Business

Despite what he called a tough investment environment, Uganda’s National Social Security Fund (NSSF) has grown by 18% in the past year, Managing Director Richard Byarugaba said in Kampala today. “The Fund is worth sh6.58 trillion, an 18% growth from 5.55 trillion the previous financial year. Realized revenue went up …

Unlike most past World Bank country managers for Uganda, the current boss, Christina Malmberg Calvo, is relatively media wary. She, instead, prefers to work quietly behind the scenes to execute her two key result areas; leading discussions between the Bank and the Uganda government, and overseeing projects involving the World …

UEGCL: Company injects Shs 500bn into Karuma, Isimba dam construction The Uganda Electricity Generation Company Ltd (UEGCL) has finally broken its longstanding loss-making trend and registered a substantial profit. According to their 2015 performance report issued at the annual general meeting on Sept.15, the company announced a net profit of …

Foreigners could take lion’s share of oil and gas jobs as Uganda lags behind in building local capacity The government recently issued eight production licences to Tullow Uganda Operations Pty Ltd and Total E&P Uganda BV, a development that gives the oil companies the green light to finally proceed with …

There were ripples in the financial services sector recently when reports emerged that Crane Bank is in negotiations with a buyer. This is the second biggest indigenous bank and the country’s fourth largest bank by assets. ‘It’s owner and founder, Sudhir Ruparelia, is arguably the region’s richest man. Why would …

Algiers, Algeria | AFP |  The world’s top oil producers “must take a decision” to stabilise prices, Algeria’s energy minister said on Sunday ahead of an OPEC meeting on Wednesday in Algiers. Oil prices are already depressed after two years of oversupply amid deep disagreements between members of the Organization …

Reaping big from cocoa INTERVIEW: Stephen Sembuya is the CEO of Pink Food Industries, a cocoa-producing enterprise. He spoke to Ian Katusiime about cocoa and the other pertinent issues in the industry. What influences your management style? I come from an industrious background. My dad was the founder of Sembule …

  EAC at EPA crossroads It’s another postponement, once again. With only a fortnight to the Oct.01 deadline for the East African Community (EAC) to sign the Economic Partnership Agreement (EPA) with the European Union (EU), the final signing has been extended. The Heads of State Summit sitting in Dar-es-Salaam, …

Stockholm, Sweden | AFP |  Telecoms equipment maker Ericsson plans to end manufacturing in Sweden with the loss of around 3,000 jobs, Swedish newspaper Svenska Dagbladet reported late Wednesday. The daily said it had obtained “confidential documents” outlining a three billion kronor (313-million-euro, $350-million) cost-cutting programme. According to Svenska Dagbladet, …

New York, United States | AFP |  A big drop in US crude stockpiles sent oil prices sharply higher Wednesday. The US benchmark West Texas Intermediate for delivery in November jumped $1.29 to $45.34 a barrel in New York trade. In London, Brent North Sea oil for November delivery advanced …