Tuesday, July 14We Break the News
Shadow

Business

BUSINESS: 6 steps to prepare for retirement as an entrepreneur

BUSINESS: 6 steps to prepare for retirement as an entrepreneur

Business, TECHNOLOGY
The importance of entrepreneurship and the people who drive it can never be overemphasised. The main reason could be that entrepreneurs create new products and services, thereby stimulating the micro- and macro-economy. Maybe it is because entrepreneurs create and disrupt the normal into a new normal by challenging the status quo. Whatever the reasons are, most people acknowledge that entrepreneurs create jobs and wealth, influence the community and community development, and in general improve products, services, and the lives of people. For many entrepreneurs, the current climate of lockdown, limited movement and a ban on certain products are a horror story on its own. Add to this the usual challenges of limited cash flow, sales, marketing, taxes and trying to stay ahead of the pack ...
BUSINESS: Cipla exports rise in last 3 months totaling to a sum of 33.3bnUGX in sales.

BUSINESS: Cipla exports rise in last 3 months totaling to a sum of 33.3bnUGX in sales.

AFRICA, Business, UGANDA
Cipla Quality Chemicals exported drugs worth $9m (Shs33.3b) in the period between April and June.This was 90 per cent of the drug maker’s consolidated sales, which stood at $10m (Shs37b) in the period under review. Details also indicate that only 10 per cent of the sales were made within Uganda.Cipla, which last month also started exporting drugs to Botswana, has been seeking to expand its market as it pushes to lift itself from a streak of losses that have dampened the company stock price since it listed on the Stock Exchange in 2018. Details indicate that in June, Cipla exported 37 tonnes of anti-retrovirals (ARVs) worth $4m (Shs15b) to Botswana and another consignment worth $3m (Shs11.2b) is expected to be exported to the same country this month.Mr Nevin Bradford, the Cipla chief...
BUSINESS: Over 160 skilled in mukene value addition

BUSINESS: Over 160 skilled in mukene value addition

AFRICA, Business, UGANDA
Residents of Kiyindi landing site skilled to add value to silverfish (mukene) to increase its competitiveness in the local and international Market. This was aimed at fostering its export through increasing its competitiveness in the local and international Market.The training according to Harriet Nansukusa of Private Sector Foundation (PSFU) was supported by the World Bank Skills Development Project (SDF) of PSFU.Speaking during a scientific graduation of the trainees, Nansukusa explained that different groups of people have been supported by PSFU to receive different skills to help them become more relevant to society."Under the SDF project, we have touched lives of over 20,000 people. The skills gained will help them fight the impacts of COVID-19 and by the time it (COVID-19) is wip...
BUSINESS: Send money to Tanzania from anywhere around the World

BUSINESS: Send money to Tanzania from anywhere around the World

Business, TECHNOLOGY
Vodacom customers will now have the option and ability to easily transfer and receive funds from individuals across more than 200 countries worldwideDAR ES SALAAM, Tanzania, July 6, 2020/ -- Over 200 countries can send and receive money via Vodacom’s Tanzania M-Pesa; The mobile Money services continues to drive economic growth and financial inclusion in Africa.Tanzania’s leading mobile money service provider – Vodacom M-Pesa - has announced the expansion of its International Money Transfer service portfolio. Vodacom customers will now have the option and ability to easily transfer and receive funds from individuals across more than 200 countries worldwide.This was said recently at an international day of family remittances event held in Dar es Salaam where stakeholders met to deliber...
BUSINESS: Atlas Petroleum Resumes Development of OML109 in Nigeria

BUSINESS: Atlas Petroleum Resumes Development of OML109 in Nigeria

AFRICA, Business, Nigeria
OML 109 comprises 14 identified and mapped prospects and leads, and an un-risked resource potential in excess of 500 million barrels of oil equivalentLAGOS, Nigeria, July 6, 2020/ -- Over the weekend, Atlas Petroleum International has resumed work over activities and well interventions on OML 109 in Nigeria in order to enhance production from the Ejulebe marginal field. Awarded to Atlas Petroleum International in 1991, the block entered into production through the development of the Ejubele discovery in September 1998.OML 109 comprises 14 identified and mapped prospects and leads, and an un-risked resource potential in excess of 500 million barrels of oil equivalent. Its low cost operating environment in shallow water and proximity to existing oil and gas infrastructure such as the Escrav...
TECHNOLOGY: how Pan-African womenswear designer, Ophelia Crossland is leveraging on Tech and authentic designs to celebrate black women

TECHNOLOGY: how Pan-African womenswear designer, Ophelia Crossland is leveraging on Tech and authentic designs to celebrate black women

AFRICA, Business, TECHNOLOGY
The Pure Love Collection is available directly through the brand’s Flagship shop, its affiliate stockists and the new e-commerce websiteACCRA, Ghana, July 3, 2020/ -- Pan-African womenswear designer, Ophelia Crossland is well pleased to announce the launch of her ‘’Pure Love” Collection for the Spring and Summer fashion season.Produced on the lines of an international pandemic and a lockdown that has affected the fashion industry and African enterprises , the titular womenswear brand with a luxury African aesthetic delved into her notion of unadulterated love to create the new line.Nestled on the first floor of Sarah’s building, an iconic landmark on Ghana’s culturally-rich and retail district, Oxford Street in Osu, the brand which was founded by Ophelia Okyere-Darko, a then-graduate of t...
BUSINESS: Canon opens registration for REIMAGINE, its biggest product launch yet

BUSINESS: Canon opens registration for REIMAGINE, its biggest product launch yet

Business, WORLD
On Thursday 9th July, 14:00 CEST, registered attendees can join the REIMAGINE keynote session (starting 14:00 CEST)DUBAI, United Arab Emirates, July 3, 2020/ -- Canon (www.Canon-CNA.com) today announces details of REIMAGINE (https://bit.ly/2VIcxM8) – a live-streaming event revealing and discussing its biggest product launch yet.On Thursday 9th July, 14:00 CEST, registered attendees can join the REIMAGINE keynote session (starting 14:00 CEST) which will uncover the details of the innovative product launch and also attend in-depth Q&A discussions (starting 19:00 CEST).During the REIMAGINE Q&As, attendees will have the chance to have their questions answered in sessions hosted by technology journalist Lucy Hedges who will be joined by Canon Europe product experts and leading photogra...
Ethiopia: African Development Fund approves $165 million grant for national COVID-19 emergency response

Ethiopia: African Development Fund approves $165 million grant for national COVID-19 emergency response

AFRICA, Business, Ethiopia
The grant, awarded from the country’s ADF-15 Performance-Based Allocation, will help bolster Ethiopia’s COVID-19 National Emergency Response Plan (NERP)ABIDJAN, Ivory Coast, July 3, 2020/ -- The Board of Directors of the African Development Fund (ADF) on 3 July approved a grant of $165.08 million to support Ethiopia’s response to the health and economic impacts of the COVID-19 pandemic, including helping to ease fiscal pressures on the economy.The grant, awarded from the country’s ADF-15 Performance-Based Allocation, will help bolster Ethiopia’s COVID-19 National Emergency Response Plan (NERP). The NERP outlines a reliable, multi-sector approach to tackling the pandemic. It aims to expand social protection coverage for the most vulnerable, enhance capacity to contain the virus outbre...
BUSINESS: The era of positive impact, World Merit Rabat and its quest to fulfill the Sustainable Development Goals (SDGs) objectives

BUSINESS: The era of positive impact, World Merit Rabat and its quest to fulfill the Sustainable Development Goals (SDGs) objectives

AFRICA, Business, Morocco
An organization that builds projects, revolving mainly around the Sustainable Development Goals, to help its community growRABAT, Morocco, July 3, 2020/ -- Amid rising and already existing challenges that our world is facing, World Merit RABAT, a local branch of the international World Merit organization (https://WorldMerit.org), has taken on the role of catalyst of change by leading and mentoring youth, towards building themselves and creating positive change for their community and the world.World Merit RABAT, which provides youth a ground for self-development and impact, also aims to contribute significantly to the United Nations Agenda 2030, by achieving each of the 17 Sustainable Development Goals, and their 169 sub targets.The organization consistently works on bringing diverse yout...
Coronavirus – Africa: Amid COVID-19, African church leaders say availing quality seeds to farmers can help beat food insecurity

Coronavirus – Africa: Amid COVID-19, African church leaders say availing quality seeds to farmers can help beat food insecurity

Business, CORONAVIRUS
Citizens in some of the continent’s countries are facing hunger and serious food shortages after governments implemented stringent anti-COVID-19 measuresGENEVA, Switzerland, July 3, 2020/ -- As African nations begin opening after months of coronavirus closures, church officials and agricultural experts are stressing an immediate supply of quality seeds to farmers to help tackle a predicted food crisis.Citizens in some of the continent’s countries are facing hunger and serious food shortages after governments implemented stringent anti-COVID-19 measures—including lockdowns, curfews and quarantines. These have also disrupted food chains, including the supply and distribution of seeds to farmers.According to the officials, delivering seeds to small scale farmers— in the immediate, short...
BUSINESS: Asian investors, property owners accuse MPs of harassment.

BUSINESS: Asian investors, property owners accuse MPs of harassment.

AFRICA, Business, UGANDA
KAMPALA – A number of prominent Ugandan-Asian businessmen invlolved in property repossesions more than twenty years ago, under their umbrella body, the Association of Expropriated Properties Owners Limited have taken strong exception to the conduct of the select task-force of the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that is currently inquiring into the affairs of the properties, saying the MPs have ignored court orders. The task-force has since July last year, been probing the acquisition or repossession of properties by individuals after their former owners who were expelled in 1972 have either not returned to repossess them or were compensated by the government in 1976. City businessman Muhammed Allibhai, the c...
AFRICA: The joint sub-committee shortlists candidates for NYDA board.

AFRICA: The joint sub-committee shortlists candidates for NYDA board.

AFRICA, Business
Parliament, Friday, 03 July 2020 – The Joint Sub-Committee of the Portfolio Committee on Women, Youth and Persons with Disabilities and of the Select Committee on Health and Social Services has shortlisted 30 names of people to be interviewed to fill vacancies on the National Youth Development Agency (NYDA) board. The NYDA board has seven vacancies, after the term of previous board members expired in May 2020. The filling of board member positions is done in accordance with the NYDA Act 54 of 2008. The Act stipulates that the youth must participate in the nomination of candidates; the process of appointment must be transparent and open; and the shortlist of candidates must be published in the media. In addition, board members must reflect the demographics and geography of the republic. Th...
BUSINESS: African Development Bank joins World Trade Organisation (WTO) and other Multilateral Development Banks (MDB)s to support trade finance amid COVID-19 crisis

BUSINESS: African Development Bank joins World Trade Organisation (WTO) and other Multilateral Development Banks (MDB)s to support trade finance amid COVID-19 crisis

AFRICA, Business
ABIDJAN, Ivory Coast, July 3, 2020/ -- The African Development Bank Group has joined the World Trade Organisation and other multilateral development banks to reduce trade finance gaps that emerge as a result of the COVID-19 pandemic.In a joint press release issued 1 July 2020, the institutions said they would prioritize their support to areas in the world where such support is needed most, particularly the poorest countries.Since the beginning of the COVID-19 outbreak, multilateral development banks have stepped up their trade finance programs to support essential imports and key exports, as international correspondent banks have cut lending in many countries. In addition to the ongoing shocks to supply and demand, international trade has been affected by a reduction in the supply of tr...
UGANDA: Julius Wandera assigned as the new director of Corporate Affairs at ERA.

UGANDA: Julius Wandera assigned as the new director of Corporate Affairs at ERA.

AFRICA, Business, UGANDA
Julius Wandera has been appointed the first director of Corporate and Consumer Affairs at the Electricity Regulatory Authority (ERA), effective 1st July 2020. This role is overall responsible for Strategic Planning, Monitoring and Performance review in line with the Authority’s vision and mission, and the government’s strategic aspirations; as well as communication and engagement of stakeholders and consumer protection. Prior to this appointment, Wandera served as Manager Communication in which role he was responsible for the communication, stakeholder engagement and consumer protection functions of the authority. He holds a Bachelor’s Degree in Mass Communication from Makerere University, an MBA from the Eastern and Southern African Management Institute (ESAMI), and has trained ...
UGANDA: Sudhir’s lawyers question Bou’s claims.

UGANDA: Sudhir’s lawyers question Bou’s claims.

Business, UGANDA
Kampala Associated Advocates (KAA), the lawyers representing tycoon Sudhir Ruparelia, have responded to Bank of Uganda’s claims that their client “stole from his bank”, Crane Bank. The claims were made a week after the Court of Appeal dismissed an appeal against an earlier judgment that had dismissed a Shs 397 billion commercial dispute between Crane Bank (in receivership) and the businessman.Bank of Uganda was a party to the case. Early this week, the central bank, in a statement signed by the governor Emmanuel Tumusiime Mutebile, the central bank insisted that receivership does not take away the corporate personality of a company which includes the right to trace and recover assets and the right to sue for those assets. BoU then maintained that they will take the matter to the ...
BUSINESS: World Bank officially ranks Tanzania a Middle income; Uganda, Rwanda trailing

BUSINESS: World Bank officially ranks Tanzania a Middle income; Uganda, Rwanda trailing

Business, TANZANIA
The World Bank has officially categorized Tanzania as a Middle Income Economy in the lower category (Lower-Middle Income Economies) according to the new income level classifications released on July 1, 2020. Lower middle-income economies are those with a Gross National Income(GNI) per capita between $1,036 and $4,045. The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD. The rankings showed that Tanzania graduated from Low Income (GNI per Capita 1,020 in 2019) to Lower Middle Income (GNI per Capita 1,080) by July 1, 2020. This year’s rankings had only Romania, Nepal, Mauritius, Nauru, Indonesia and Benin an...
UGANDA: UCC suspends sim card registration for corporate bodies

UGANDA: UCC suspends sim card registration for corporate bodies

Business, UGANDA
Following allegations of fraud in Sim card registration, especially regarding corporate bodies, Uganda Communications Commission (UCC) has temporarily suspended the sale of sim cards to companies, NGOs and public institutions pending investigations. In a letter issued last week, the UCC Ag. Executive Director Irene Kaggwa Sewankambo directed all operators “to immediately suspend the sale of SIM cards to companies, Non-Governmental Organisations, Ministries, Departments and Agencies of Government and any other unnatural persons.” The suspension is to avert the risk of further breach of the law pending the conclusion of the ongoing investigations, Kaggwa Sewankambo wrote. UCC has received complaints alleging failure and/or refusal by operators to adhere to the set SIM card registra...
BUSINESS: Electricity regulator ERA promotes Julius Wandera to first director of corporate and consumer affairs.

BUSINESS: Electricity regulator ERA promotes Julius Wandera to first director of corporate and consumer affairs.

Business, UGANDA
KAMPALA — The Electricity Regulatory Authority (ERA) has elevated Mr.Julius Wandera who has been the communications manager to the Director of Corporate and Consumer Affairs. Mr. Wandera becomes the first serve in the capacity of Director of Corporate and Consumer Affairs at the state-run electricity regulator. His appointment was announced by ERA on Wednesday July 1, 2020 in a public notice. “Mr. Julius Wandera becomes the First Director of Corporate and Consumer Affairs at the Electricity Regulatory Authority,” the notice posted on both Facebook and Twitter. Former Makerere Head of Department of Journalism and Communication at Makerere University Mr. George Lugalambi in a Facebook comment said Mr. Wandera deserved the elevation into the trailblazing position. Mr. Lugalamb...
AFRICA: Zimbabwe cuts off mobile money transactions during economic crisis.

AFRICA: Zimbabwe cuts off mobile money transactions during economic crisis.

AFRICA, Business, ZIMBABWE
Zimbabwe has suspended trading on the stock exchange as well as all mobile phone monetary transactions. Zimbabwe stock exchange chief executive officer Justin Bgoni said on Sunday, June 28, that trading was suspended until further notice. In a statement on Friday, the government halted these activities with immediate effect citing criminality and economic sabotage. They blame the stock exchange for fuelling the collapse of the Zimbabwe dollar and housing fake counters. Meanwhile, the decision to suspend mobile payments will hit the economy hard. Mobile money is widely used as a form of payment of goods and services. According to central bank data more than 80 per cent of all transactions are conducted on phones due to a shortage of banknotes. The government states that all mob...
UGANDA: BoU accuses Sudhir Ruparelia of stealing Crane Bank.

UGANDA: BoU accuses Sudhir Ruparelia of stealing Crane Bank.

AFRICA, Business, UGANDA
Central Bank has insisted they will appeal the case against property magnet Sudhir Ruparelia to the supreme court after the same was dismissed in the Court of Appeal. Central Bank has sued Sudhir for accusing him of using his Meera Investments company to siphon Shs397b from the coffers of his own Crane Bank. However, Court led by Deputy Chief Justice Alfonse Owiny-Dollo unanimously dismissed the case with costs after finding no evidence in Central Bank’s allegations. In a statement by governor Emmanuel Tumusiime Mutebile on Tuesday, the Central Bank insists that receivership does not take away the corporate personality of a company which includes the right to trace and recover assets and the right to sue for those assets. Central Bank maintains Sudhir wrongfully and illegally ...