Business

Kampala, Uganda | THE INDEPENDENT | President Yoweri Museveni has issued a firm assurance to Ugandans that the economy and therefore their businesses will not be hit by the coronavirus pandemic. Evidently staying clear of the issue of stimulus to business, Museveni said while he understood businesses in tourism and …

Kampala, Uganda | THE INDEPENDENT | Uganda’s economy started feeling the hit from the coronavirus (COVID-19) as early as February before the lockdown, a report has revealed. According to the Ministry of Finance, March 2020 performance of the economy report states by start of February, external demand for the country’s …

Kampala, Uganda | THE INDEPENDENT | The Uganda Investment Authority (UIA) is assessing the impact of the coronavirus (COVID-19) on businesses. The assessment is aimed at justifying required economic interventions due to the virus. Lawrence Byensi, the UIA Director General says the assessment will be used to support policy advocacy …

Bank of Baroda has recorded a 38% drop in net profit to Shs 45.3bn for the year ended Dec. 2019 but the management hope for better performance in future as it embarks on massive digitalisation. Kampala, Uganda | ISAAC KHISA | The bank’s latest financial performance also shows that whereas …

Singapore, Singapore | AFP | US oil prices fell heavily Monday on renewed concerns over storage capacity as the coronavirus throttles demand, even as producers start slashing output to boost markets. US benchmark West Texas Intermediate dropped 9.3 percent to $15.36 a barrel in Asian morning trade. Brent crude, the international benchmark, was off 3.2 …

Shareholders will now not be able to vote on resolutions such as dividend payments, changes to directorships, approval of accounts within stipulated timeframe Kampala, Uganda | ISAAC KHISA | Uganda’s listed firms had big plans for their annual shareholders meeting (AGM) starting next month, giving opportunities to their owners and …

Kampala, Uganda |  THE INDEPENDENT |  Ugandans and foreigners investing in factories to make tyres, shoes, mattresses, and toothpaste will be exempted from paying income tax retrospectively starting July 2019. This is contained in the income tax (amendment) bill 2020.  The amendment expands the list of businesses that enjoy this incentive …

Kampala, Uganda |  THE INDEPENDENT |   Nakawa Market has started processing Identity Cards for all market vendors as one of the measures to heighten security and reduce crime in the market.  The Market chairman Christopher Okuni says that the measure will mainly protect vendors who spend the night in the …

Kampala, Uganda |  THE INDEPENDENT |  Nile Breweries Limited-Uganda says its contribution to the national tax purse could fall significantly as the coronavirus lockdown disrupts alcohol transportation and sales. Nile Breweries Limited paid 394 billion Shillings in taxes in the 2018/19 financial year, one of the highest pay by a single …

Kampala, Uganda | THE INDEPENDENT | Abbavater, the agency managing public relations and communication for Uganda Airlines has been accused of nonpayment of staff despite constant appeals. Abbavater has been Uganda Airlines brand and communications agency since April 2019, when the airline was officially launched and brought in the first …