BUSINESS Archives - Whisper Eye

Category Archives: BUSINESS

Rwandan, Congolese discuss urban sanitation and hygiene project

Representatives of more than 100 firms and cooperatives in DR Congo’s capital, Kinshasa, on Friday held a meeting with local businessman, Jean Malic Kalima, seeking his assistance on how to best plan and implement a city cleaning project.

 Kalima, who dabbles in mining, health among other businesses, in the past implemented a successful project in Lome, Togo. The Congolese – especially those who have been to Kigali and were struck by its beauty and cleanliness – want him to help them do it right.

Uganda asks China to fund the construction of Akii Bua stadium

Government has resorted to seeking for financial assistance from China for the construction of Akii Bua olympic stadium.   

This was revealed on Thursday as officials from the ministry of Education and Sports led by the minister Janet Museveni appeared before parliament’s Education Committee to present their policy statement for the coming financial year 2019/2020.   

Uganda offers to pay Shs 500bn UTL liabilities to attract Buyer


Government has offered to waive all the liabilities held by Uganda Telecom Limited (UTL), as one of the attempts to attract a buyer for the company. This is according to two people, who are familiar with the search.

This means that the government will be responsible for up to Shs 500 billion of liabilities that UTL had at the time it sunk into administration two years ago.  The new investor will only have to invest to overhaul the network because it is obsolete.  

DTB performance appealing as govt plans recapitalization

Uganda’s independent commercial bank known as Diamond Trust Bank (DTB)’s profits have grew by almost 23 % in 2018, which has created autxity among its customers and staff.

According to Financial reports released by the bank indicate that DTB’s increase in profit was mainly due to prudent management that saw the reduction in Non-Performing Loans (NPLs) from Shs40bn in 2017 to Shs27bn in 2018, meaning NPLs reduced by Shs13bn.

Why Uganda poor quality Hima cement was turned down – Rwanda

Cement imports to Rwanda by Uganda’s Hima Cement Limited were last month sent back after failing to meet quality standards for imports entering the local market, Rwanda Bureau of Standards (RBS) has said.

The clarification follows a story by Uganda government owned newspaper, New Vision, that the cement imports in three trucks – each loaded with 30 tonnes – had been sent back for unspecified reasons.

Entebbe airport ban 10-year-old airport taxis


Vehicles that are more than 10 years old have been banned from operating at Entebbe international airport as airport taxis. 

The Civil Aviation Authority (CAA) announced that the ban takes effect from July 15, 2019. Vianney Luggya, the CAA public affairs manager, says only vehicles manufactured after 2008 will be allowed to operate as airport taxis. According to Luggya, CAA communicated the ban to airport taxi operators in 2018 and they are expected to comply with the directive.

Museveni asks Teso farmers to abandon cotton and grow fruits

President Yoweri Museveni has advised farmers in Teso sub-region to concentrate on growing citrus fruits if they are to improve their household incomes and transform their livelihoods.   

The president said that the production of fruits in Teso sub-region alongside fish farming and poultry keeping, can transform the region if perfected by the communities. He was speaking during the much-anticipated commissioning of Soroti fruit factory on Saturday.   

Rwanda’s Kagame makes a case for investment in Africa

President Paul Kagame has called for increased investment in Africa, saying that countries on the continent understand the importance of foreign direct investments on their economies and have been working to create a friendly environment.

Kagame was speaking on Thursday evening in New York, United States at an NBA Board of Governors meeting that attracted NBA club owners and executives.

Entebbe’s quest for city status suffers setback

Entebbe municipality is struggling to annex Katabi and Kajjansi town councils to form the proposed Entebbe city.  

The government has earmarked nine municipalities for elevation to city status in the next financial year. The nine municipalities include; Fort Portal, Mbarara, Hoima, Lira, Arua, Gulu, Mbale, Jinja and Entebbe.

Uganda’s Health minister disowns Israeli firm’s Marijuana farm plans

A deal that would have seen Uganda become one of the top producers of medical marijuana in the region hangs in balance after Health minister Dr Jane Ruth Aceng denied approving the venture.  

The deal involves a Tel Aviv Stock Exchange-listed firm Together Pharma Limited, which produces and exports medical cannabis around the world. The firm is working with a Ugandan company; Industrial Hemp Uganda Limited, which is linked to former Bunyaruguru County MP Benjamin Cadet.       

Hima Cement to return illegally acquired land in Tororo


Hima Cement Limited has agreed to surrender back over 30 acres of land it irregularly acquired in Mwello parish in Mulanda sub-county in Tororo district.  

Hima Cement managing director Nicolas George, says the company will ensure that residents get back their land having learnt of the indefensible irregularities committed by their agent while acquiring the land.

Earlier this week, residents of Mwello parish petitioned the Justice Catherine Bamugemereire led Land Probe Commission, accusing Hima of coercing them through its agents into selling their land at a cheap price.  

Africa’s richest man withdrew $10 million just to look at it

Nigerian billionaire Aliko Dangote, known as Africa’s richest man, told a forum in Ivory Coast on Saturday how he once took $10 million in cash out of the bank just to look at it and get it into his head that this was real money, not just figures on paper.

“When you’re young your first million is important, but after, the numbers don’t mean much,” Dangote, a manufacturing tycoon with a range of companies spanning cement to flour, told the Mo Ibrahim forum in Abidjan.

FDC calls for caution in revival of Uganda Airlines


Opposition political party, Forum for Democratic Change (FDC) says they back the ongoing process of reviving of Uganda Airlines.    

However, the party demands transparency from government in the revival process – most especially now that the same people that led to the collapse of the airline in 2001, are the same people involved in its revival. There was drama and controversy in parliament last week as government presented a supplementary budget seeking funds for the purchase of two planes.

Super-rich Nigerians are ordering pizza from London and having it delivered by British Airways, government minister claims

Nigeria’s minister of agriculture claimed that wealthy citizens are ordering pizzas from London and having them delivered back home on British Airways flights.

Audu Ogbeh’s comments come as Nigeria tries to cut down its reliance on foreign imports, which is seen as a status symbol.

Ogbeh said the imports were harming local farmers.

UCC backtracks on UBC radio take over by parliament


Parliament has been told it cannot take over a Uganda Broadcasting Corporation (UBC) frequency, 98.0 but can use the broadcasters station to run its own content. 

According to communications regulator, Uganda Communications Commission (UCC), parliament can produce the programs, and then UBC’s Red Channel station will host the programs. The station will be made to become an exclusive channel for parliament. Early last month, MPs were told that parliament had finally acquired a frequency to run its own radio station. 

Ugandan Uber driver arrested for reportedly raping woman in USA

An Uber driver of Ugandan origin has been arrested and charged with two counts of rape stemming from an alleged sexual assault that occurred near the Hatch Shell in Boston, according to Massachusetts State Police.

Law enforcement received the report of the incident around 1:15 a.m. Saturday morning, and an investigation by authorities led to the arrest of the driver, Daudah Mayanja, 37, of Waltham.