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TAXES: Govt procures 2 weighbridges for Karamoja

Moroto, Uganda | THE INDEPENDENT | The Ministry of Energy and Mineral Development has procured two weighbridges for the Karamoja sub-region. The procurement of the weighbridges follows several calls from different stakeholders over the absence of proper measures to determine taxes from the minerals and also to help control the load …

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Emyooga hit by multiple borrowing, diversion of funds in Lwengo

Lwengo, Uganda | THE INDEPENDENT | Cases of multiple borrowing and dishonesty have been identified as major frustrations in the effective management of the Emyooga, a presidential initiative aimed at wealth and job creation. The scheme was launched in 2019 to enhance the entrepreneurial capacity of selected enterprises and groups …

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$163 MILLION: Equity hits 99% in half year profits

Growth in profit after tax of 98% ($163.5 million) Total Assets growth of 50% Growth in Deposits of 51% ($7.4 billion) Growth in Net Loans of 29% ($4.6billion) Nairobi, Kenya | THE INDEPENDENT |  Equity Group Holdings Plc has announced a 98% growth in half year profits to $163.5 million (Kshs.17.9 …

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Absa: Economy is struggling but outlook is positive

Oil, agriculture and BoU to determine the recovery path, executives say Kampala, Uganda | THE INDEPENDENT | Economic recovery in the coming years will largely depend on oil and gas, agriculture and Bank of Uganda’s monetary policy decisions, according to Absa Bank Uganda executives. Speaking via a recent virtual conference …

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Mutebile keeps central bank rate at 6.5%

Says private sector credit growth remains subdued driven largely by low demand Kampala, Uganda | JULIUS BUSINGE | Bank of Uganda’s decision to keep the central bank rate unchanged at 6.5% in the next three months has sent a signal to the market that Covid-19 containment measures are still a …

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