Monthly Report: January 2017
This brief is a roundup of most important political and economic developments that happened in January 2017.
Uganda Business News
Inflation rises to 5.9% in January
Inflation rose to 5.9% in January, the highest rate in seven months, mainly driven by an increase in the price of food crops, according to the Uganda National Bureau of Statistics. Headline inflation in December 2016 came in at 5.7%.
Company profile: Dfcu Group & Dfcu Bank
Dfcu became a commercial bank in 2000 after taking over and renaming Gold Trust Bank. But it had operated in Uganda since 1964, when it was set up by the Uganda government and the UK’s Commonwealth Development Corporation (CDC).
DFCU takes over Crane Bank
DFCU Bank has taken over Crane Bank, Bank of Uganda revealed today – three months after the troubled lender was placed under statutory management by the central bank.
Post Office delivers Shs1bn profit as turn-around effort begins to pay off
Uganda Post Limited almost doubled its profit from Shs528 million to Shs1.1 billion in the financial year ended June 2016 but full recovery is still stuck in the post, bogged down by inadequate cash flows.
Trump vs Africa: how the continent can counter destructive policies
It’s possible that Trump will opt for an American retreat from the bipartisan development, humanitarian, and security assistance goals of previous administrations.
Nakumatt to sell 25% stake for $75 million to reduce debt burden
Kenyan supermarket chain, Nakumatt Holdings, will sell a 25% stake to a foreign fund for $75 million, its managing director said on Wednesday.
NSSF unveils Whistleblower Platform to empower workers to protect their savings
The National Social Security Fund (NSSF) has unveiled a web-based whistleblower platform for aggrieved employees to report employers who fail to remit their contributions to the Fund, as required by the law.
Uganda and Tanzania mull going to international market for oil pipeline financing
Uganda, Tanzania and the three Joint Venture (JV) partners, Tullow Oil Uganda, Total E&P and Cnooc, will later this month issue a request for proposals for a consultant to offer transaction advice on the proposed $3.55 billion oil pipeline.
Tullow sells oil project stake to Total for $900 million
Tullow Oil announced on Monday that its selling part of its stake in Uganda’s oil project to Total E&P Uganda B.V. for $900 million.