Tuesday, July 7We Break the News
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Business

UGANDA: Fire destroys Masaka’s busiest business street.

UGANDA: Fire destroys Masaka’s busiest business street.

AFRICA, Business, UGANDA
Herbert street, one of the popular and busy business points in Masaka Municipality was in the night rocked by a massive fire that destroyed two giant buildings. Jude Mbabaali, the Masaka District chairperson said the fire was reported late after all the traders and shop operators had departed the affected buildings. “A fire incident has just occurred at Hobert Street, Masaka and merchandise in shops plus property worth billions destroyed,” he said. Mbabaali said no one was hurt in the blaze, but massive property worthy billions of shillings lost. “We are extremely grateful to God that there have been no human fatalities or casualties,” he added. He said that while parts of the buildings have been damaged by the fire, the swift response of the Police Fire Unit and dis...
BUSINESS: Uganda to Host this years G77 summit in April.

BUSINESS: Uganda to Host this years G77 summit in April.

Business, UGANDA, WORLD
Uganda has been confirmed as the host country for G77 Summit to be held in Aprl 2020. The South Summit is the supreme decision-making body of the Group of 77. The First and the Second South Summit were held in Havana, Cuba, on 10 – 14 April 2000 and in Doha, Qatar, on 12 – 16 June 2005, respectively. In accordance with the principle of geographical rotation, the Third South Summit is due to be held in Uganda. About G77 The Group of 77 (G-77) was established on 15 June 1964 by seventy-seven developing countries signatories of the “Joint Declaration of the Seventy-Seven Developing Countries” issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva. Beginning with the first “Ministerial Meeting of the Group of 77 in...
UGANDA: MPs question the Ministry of Finance about shs100bn payment to Umeme.

UGANDA: MPs question the Ministry of Finance about shs100bn payment to Umeme.

AFRICA, Business, UGANDA
Legislators on the Committee of Commissions, Statutory Authorities and State Enterprises(Cosase) have tasked officials of Umeme Uganda Limited, over circumstances under which the power distributor received Sshs100 billion from the Ministry of Finance. In a meeting between the Committee and electricity power entities on Thursday, 20 February 2020, Jinja Municipality East MP, Hon. Paul Mwiru raised a red flag over an audit query where Umeme is said to have withdrawn the whole amount from the Umeme escrow account yet it was eligible to withdraw only shs65 billion that was owed to them. An Escrow account is an account on which the government makes deposits for bills. Umeme is only supposed to withdraw from that account if the government is in arrears of 60 day after giving th...
BUSINESS: Semen worthy shs7bnUGX stuck at Entebbe airport, NAGRC denies ordering its purchase.

BUSINESS: Semen worthy shs7bnUGX stuck at Entebbe airport, NAGRC denies ordering its purchase.

AFRICA, Business, UGANDA
A few weeks ago, the State House Anti-Corruption Unit headed by Lt. Col. Edith Nakalema raided NAGRC headquarters in Entebbe to investigate shs7.3 billion semen which had allegedly been procured from Italy and for many months is still being kept at Entebbe Airport after the organization declined to accept it. NAGRC has a Memorandum of Understanding with Inseme SPA, an Italian company to supply semen. Speaking on Wednesday, the NAGRC Executive Director, Dr. Charles Lagu said they have never ordered for that semen that he said was brought to be dumped into the country by the Italian company. “We have never ordered for that semen. The Italian company used the opportunity that we have a Memorandum of Understanding to bring dead semen and dump it here. They took advantage of...
BUSINESS: Next Steps to U.S.-Kenya Free Trade Agreement.

BUSINESS: Next Steps to U.S.-Kenya Free Trade Agreement.

Business, KENYA, USA
A Kenya-U.S. Free Trade Agreement (FTA) would build on the success Kenya has experienced in producing and exporting a range of value-added products to the U.S. marketNAIROBI, Kenya, February 20, 2020/ -- Corporate Council on Africa (CCA) (https://www.CorporateCouncilonAfrica.com/) in partnership with Kenya Private Sector Alliance (KEPSA) hosted a roundtable discussion with Kenyan and U.S. business leaders and government officials to explore how the private sector can support this bilateral effort and take full advantage of investment and trade opportunities that will arise from a Kenya-U.S. Free Trade Agreement.This comes as a follow up to the recent visit of H.E. President Kenyatta to the United States, where the U.S. and Kenyan Government announced the launch of talks aimed a...
SOUTH SUDAN: Ministry of Petroleum Releases Annual Report.

SOUTH SUDAN: Ministry of Petroleum Releases Annual Report.

AFRICA, Business, SOUTH SUDAN
Petroleum Report Provides Detailed Financial Information and Statistics from the South Sudan Oil SectorJUBA, South Sudan, February 20, 2020/ -- The seventh Petroleum Report issued by the Ministry of Petroleum, Republic of South Sudan (http://www.MOP-RSS.org/), provides an overview of world oil markets and fundamentals, price forecasts, oilfield reserves, and the ministry’s marketing performance. It forms part of continued efforts by Hon. Eng. Awow Daniel Chuang, the Minister of Petroleum, to promote openness and accountability in this crucial sector, “We are trying to increase transparency in the country’s oil and gas sector, specifically concerning the financial aspects. The Ministry of Petroleum has produced this journal which will provide all the information about our product...
BUSINESS: Standard Chartered commits USD75bn towards Sustainable Development Goals.

BUSINESS: Standard Chartered commits USD75bn towards Sustainable Development Goals.

Business, WORLD
Bank also commits to net zero carbon emissions from its operations by 2030DUBAI, United Arab Emirates, February 20, 2020/ -- Standard Chartered (www.SC.com) has today announced new business targets for supporting its clients as they transition to a low carbon economy as part of its Sustainability Aspirations. By the end of 2024, the Bank commits to:providing USD40 billion of project financing services for infrastructure that promotes sustainable developmentproviding USD35 billion of project financing services, M&A advisory and debt structuring services for renewables and clean tech projects (solar and wind) Underpinning the aspirations, Standard Chartered also intends to reduce its emissions across its global properties by 2030. With an office footprint spanning 60 countries,...
BUSINESS: Bank of Uganda in a  loss of UGX.2 Trillion in 15 years.

BUSINESS: Bank of Uganda in a loss of UGX.2 Trillion in 15 years.

AFRICA, Business, UGANDA
The Central Bank has reported up to UGX. 2 trillion in losses for the past 15 years, Finance State Minister (Planning), Hon. David Bahati has said. In a response to a Question for Oral Answer posed by MP Kenneth Lubogo (NRM, Bulamogi), Bahati said the Bank of Uganda posted only Shs40 billion in profits in 15 years, which was remitted to the Consolidated Fund Account as required by the Bank of Uganda Act. MP Lubogo sought to know the “profits or losses BoU has made annually for the last 15 years; when was the last time BoU made profits?” The Shs40 billion profits were registered in 2007, and since then, the Central Bank has been making losses. MP Richard Othieno (NRM, West Budama North), who was holding forte for MP Lubogo, asked a supplementary question. “Bank of Uganda ...
BUSINESS: MTN Uganda is recognized with the “Highest Network Performance Score” Award.

BUSINESS: MTN Uganda is recognized with the “Highest Network Performance Score” Award.

AFRICA, Business, UGANDA
 Kampala, Uganda. MTN Uganda has been recognized by Rohde & Schwarz, with “Highest Network Performance Score” for its data and voice services.  The award was officially presented to the Chief Executive Officer (CEO), MTN Uganda – Mr. Win Vanhelleputte at the company’s offices in Kololo, Nyonyi Gardens on Tuesday, 18 February 2020 by Shakil Ahmed, Director Africa together with Paul Mwangi, Manager Mobile Network Testing, Rohde Schwarz. Rohde & Schwarz bestowed this award on MTN Uganda following tests conducted on ground in Uganda, during the 3rd quarter of 2019, and within the framework of a study that involved extensive tests of voice calls and internet speed evaluations across over 8500km around the country as well as static tests in hot spots. These independen...
BUSINESS: Global Modernisation of Land Administration: Making Your Land Information System (LIS) a Success.

BUSINESS: Global Modernisation of Land Administration: Making Your Land Information System (LIS) a Success.

Business, WORLD
In 2015 the World Bank selected IGN FI to roll out an efficient, reliable and transparent Land Information System nationallyPARIS, France, February 19, 2020/ -- Between 2010 and 2014 IGN FI (www.IGNFI.com) carried out the design, supply and installation of a Land Information System (LIS) for 6 decentralised offices of the Ugandan ministry responsible for land administration affairs, and at the same time created a National Land Information Centre.In 2015 the World Bank selected IGN FI to roll out an efficient, reliable and transparent Land Information System nationally. The two phases involved in total:Roll-out in 22 districts,More than 800,000 property titles scanned and then indexed,More than 90,000 existing paper maps restored, scanned and then geo-referenced,Approximate...
CYBER CRIME: Head’s up Africa. You’ve Been Phished.

CYBER CRIME: Head’s up Africa. You’ve Been Phished.

AFRICA, Business, CRIME, WORLD
Of all the countries surveyed, Kenyans (75%) and South Africans (74%) were the most concerned about the risk of cyber crimeJOHANNESBURG, South Africa, February 19, 2020/ -- Key findings:53% of Africans surveyed think that trusting emails from people they know is good enough; 28% have fallen for a phishing email and 50% have had a malware infection; 64% don’t know what ransomware is and yet believe they can easily identify a security threat; 52% don’t know what multi-factor authentication is.The 2019 KnowBe4 (http://www.KnowBe4.com) African Report across South Africa, Kenya, Nigeria, Ghana, Egypt, Morocco, Mauritius and Botswana has found that people living on the continent are not prepared for the cyber threat. 65% of respondents across all eight countries are concerned about cyb...
NIGERIA: Group threatens  the government over pension funds

NIGERIA: Group threatens the government over pension funds

AFRICA, Business, FEATURE STORIES, Nigeria
The intention of the Federal Government to borrow N 2 trillion from the N10 trillion accumulated pension fund is incorrect as the fund cannot be borrowed by law, a pension expert, Ivor Takor has said. Takor, who is the Director, Centre for Pension Right Advocacy, made this known in a submission by advocacy group on alleging that the Federal Government intend to borrow the huge cash from pension fund to develop infrastructure. He stated that pension fund is about investment and not borrowing, adding that Pension Fund Administrators (PFAs) are investing organisations and not borrowing organisations. He maintained that the N10 trillion Fund is not warehoused in any account of the National Pension Commission (PenCom), the Central Bank of Nigeria (CBN), the PFAs or Pension Fu...
SENEGAL: Local content and market-driven policies set to shape energy investments in Senegal as African Energy Chamber concludes working visit in Dakar.

SENEGAL: Local content and market-driven policies set to shape energy investments in Senegal as African Energy Chamber concludes working visit in Dakar.

AFRICA, Business, SENEGAL
The African Energy Chamber’s delegation advocated for local content as a pillar of the industry’s sustainability effortsDAKAR, Senegal, February 18, 2020/ -- As Senegal’s first oil and gas projects are under-development and first production is expected within two years, the African Energy Chamber (www.EnergyChamber.org) conducted this week a working visit in Dakar to promote investment into the country and support local content development and capacity building.Led by Executive Chairman NJ Ayuk, the African Energy Chamber’s delegation advocated for local content as a pillar of the industry’s sustainability efforts and offered all its support to continue pushing and financing Senegal’s initiatives to build capacity and build a new generation of Senegalese oil & gas workers an...

WORLD: ‘2020 Commonwealth youth awards’ – Galabuzi Kakembo from Uganda among 16 finalists for prestigious.

Business, EDUCATION, FEATURE STORIES, WORLD
Four Africans are among sixteen innovators, activists and entrepreneurs from 12 countries that have been shortlisted for this year’s Commonwealth youth awards, organisers said. The awards recognise young people whose innovative projects have made a real impact in helping their countries achieve the United Nations' sustainable development goals and received more than 500 entries from 40 countries. All 16 finalists will each receive a trophy, a certificate and £1 000 to expand the scope of their projects. The winners in each of the award’s four regional categories will earn a trip to London to attend a ceremony on March 11 and receive another £3 000. The overall pan-Commonwealth winner will take home a total of £5 000. “With now only 10 years remaining to implement the ...
BUSINESS: Exploit potential of Lake Victoria for marine tourism

BUSINESS: Exploit potential of Lake Victoria for marine tourism

AFRICA, Business, UGANDA
“The amount of nature that is available is reducing. But the number of people looking for nature is increasing; so it is important we conserve our lakes and take advantage of them, including rivers,” tour operator and guide, Amos Wekesa, also the director of Great Lakes Safaris Limited, observes. Three years ago, Olivier Van Pee sat his family down to tell them about the potential they could exploit in the marine industry in Uganda, on Lake Victoria - Africa’s biggest fresh water body in Africa. His family is seasoned in the transport business under Nyanza Evergreen Waterways, running MV Vanessa and MV Nathalie active in transportation of people and cargo on Lake Victoria as well as barge/ferries operated on Lake Albert. Wekesa’s tour company operates a 65-seater luxu...
Dr Simon Kagugube is dead

Dr Simon Kagugube is dead

AFRICA, Business, FEATURE STORIES, INTERNATIONAL
KAMPALA,Uganda Dr Simon Kagugube The corporate world continues to mourn the passing of Dr Simon Kagugube. Kagugube, 64, who was the Executive Director of Centenary Bank, board chairman of Uganda Revenue Authority (URA) and Nation Media Group-Uganda, among others, died at the weekend. According to the family, Kagugube’s requiem mass will be held on Monday at St Charles Lwanga Ntinda starting at 10am and burial will take place at Mawagga, Mityana District on Tuesday. For a career spanning over three decades, Kagugube touched the lives of many people, especially in the corporate world.He would even sing and dance in Public. He was the most active and supportive member of the Bar. He was approachable, jolly and committed to the Society’s Goals and Vision. May the good Lord r...
BUSINESS: How To Create A Buying Experience Your Customer Will Love.

BUSINESS: How To Create A Buying Experience Your Customer Will Love.

Business, FEATURE STORIES, WORLD
Have you ever received a product you ordered and it came with another related gift? Something that totally resonated and made your experience that much better? Think about the feeling associated with this experience: you got what you ordered, but with an extra cherry on top. This surprise and delight is something smart brands are doing to show love to their customers and create a unique and memorable brand experience. This product experience is becoming more and more prevalent and smart brands are starting to incorporate it because they know it leads to marketing gold: word of mouth. Delightful experiences are more likely to be gushed about by happy customers. When thinking about how to create a beloved customer experience, think about what will delight them or...
BUSINESS: Tips to help you boost your spa business.

BUSINESS: Tips to help you boost your spa business.

Business, FEATURE STORIES, WORLD
The spa business is one of the most profitable businesses that you can run today. With the many tough and stressful moments that there are in the world today, there is a need for stress removal services, in places such as spas. However, like any other business, marketing the spa business is a must for you to make it successful. Additionally, unlike other businesses, you need to use different advertising techniques to help keep up with the current trends and keep your customers happy. Below are some of the ways through which you can promote your spa business and keep it running for long. Work On Your Online Presence More often than not, most of the target customers that you are looking for will been found online. When a customer is trying to get a new spa around, they ar...
AMERICA: Trump’s “Blue Collar Boom:” Myth vs Reality.

AMERICA: Trump’s “Blue Collar Boom:” Myth vs Reality.

AMERICA, Business, FEATURE STORIES
In last week’s State of the Union address, President Trump gave a rosy portrayal of the US economy. American workers, according to Trump, have never had it so good. “Wages,” he declared, “are rising fast.” Household income, he claimed, “is the highest ever recorded.” The results of Trump’s policies, since first taking office three years ago, is a “blue-collar boom.” This coincides, according to Trump, with a 70 percent run-up in the stock market, “adding more than $12 trillion to our nation’s wealth.” For the American ruling class, the massive profits they are making on the stock market is the real criterion of economic success, not the conditions of life for the working class. The reality is very different than the fantasy which Trump delivered over the country’s airwave...
TANZANIA: Standard Chartered Bank arranges a US$ 1.46 billion financing to fund the Standard Gauge Railway (SGR) Project

TANZANIA: Standard Chartered Bank arranges a US$ 1.46 billion financing to fund the Standard Gauge Railway (SGR) Project

AFRICA, Business
The SGR Rail project will provide a safe and reliable means for efficiently transporting people and cargo to and from the existing Dar es Salaam PortDAR ES SALAAM, Tanzania, February 14, 2020/ -- The Government of Tanzania Ministry of Finance has signed a facility agreement with Standard Chartered (SC.com) Tanzania for a US$ 1.46 billion term loan financing to fund the construction of the Standard Gauge Railway (SGR) project from Dar es Salaam to Makutupora.Running approximately 550 kilometres long, the SGR project is one of the country’s biggest projects connecting Dodoma to Dar es Salaam via Morogoro and Makutupora. Once complete, the SGR Rail project will provide a safe and reliable means for efficiently transporting people and cargo to and from the existing Dar es Salaam ...