Business

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 …

Washington, United States | AFP | The growing use of export restrictions by governments can be “dangerously counterproductive” as the world deals with the coronavirus pandemic, the IMF and WTO warned Friday. The two institutions called on global leaders to commit to refrain from imposing or tightening controls on product sales, as they did at …

  Kampala, Uganda | THE INDEPENDENT | Centenary bank has announced a 45% increase in after-tax profits to 155.9 billion shillings making it the second most profitable bank in the country after Stanbic Bank. In 2018, the Catholic Church-owned institution made 107 billion shillings in net profit. The financial results …