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Business

Libya’s Tropical Bank, Seized by Uganda, Says Annual Profit Almost Doubles

By Fred Ojambo | Tropical Bank Ltd., the Libyan- owned lender seized by Uganda’s central bank last month, said full-year profit almost doubled as deposits and loans grew. Net income surged to 5.65 billion Ugandan shillings ($...


AFP: Uganda president vows to quell food protests

RWAKITURA, Uganda (AFP) – Ugandan President Yoweri Museveni on Saturday vowed to prevent any further demonstrations over mounting food prices spearheaded by opposition leader Kizza Besigye. Ugandan police on Thursday clashed ...



Shea butter could be lifeline for Ugandan women

By Emily Wither | CNN | In northern Uganda, Sarah Omollo, like hundreds of other women, rises early each day to collect shea nuts. Omollo, who is now in her thirties, has been gathering the nuts since she was a young child, cru...



Egypt in talks with Uganda over new Nile treaty

KAMPALA (AFP) – A 40-member Egyptian delegation held talks with Uganda’s president on a new treaty signed by upstream countries for the equitable sharing of the Nile waters, an official said Thursday. President Yoweri M...


Barclays Ugandan Unit Returns to Profit on Lower Costs, Increased Deposits

By Fred Ojambo | Barclays Bank Uganda Ltd., a unit of the London-based lender, said it returned to profitability in 2010 after expenses were cut and customer deposits grew. Net income rose to 9.73 billion Uganda shillings in th...



Mobile Money Transfers to M-PESA Subscribers in Kenya Now Available from Western Union Locations in 45 Countries, Territories

ENGLEWOOD, Colo., (BUSINESS WIRE) — Western Union (NYSE: WU) announced that consumers can now send money directly to the mobile “wallets” of Safaricom M-PESA subscribers in Kenya from 45 countries and territor...



M-Pesa goes global with Western Union

Kenyans living abroad can now send money to their relatives back home through Safaricom’s mobile money transfer service, M-Pesa. This is after Safaricom and Western Union signed an agreement, which enables Kenyans living in 4...


Regus Anticipates Exciting Opportunities in Fast-Growing Uganda

KAMPALA, Uganda | Businesses to Benefit From Dynamic Expansion of Regus Network Into New Markets. A new Regus business centre in Uganda’s capital, Kampala, offers a valuable platform for businesses to explore revenue oppo...



Uganda seizes control of Libyan stake in telecom

KAMPALA (Reuters) – Uganda’s government said on Tuesday it had seized control of Libya’s majority stake in Uganda Telecom to comply with U.N. sanctions. “We have exercised our oversight and regulatory ro...


Oil agreement in Uganda to move production forward; Tullow, Heritage settle tax dispute

KAMPALA, Uganda – Uganda’s government says it has signed an agreement with Tullow Oil PLC that will allow the development of oil and gas resources in the country to move forward. Minister of Energy Hilary Onek said ...



Uganda, Tullow Resolve Key Tax Dispute

By Nicholas Bariyo | RIGZONE | Tullow Oil and the Ugandan government have reached an understanding to resolve a tax dispute that should finally allow the company to proceed with long-delayed plans to bring Total and China Natio...



The Tooke-Asia Promotional Dinner | Taking Matooke To The World

By Ronnie Mayanja, KAMPALA | On Thursday,  24th of February, I was invited to attend a dinner at the Serena Hotel Conference Center. As I headed to the venue I was intrigued by the creative genius of some of the scientists beh...


Middle Eastern Banks Apply to Offer Islamic Financial Services in Uganda

By Suryani Omar | Uganda has received applications from three Islamic banks in the Middle East to offer Shariah- compliant financial services in the country. “The Middle East investors can start operations either by acquiring...



William Hague helped two oil companies in tax row in Uganda

By Greig Box-Turnbull, Daily Mirror | WILLIAM Hague stepped in to help two oil companies, headed by Tory Party donors, who were refusing to pay tax to Uganda. The Foreign Secretary and fellow Tory Henry Bellingham “lobbied st...



UIA | Uganda Licensed $122 Million of Investment Plans in January

By Fred Ojambo | Uganda licensed investment projects worth $122 million last month, said Maggie Kigozi, the executive director of the Uganda Investment Authority. The agency licensed 29 projects which are expected to create 2,5...


Uganda Army: Eastern Congo Instability Threatens Oil Region

By Nicholas Bariyo | KAMPALA, Uganda -(Dow Jones)- Instability in the Eastern Congo poses a threat to Uganda’s plans to start exploiting oil reserves on its side of the Lake Albertine rift basin, which straddles the commo...



5th East African Petroleum Conference & Exhibition Opens in Kampala

By Ronnie Mayanja | Dispatch from Kampala | The the 5th East African Petroleum Conference and Exhibition began at the Kampala Serena Hotel with this year’s theme focusing on harnessing East Africa’s Oil and Gas Pote...


Uganda To Resume Oil Exploration Licensing In Albertine Rift

KAMPALA Uganda -(Dow Jones)- Uganda will open a new round of licensing for oil exploration companies to operate in its oil-rich Lake Albertine rift basin later this year as it seeks to accelerate the development of its oil sect...



Cipla’s Ugandan Venture Plans to Invest $80 Million in Expansion Program

By Fred Ojambo | Quality Chemicals Industries Ltd., a Ugandan pharmaceuticals manufacturer partly owned by India’s Cipla Ltd., said it plans to invest $80 million in two separate expansion programs over the next two years. A ...



Uganda Vows `More Aggressive’ Support for Currency, Central Bank Says

By Fred Ojambo | Uganda’s central bank said the shilling is “undervalued” versus the dollar and that it plans to “adopt a more aggressive stance” to support the local currency. The shilling has declined more than 19 p...


Uganda President Urges Citizens To See Oil As National Resource

By Nicholas Bariyo | HOIMA, Uganda (Dow Jones) | The Ugandan president, currently on the campaign trail in the oil-rich Bunyoro Kingdom, has said the country’s soon-to-be-developed oil reserves will help provide developme...






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