BUSINESS Archives - Whisper Eye

Category Archives: BUSINESS

Post Bank appoints Julius Kakeeto as new managing director

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 Julius Kakeeto has been appointed the new managing director of Post Bank Uganda Limited.

He replaces Stephen Mukweli who is battling charges of misconduct at the bank.

Kakeeto has been heading Orient bank for the four and half years and is credited for turning the bank into profitability. He also worked at audit firm Ernst and Young, Citibank, and Equity bank.

He is expected to lead Post Bank from tier II to tier I where it will fully become a commercial bank, Post Bank said on Monday.

Parliament gives gov’t two weeks to return Sugar Bill

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 Parliament has given government two weeks to return the sugar bill 2016 to the house.

In 2018, Parliament passed the sugar bill 2016 excluding zoning, which would allow sugar millers to set up factories and buy cane from out growers without any restrictions.

However, president, Yoweri Museveni declined to ascent to the bill arguing that the absence of zoning in the proposed law would hurt the sugar industry.

Africell marks five years in Uganda with New Chapter strategy

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The strategy, called the ‘New Chapter’, builds on Africell’s achievements in Uganda to date: including the delivery of a new generation of affordable communication solutions, a reputation for outstanding customer service, and improved data quality on 3G & 4G networks.

The New Chapter also stays true to Africell’s continued commitment to supporting community welfare.

URA gives Kampala car dealers 2 months to sell off 15-year-old cars

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Car dealers with cars of 15 years and above in their bonds have been given up to December 31, 2019, to sell them or they are confiscated as contraband.

In an October 28 letter to the used car dealers association chairman, Syan Sajjad Pervaiz, URA Commissioner for Customs Dickson Kateshumbwa said bonds that stay with the cars will not be licensed to operate next year.

Syan, who heads the Syan Cars Limited in Nakawa confirmed to URN that they received the letter and said they would “try their best” to sell the cars by the end of December. He said the deadline was the end of October but URA granted them a two months extension to sell the cars.

Traders stock-up for christmas but decry heavy taxes

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Importers and retailers in Kampala have started stocking up for the Christmas festivities with anticipation for bumper sales in the season.  

Several traders, however, said they have faced heavy taxes which means they will bring in fewer goods than they did last year.  But Shoppers will pay a little higher compared to the 2018 season, with traders saying they have seen taxes on imported goods go up, especially those government said had local substitutes.

Felix Joseph Leo, the Danube Homes operations manager says they have had to pay 35 per cent import duty up from 25 per cent for the home decor products in the last financial year.

Danube Homes, dealers in home furniture along Kampala road have already decorated their outlet with Christmas lights, bright colours, and stocked Christmas gifts in preparation for the sales.  

Ethiopia, Qatar set to train Ugandan students in aviation operations

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 Operators in the Aviation industry in Uganda, Ethiopia and Qatar are partnering to train Ugandan students in basic aviation operations and service delivery. The partnership has been sealed at Entebbe Airport on Sunday morning.

The Aviators in the two countries will train Ugandan students in cabin crew handling, airport operations, Aviation Security awareness, ticketing and travel, amongst others. Under the partnership, Ugandan aviation students will be taken to Qatar and Ethiopian Aviation Academies for further studies after professional training in Ugandan schools.

Kalangala receives UGX 100m to boost fish farming activities

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Kalangala District has received 100 million Shillings from the Food and Agricultural Organization to further boost fishing activities on the island.

Kalangala District Fisheries officer Jackson Baguma says that the funding is a follow up to initiatives started by the Food and Agricultural Organization to boost the fisheries sector in the Island District.

The money will be distributed between four groups; Lutoboka Youth Fish Cage Farming Association, Lutoboka Women Fish Cage farming group, Bugoma Youth Association and Mutambala Fishing, to start fish cages and procure fishing gear, among others, fishing boats, nets and engines.

African continental free trade area (afcfta) hindered by politics in East Africa ~ Maseruka Sadat

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The AFCFTA, once complete, will be a continent-wide free trade area for those states which have deposited instruments of ratification, It is called a ‘Free Trade Area’ but will be more akin to a comprehensive partnership agreement because the disciplines will go beyond trade in goods to over services, investment, competition and intellectual property[1].

With the objectives to create a single continental market for goods and services,with free movement of business persons and investments, and thus pave the way for accelerating the establishment of a continental customs union. It will also expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation and instruments across the regional economic communities (RECs) and across Africa in general. The AFCFTA is also expected to enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better allocation of resources.

URA gazettes goods not eligible for Customs Warehousing

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Ugandan importers have accused Uganda Revenue Authority – URA of making it hard for them to trade after it said some goods, including footwear, motor vehicle tyres and garments of any kind would not be eligible for customs warehousing.

URA said in a notice last Friday that more ten goods would, effective October 20, 2019, shall not be eligible for customs warehousing.

The gazetted goods are: sugar, milled and broken rice, building materials, wines and spirits (except the duty free ones), motor vehicle tyres and tubes, motor cycle tyres and tubes, dentifrices, garments of all kinds and footwear of all kinds, and imported cars of 14 years and above.

Ugandan Maize, sim sim export earnings increase

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Maize and sim sim farmers in Uganda are laughing to the bank after the prices of their crops rebounded pushing the country’s export earnings up in August.

Maize export earnings were up by 145% in the month of August, bringing in $13m (Shs 48bn) compared to just $5.3m (Shs 20bn) registered in July 2019, according to the Ministry of Finance September performance of the economy report.

Uganda Railway Corporation embark on a five year development plan

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Uganda Railway Corporation-URC has embarked on a five year plan to revive the meter gauge railway.

Charles Kateeba, the executive Director, URC, says the US$ 340M plan to revive the meter gauge railway is funded by the European Union.

He led a team of URC technical officers to inspect the Jinja railways station on Tuesday.

According to Kateeba, they conducted feasibility studies early this year and identified a contractor to create structural designs for a world class inland container depot at Port Bell.

UK firm defraud Tycoon Sudhir billions as police opens investigations

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Central Kampala Station (CPS) is investigating a case in which a consultancy firm based in United Kingdom (UK) defrauded money from City tycoon Dr. Sudhir Rupareria.

A total of Ug Shs. 2.5bn was received by a UK firm from Meera Investments, Dr. Sudhir’s company.

FBW was contracted by Meera Investments to give consultancy in the construction of Speeke Apartments, Wampeewo and the extension of Kabira Country Club in Kampala.

Nordics- East Africa countries seek better business ties

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The Nordic and East African countries have held the first ever business expo and conference aimed at opening up investment opportunities in the two world economic regions.

Organized by Ferrum Capital, Debridge, Uganda Embassy to the Nordic Countries and Uganda Urban Expo, the three day event was held at Marina Congress Center in Helsinki, Finland under the theme: “Unveiling the potential of Africa’s fastest-growing region: East Africa – the Nordic New Frontier”.

Present were business executives and high-level representatives from the East African countries who discussed concrete business opportunities with Finnish and Nordic business executives.

Uganda set to host 55 African Customs experts at Munyonyo next week

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Uganda will next week host Directors General and Commissioners of Customs from 55 African Union (AU) member countries.

The tax leaders will include technocrats from international bodies such as World Customs Organization, UNCTAD, IGAD and various diplomats.

This conference will hold discussions on matters of customs and action points from last year’s 10th meeting held in Moroni Comoros that ended with a Moroni Declaration on Combating Corruption in Customs and the adoption of the AU Draft Trade Facilitation Strategy.

In Munyonyo, the main discussion will be on implementation of the AfCFTA and the theme of the conference is “The Entry into Force of the Agreement establishing the African Continental Free Trade Area (AfCFTA) – Implications to African Customs Administrations.”

Kenya and Uganda launch the cross border programme for peace and development

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Uganda president Yoweri Kaguta Museveni and his Kenyan counterpart Uhuru Kenyatta, launched the cross border programme for sustainable peace and development.

The program is to help Karamoja, Turkana and West Pokot communities that shares Uganda – Kenya boader.

Mr Museveni and president Uhuru signed MOU at Naitakwe grounds in Moroto District.

“When NRM came to power we identified two major issues that affected the Karamoja sub-region; these were insecurity and water shortage.” President Museveni said.

Mkutano 2019 forum to focus on science, technology and innovation

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The 2nd Economic Mkutano for which the focus is the role of science, technology and innovation in economic development is scheduled for Sept.12 at Sheraton Kampala Hotel.

The Mkutano serves to facilitate open debate in which conclusions enable the organisers to script their own economic story in a manner that fosters inclusive growth.

David Bikhado Ofungi, the founder and CEO of DERO and Curator said in a media release that innovation speaks to an important tenet of the new development Agenda for Africa.