Business

By Patrick Kagenda Last year was a year of excellent results at Crane Bank. The bank achieved its highest profit levels since its inception in 1995. “Not only did the bank receive the Banker award of the year for the Sixth time in 7 years and 5 times in a …

By Agencies India’s largest telco Bharti Airtel has tied up US$ 8.3 billion from a clutch of foreign banks and State Bank of India to fund the acquisition of Zain telecom’s African assets. “Bharti Airtel is pleased to announce that the entire financing requirement of $ 8.3 billion for the …

By The Independent Team South Africa and East Africa segment posts 6% loss MTN Group last week announced an increase in revenue and subscribers for the year ended 31 December 2009, they however admitted a negative impact due to the economic crisis, the introduction of new regulations such as SIM …

By Duncan McLeod `It’s hard moving on’ It’s difficult to let go.” Phuthuma Nhleko, MTN’s group president and CEO, sounds almost rueful when I ask him why he’s decided to hang up his hat at the mobile operator. “You do a lot of soul searching,” he tells me in an …

By Joan Akello Dollar appreciation to blame Fuel pump prices again edged up slightly last week at most stations in Kampala sparking fears of price volatility. The price of petrol rose by Shs 80 per litre over last week from Shs 2,520 to 2,600 at most stations. The petrol price …

By Maya Prabhu Uganda is one of the world’s top banana-growing countries, producing as many as 10 million tonnes of the fruit each year, but the banana market is under-exploited. Its potential to act as a bastion of food-security and create lucrative openings for ambitious entrepreneurs requires innovation in the …

By Patrick Kagenda Members of the Uganda Clearing and Forwarding Association (UCFA) are fighting a new requirement for all car imports into the country to go through the government’s Inland Car Port in Mombasa. The Ministry of Trade last week announced that all car imports to Uganda must pass through …

By Agencies It may happen but it’s not something we’re terribly focused on-BP boss Tullow Oil’s shares have jumped 3% last week on the back of rumors that BP was planning on submitting a bid for the Irish independent. According to rumors, BP is planning to offer Tullow £15 per …

By Agencies Ghana’s total revenue from the oil and gas find will represent less than five per cent of the country’s Gross Domestic Product (GDP), according to the Energy Minister, Dr Joe Oteng-Adjei. With the country’s current GDP at well over $18 billion, Dr Oteng-Adjei said the total revenue to …

By Agencies Uganda’s oil production target could more than double to 350,000 b/d by 2018 from the current target of 150,000 b/d in 2013 if the right business plan is adopted, according to Tullow Oil PLC. “When the oil basin is in full production, we are probably talking about 350,000 …