In July businessman Sudhir Ruparelia won yet another victory in the Supreme Court against Bank of Uganda over the fate of Crane Bank. The central bank closed Crane Bank in October 2016 claiming it was undercapitalised. The latest ruling is a culmination of a running battle between the central bank and Sudhir for four years.…
The State Minister for industry, David Bahati is not happy that commercial banks in the country continue to raise their prime lending rates blaming it on the ‘rising’ inflation, which he said, is just one of unjustifiable excuses they are using to deny Ugandans credit. “Commercial banks are having a lot of excuses. The excuses…
Senior officials from Uganda’s petroleum authority (PAU) and Tanzania’s energy and water utilities regulatory authority (EWURA)—the agencies that have regulatory powers over the oil industry in the two countries—have renewed their commitment to secure the East African Crude Oil Pipeline (EACOP). The officials have agreed to jointly cooperate in the regulation and monitoring of the…
The banking industry has defended its changing mode of operation which sections of the public describe as less friendly, saying they have learnt from the effects of global shocks on the businesses and economies generally. In recent times, Bank of Uganda has compelled commercial banks to increase their lending rates even as the demand for…
TotalEnergies EP Uganda has this week reiterated its commitment to supporting sustainable and inclusive economic growth through income generating activities by the Tilenga project community. The company has provided start-up kits to Project Affected Persons (PAPs) under Resettlement Action Plan 1 (RAP 1) to setup income generating activities in a bid to elevate their ability…
Dfcu Limited has recorded a 51 per cent drop in profitability for the first six months this year, according to its half-year financial results for the period ended June 30, 2022. The bank reported Shs18.7 billion in net profits after tax compared to 5hs49.9 billion in the corresponding period in 2021, representing a 51% slump…
Stanbic Uganda Holdings Limited (SUHL) has recorded a 4.7% growth in profit-after-tax for the first six months to June.30 to Shs162billion. This comes amidst an unpredictable operating environment characterized by global price instability and a tightening of monetary policies. SUHL Chief Executive, Andrew Mashanda said the company’s performance was driven largely by our anchor subsidiary,…
The construction of Paradise Island Resort on Lake Victoria is nearing completion with the first phase of 22 units standing at 80 per cent. Located 20-minutes away by speed boat from Speke Resort Munyonyo in Kampala, Paradise Island Resort is bound to be a draw for honeymooning couples as well as retreat-seeking guests. The project which started…
Whether you are looking for a venue for your next seminar, a conference, or simply a place to accommodate a meeting, training, or workshop, Speke Resort Munyonyo, and Common Wealth Resort conference spaces can provide a perfect environment where great ideas have room to grow. “From a small business meeting to a conference with a…
Several public officials, most recently Investment Minister Evelyn Anite have talked about “mafia” in government but one man Dr. Sudhir Ruparelia knows how to win against them. And unlike public figures who fear to mention the mafia, Sudhir didn’t shy away from saying that former BoU Executive Director In Charge of Commercial Bank Supervision Justine…
