The Independent Uganda: You get the Truth we Pay the Price
CIC Africa Limited is seeking to raise Sh7.2billion to recapitalise the company’s subsidiaries and fund its expansion. The company plans to raise the funds through sale of 49 % stake to Uganda based co-operatives unions and savings and credit cooperative Societies. Launching the offer on Oct 17, the firm’s chairperson …
Read More »Vivo Energy unveils all service centres
Vivo Energy has entered into a partnership with several service providers including restaurants and banks to allow motorists have access to banking services, mobile money services, super markets and food courts. Vivo Energy group CEO Christian Chammas says Vivo Energy is making a deliberate effort to listen to its customers …
Read More »Paris, the upstart startup capital
Paris, France | AFP | Could Paris, the City of Light, soon become known as the City of Innovation helping propel young entrepreneurs to push technological and business frontiers? While efforts by Paris to lure financial companies from London in the wake of Britain’s vote to leave the European Union …
Read More »Reebok starts making shoes in US again
New York, United States | AFP | Sports equipment manufacturer Reebok is bringing some of its shoemaking back to the United States, unveiling plans to open a new manufacturing lab next year using innovative liquid material and 3D drawing. Some parts of the 300 pairs of shoes planned will come …
Read More »AT&T agrees to buy Time Warner in over $80 bn deal
New York, United States | AFP | Telecom giant AT&T has struck a deal to buy entertainment company Time Warner for more than $80 billion, to add in-house content to its distribution services, a banking source familiar with the negotiations said Saturday. An official announcement is expected before Monday’s trading …
Read More »MTN denies illegal transfer of $14 bn from Nigeria
Abuja, Nigeria | AFP | South Africa’s MTN has denied it illegally transferred $13.9 billion from Nigeria in the latest scandal to hit the telecom firm in its largest market in the continent. The Johannesburg-based firm is facing a parliamentary probe over accusations it connived with senior Nigerian officials to …
Read More »VIDEO: UNRA’s Kagina admits to paying wrong Chinese firm
VIDEO: Uganda National Roads Authority Executive Director Allen Kagina has admitted that she signed documents to pay a Chinese company sh7 billion without taking a thorough check on the documents. Kagina together with the directors of the Chinese construction company China Railway Group 3 returned to explain to the Parliamentary Committee on …
Read More »ADB: African economy to rebound in 2017
Khartoum, Sudan | AFP | Africa’s economic growth is expected to dip this year before rebounding in 2017 to remain the world’s second fastest growing region after east Asia, the African Development Bank said Thursday. Africa’s growth in Gross Domestic Product is expected to fall to 1.9 percent this year …
Read More »Bank of Uganda takes over management of Crane Bank
The Bank of Uganda has with effect from today taken over management of Crane Bank Limited. According to a statement, the action has been taken upon the determination by the Bank of Uganda that Crane Bank Limited is significantly under-capitalised. BOU has appointed a statutory manager, Edward Katimbo Mugwanya, to …
Read More »Minister for Kampala Kamya kicks out ‘illegal’ street vendors
Minister for Kampala Beti Olive Namisango Kamya Turomwe today announced KCCA shall immediately embark on an exercise she says aims to restore trade order, traffic order and development control in the city. Kamya said therefore, illegal street vending activities will be stopped by Kampala Capital City Authority (KCCA) “because they affect …
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