Business

World Bank shows the way for Uganda to get more from every shilling it invests The World Bank (WB) on June 6 unveiled its 7th Economic Update on Uganda at a ceremony in Kampala. The update, which is a bi-annual assessment of the state of the country’s economy, analyses the …

Abidjan, Ivory Coast | AFP | Swiss company Nestle will offer on-the-job training for 300,000 African youths to offset high unemployment that poses “severe economic and social challenges” for the continent, the company announced Tuesday. “We’re going to create more than 3,000 internships and apprenticeships in African countries by the …

Is Museveni serious this time? The government is planning to increase public spending in the next financial year but some experts say it is punching above its weight. This could be true since the country is getting low returns on its large infrastructure projects. Since winning his fifth five-year term, …

Johannesburg, South Africa | AFP | South Africa-based Telecoms giant MTN on Monday named a new chief executive after resolving a dispute with Nigeria over a huge fine for failing to disconnect millions of unregistered mobile phone lines. MTN announced that Rob Shuter, a South African who is currently the …

Brian Gouldie, the outgoing MTN Uganda CEO, says he is not being replaced in Uganda because of non-performance. Reacting to The Independent’s lead story titled, ‘Why MTN boss is leaving’ (June 03-09), Gouldie defended his two-year tenure saying the company’s objectives of bringing him to Uganda have been achieved. Without …

With only minor regulatory glitches remaining, the deal valued at $400 million, will see Total acquire all the GAPCO operations in Uganda, Kenya and Tanzania. The company’s assets include logistic terminals, 108 fuel stations, and 260,000 kilolitres of storage capacity. Final touches are being made on a deal in which …

Regional trade facilitation organisation to pump between Shs 2.66 – Shs 2.83 trillion in region On May 31, executives at Trademark East Africa, a not-for- profit organization that supports the East African Community integration process in trade policy reforms and trade-related infrastructure, gathered in Kampala. The meeting was intended to …

  Mark Ocitti Ongom was on Thursday unveiled in Kampala as the new Managing Director (MD) of Uganda Breweries Limited (UBL), taking over from Nyimpini Mabunda. Ongom is only the second Ugandan to lead the beverage manufacturer since UK multinational Diageo Plc, acquired majority shareholding in East African Breweries Limited …

Abuja, Nigeria | AFP | Nigeria signalled Wednesday it will ease currency controls, opening the door to a plunge in the value of the naira, after the restrictions were blamed for stifling the economy. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that …

It has almost become a norm that for every State of the Nation address, President Yoweri Museveni has to lament about the fact that Uganda imports far much more than it exports. This year’s address was no different. He lamented how Uganda had become a ‘supermarket’ economy, importing all sorts …