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Meera Investments drags UK consultancy firm to court over breach of contract

Speke Apartments - Kitante

Police in Kampala is investigating a case in which a UK based consultancy firm, FBW Projects defrauded Meera Investments Limited about Shs2.5 billion meant for the design of construction works at two of its properties in Kampala.

FBW was contracted by Meera Investments to provide consultancy in the construction of Speke Apartments along Wampeewo Avenue and the extension of Kabira Country Club.

According to the reliable sources, Meera Investments approached FBW in 2012 and the two signed a contract for provision service in the construction of the two properties.

It is said Meera gave FBW an upfront payment of Shs1 billion for the construction of Speke Apartments and Shs1.4 billion for the extension Kabira Country Club. Kabira Country Club extension has not been kicked off due to FBW’s fraud.

Meera investments has for long asked for architectural work from FBW so that work could kick off but they have always turned a deaf ear.

Meera Investments filed a case of fraud at Katwe police station under reference number GEF:131/2019.

FBW is a UK design, architecture, and engineering-led, multi-disciplinary consultancy firm with operations in Uganda, Kenya, Tanzania and Rwanda while Meera Investments is Meera investments a construction company incorporated in Uganda in 1994. It is one of the companies under the Ruparelia Group of companies.

Meera investments are known in Uganda for bringing on market commercial and residential structures. It takes on the role of main contractor for small to medium size projects and performs project management services to coordinate specialist trades for industrial/ commercial and residential projects.

On its website FBW Projects says it has developed a reputation for design and delivery of quality building projects in Uganda including:  The Emin Pasha Hotel, The Ndere Centre, The new British High Commission, The Motorcare (Nissan) Building, Kabira Country Club, Munyonyo Commonwealth Resort and various high quality private residences.

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Commercial bank rates jump 21.4 percent in July

The Late BoU Governor Emmanuel Tumusiime-Mutebile

Despite the Bank of Uganda BoU) keeping the central bank rate (CBR) unchanged at 10 percent in August 2019, the shilling denominated lending increased from 19.02 percent in June to 21.4 percent in July 2019, according the Performance of the Economy Report for August.

According to the report released by the Ministry of Finance Planning and Economic Planning (MFPED), the increase in commercial bank lending rates in July is in-part due to the high operational costs borne by the commercial lenders coupled with their risk averse tendencies.

“Likewise, foreign currency lending rates slightly increased from 6.43 percent in June to 6.92 percent in July 2019,” the report says.

The stock of private sector credit increased by 0.9 percent from Shs 15,092.2 billion in June to Shs15,226.26 billion in July 2019. The continuous growth in the stock of credit is partly attributed to the sustained improvement in economic activity and the supportive monetary policy stance maintained by BoU.

Similar to June 2019, the Trade sector received the largest share of credit approved in July 2019 at 24.1 percent. Other notable sector recipients of new credit during the month were personal loans and household loans (16.5 percent), Building Construction and Real Estate (15.9 percent) followed by Manufacturing sector at 10.3 percent.

Uganda’s merchant trade deficit

According to the report, Uganda’s merchandise trade deficit narrowed on a monthly basis whereas it increased on an annual basis. In comparison with the previous month, the merchandise trade deficit narrowed by 17 percent from US$278.91 million to US$ 231.42 million in July 2019, following a decline in imports and an increase in exports.

“Compared to July 2018, the merchandise trade deficit increased from US$166.56 million to US$ 231.42 million in July 2019. This was explained by higher growth in imports that more than offset growth in exports,” the report says.

Uganda’s exports in July

Uganda’s export earnings increased both on an annual and monthly basis. Export earnings grew by 5.9 percent from US$ 300.63 million in June 2019 to US$ 318.43 million in July 2019. The growth was attributed to increased earnings from different export commodities such as coffee, cocoa beans, rice, base metals, fruits and vegetables.

Earnings from coffee increased following increases in both its volume and the international price. Compared to July 2018, coffee export receipts increased by 11.9 percent from US$ 284.65 million to US$ 318.43 million in July 2019.

Destination of Uganda’s exports

In the month of July 2019, the Middle East was Uganda’s top destination for merchandise exports, followed by the East African Community (EAC), then the Rest of Africa. 32.4% of Uganda’s merchandise exports were absorbed by the Middle East in July 2019. Exports to the Middle East increased from US$ 38.08 million in July 2018 to US$ 103.17 million in July 2019. “Compared to July 2018, Uganda`s exports to all regions grew with an exception of the EAC. Exports to all EAC Partner States dropped save for Burundi,” the report says.

Uganda’s imports in July

During the month of July 2019, the value of merchandise imports declined on a monthly basis but increased on a yearly basis. The value of merchandise imports dropped by 5.1% from US$ 579.54 million in June 2019 to US$ 549.85 million in July 2019. The decline was attributed to a decrease in government imports. “Government imports declined by 70.2% whereas private sector imports increased by 5.8%,” says the report.

In comparison with the same month the previous year, the import bill increased by 21.9 percent from US$ 451.21 million to US$ 549.85 million in July 2019. Both Government and private sector imports registered increases.

The report says Asia remained the main source of imports to Uganda in the month of July 2019, followed by the EAC, and the Middle East. China and India accounted for about 68.3% of the imports from Asia. Within the EAC region, Kenya and Tanzania contributed 98.5% of the total imports.

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Judiciary contracts foreign firms to design case management system

Symbol of Justice

Judiciary has signed US$2.5 million contract with Synergy International Systems Incorporated and Sybyl Limited for the designing, development and maintenance of the Court Case Management Information System (ECMIS).

The USD 2.5m deal was signed by the Permanent secretary in the ministry of justice and constitutional affairs, Pius Bigirimana at the judiciary headquarters in Kampala.

According to Bigiriman, the system will be accessible to all citizens anywhere and on all devices. “Online services for case filing, payments, automated reminders and free online access to summons and judgments. Online access to proof that a case is no longer eligible for appeal,”

The system will allow inter-court communication and case transfers and integration with external entities, such as the Civil Status and Passports Department and the Department of Lands and Survey, for the verification and exchange of data.

Under this system, major functionalities that will be covered in include registration, indexing, and follow-up of cases, generation and follow-up of notifications, management of Minutes of Hearing, hearing scheduling and security and decision management. Smart client, centralized reporting, and service-oriented architecture are the infrastructural specifications that make the system scalable and maintainable.

It will also help in the implementation of automated justice sector solutions and services improving judicial services by automating court processes, monitoring case activity, and supporting decision making to keep up with the rapid growth and change in the justice sector and to increase transparency.

Synergy International Systems, Inc. (Synergy’) is a global software company that empowers organizations to become more data-driven in achieving their impact.

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Of Matembe’s memoir, Museveni and his enablers

DONT GAG UGANDANS KAYIHURA TOLD! Woman and human rights activist Miria Matembe.

By Norbert Mao

As Brecht put it in his play “The Caucasian Chalk Circle”, “a fart has no nose.” The stench around the Museveni Court now seeps through the pages of books written by courtiers turned dissidents who feel used, abused and discarded. These people now pouring their hearts out were once the enablers who faithfully served the man they now vilify. The days of hope, elation and exhilaration are vividly captured before it all evaporates as despair sets in. Every person gets to a point when they encounter the Truth on the proverbial “Road to Damascus”.

Before Miria Matembe’s memoirs, The Struggle for Freedom and Democracy Betrayed, was launched last week there were other confessional books that put Museveni in the dock. I recall “Impassioned for Freedom” by Eriya Tukahirwa Kategaya launched in 2006. Then there is “Betrayed By My Leader: The Memoirs of John Kazoora” launched in 2013. In an uncanny wordplay, Matembe takes her title from President Museveni’s book “Sowing the Mustard Seed” whose subtitle is “the Struggle for Freedom and Democracy in Uganda”. Matembe simply added the word “Betrayed”. The theme of betrayal runs like a thread through these memoirs.

Betrayal comes as a result of breach of trust. Whether it is Kategaya, Kazoora or Matembe, it is clear that they were once true believers in Museveni. They lionized him as a Messiah. They believed he could do no harm to the institutions of State and indeed the Constitution that was crafted through such a painstaking process.

These books show growth in the authors. A new awareness of things going wrong while the praise singers bury their heads in the sun. From state inspired violence, corruption, nepotism, the national divide, hostility to democracy, personalization of the army to the entrenchment of a life presidency, Matembe’s book replays dramatic personal encounters with Museveni and his inner circle.

The first encounter is with the First Lady Janet Museveni. Believing she was her confidant Matembe often spoke plainly to her. But with time she learnt the hard way that access to the First Lady came with certain conditions including silence about the misdeeds of certain key figures (mainly relatives, friends and in-laws) in government.

On the question of Museveni leaving power, Matembe had an intimate talk with the First Lady. After the 1996 elections the First Lady told Matembe that with such overwhelming electoral victory her and her husband were going to retire in order to rest. Even when pressed that Museveni was entitled to another term, the First Lady replies “Mbwenu hati ekindi nituba nitwendaki?” (What else would we want?).

Then there’s the encounter with Museveni over the term limits. Museveni had been very tactical and cagey in his answers always saying that he would obey the constitution. He already had plans to change the constitution anyway.

Characteristically Matembe had warned Museveni against changing the constitution. A cartoonist captured the image of Matembe ordering the President. Museveni rebuked her for ordering him around and restated his commitment to abiding by the constitution. He demanded that she writes to the newspaper clarifying the matter.

Matembe indulged the President. She writes: “Immediately after the Cabinet meeting, I wrote the letter to the editor, New Vision. It was published the next day with a heading: ‘Cartoon creates a wrong impression’. In the letter I wrote that: “The cartoon created a wrong impression about the President, imputing that the President wants to amend the Constitution to remove the presidential term limits. President Museveni knows the Constitution very well and he does not need anybody to remind him to stick to it. So he will honour the Constitution and will not in any way violate or abrogate it.” She made a losing bet!

Reading these memoirs, one is shocked first by naïveté of the authors and then by their complicity. They put all their sense of skepticism in abeyance. You can call it voluntarily gullibility. Why do Museveni’s enablers let him get away with so much? There must be many reasons for this level of complicity, but I’m sure they range from the noble to the despicable.

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We are a multiple-branched group that focuses on uplifting arts and culture in #Uganda through cultural exchange and creativity. We also aim at empowering Uganda’s #tourism industry through promotion of culture both nationally and internationally. We host both domestic and foreign tourists at our culture centre to enjoy the various dances, songs and plays originating from the various regions in Uganda and from the rest of #Africa.

Uganda u20

Eleven countries have been confirmed to take part in the upcoming CECAFA U-20 Cecafa Challenge Cup to be played in Uganda from September 21st to October 5th 2019.

There are eleven countries include hosts Uganda, Sudan, Eritrea, Djibouti, Kenya, Ethiopia, Zanzibar, Tanzania, Burundi South Sudan, Somalia and Djibouti.

Two venues will be used for the tournament; Gulu (Pece War Memorial Stadium) and FUFA Technical Centre Njeru.

Group A matches will be hosted in Gulu while group B and C are to have their matches played at FUFA Technical Centre, Njeru.

The opening Match, Semis and Finals are be held in Gulu at Pece War Memorial Stadium.

Meanwhile, the national U-20 team of Djibouti have already pitched camp in Gulu District ahead of the tournament.

Darius Mugoye, the Fufa Vice President and Chairperson CECAFA U-20 Local Organizing Committee (LOC) called upon the local fans to come in big numbers to support the tournament.

“We thank Cecafa for giving us the opportunity to host the tournament. Having been the Champions of the CECAFA U-15 and U-17, we look forward to wining this tournament as we build a strong national team since our dream is to qualify for the FIFA World Cup in Qatar 2022,” Mugoye was quoted by the cecafa website.

Morley Byekwaso, the assistant coach at KCCA FC, will handle the Uganda Hippos team together with Hamza Lutalo as the assistant.

This year Cecafa has already organized the Cecafa Kagame Club Championship (Rwanda) and the Cecafa U-15 Challenge Cup in Eritrea last month. The Cecafa Women’s Championship, Cecafa U-17 Women’s Cup and the Cecafa Senior Challenge Cup are also slated to take place this year.

Groups:

A: Uganda (Hosts), Sudan, Eritrea, Djibouti

B: Kenya, Ethiopia, Zanzibar, Tanzania

C: Burundi, South Sudan, Somalia

CECAFA U-20 Challenge Cup Uganda 2019:

Saturday 21st – October 5th

Venues: Pece War Memorial Stadium, Gulu & FUFA Technical Centre, Njeru

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Mixed-use is the key to funding hotel development in Africa- new report

Munyonyo Commonwealth Resort Hotel

 

A new report from Jones Lang LaSalle Incorporated (JLL)  the world’s largest professional services firm specialising in real estate, has revealed that people seeking to finance a new hotel project in Africa will be much more successful if their hotel is part of a mixed-use development.

JLL’s research into global property transactions reveals that in the first half of 2019, there was a 42% increase in the value of mixed-use property transactions, whereas there was a decline in other sectors, with Office down 4 percent, Industrial down 6 percent, Retail down 20 percent, Hotel down 18 percent and alternatives down 40 percent.

Xander Nijnens, Executive Vice-President, JLL Sub-Saharan Africa, explains that the trend is driven by lenders’ approach to risk. He said: “Diversifying risk by including alternative types of property, commercial, retail, hotel and branded residences, in one development, provides comfort to financiers due to the diverse and more consistent income streams generated. Branded residences are also increasing in prevalence because they provide up-front cash inflows and a more predictable source of revenue than one gets from a hotel alone.”

In Africa, the leading funders of hospitality construction projects are government-backed Development Finance Institutions (DFIs) like International Finance Corporation (IFC), Overseas Private Investment Corporation (OPIC), the CDC Group, Proparco and the German Investment Corporation (DEG). They are motivated by economic development, skills development and job creation and have a lower requirement for the predictable, consistent loan repayments required by a commercial bank. DFIs are also able to stomach more risk.

A driving factor for this trend is that hotels rent their rooms in euros and US dollars rather than in local currency which, from a financing perspective, reduces the risk to the lender and lowers the interest rate paid by the borrower.

The research comes a week ahead of the Africa Hotel Investment Forum (AHIF), Africa’s highest profile gathering of the hospitality and tourism industry, which takes place in Addis Ababa on September 23-25, 2019.

 

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57th Independence Day Anniversary synopsis, key achievements outlined

Former President Apolo Milton Obote being sworn in as first leader of independent Uganda in 1962

 

Ugandans will celebrate 57th independence anniversary come October 9, 2019 under the theme, “Consolidation of National Unity, Security, Freedom and Prosperity”. Below is a synopsis as written by presented by the organisers of the upcoming independence celebrations to be held in Sironko district in eastern Uganda?

Uganda will on October 9, 2019, celebrate its 57th Independence Day anniversary.

More than half of the current population was not yet born in 1962. It is, therefore, important to remind ourselves of the origin of the struggle for independence and the people who played significant roles.

Uganda, the ‘Pearl of Africa’, sits astride the equator in Eastern Africa. At the time of independence in 1962, after 68 years of British rule, Uganda had one of the most vibrant and promising economies in Sub-Saharan Africa (World Bank, 1993b).

 

Favored with a good climate and fertile soils, the country was self-sufficient in food, and agriculture was the single largest export-earner. However, its potential for growth has been curtailed by more than 20 years of civil strife, especially between 1966 and 1986. The resultant economic mismanagement and civil war have had disastrous effects on the once-promising country.

Uganda obtained independence under a coalition government of Milton Obote’s predominantly protestant Uganda People’s Congress (UPC) and the Buganda traditionalist’s political party Kabaka Yekka (KY, which translates as “The King Alone”). Milton Obote became prime minister and chose the Buganda’s Kabaka (king) Sir Edward Mutesa as his largely ceremonial president when Uganda became a republic in 1963.

Independence in Africa has been variously defined and or interpreted by its beneficiaries. Some have understood it to be a mere victorious replacement of alien white colonialists, a lowering of the colonial flag and the hosting of that of the newly independent nation, by the Africans.  Others interpreted independence to mean the return of sovereignty back to African chiefs to manage and allocate resources in the designed territories. But much as these interpretations may bear some unarguable grains of truth, Independence is much more than this. It bears noble meaning and deserves greater responsibility.

True independence enables the benefiting nations to build self-confidence, realise their full potential and lead a life of dignity and fulfillment, a life free from exploitation and or any social and political oppression. Indeed, Uganda attained full possession of their sovereignty and began on the road to decide and shape their destiny through democratic means. Alas, few years down the road selfish interests took center stage and slowly we backtracked from democratic path to dictatorship and finally into tyranny of the likes of Idi Amin before sanity was restored in 1986.

To stand does not mean that you can’t or won’t fall, but to fall, rise, stand and move forward is what makes an undisputable achievement. Indeed since 9th october 1962 to date, Uganda has stumbled and even fallen, but we have taken it in our strides, risen, stood firmly and made fundamental steps forward.

This is the reason why today many Ugandans especially the young generation is more concerned and interested in opportunity and benefit coming out of the convincingly strong foundation for our future prosperity as individuals, families and country.

 

Struggle for Uganda’s independence

 The origin of the struggle for Uganda’s Independence began in 1940s when Ugandans staged various demonstrations against the colonial rule largely objecting to economic exploitations. They objected the manipulative pricings of their cash crops that did not give the deserved benefits. Such bold and courageous face-up against the colonial rule later metamorphosed political agitation leading to the formation of various political parties all agitating for self-rule.

As a result, Uganda’s first political party the Uganda National Congress (UNC) was founded in 1952. The party that was largely for farmers was founded by Ignatius Kangave Musaazi, Abubakar Kakyama Mayanja, Stefano Abwangoto (Bugisu), Ben Okwerede (Teso), Yekosofati Engur (Lango), and S.B. Katembo (Tooro).  Ignatius Kangave Musaazi, was the founding president general, and Mayanja was the founding secretary general. The others were chairpersons in their respective regions. The party was first based at the Kabaka’s Lake, Mengo, in the house of a one, Kitamirike. His place was the headquarters of the party for several years before it moved to Katwe and later to Kololo in the late 1950s.

The struggle for independence got a momentum with the formation of many other political parties that further enhanced the agitation for independence. Key among such parties was Uganda People’s Congress (UPC) of Dr Apolo Milton Obote, Grace Ibingira, John Kakonge and others.  There was also the Democratic Party under Benedicto Kiwanuka plus other small political parties.

Sir Frederick Mutesa, the  first none executive president of Uganda who was also  a monarch,  found it difficult to take orders from the national government, which was headed by A. Milton Obote.  In 1964 there was a referendum to decide whether two counties, which Buganda had annexed, should be returned to the neighbouring territory of  Bunyoro.  Bunyoro won, but Mutesa refused to sign the transfer instrument, thereby creating a crisis for the government.

From that point matters deteriorated rapidly. Until 1966 Uganda managed to maintain a degree of stability, but in that year matters came to a head, as the Buganda government resolved to expel the Ugandan government from its soil (Ibingira, 1980). This event played into the hands of Obote, whose national government responded by sending soldiers to the Kabaka’s palace to ‘investigate’ the presence of arms. The soldiers (headed by Idi Amin) over-ran the palace and forced the Kabaka into exile.  Obote proceeded to suspend the constitution crafted for the independence of Uganda and declared him-self executive president, head of state and government and commander-in-chief of the armed forces. The political instability had begun which resulted into a coup by Idi Amin and total collapse of the state of Uganda.

Post-Independence Uganda had this quagmire to the extent that by 1986, the country was experiencing absolute poverty and total regression.

Fortunately that period came and passed, leaving the nation with bitter memories which, though, have since served as learnable lessons. The last thirty three years of our Independence have witnessed a miraculous resurrection of Uganda as an Independent nation, thanks to some patriotic and caring Ugandans who saw the wisdom in using these learnable lessons. The resurrection began with the restoration of peace and security of both person and property and of democratic and constitutional governance.

Appreciating the need for markets and the wisdom of living peacefully together on this global village, the world or our mother earth, Uganda has vigorously established and strengthened friendly relations beyond her borders, regionally and internationally.

Our armed forces that were hitherto engaged in putting to an end destructive civil wars are in Uganda are now proud combatants that are restoring peace in countries across the continent that are still grappling with armed conflicts.

Government has carried out interventions that have led to economic growth and national development which is estimated at 6.3 per cent for financial year 2019/2019, having risen from 6.1 per cent in 2017/2018.

Several scientific indicators of development give hope to the Ugandans that the struggle to our middle term vision of reaching an upper middle class status by 2040 is not an impossible or lazy one.

Development of human resource starting with our young generation is a key strategy for strengthening of our Independence. Coupled with these developments in education is in the provision of health facilities.

Similar developments are afloat across the whole range of Uganda’s life e.g. Economy, roads, ICT, Construction, Democratic governance, Justice hither to deprived sections of Ugandans like Women, the youth, the Disabled, the Elderly and Entrepreneurs and workers. All these efforts are practical measures aimed at strengthening Uganda’s striving towards a prosperous   country with a prosperous people in order to give our Fifty Seven years old Independence a true meaning.

 

Infrastructure Programme

Karuma Dan is at 99% and is expected to be completed in December 2019 Isimba Dam was completed and commissioned adding 183 MW to the national grid, which raised electricity generation in the country to 1,158MW.

Geophysical mapping for mapping was for petroleum was done in the Moroto-Kadam basin. Implementation of the oil pipeline and mineral development petroleum refinery projects are in Progress. Government has also continued to manage mining activities and licencing across the country

Electricity access

Access to the electricity grid increased to 143,461 compared to the target of 120,457. A total of 1049.02Kms of electricity lines were completed across the country.

Health

The country has registered improvement in quality care services. Government has also controlled the spread of disease outbreaks such as cholera, Ebola, anthrax among others. Construction and improvement of infrastructure is going on countrywide.Life expectancy at birth stands at 63.3 years and Infant and Under Five Mortality rates between 2000 and 2016, declined by more than half, dropping from 88 to 43 deaths per 1000 live births and from 152 to 64 deaths per 1,000 live births respectively

A very encouraging statement of the vision of the Ministry of Health – A healthy and productive population that contributes to socio – Economic growth and social development-says all that Uganda is striving for in the field of health. As a result all indicators of improvement like infant mortality, immunisation coverage, maternal mortality, HIV prevalence, number of hospitals both referral and general and health centres and provision of high tech machines for complicated diseases .

Education

In the education sector, government continues to construct and renovate learning facilities and provide instructional materials, and the curriculum review is in progress.

In education, the primary school enrollment is 1,965,606. For Secondary schools enrollment is 1,350,583. For Business, Technical, Vocational Education and Training (BTVET) enrollment is 45,153. The literacy rate is 77 per cent for males and 70 per cent for females. The challenge remains at the completion rate in both cases and, of course, in the relevance and effectiveness of the education provided. These are being handled by all relevant authorities. The president began a programme of skilling the youth in parts of Kampala as a pilot study and now it is going to be rolled out across the country.

Universities and other tertiary institutions are expanding their service at their levels by the day. There are now 40 Universities (9 Government). This is up from just one University in 1986.

Industry

Government is developing industrial parks in various parts of the country and it has also established zonal agro-processing facilities and provided support to UNBS for standards development, promotion and enforcement. Industrial sector: The industrial sector accounted for 19.8 percent of total nominal output in FY 2017/18 and posted real growth of 6.2 per cent compared to 3.4 per cent recorded in FY 2016/17. Manufacturing grew by 4.4 percent compared to 2.2 percent registered in FY2017/18.

National road network 2017/18

The country has a total road network of 4,157 km.

Finally, with such milestones so far achieved notwithstanding  all the challenges we went through as a country, it is very imperative that we gather in Sironko to celebrate our independence as we continue to consolidate our national unity, security, freedom and prosperity.

 

 

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Eight die in Kamuli road accident

The wreckage of the taxi that involved in an accident

 

 

At least eight people died and nine others sustained injuries in a road accident that happened on Sunday in Nawantumbi village along the Jinja-Kamuli highway.

The accident involved a commuter taxi registration number UAZ 861J from Jinja whose one of its tyres burst before knocking a motorcycle carrying two passengers who died on spot.

The driver then lost control and knocked an electric pole, killing six passengers, eye witnesses said that the driver was over speeding.

“The driver was speeding and failed to limit the speed of the car even when he reached the trading centre which is highly populated with a lot of motorists,” an eye witness said.

Ms Fatuma Nakyanze, a survivor said that even the taxi was overloaded with 18 passengers instead of the recommended 18.

Meanwhile two people died and got scores injured yesterday after the driver of a taxi lost control and it overturned several times at Buyange Village, Magada Sub-county in Namutumba District.
The driver of the speeding taxi was reportedly distracted as he talked on phone asking colleagues whether traffic officers in Namutumba were still on duty, a survivor said.
The taxi, that was coming from Mbale and heading towards the Iganga direction, on Sunday evening overturned thrice, killing a 10-year-old pupil and a 39-year-old man.

 

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Absa Africa Financial Markets Index 2019 to be launched  next month

 

Absa Group in partnership with Official Monetary Financial Institutions Forum (OMFIF) will launch the Absa Africa Financial Markets Index 2019 on October 18, 2019 in Washington D.C, according to organisers.

Now in its third year, the Absa Africa Financial Markets Index records the openness to foreign investment of countries across the continent. The index is a premier indicator of the attractiveness of Africa’s capital markets, for use by policy-makers, investors and asset managers around the world.

Over the past year, key mergers, new regulations and innovative financial products have contributed to the growth of financial markets across the region. The 2019 edition draws special focus on policy and market developments that have made an impact on the 20 countries covered by the index, and will boost financial market growth in the region for years to come.

The launch will take place alongside the International Monetary Fund-World Bank Group annual meetings. It will feature a presentation of the report and key findings, followed by a panel discussion and moderated Q&A session.

‘The development of well regulated, deep and liquid financial markets is a key priority that should be at the top of Africa’s development agenda. The index facilitates a meaningful debate about the maturity and accessibility of Africa’s financial markets. It is an important contribution that supports policy-makers, investors, regulators and other market participants to identify the areas and initiatives which will drive the most significant improvements,’ said Maria Ramos, chief executive officer of Absa Group at the launch of the 2018 edition of the index .

‘It is heartening to see the advances made by African countries, in many areas, to improve the efficiency of capital markets,’ said David Marsh, chairman of OMFIF. ‘However, more remains to be done regarding the robustness of market infrastructure and regulatory frameworks across Africa and we look forward to tracking progress annually.’

Absa Africa Financial Markets Index 2018 showed that the greatest area for improvement across the continent remains the ‘capacity of local investors’. Excluding the top five economies, the remaining countries average a score of just 22 out of 100 in this pillar. Survey respondents highlighted that the lack of knowledge and expertise of pension fund trustees and other asset owners hinders the development of new financial products, by reducing their demand for more sophisticated assets and strategies to diversify returns. The index also shows that improvements in market infrastructure and regulatory frameworks could boost the performance of countries in the middle of the index over coming years.

The 20 economies surveyed were: Angola, Botswana, Cameroon, Egypt, Ethiopia, Ghana, Ivory Coast, Kenya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Senegal, Seychelles, South Africa, Tanzania, Uganda and Zambia.

The 2018 edition showed Uganda as having a stable performance with good foreign exchange access but low local investor capacity.

The index provides a toolkit for countries wishing to build financial infrastructure by tracking progress annually across six pillars: market depth; access to foreign exchange; tax and regulatory environment and market transparency; capacity of local investors; macroeconomic opportunity; and enforceability of financial contracts, collateral positions and insolvency frameworks.

 

 

 

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Unilever publishes global list of tea suppliers, Uganda inclusive

Man picking tea in Uganda

 

 

Unilever, the world’s largest tea company, is set to bring unprecedented levels of transparency to the industry by publishing its list of tea suppliers for the first time.

Unilever buys 10% of the world’s tea supply, enough to make 272,000 cups every minute; and supports a workforce of more than 1 million people in 21 different countries such as Argentina India, Kenya, Japan, Argentina, Vietnam and Australia and Uganda.

The landmark move to increase transparency in the industry covers all black and green tea sourced by Unilever. This supplies the blends for more than 30 brands around the world, including Lipton, Brooke Bond Red Label and Pukka.

Mick Van Ettinger, Unilever Executive Vice President Tea, said: “With transparency comes transformation. Greater scrutiny of our supply chains helps us work more effectively with partners and suppliers to bring about positive change for people and planet. We want all our consumers to be part of this process too, so they can see where their tea comes from and how we are supporting the communities we work with. We’re determined to make our tea supply chain even more socially and environmentally sustainable, from tea estate to tea pot, and this is a great step to help us do that”.

Sarah Roberts, Executive Director of the Ethical Tea Partnership, of which Unilever is a member said: “We prioritise approaches that tackle the deep-rooted issues that tea workers and communities are facing. We are therefore delighted that Unilever, which is such an important global player in the tea industry and a committed Ethical Tea Partnership member, is now fully transparent about where its tea comes from and is working strategically to address the social and environmental challenges that the sector continues to face.”

The supplier list  will be updated annually. In addition, Unilever has published an interactive map, which shows people where in the world their tea comes from. The map also features stories highlighting social and environmental programmes that Unilever is implementing with NGOs and supplier partners to enhance the livelihoods and wellbeing of local workers and their families.

 

 

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