Inflation falls to lowest level in 16 months
Annual headline inflation fell to its lowest level in 16 months, coming in at 4.8% for August, data from the Uganda Bureau of Statistics showed on Wednesday
Uganda Business News
Monthly Brief: August 2016
This brief is a roundup of most important political and economic developments that happened in August 2016.
Ray of sunshine for Uganda Clays after Shs1.3bn profit in HY2016
Roofing tiles maker Uganda Clays Limited (UCL) returned to profitability in the first half of 2016, posting a Shs1.3 billion ($0.38 million) profit reversing a similar loss from the same period in 2015, according to unaudited financials released by the firm.
Uganda issues eight oil production licences to Tullow and Total
The Ministry of Energy and Mineral Development has granted eight oil production licences to Tullow Uganda Operations Pty Limited and Total E&P Uganda B.V., according to a statement released by the ministry.
Backlash against Stanbic Bank Uganda for apology to minister
A letter circulating on social media shows that Stanbic Bank apologised to the minister. Signed by the bank’s CEO, the letter conveys “my sincere apologies for inconvenience and embarrassment this incident might have caused you.”
Coffee exports fall year on year in July
Coffee exports in July 2016 rose 0.81% month-on-month, but fell 33.33% year-on-year. The value of the exports, on the other hand, gained 1.98% month-on-month and fell 37.02% year-on-year.
Uganda will not follow Kenya in capping interest rates, minister says
The Uganda government is not planning to cap interest rates like neighbouring Kenya, according to the State Minister of Finance for Planning, David Bahati.
Protesters picket London HQs of banks doing business with Bidco
A coalition of several groups and non-profit organisations on Tuesday protested outside the London headquarters of two British banks they say do business with Bidco Africa, which they accuse of cutting down forests and “human rights and tax violations.”
Data adds to MTN Uganda profit as voice calls slow
MTN Uganda shrugged off a difficult last quarter of 2015 to grow its subscriber base by 10.8% to just under 10 million customers in the first six months of 2016, interim half-year results by parent company MTN Group show.
Dfcu profits rise 70.71% in first half of 2016
Dfcu bank on Friday released provisional half-year results showing a 70.71% growth in net profit and 20.08% growth in net income. Net profit for the period was Shs23.32 billion compared Shs13.66 billion for the first half of 2015.