Business

Kampala, Uganda | THE INDEPENDENT | Credit in shillings to the private sector has grown significantly from about four percent to 18.5 percent in 2018, according to the Bank of Uganda. The executive director research and policy Adam Mugume says people are borrowing more shilling-denominated loans than dollar-denominated ones because of …

Nigeria resolves $8 bln row with MTN Lagos, Nigeria | AFP |  Nigeria said it has resolved a dispute with Africa’s largest mobile operator over $8.13 billion (6.96 billion euros) which it accused MTN of illegally repatriating to South Africa. Africa’s biggest telecoms market Nigeria shocked MTN and foreign investors …

Economists still question its impact on people’s pockets Kampala, Uganda | JULIUS BUSINGE | Uganda’s economy expanded faster than expected in the past 10 months compared with the previous year supported by accommodative monetary policy, rebound in private sector credit and continuous investment in infrastructure. Data from Bank of Uganda, Ministry …

Low interest rates still hinder industry profitability Kampala, Uganda | ISAAC KHISA | Uganda’s commercial banks will pull off a surprise profit growth amidst low interest rates that dominated 2018. This is due to a sharp decline in the Non Performing Loans and growth in the private sector credit as prospective …

Move to save taxman Shs3.8bn in rental and administrative costs Kampala, Uganda | ISAAC KHISA | Uganda Revenue Authority has shut down six service centres in Kampala as it relocates most of its services to the newly built URA Towers. The service centres that have been relocated to the new office …

Kampala, Uganda | THE INDEPENDENT | Enhanced water company Vitaminwater, Coca Cola-owned company, recently launched a contest challenging entrants to give up their smartphones and tablets for a whole year. That’s a tough thing to do in this day and age, but the company is ready to make it worth your …

Kampala, Uganda | THE INDEPENDENT | The Petroleum Authority of Uganda (PAU) has approved US$483 million, equivalent to 1.7 trillion Shillings as recoverable costs by five oil companies. The companies are Tullow, Total, China National Offshore Oil Company (CNOOC), Armour Energy and Oranto. According to Ernest Rubondo, the Chief Executive of …

Kampala, Uganda | THE INDEPENDENT | Uganda’s coffee sector has 3.7million Euros boost to help increase market access to the largest and most lucrative markets in the world. The EU accounts for 30% of the annual global coffee consumption. Finance Minister, Matia Kasaija said, “This intervention will in return help improve …

Kampala, Uganda | THE INDEPENDENT | The first-ever Intra-African Trade Fair (IATF) to be held on the continent was held in Cairo, Egypt, between Dec.11-17, with the President of the African Export-Import Bank, Prof. Benedict Oramah, calling for the implementation of initiatives that will add meaning to that African Continental Free …

Kampala, Uganda | THE INDEPENDENT | South African retailer, Shoprite, has taken over space which was vacated by Nakumatt supermarkets at Westgate Mall in Nairobi, becoming the anchor tenant at the shopping complex. Kenya’s Business Daily reported on Nov. 14 that Shoprite store located at the mall’s ground floor will be …