Monthly Brief: February 2017
This brief is a roundup of most important political and economic developments that happened in February 2017.
Uganda Business News
Uganda to take over UTL after negotiations with Libya collapse
The government is taking over the management of Uganda Telecom Limited after its majority shareholders, Libya Posts Telecommunications & IT Company, said they would no longer fund the cash-strapped telecom.
Coffee exports up 21% year-on-year in January
Uganda’s coffee exports in January were 404,673 60-kilo bags worth $48.98 million, a 20.9% rise in volume and 52.5% increase in value compared to the same period last year, according to the Uganda Coffee Development Authority.
Inflation hits one-year high in February
Annual headline inflation rose to 6.7% for the year ended February 2017, up from 5.9% in January. This was on the back of higher food prices, with annual food crops inflation rising to 18.8% from 14.5% in January.
Is China displacing traditional aid donors in Africa? The evidence suggests not
In research recently published, I draw on new evidence to test the claim that China is eroding the bargaining power of traditional donors in Africa.
Company profile: Cipla Quality Chemicals Industries Ltd
The drugmaker was established in 2005 as a joint venture between Cipla Limited and Ugandan businessmen. In a government-brokered partnership, Cipla Ltd – one of the world’s leading pharmaceutical manufacturers – joined with a local firm, Quality Chemicals Ltd (QCL), to manufacture antiretroviral and antimalarial drugs locally.
Vision Group sees revenue fall on reduced circulation and low economic activity
A decline in revenue from commercial printing and circulation was the biggest contributor to the fall in net profit of New Vision Printing and Publishing Company Ltd in the half year to 31 December 2016, unaudited results released on Friday show.
Standard Chartered names new CEO as Kasekende moves to Zambia
Standard Chartered Bank has a new chief executive officer, who is replacing Herman Kasekende, who is moving to the bank’s subsidiary in Zambia. Albert Saltson – Mr Kasekende’s successor – has been the chief executive of Standard Chartered in Gambia
EU concerned over low social services spending, domestic borrowing
As development partners, we are committed to supporting Uganda’s efforts to generate private sector growth and decrease reliance on external funding. We have concerns however about whether the proposed budget is compatible with that scenario.
Stanbic Bank Uganda launches the 2017 Stanbic National School Championships
Stanbic Bank Uganda has launched the 2017 ‘Stanbic National Schools Championship’, an exciting competition that will see over 3,000 students from 40 secondary schools participate in a series of educational activities from class debates, quiz competitions and dynamic group projects.