transport linkages that would enable the country sustain production to feed the readily available market.“This programme was very good but there are no backward linkages. How many farmers are adding value to products, what is the transport like and the budget to this office (AGOA)? Do you want traders to transport in briefcases? Ms Muhwezi asked.Ms Muhwezi’ made the remarks at the launch of the African Women Entrepreneurship programme (AWEP) meant to provide mentorship, business linkages, encourage intra-Africa trade and also bring on board Uganda National Bureau of Standard for quality assurance.Read moreBOU: Govt role key in liberalised market, says Kasekende
Deputy Central Bank governor Louis Kasekende has weighed in on the liberalisation debate, saying free markets are good, if governments are involved.“Market failures exist, but the role of governments is critical as evidenced in the West,” he noted.Appearing as a panelist at the launch of the African Development Bank (AfDB) African Economic Outlook, Kasekende warned of the possibility of another crisis and the need to rebuild the fiscal space as well as reduce the fiscal deficit.The deputy speaker of Parliament, Jacob Oulanyah, kicked off the debate, saying the flurry of private foreign companies and banks seems not to be serving the country’s interests, especially with borrowing rates spiraling out of reach of the average Ugandan and the huge profit repatriation by foreign firms.Commenting on the outlook, Kasekende noted that the continent is on a recovery trend having overcome the 2009/2010 financial slide.“One clear message is that countries need peace and security. We must invest in peace,” he noted. Read moreURA to collect tax on rented houses, properties
Uganda Revenue Authority has revealed that it will soon begin collecting tax on all rental houses and properties within urban areas as part of its new initiatives to generate more tax revenue to implement government programmes. The revelation came in Parliament while the URA commissioners were appearing before the finance committee to explain their plans.The committee chairman, Robert Kasule, who is also the Kyadondo North MP, asked the commissioners to assure the nation whether URA would be able to fill the gap created by the withdrawal of donor funds.Responding to Kasule and Kioga MP Anthony Okello on the new initiatives that will generate more revenue, URA’s commissioner for domestic revenue, Henry Saka, said they would enforce and widen the scope of rental taxation to include all urban centres in the country.On the percentage of rent which URA will take, Saka said: “We shall tax every property or house which is rented. If it is owned by an individual it will be taxed 20% and if it is a company, it will be 30%.” Read moreInvolve us in Namanve land allocation, UMA asks govt
Officials from Uganda Manufacturers Association (UMA) have asked government to involve them in the allocation of land in Namanve Industrial Park to avoid being hoodwinked by fake investors who cannot develop it.They made the call while appearing before the parliamentary committee on trade and industry over the new taxes in the budget pending Parliamentary approval.“Land is being allocated to people who are not real investors, but are carrying empty briefcases to deceive government. We should give land to potential investors who are able to develop it,” the director corporate affairs of Southern Range Nyanza Ltd, Richard Mubiru, argued on behalf of the association.The committee took exception to reports that more than 120 investors had surveyed their plots at the park that is about 14km East of Kampala city while 127 had not surveyed.“I’m shocked that land in Namanve is being allocated to those who can’t develop it,” the Lyantonde Woman MP and committee vice-chairperson, Grace Namara, said.Investment state minister Gabriel Ajedra said a new criterion drawn by the Uganda Investment Authority (UIA) had already been approved by Public Procurement and Disposal of Public Assets Authority to start giving free land to investors. Read moreUNRA: Gov’t risks losing billions through advances to foreign companies
A new wave of ethical and professional misconduct has hit Uganda’s construction industry, exposing government to risks of losing billions of funds as contractors connive with employees of banks and insurance companies to obtain fake bid securities and financial guarantees.Roads sub-sector vulnerable With the government’s continued prioritisation of roads transport infrastructure development, resulting in a growth in budgetary allocation from sh2.4 trillion to over sh2.5 trillion, about sh2.3 trillion is available under the development budget, rendering the roads sub-sector a prime target.Even in the face of continuous due-diligence on bidders, the Uganda National Roads Authority (UNRA), the biggest employer in the local construction industry has, on many occasions, been exposed when unscrupulous contractors tender forged documents.This, experts say, exposes government to fleecing in the event that these companies disappear.And, whilst this unprofessionalism was, in the past, associated with local contractors, their international counterparts seem to have learnt from them.“We continue to receive forged bid securities from State-wide Insurance and fake financial securities from Housing Finance Bank,” says a source. Read moreShilling continues to depreciate as BoU intervenes
The Ugandan Shilling has exhibited its weakest stance, a situation experts predict will continue.By close of business, Bank of Uganda (BoU) quoted the Shilling at 2,650 buying and 2,660 selling against the US dollar, down from 2,646/2,656 and 2,600/2,610 it traded.Talking to the Daily Monitor about the reason behind this depreciation, the BoU director of research, Dr Adam Mugume, said the Shilling has lost ground, depreciating by about 1.7 per cent compared to 1.4 per cent, adding that the movement should be of great concern if it exceeded 5 per cent in either direction. “The reasons for depreciation include seasonal factors and also the dividend payments by large corporations like MTN. In addition, demand for imports is on the increase in part; as oil prices edge up, the demand for dollars to import the same volume of fuel increases,” he said. Read moreNIC intends to cross list shares on Nairobi Stock Exchange
National Insurance Corporation Limited (NIC) plans to float its shares at the Nairobi Securities exchange for the first time as a means of improving the value of individual shares. NIC will become the second Ugandan firm to cross-list on the Nairobi bourse after UMEME, a power utility, was cross-listed. The move to cross-list on the Nairobi bourse was announced by the board of directors during the 13th General Meeting of shareholders held in Kampala.“We are going to start on the approval process of the various bodies in Uganda and Kenya, said Mr Bayo Folayan, the managing director of Nic. Mr Bayo said the insurance company will widen that market for its shares thus increased demand. Read moreUEPB: Business challenges affect global appeal for Uganda’s exports
Uganda’s exports to the regional countries grew by eight per cent, according to Uganda Export Promotion Board (UEPB) statistics.The UEPB data further indicates that by close, Uganda’s total exports to the East African Community (EAC) stood at $633 million compared to $581.4 million, translating into a growth of eight per cent.This is a shift that has been happening, implying that Uganda can do more business with its regional neighbours than lucrative markets such as the European Union nations.As a result of the surge in volume of trade between Uganda and its neighbours, total export to EU took a slight tumble. According to UEPB statistics, the country’s total export to Europe hit $613 million (about Shs1.6 trillion) although it minimally dropped by two per cent by close.Meanwhile, the country’s exports to China continue to gain momentum with the figures reaching $65.3 million (about Shs171 billion) by close. Exports to US hover at $37 million (about Shs97 billion).Read more

CAA: Air Uganda Counts Shs13bn Loss After Closure
Air Uganda has officially announced an indefinite closure of its operations pending issuance of fresh operating instructions from the national regulators. It is also set to return all its aircraft obtained on lease to the owners for as long as it remains out of business, according to company executives.The Airline company blames its closure on incapacities discovered within the National Regulator, Civil Aviation Authority [CAA], which compelled the International Civil Aviation Organization [ICAO] to withdraw the AOCs [(Air Operator Certificates) of] all the airlines registered in Uganda.In a statement released announcing the closure, Air Uganda noted that the Audit was conducted by International regulator [ICAO] based in Montreal, with the aim of assessing CAA’s capacities.“It is now apparent that the audit revealed shortcomings in the CAA’s oversight and regulatory capacities, consequently impacting its ability to award air Operators Certificates.” Read moreMOT: UNIDO earmarks $1m for renewable energy

Jean Bakole, the United Nations Industrial Development Organisation (UNIDO) representative to the Africa Union and the Director of Regional office said UNIDO had earmarked funds to support Uganda start renewable energy for production.“We have a $1m (sh2.5b). We are not here to invent a new will but to support the existing activities and to develop new activities to support the existing ones,” said Bakole. He said UNIDO was in talks with Austria, Japan, India and China to raise funds for poverty reduction through productive activities.He was speaking at a donor round table meeting with government and the private sector held in Kampala.Trade minister Amelia Kyambadde attended the meeting. Bakole said UNIDO will support Uganda to develop the energy sector. “It is only through energy provision that poverty can be addressed. If we don’t support people, they will continue cutting trees and hurt the environment,” he said. He said a section of the funds estimated to shoot to over $5m will also help in the utilisation of waste as a source of energy. Kyambadde hailed UNIDO for the support and urged them to work with the private sector to see reality. Read moreNEPAD: Comesa earmarks Shs190 billion for Kampala-Jinja highway expansion
The Common market for Eastern and Southern Africa has identified 75 km of the Kampala-Jinja highway as one of the six infrastructure projects to be developed by the bloc.The six projects, identified by the Programme for Infrastructure Development in Africa (PIDA), are meant to be implemented. The projects were selected during a Financing Summit for Africa’s Infrastructure that took place in Dakar, Senegal.The objective of the Summit was to mobilise key stakeholders around the ongoing efforts by the African Union including the New Partnership for Africa’s Development (NEPAD) Programme, to accelerate the implementation of priority regional economic infrastructure projects. Read more

Prime Minister Amama Mbabazi: Govt promises to invest more in research, talent retention
Government will invest more in research and young talent retention in order to control brain drain.This was revealed by Prime Minister Amama Mbabazi while launching Africa One, a web application developer, in Kampala.Mr Mbabazi was reacting to suggestions by the chief executive officer Africa One, Mr Yusuf Kayiwa, that young, talented and skillful Ugandan technologists are fleeing the country in search of greener pasture in Rwanda, Kenya as well as western countries.Mr Kayiwa told the Prime Minister, who was the chief guest, that there is need to create an ICT agency that will nurture and retain talents that are capable of creating ground-breaking innovations.“We need a partnership with government. And that can be done through creating a platform or an entity whose mandate will strictly be helping young people with talent to grow and shine in the area of ICT,” he said. Read moreReport errant accountants to us—ICPAU urges employers
The Institute of Certified Public Accountants of Uganda (ICPAU) is encouraging all employers to report to them the cases of misconduct by employees who are members of the accountants’ body.“We can only learn whether we are improving or not by handling cases. We believe there are cases out there, but we do not know where to get them from. We cannot fish them out unless they are reported,” Derrick Nkajja, ICPAU’s CEO said after the Public Accountants Examinations Board released the examination results. Nkajja said fraud by accountants in the service industries are only dealt with by employers internally.“If you dismiss, you should let us know why you dismissed the person. If it is a professional misconduct, we should be able to handle it.”He added: “If a dismissed employee goes back to the pool of accountants looking for jobs, you are sending the problem to the next employer.” Read more

UBC: Ugandan importers fail to clear in time at Mombasa
The lack of knowledge about import procedures by traders and importers is increasing the cost of doing business on the part of Ugandan businessmen at the Kenyan port of Mombasa and within the East African Community (EAC) at large.This observation was made by the representative of Ugandan business community in Mombasa, William Lusabya Kidima on the sidelines of the launch of the Mombasa community charter in Mombasa.As a result, Ugandan businessmen fail to clear their goods in time, attracting penalties which further reduces the scale of would-be profits from any given consignment or container.Kenyan president Uhuru Kenyatta attended the launch, during which he called on implementing agencies to ensure that the charter is put to use.Kenyatta also called for closer monitoring of projects under the charter electronically for proper accountability.“This is the only way we shall hold responsible implementing agencies accountable when objectives of the charter are not met to prevent cases where nice documents are shelved, claiming there is no money for implementing and yet East African Economies depend on the efficiency of this port through the charter for improved cost of doing business,” he said. Read more

MOE: Vivo unveils Shs5b fuel reserves
Ministry of Energy officials have said they learnt lessons from the political and economic upheavals in neighbouring Kenya and are supporting measures to boost the country’s fuel reserves. The head of Petroleum Quality Assurance in the ministry, Mr Spero Byokunda, said they have finished refurbishing the Nakasongola fuel reserves and distributors can now take over their usage.Speaking at the commissioning of the 10 million-litre capacity tanks for Vivo Energy in Kampala, Mr Byokunda, revealed that they have commissioned the process for a contractor to revamp the Nakasongola reserves which have remained unutilised for a long time.“The fuel market is growing at 7 per cent, and the importance of petrol has doubled requiring more storage space,” Mr Byokunda said. Read more

MTN raises mobile money charges
Telecom operator MTN has announced an increment in mobile money withdrawal charges.“Due to a 10% Excise tax raised by government on Mobile Money withdrawal fees, we are adjusting our rates,” MTN said in a statement to its customers. Finance minister, Maria Kiwanuka announced a 10% increase in mobile money while presenting the financial year budget. She said the increase on withdrawals was to help government to meet the revenue target that was not met after a similar increment on mobile money deposits the previous year. The finance ministry expects to generate about sh16 billion from the increase in mobile money fees.14 million people made transactions using mobile money platform, with transaction value of sh18.6 trillion. The emergence of new mobile telephone technology and agency banking has been a key driver of the services sector. Read more

Inflation declined to 4.9 per cent down from 5.4 per cent, as the harvest season of various food commodities started.According to the Uganda Bureau of Statistics (UBOS), the inflation drop was influenced by the annual food inflation that decreased to 7.1 per cent, down from 8 per cent. Matooke, Irish potatoes, sweet potatoes tomatoes and onions, beans groundnuts, rice and milk were cheaper and accessible in various parts of the country.“We usually have seasonal harvesting of food crops that is why inflation has gone down,” said Mr Vincent Nsubuga Musoke, a principal statistician at UBOS, during the release of the Consumer Price Index (CPI).Further more, the prices of other non-food commodities also went down in most centres, namely clothing, foot wear, charcoal, Kerosene and petrol. Read morePresident Kenyatta: Clearing of goods at Mombasa eased as new charter is signed
Clearing of goods at Mombasa port is expected to be much quicker as public ports agencies commit to improving efficiency of the facility.The agencies that operate within the port, signed a Charter that was endorsed by Kenyan President Uhuru Kenyatta, aimed at completely eliminating cargo delays.For the initiative to work, the port of Mombasa will be operating for 24 hours and be subjected to a monitoring electronic dashboard which will benchmark the efficiency of the commitment made by the agencies. President Kenyatta said: “This port if run effectively and efficiently will be seen as an engine of growth, source of employment and new opportunities not only for Kenyans but also transform the East African region.” Mr Kenyatta expressed his government’s support for the initiative and urged the agencies to live up to their commitment and the private sector served by the port to play their role too. Read moreUBA to spend Shs250 million on financial literacy
Uganda Bankers Association (UBA) will invest up to Shs250 million in promoting financial literacy, the chairperson, Mr Chinedu Ikwudinma, has said.“This is an on-going programme, and reflects the commitment of the UBA to financial management culture, to support our national ambitions for strong economic growth and eradication of poverty,” he said. The bankers’ body has also advised the public to make the right choices in order to access low interest rate loans from commercial banks.The advice comes as high interest rates continue to be a big problem in Uganda’s financial market, which in a way has crippled the development of small/medium enterprise as well as access to financial services to the large population. Read more

MTN sues shipping company Threeways over $4m
Telecom Company MTN has again dragged Threeways Shipping Service to court with fresh charges of defrauding it of $4m in fictitious claims. The fresh charges follow MTN’s loss in court of an earlier suit against Threeways regarding the alleged fraud. The loss in court was due to a technicality which court said it could not endorse by hearing the case.The MTN is also suing two of its former employees it accuses of conniving with Threeways in the said shady deal. The employees are John Paul Basabose and Naphtali Were. Threeways allegedly made fictitious claims to MTN on over 130 invoices with collusion of the two MTN employees and were paid the colossal sums.The Commercial Court has since issued notice to Threeways Shipping Services to file its defence filing of the MTN case. If it fails, the court could decide the case in its absence.The telecommunications company is seeking to recover the money with compounded interest payment in full plus damages. Read more

BOU: Central Bank changes CBR release plan
In an effort to strengthen the monetary policy framework, Bank of Uganda (BoU) will be releasing the Central Bank Rate (CBR).In a communication issued to the Daily Monitor, the Governor Bank of Uganda, Prof Emmanuel Tumusiime  Mutebile, said: “The monetary policy framework will be held. This is to allow more time for incorporating economic data into the analysis which informs the interest rate decision.”The CBR, which was introduced on the basis of inflation targeting lite (ITL) monetary framework, is intended to guide the setting of other interest rates in the economy. Read moreUganda Convention-UK: We have convinced our people to invest back home – UK convention boss
As the Ugandan community in the United Kingdom (UK) prepares to get together for the annual Uganda Convention-UK, Sebidde Kiryowa speaks to Willy Mutenza, the chairman and founder of the Convention about the expectations, benefits for Uganda, challenges and way forward for the convention that is now in its fourth year.What is the Uganda-UK Convention?The primary objective of the Convention was to create a platform for the Ugandans in the Diaspora, the government, various kingdoms, and the private sector to open doors on opportunities, and also to meet, network and build mutually beneficial business relations with each other. The secondary objective is to harness the tremendous skills and expertise, as well as the financial, socio-political and cultural capital of the Ugandan Diaspora with a view to promote economic and infrastructural development back in Uganda. Read moreBOU: Uganda Shilling records weakest stand this year
The Uganda Shilling opened the week at its weakest standing since the beginning of the year with experts predicting a further depreciation.At the opening of business, the local unit was trading in the range of 2614/2624 against the US dollar, up from the 2605/2615 it traded. The depreciation for the last one month has seen the Shilling lose ground by more than 3 per cent from 2530/2540 it traded around the same time in May to the current 2614/2624.Although some have attributed Shilling’s decline to the recent United States aid suspension to Uganda, Bank of Uganda (BoU) director research Adam Mugume has said: “The weakness is associated with the anxiety associated with the recently presented 2014/15 Budget.” Read more

CSBAG: Civil society wants tough budget accountability law
Civil society organisations are calling for tougher budget controls, saying if enforced, they could control budget leakages and indiscipline. According to the Civil Society Budget Advocacy Group (CSBAG), the Public Finance Bill, in Parliament, should not be passed without provisions that demand for budget accountability and transparency from public institutions that collect and spend public resources.The Public Finance Bill, 2012, is a proposed legislation seeking for effective, fair and equitable management of public finances for the benefits of Ugandans. In a report presented in Kampala, CSBAG cited among others, the need for the Bill to regulate classified expenditures, mainly security related expenditure, that is not revealed or discussed in public. It also pointed out the need for the Bill to ensure equity, accountability and transparency in revenue collection and expenditure, in addition to closing the gaps that could render the national Budget useless. Read moreShell Customers to Win Free Fuel
Shell FuelSave has launched a countrywide promotion that will give consumers a chance to win free unleaded petrol and diesel for up to one year. The promotion is intended to appreciate and reward customers for their loyalty and support in purchasing Shell branded fuels and lubricants as well as to give consumers the opportunity to experience the benefits of Shell FuelSave. Shell FuelSave is specially formulated to lubricate where engine oils are less effective and this helps the engine to turn more freely giving the customer smoother running on the road. The fuel economy benefit is experienced at the very first tank fill. Speaking during the promotion launch, Hans Paulsen, Managing Director Vivo Energy Uganda – the company that distributes and markets Shell branded fuels and lubricants, thanked customers for trying the product since it was launched in November 2013. Read moreUIA: Envoy pleased with increase of SA investments in Uganda
The volume of South African Investments in Uganda has more than tripled in the last four years, outgoing South African Ambassador to Uganda Jon Qwelane has said. South African firms had invested more than $500m (Shs860b) in Uganda. They included telecommunication (MTN Uganda), breweries (SAB Millers), finance (Stanbic Bank), wholesale and retail (Shoprite, Metro Cash and Carry, Woolworths, Game), poultry (Bokomo), Sanlam Insurance, energy (Eskom) and many others. Asked about the magnitude of investment, Uganda Investment Authority executive director Frank Ssebowa acknowledged that the trade had grown. “I know that MTN doubled its investment while upgrading their network. Stanbic Bank also did a network upgrade and one of the Supermarkets also increased its network but I do not have the statistics,” he said. Read more.DIAA: Digital innovators to be awarded in new initiative
Digital innovators in Uganda and Africa are set to reap big from the recently launched awards by HiPipo.com and Cyber plc Limited.The Digital Impact Awards Africa ((DIAA) are aimed at promoting and rewarding the best innovation and practices for mobile, web, social, digital finance and cyber security applications.They will, among other things, entail a conference to enable key stakeholders to discuss opportunities and challenges of cyber security, e-services, digital financial services, social media, big data and Internet issues. The project also hopes to conduct research on Internet connected digital innovations in the Africa. Read moreTrade ministry pokes holes in Tobacco Bill
The Ministry Trade, Industry and Cooperatives has called for a balance between health and economic interests within the proposed Tobacco Control Bill  before it is passed into law.The ministry noted that the tobacco industry greatly contributes to the economy with approximately Shs56 billion going directly to farmers’ pockets annually.Mr Oule Epyanu, the senior commercial officer at the ministry, said the Bill is biased on the consumption of tobacco and its health risks and does not provide any guidelines for the financial implications on the tobacco industry, thus calling for a total ban on the industry.“Certainly, there is a need for control and regulation of the sector. It should, however, be done in a way which strikes consensus between health and trade concerns”, Mr Epyanu said, while addressing a focus group meeting organised by Uganda Human Rights Commission in Kampala. Read more

Museveni, Kagame To Woo Global Investors at UK Summit 

Government is in final preparations to showcase her vast investment opportunities during the Global African Investment Summit which will take place in October in London. President Yoweri Museveni of Uganda alongside his counterparts, the Presidents of Rwanda, Ghana and Tanzania have already confirmed their participation at the event expected to host over 400 private sector investors seeking public and private partnership investment opportunities in Africa.   As part of the preparations, Prime Minister Amama Mbabazi received Mr. Paul Sinclair the Events Coordinator and Amanda Basi the Events manager, to discuss the preparedness of Government and the key investment opportunities in the areas of energy, oil and gas, agriculture and infrastructure development. Read more

The clock to the digital switch off is ticking away fast, notwithstanding, a pile-up of technical and operational hiccups in Uganda’s voyage to digital broadcasting. Digital broadcasting is based on the use of digital transmission technologies such as Digital Video Broadcasting -Terrestrial decoders (DVB-T) video and audio compression technologies such as MPEG 2/4. The internationally ascribed deadline according to the agreement of 196 member nations of the International Telecommunications Union (ITU), signed  in Geneva, Switzerland.Several countries, however, committed themselves to different dates below the global date and serious concerns are being raised by experts if the deadline will be metLack of mass awareness, technical hiccups, the poor quality of pay-TV content and poor technology distributed by some players and the costly technology, leaves a lot to be desired for Uganda and casting doubt whether the deadline can be met. Read more 

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Trade minister Amelia Kyambadde has criticised local industries that shun homegrown raw material in favour of imported ones.She said the tendency does not only discourage local suppliers from large scale production but also hurts the economy.Singling out Britania Industries, Ms Kyambadde said the industry is doing the country and the producers a disservice, given that local suppliers put in a lot of time and resources only to have their produces ignored in favour of imported raw materials.According to a statement issued by the Ministry of Trade, Ms Kyambadde while touring Britania Industries, expressed discontent over the industry’s rejection of the local fruits in the production of its juice. Ms Kyambadde, together with the managing director of Uganda National Bureau of Standards, Dr Ben Manyindo, were taken around the factory recently, where they discovered that the collection centre for fresh fruits had been dormant for quite some time, yet this is a season for fruits in the country. Read more

 

Truck Drivers Swear to Block KCCA Relocation Plans
Regional Lorry Drivers and Transporters Association (RIDTA) have vowed to stage a deadly strike if Kampala capital City Authority insists on evicting them from the city center. About two months ago, the KCCA team led by the Executive Director Jenifer Musisi Semakula presented a proposal to the local government committee of parliament to be tabled on the floor for debate aimed at evicting heavy trucks around the city center. Byron Kinene, the Chairman of the association noted in an exclusive interview that the move in the name of decongestion is not fair but aimed at kicking them out of business since the procedures being used are not clearly streamlined. Kinene said on the proposal to always off-load at night, KCCA should continue to make further inquiries on how effective and impactful it will be both truck drivers and URA. “The biggest problem KCCA has is implementing proposals without further inquiries; saying that big trucks should be off loaded at night is going to impact negatively on business because it involves at lot of costs like paying the night security guards to watch over during off load, paying over time for URA officials who would be removing the seals and also inconveniencing the businessman.” Read more

USE wants incentives to grow market
The Uganda Securities Exchange (USE) wants government to offer a series of incentives to grow the capital markets that has somewhat stagnated with the listing of mainly government firms.Innocent Dankaine, the acting chief executive officer of Uganda Securities Exchange, says a favourable tax regime would help boost the industry attracting private sector that have largely shied away from listing.“We want incentives. If you compare with Kenya, which is at 10% withholding tax on dividend income, we are at 5%. Also for corporation tax for companies listing, in Kenya, they have tax holiday where they pay 20% instead of 30%. It would stimulate more companies to list,” says Dankaine. In Uganda corporation tax is 30%.“The idea is to facilitate the market. We also hope transactions can be exempt from capital gains tax,” noted Dankaine ahead of the budget reading.It remains to be seen on whether the Government would consider such proposals, although it appears late for inclusion in the budget if it is already not there. 

UMEME's Suspension on Shares Trading lifted
The Uganda Securities Exchange [USE] has lifted the suspension of trading of Umeme shares on the bourse, after the company confirmed that the negotiations with new shareholders were complete. This follows the company’s majority shareholder Umeme Holdings Limited (UHL) revelation, that it was contemplating a sale of a substantial block [60 percent) of its shares to another investor. The company subsequently through the National security exchange body, applied for suspension of trading of its shares pending completion of the transaction. While signalizing the commencement of the trading at USE offices in Kampala, Umeme Chairman Patrick Bitature described the development as a signal of great successes in regard to expansion of Uganda’s foreign investment attraction potentials.Read more

URA: Uganda's 13% Gov't Revenues Lost in Fraudulent Trade Transactions 
Uganda lost $2.443bn in form of tax revenues due to trade misinvoicing, thus hampering the country’s economic growth. According to a new report published by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization, “Tax revenue loss from trade misinvoicing potentially totalled US$2.43 billion, averaging US$243 million.” The loss roughly equalled 12.7 percent of Uganda’s total government revenue. Upon the release of the damning report, Uganda Revenue Authority (URA) said on its Twitter handle that it is “establishing an International Taxation Unit with trained staff and requisite tools” to arrest the situation. While URA claims it has a “strategy to reduce on such revenue leakage” and that regulations have been passed too, an official agreed “the vice seems worse than we thought.” Read more

CBCMAC: Centenary Bank Earmarks Shs150bn for Sunflower Growing 
Centenary Bank has earmarked shs150b in a bid to boost the agriculture sector through value chain financing.Under this arrangement, the financial institution will finance production of major crops and working capital for their purchase from farmers at harvest time. With this, officials said, the farmers will be assured of good pre-determined prices and timely payments for their produce. The Bank will be financing crops that include coffee, sunflower, cotton, maize, barley, shear beans, candlenuts used for bio-diesel production, rice as well as dairy products. According to the Bank’s Chief Manager Agricultural Credit, Evans Nakhokho, the initiative will begin with financing of sunflower production in Northern Uganda in partnership with A.K Oils and Fats Limited, a subsidiary of Mukwano Group of Companies. Read more

Orient Bank raises war on cybercrime
Orient Bank has enhanced security for its electronic and other online banking transactions after the Bank of Uganda (BoU) and the police warned industry players against risingg levels of cyber crime and electronic fraud.To keep ahead of competition and fraud-free, the bank launched enhanced debit visa chip and pin cards–innovations that will enable customers use the cards for on-line transactions and making payments at various merchant locations across the world with no worry of fraud. Read more

PSAC: Uganda, Indian Tycoons Pen Investment MoU
Government of Uganda has signed a memorandum of understanding with London based Hindura Group of Companies on a number of areas of cooperation.Uganda's strategic relationship with the group will initially explore cooperation in the automotive sector with a focus on commercial vehicles and facilitation of investment in agriculture and farm products, according to the Presidential Special Assistant for Communications Ms, Sarah Kagingo. While launching the Higher Education Students' Loan Scheme at Kyambogo University, President Yoweri Museveni, assured scientists that apart from Government's funding of Research and Innovation teams of scientists would be funded to convert their knowledge into commercial enterprises. Read more

Gov't to Investors: Tap Cotton, Milk Opportunities
Now that the government has extended hydropower and the road network to places like Bundibugyo and Nakaseke, investors have been challenged to go to tap into resources like cocoa and milk that are produced in the districts respectively.The call was made by Information Minister, Rose Namayanja Nsereko, after a tour of the two districts.“The government has extended power and roads to these far-to-reach areas in order for investors to benefit from the local resources. The residents in these areas should be able to preserve their produce for longer periods before the buyers can take them away,” Ms Namayanja said. Bundibugyo was connected to the national grid. About 100km of tarmac road was also constructed that joins Uganda through the Busunga border to the DR Congo. The district is well known for cocoa production although no processing plant has been set up in the area despite the availability of power. “Investors should think of setting up factories that produce chocolate and sweets. Why should we export raw cocoa when we can use our resources to add value or even get finished products?” the Minister asked. Read more

ACODE: Finance, civil society push for better use of budget money
The partnership between the finance ministry and civil society spearheaded by Advocates Coalition for Development and Environment (ACODE) is borne from the shortcomings manifested in the poor quality of various services without tangible action taken against those responsible for providing the services.“Most of the money was coming back to the centre, civil awareness is poor,” said Dr. Arthur Bainomugisha, the executive director ACODE. Bainomugisha explained that through a short message (sms), they are now able to notify budget champions about the disbursement of funds.“Then people can demand for services. We are building on the demand side so the Government can supply,” said Bainomugisha.Uganda spent sh13 trillion in the budget. Of this, education and infrastructure projects took the largest share. For education, a continuous outcry on money pillaged through ghost teachers and uncompleted works shows that the citizenry are shortchanged on quality education. Mugambe said the ministry is limiting cash transactions, as well as operating the Treasury single account, where all accounts are consolidated and government agencies submit invoices and the Treasury pays directly to service provider. Read more

Museveni Woos British Investors at UK Business Forum 
President Museveni, who is on a working visit to the United Kingdom, has today opened the UK-Uganda Business Conference at Lancaster House in London. The President who arrived in the country is accompanied by the Minister of Foreign Affairs, Sam Kutesa, Energy Minister, Irene Muloni, Finance Minister, Maria Kiwanuka, Works Engineer Byandala, Lands Migereko, Minister of Trade and Industry, Amelia Kyambadde, the Deputy Governor of Uganda, Dr. Kasekende, Honourables Fred Mwesigye and Stella Lamoe. The conference was jointly organised by the Uganda Investment Authority and the Commonwealth Business Council, according to the Presidential Special Assistant for Communications, Ms Sarah Kagingo. Delivering a Keynote address to the conference this morning, President Museveni explained that Uganda needs only investors with money. Read more

President Museveni : Shs300b Budaka factory fails to open
Business is yet to commence at the Mugiti cement factory, after it was commissioned.The Shs300 billion establishment, located in Namamba village, Mugiti Sub-county, was commissioned by President Museveni.A visit to the site, approximately 2km off Mbale-Tirinyi Road, shows that there is no construction despite the colourful ground-breaking by President Museveni that drew thousands of people. The investment under DAO Africa Ltd, a subsidiary of the Kuwait-based DAO Group, is seated on 25 acres of land.DAO-Africa Cement factory was expected to be the third cement factory after Tororo and Hima factories, and offer about 10,000 jobs to the youth in the area. Read more

Less demand for the dollar has kept the Uganda Shilling strong; a situation experts say is good for the economy which is largely dependent on imports.According to the Bank of Uganda’s daily report, by close, the shilling was trading in the ranges of 2,514/2,524 against the 2,517/27.Explaining this performance, Standard Chartered Bank’s Head of Financial Markets James Mutuku said: “The strengthening of the shilling from 2,570 to the current levels of 2,520 is an indication that it will remain in the 2,500-2,550 range in the medium term”.Adding that the 2,500 region presents a very strong support and it’s highly unlikely that the current environment will strengthen beyond that level. Read more

MTN honors High Value Customers in Mbarara
MTN Uganda has attributed their astronomical success especially on the Mobile Money platform to the loyalty and dedication of its customers and Agents spread across the country. MTN General Manager-Mobile Money Services Mr. Phrase Lubega made the remarks recently in Mbarara where MTN hosted hundreds of its high value customers in Western Region to dinner which also served as a platform for interaction between the company and the customers. Lubeega underlined MTN’s commitment to continue utilizing such forums to interact with its customers with the sole aim of identifying huddles that hinder smooth business operation and collectively finding means of minimizing them.Another MTN Manager, Mr Stephen Mutana said since its launch, MTN Mobile Money remains the fastest growing product in Uganda with more than 5.2 million registered users each transacting on average.The popularity and growth of MTN Mobile Money supported by a large agent network exceeded 27,000 agents and significantly increased financial inclusion of the unbanked public. Read more

MAAF: US$147m earmarked for vegetable oil
The Government through the ministry of Agriculture, Animal industry and Fisheries has earmarked $147m to boost the production of Vegetable oil seeds like simsim, sunflower, soy beans and groundnuts in the country. This development was disclosed by the oil seeds coordinator in the agriculture ministry Dr. John Bananuka while addressing participants who attended a two-day workshop at Masaba House in Mbale town. The participants from over 20 districts in the eastern region took part. They included district production officers, oil millers, traders, farmers, input dealers, distributors and processors. Bananuka said that it is a five year project that is funded by the Government, International Fund for Agricultural products and the private sector. He added that it is aimed at reducing on the importation of edible oil and soap products. “Sixty to seventy percent of the edible oil and soap needs in Uganda are met by imports from Kenya, Malaysia and other countries. Our plan is to reduce on importation of these products by between 30-40%,” Bananuka said. Read more

MGLSD: Committee recommends renaming of retirement Bill
A 13-member committee that was formed to make consultations on the Retirement Benefits Sector Liberalisation Bill, has recommended that the Bill be renamed the “Retirement Benefits Sector Reform Bill.The technical committee that was tasked to carry out consultations and make recommendations on the clauses of the Bill which stakeholders had concerns about, said the it is broader and seeks to introduce reforms in the sector but not mere liberalisation. “The Bill as presented, offers more than liberalisation, and more importantly introduces reforms within the sector. It is broader than just introducing competition,” a committee chaired by Mr Pius Bigirimana, Permanent Secretary in the Ministry of Gender, Labour and Social Development noted in its recommendations. Read more

UIRI: MPs want more money for research and innovation
The Uganda Industrial Research Institute (UIRI) boss Prof. Charles Kwesiga has appealed to the executive and parliament to allocate his agency a one off additional sh28b to enable it execute its mandate of catalyzing industrialization, value addition and entrepreneurship in the country.Appearing before the parliament committee on tourism, trade and industry, Kwesiga explained that his institute needs an additional funding of sh28b to fund its infrastructure, manpower and technology requirements.“That money will enable us set up a robust institution which can fully execute our mandate,” Prof. Kwesiga said.The institute was allocated sh13b in the budget and the same amount has been proposed in the budget framework paper for the financial year.If their request is granted, it means government will have to give the institute a total of sh41b in the next budget. Read more

Apple splitting stock as iPhone sales soar
Apple courted investors with stock split plans as hot iPhone sales pushed up profits while underscoring pressure for the company to unveil "the next big thing."Apple shares jumped more than seven percent to $566.15 in after-market trade following the release earnings figures showing profit of $10.2 billion on $45.6 billion in revenue.The earnings report came with Apple chief Tim Cook hinting that new products are on the way from the maker of iPhones, iPads, iPods, and Macintosh computers."We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," Cook said in a press release."We're eagerly looking forward to introducing more new products and services that only Apple could bring to market." Read more

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