Business

Supported by earnings on deposits, loans, fees and commission Kampala, Uganda | JULIUS BUSINGE | Tier II lender, PostBank Uganda has reported an increase in profit after tax from Shs8.3bn in 2019 to Shs10bn in 2020 amidst the COVID-19 pandemic crisis. According to its financial results released on May 03, …

Kalungu, Uganda | THE INDEPENDENT | Joys Bazanye Nazziwa, a resident of Bukulula sub county, Kalungu district, no longer worries about preparing meals for her family. “I used to spend at least Shs 4,000 per day to buy firewood to prepare meals for my nine-member family,” she told The Independent in an …

Kitgum, Uganda | THE INDEPENDENT |  Kitgum District Local Government has increased its 2021/2022 Financial year budget by 1.1 percent, up from the previous 2020/2021 Financial year budget. The District Council on Monday approved a draft budget of 36.3 billion Shillings, an increment of shillings 2.9 billion from shillings 33.3 Billion …

    Kampala, Uganda | THE INDEPENDENT | Members of Parliament have approved a loan request worth 1.39 Trillion Shillings for the refurbishment of the Kampala-Malaba Meter Gauge Railway Project. The approval in a plenary sitting Chaired by Speaker Rebecca Kadaga followed the approval of a report by the National …

Entebbe, Uganda | THE INDEPENDENT | The Minister of Agriculture, Animal Industry and Fisheries, Vincent Ssempijja has commended the private sector for their contribution to the development of the oil palm sector in Uganda. The minister made the remarks in Buvuma while launching oil palm growing on the island. “The private …

Heavy deployment in major towns ahead of Museveni’s swearing-in ceremony Masaka, Uganda | THE INDEPENDENT | The army and police have maintained deployment in major towns of the country ahead of President Museveni’s swearing-in ceremony on Wednesday. URN reporters in Masaka, Jinja, Mbale, Hoima, Luwero and West Nile have observed unusual …

After years of delay, multinational oil development in Uganda looks set to go ahead, but will local suppliers be able to reap a fair share of the business? | LIAM TAYLOR | In the 1990s Edward Kabuchu and his brother were mining tungsten in western Uganda when they were approached …

What it means for clients and banking sector  Kampala, Uganda | JULIUS BUSINGE | Kenya’s I&M Bank has completed the majority acquisition of Orient Bank Ltd from 8 miles LLP and Morka Holdings Limited, executives said on April.30. The Kenyan lender follows the footsteps of DTB, KCB, Equity and NCBA …

Fort Portal, Uganda | THE INDEPENDENT |  The Minister of Local Government, Raphael Magyezi, has pledged the ministry’s support to Tooro kingdom development projects.    Magyezi made the promise on Monday after touring some of the projects that the kingdom is undertaking in Fort Portal Tourism City. The kingdom officials requested …

But, it recorded positive growth in assets and customer deposits amidst coronavirus pandemic threat Kampala, Uganda | JULIUS BUSINGE | Standard Chartered Bank has reported a dip in profit after tax by 42% from Shs124bn in 2019 to Shs72bn in 2020, according to its financial results released on Apr.29. Overall …