Business

Kampala, Uganda | THE INDEPENDENT | The Budget Committee of parliament will not allocate operational funds to Uganda National Airlines Company Limited until a substantive board is put in place. Government is seeking Shillings 59.2 billion for the operations of the national carrier for the 2019/2020 financial year. The money is …

Kampala, Uganda | THE INDEPENDENT | The  International Monetary Fund has hailed  Uganda for achieving the Millennium Development Goal on halving poverty ahead of schedule but warned that the country must create over 600,000 jobs per year to keep up with its growing population. In its latest report after recent consultations …

Kampala, Uganda | THE INDEPENDENT | Edwin Keronga has been appointed Managing Director of PostBank Uganda Limited, following the resignation of Stephen Mukweli. Mukweli who has been the bank’s Managing Director since the early 2000s, handed in his resignation to the bank’s board chairman Grace Bakunda on Friday, a day …

Kampala, Uganda | THE INDEPENDENT | The government has officially unveiled five oil blocks that are available for licensing. Energy and Mineral Development Minister Irene Muloni unveiled what she termed as “five brides” that are available in Uganda for taking, to investors gathered at the East African Petroleum Conference and …

  The impasse lies in the hands of two leaders –President Museveni and Paul Kagame. Kampala, Uganda | JULIUS BUSINGE | Ugandan traders are slowly turning to other markets in the region to sell their goods as the border standoff between Kigali and Kampala continues into the third month with …

Insurer’s losses more than triple to Shs 6.39bn in 2018 Kampala, Uganda | ISAAC KHISA | Cooperative Insurance Company Africa Uganda Ltd, commonly known as CIC insurance, recorded a sharp drop in profits last year but management assures its shareholders that everything is in control. The company’s financial results for …

The lender records a 21% drop in net profit to Shs 17.2bn in 2018 owed to increased expenditure Kampala, Uganda | ISAAC KHISA | BRAC, one of the largest microfinance providers in Uganda, has become middle-sized commercial bank also known as a Tier II credit institution, paving way for its …

Entebbe, Uganda | THE INDEPENDENT | Cabinet has approved directors of Uganda Broadcasting Corporation (UBC) and Uganda Post Limited (UPL), bringing in many new faces to board management. New faces include Major Chris Magezi, spokesman for Senior Presidential Adviser for Special Operations Lt Gen Muhoozi Kainerugaba, and women activist and former …

5% drop to Shs68bn in net profit Kampala, Uganda | JULIUS BUSINGE | Huge taxes paid to Uganda Revenue Authority (URA) has seen Barclays Bank Uganda Limited record a 5% drop in net profit to Shs68bn for the year ended December 2018. Barclays bank financial results released on April 25 …

  Arua, Uganda | THE INDEPENDENT | Government has through the Energy and Mineral Developments Ministry increased the supply of thermal energy to 8 megawatts to help address the intermittent power supply in West Nile. Nyagaka power dam, which is operated by the West Nile Rural Electrification Company-Wenreco, has been producing …