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Stanbic Bank reduces prime lending rate

BOSS: Stanbic Bank Uganda CEO Patrick Mweheire

Stanbic Bank Uganda has for the fourth time this year reduced its prime lending rate by 100 percentage points, from 22 per cent to 21 per cent.

This is the fourth time the bank has reduced the rate in the last 8 months and it means the bank now has the lowest Prime Lending Rate among commercial banks active in the lending sector.

Announcing the rate reduction that comes into effect on December 1, the Chief Executive of the bank Patrick Mweheire said: “We have been encouraged by the news and data coming from the central bank which suggests the economy is recovering, our decision to reduce the rate is based on the prevailing economic conditions which are improving and our policy of maintaining the transparency of our pricing to our customers, where we match any movements of the Central Bank Rate with adjustments to our Prime Lending Rate.”

He added: “Despite signs of the recovery, we appreciate these are still very challenging times especially for small scale businesses which constitute the bulk of the private sector and contribute immensely to GDP output. Giving them access to cheaper credit is therefore key to driving long term sustainable economic development.”

“As a bank our objective is to put our customer’s increasingly in control of their overall banking experience; digital channels give us this possibility, a reason why we are investing so heavily towards their continuous development and integration into our banking offering,” Mr Mweheire said.

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MTV Awards: Kenzo bashes organisers

BIG WINNER? Artiste Eddy Kenzo

The prestigious MTV Africa Music Awards (MAMAs) were held Saturday in South Africa but unfortunately, all the Ugandans nominated in the awards: Sheeba Karungi, Eddy Kenzo and Bebe Cool lost out to their opponents.

This was Bebe Cool’s second nomination in a row while it was the first time for Sheeba and Kenzo.

However, Kenzo, who lost out the award of Best Live Act to South Africa’s Casper Nyovest, had no kind wards for the continental music awards’ organisers.

He believes he won the award but was denied because he is an Airtel ambassador yet the main sponsors of the MAMAs is MTN.

“I’m Airtel ambassador MTN is the main sponsor 4 mamas and the winner in my category is MTN ambassador South Africa, Hehehe just for just. Remember!! I have performed in over 35 countries 10 of them full stadium what else?” a seemingly angry Kenzo wrote Sunday on Facebook.

“They told us to vote and my fans did go on all @mtvbaseafrica platforms click on #Bestliveact and see the winner by your self I’m not being jealous here, but I do complain because they told us to vote and the fans decide. go back and check their posts down thats what they said even in emails. I was the most voted in my category remember wen you click on #Bestliveact you can see the results Stonboy was 2nd flavour 3rd Caspa 4th. on all @mtvbaseafrica platforms even if it was you!!!”

Kenzo has since got a bashing from fans over his comments with many calling him a bad loser.

Ninsiima Lipsy Martinah: I didn’t know that one can engage in a competition without knowing the rules. At least i expected Eddy to know the basics of the game more than i do – how does one win the award. Yes, and whereas online voting is crucial btw it contributes only 20%. If he knew that MTV platform and the judges contribute the highest to the total mark, probably he won’t complain again.

Hakim Bwanika: Eddy, you are on top of the fray in whatever career you are pursuing, remember that. You are still in a relationship with MTV because they play your music. Please do not go around dissing(complaining about) potential career paths so openly on social media because what you say right now may come back to bite in the future. On the bright side, thanks for representing Africa on global platforms.

Meanwhile, Bebe Cool has urged his fans not to lose hope.

“Let’s keep our focus on as usual but I want to thank you all for the special love you showed me and I promise one day you will all be proud of yourselves and me. i love you guys,” Bebe Cool appreciated his fans in his Gagamel Whatsapp group shortly after the award went a different direction.

 

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Museveni, Kaunda meet

GREAT MAN: President Museveni on a visit to elder Statesman Kenneth Kaunda's home in zambia.

President Yoweri Museveni has expressed great admiration for 92 year-old Kenneth Kaunda, the founding father of Zambia, telling his guests and journalists about his great deeds.

“You are in the presence of a great man. If Mwalimu Nyerere and this man had not stood firm, history would be very different today. What you call history is our current affairs,” President Museveni said shortly after arriving at the 40 acre State Lodge facility where the retired former president stays with his family.

President Kaunda, who despite his age insisted on welcoming President Museveni to his home and even presented him with a bouquet, said he was delighted to host the Ugandan leader in his home. Museveni immediately held his hand and walked him slowly back to the house.

“He is my father. I’m a great follower of these old men. I’m their disciple,” Museveni said before the two leaders had a warm conversation about Kaunda’s retirement and the country’s independence.

President Museveni asked his host if he rears any animals; goats or anything on his vast land before both leaders had a hearty laugh.

He consoled the former freedom fighter on the death of his wife Betty Kaunda and took time off to pay his respects at her grave nearby.

On his return, he had a piece of grass that he had plucked along the way as he returned to the house and asked Mzee Kaunda if he knew what the grass was for. The two leaders talked cows and grass thatches like father and son. Shortly after President Museveni introduced the Minister of State for Foreign Affairs Okello Oryem to Kaunda as the son of Gen. Tito Lutwa Okello, immediately bringing another smile to Kaunda’s face. Museveni also told him, he is working with the son of former President Milton Obote alongside that of Gen. Tito Okello. He later invited Mzee Kaunda to come to Uganda just to rest and relax.

“I want these people to know that African people fought for their freedom. By I963 when the Organisation of African Union was started in Addis Ababa, Zambia had not attained its independence. When Zambia got independence, Mwalimu and Mzee here spearheaded the fight in the south. Zambia suffered because the routes for goods were closed forcing them to use the hell run routes from Tanzania,” Museveni said.

Earlier in the morning, President Museveni now in Zambia on a two day state visit paid his respects to the country’s founding fathers and leaders, laying wreaths at the Freedom Statue in Lusaka in a colourful ceremony marking Zambia’s 52 Independence anniversary.

The President, accompanied by his host President Edgar Chagwa Lungu, also visited the Presidential Burial Site National Monument at Embassy Park in Lusaka where former President Fredrick Chiluba, President Levy Mwanawasa and President Micheal Sata are laid to rest, to pay his respects

The President later joined the nation at State House for the National celebrations.

 

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Museveni hails Zambia leaders over freedom

TETE A TETE: President Museveni holds talks with his Zambian counterpart Edgar Lungu at State House , Lusaka.

President Yoweri Museveni has saluted the former Zambian president Dr. Kenneth Kaunda for spearheading the struggle to fight for the liberation and independence of the Africa block alongside other past leaders in Tanzania, South Africa and Mozambique.

President Museveni, who was chief guest at celebrations to mark Zambia’s 52nd Independence anniversary, was last evening speaking to the local media in Lusaka, Zambia before he was hosted to a state dinner by President Edgar Chagwa Lungu. The two leaders later held bilateral talks at State House in Lusaka.

“I congratulate President Edgar Lungu for winning the election. I salute the people of Zambia. I salute Kenneth Kaunda. For us, Dr. Kenneth Kaunda is hero in Uganda. He fought for African freedom. You people should know that the prevailing freedom you have is as a result of the fight and struggle by the past African leaders like Julius Nyerere, Kenneth Kaunda and what the apartheid fighters in South Africa went through,” Mr. Museveni said.

He urged the Zambians to follow the example of the heritage of the past leaders like Kenneth Kaunda and the current ones like Edgar Lungu. Dr. Kaunda, now aged 92, fought for Zambia to attain its independence in 1964.

“Don’t rubbish what was ahead of you. I am here to witness the past development in 1970s when you were two million people and today when the population Zambia stands at 15 million people with the existing general infrastructure and agricultural development that has turned the former vast open land into development,” said Mr. Museveni.

He added that he was happy to be invited by President Lungu to witness the 52th independence anniversary celebrations. “I thank God for a long life; to see a young baby borne. I am happy to be at home,” he said.

President Museveni assured his counterpart that they will discuss more on economic and other bilateral issues between the two countries, saying that Zambia has a big potential of land, a natural resource that is underexploited.

He urged the opposition leaders in the country to stop trouble and contribute towards the development of the country.

“To disturb means to cause ruin. If you are not in politics, you can be in agriculture. Politics is not the end of the world,” President Museveni said.

While speaking at dinner, the people of Zambia applauded Mr. Museveni for his comment that when he is in Zambia he comes to renew his cultural contacts.

On his part President Lungu thanked President Museveni for honoring the invitation.

Present at dinner was the former Zambian President Rupia Banda, the Vice President Inonge Wina, the Ugandan Minister of State for International Affairs Okello Oryem, Uganda Ambassador to Zambia based in Dar es Salaam Dorothy Hyuha, Annet Nyakecho the MP for Tororo county North and Peter Ogwang the MP Usuku County among others.

RESPECT: President Museveni pays respect to the fallen Zambian leadders
RESPECT: President Museveni pays respect to the fallen Zambian leaders

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Meanwhile, President Yoweri Museveni has today paid his respects to Zambia’s former Presidents: Michael Sata, Levi Mwanawasa and Fredrick Titus Jacob Chiluba at the Presidential burial site.

 

 

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Kenyatta son weds

THE KENYATTAS: Circled is Jomo, Uhuru Kenyatta's first son.

Kenya president Uhuru Kenyatta’s fist son Jomo Kenyatta married his long-time girlfriend in a cultural Kikuyu wedding at an undisclosed location on Saturday.

Jomo got engaged to the woman, said to be from Nyanza, in June.

Before the quiet wedding that has remained a well kept secret, the two have been spotted together at several public events.

They have attended a past Jamuhuri Day celebration and also were seen together when US President Barack Obama visited Kenya as well as during the pope’s visit.

At the Saturday event, the bride, who is yet to be identified, and the groom were clad in traditional regalia.

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BoU rejected our investors – Crane Bank

SOLD: The former Crane Bank headquarters on Kampala Road.

The Central Bank last week took over the management of the third biggest bank in the country, Crane Bank, saying it poses a systemic risk to the stability of the financial system and that the continuation of Crane Bank’s activities in its current form is detrimental to the interests of its depositors.
However, sources in Crane Bank intimated to the EagleOnline that some ‘unscrupulous individuals’ within the Central Bank frustrated its efforts by rejecting all partners introduced to them.
“Crane Bank has been hunting for a partner to inject in more money in the bank which has diligently served Ugandans,” a source in Crane Bank said, adding that efforts to find an investor to recapitalize the bank were further dealt a big blow when Bank of Uganda took over the management of the commercial bank, citing lack of the requisite capital.
Under the country’s laws managing the banking sector, Bank of Uganda which regulates the sector must approve any person willing to buy into any operating bank.
“What Bank of Uganda is doing is not good for the banking sector in Uganda and Ugandans should worry. Every investor the bank presented to the Central Bank was not approved even when they were all good bankers managing renowned banks,” a source at Crane Bank said.

“Such a move as displayed by Bank of Uganda will create liquidity in the banking sector. People will not trust banks anymore,” the source added.

And some economists agree. According to Dr. Fred Muhumuza, a lecturer of economics at Makarere University, Crane Bank’s woes are a sign of a bigger economic problem.

While addressing media, he explained that it was wrong to borrow from commercial banks and invest in the construction of long term infrastructure projects like roads and power dams which do not yield quick returns.
He added that government must strike a balance between public investment and survival of the public sector.

“Mutebile said Crane Bank poses a systemic risk to the stability of the financial system and that the continuation of Crane Bank’s activities in its current form is detrimental to the interests of its depositors. While this could be true and the Central Bank acted in good faith, it risks causing panic within a young and fragile banking industry in the country. Less than 10 percent of Ugandans don’t use banks. Therefore, taking down banks in a manner BoU did is a disservice to the industry and in long run risks causing a liquidity crisis.”

Crane Bank is the third largest bank in the country with a reported capitalization of about Ushs1.3trillion.

By press time it was not possible to get comment from the BoU.

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UNMISS boss to step down

Special Representative of the Secretary-General and Head of the UN Mission in South Sudan (UNMISS), Ellen Margrethe Løj. Photo: UNMISS

The head of the United Nations peacekeeping operation in South Sudan, Ellen Margrethe Løj, has informed Secretary General Ban Ki-moon that she will be stepping down at the end of November after more than two years of leading the mission.

Ms. Løj was appointed by the Secretary-General as his Special Representative and head of the UN Mission in South Sudan (UNMISS) in July 2014 and assumed her duties in Juba in September 2014.

“Although the road ahead will be challenging, I remain hopeful that peace will prevail and that this young nation will finally live out its great promise. I look forward to the day where the girls and boys of South Sudan will never know the trauma of war again and will be able to actualize their full potential,” Ms. Løj said in a statement released today by the Mission.

According to the statement, she had planned to retire at the end of her current contract, which expired at the end of August this year, but chose to remain at the helm of the Mission in the wake of the July crisis until the situation could stabilize.

Ms. Løj has also stated that it has been an honor for her to serve as the Secretary-General’s Special Representative in South Sudan for over two years and will continue to advocate for a bright future for the people of South Sudan, the statement said.

In New York, Mr. Ban’s spokesman, Stéphane Dujarric, told reporters on Friday that “the Secretary-General is deeply appreciative of her lifetime of service to further the cause of peace and development, especially during her distinguished career with UN Peacekeeping having headed both UNMISS and the UN Mission in Liberia.”

“He is particularly thankful to SRSG Løj for her dedication, commitment and important contributions at the helm of UNMISS during extremely challenging times,” the spokesman added.

Ms. Løj, a national of Denmark, also headed the UN Mission in Liberia from 2008 to 2012, having previously held a number of senior positions in the Danish Ministry of Foreign Affairs, including as Ambassador to the Czech Republic, Permanent Representative to the United Nations, and Ambassador to Israel.

 

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Speaker Kadaga elected President of Africa Group at IPU

Speaker of Parliament Rebecca Kadaga and Buhweju MP Francis Mwijukye at the IPU conference in Geneva.

The Speaker of Parliament Rt. Hon. Rebecca Alitwala Kadaga has been elected President of the African Geopolitical Group at the Inter Parliamentary Union (IPU).

Kadaga’s election was during the meeting of the African Geopolitical Group at the ongoing 135th IPU Assembly in Geneva, Switzerland, on Sunday 23rd October, 2016.

In her role as the leader of all African Parliaments that are members of IPU, Kadaga, the Kamuli District representative, said she will coordinate pertinent and emergency matters on the African continent.

The IPU which comprises all United Nations Member States is meeting 23rd – 27th, October 2016 in Geneva under the theme, “Human Rights Abuses as Precursors of Conflict: Parliaments as Early Responders.”

The Speaker urged world leaders to address issues that force Africans to migrate to Europe, citing migrants from different African countries who attempt to cross high seas in search of greener pastures but end up drowning at times with their families.

“We have to mitigate the effects of migration. The African people continue to be trafficked, they continue to be killed, they continue to be drowned by the transporters,” she said adding: “the Mediterranean Sea is now the grave yard of the African people.  We should put more effort to see what is really happening to the African people.”

In Geneva, the IPU’s Committee on the Human Rights is marking its 40th anniversary, providing an opportunity to reflect upon its achievements with regards to human rights around the globe.

Among the issues to be considered by the 135th Inter-Parliamentary Union is a Resolution by the Standing Committee on Democracy and Human Rights, on “The freedom of women to participate in political processes fully, safely and without interference: Building partnerships between men and women.”

The Standing Committees on Peace and International Security will hold a hearing on “The role of Parliament in preventing outside interference in the internal affairs of sovereign States” and panel discussions on “Promoting democratic accountability of the private security sector” and “Comprehensive Disarmament”.

The Standing Committee on Sustainable Development, Finance and Trade is faced with a debate on “Promoting enhanced international cooperation on the SDGs, in particular on the financial inclusion of women as a driver of development”.

In addition, the Standing Committee on United Nations Affairs is to scrutinize “Funding the United Nations” and “The UN response to allegations of sexual exploitation and sexual abuse by UN peacekeepers”.

The 135th Assembly’s Forum of Women Parliamentarians, has scheduled a panel debate on “Securing the rights and future of women and girls during war and conflict” and a parity debate on harassment and violence against parliamentarians.

Speaker Kadaga is leading a delegation from the Parliament of Uganda including Raphael Magyezi (NRM, Igara West), Maureen Osoru (NRM, Arua district), Latif Sebaggala (Ind. Kawempe North) and Francis Mwijukye (FDC, Buhweju) and the Clerk to Parliament, Mrs. Jane Lubowa Kibirige.

 

 

 

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Kenya to debate withdrawal from ICC

President Uhuru Kenyatta at the ICC in the Hague.

The Jubilee administration will this week renew its push to have Kenya withdraw from the Rome Statute of the International Criminal Court.

Though the Executive is yet to act on two resolutions previously passed by Parliament, the National Assembly will seek to complete debate on a Bill to repeal the International Crimes Act.

State House yesterday said the Cabinet will consider the previous resolutions but did not give any time-frame. This comes only days after Burundi and South Africa formally informed the United Nations they are withdrawing from the ICC.

National Assembly majority leader Aden Duale said the Bill to repeal the International Crimes Act will be considered during tomorrow’s House Business Committee meeting.

“I will ask the House Business Committee to consider this Bill for debate in the coming week. Ultimately, our decision to leave the ICC is there. The spirit is there and I’m one of those who believe we have no business being in the ICC,” he said.

Parliament will now seek to repeal the Act, which incorporates the Rome Statute in the Kenyan Constitution and obligates the government to cooperate with the ICC.

A repeal would force the Cabinet to come up with a resolution, which will then be transformed into the withdrawal instruments.

Filing such instruments with the UN Security Council will mean Kenya will effectively have left the ICC after the end of a one-year period.

Yesterday, State House spokesman Manoah Esipisu said the Executive is yet to make any decision on the matter, hence the issue is pending.

The Bill by Bumula MP Boniface Otsiula was published on October 23 last year but is yet to come up for the second reading.

If the Bill is passed and assented to by the President, Kenya will become the third African country to withdraw from the ICC. Burundi was the first to do so last week after President Pierre Nkurunziza signed into law a Bill formalising the exit.

Two day’s later, South Africa notified the UN Security Council. It said the court is not in line with its efforts for peaceful conflict resolution.

In January this year, the African Union backed Kenya’s agenda for a mass walkout from the ICC during a Heads of State Summit in Addis Ababa.

Uhuru said Africa should make a powerful statement that reflects its refusal to be carried along in a system that has no regard for the sovereignty of nations and tramples on the security and dignity of Africans.

He said the court had subjected him and Deputy President William Ruto to “cases built on weak investigations and pursued with politicised zeal”.

Prosecutor Fatou Bensouda has since withdrawn the charges against Uhuru, while ICC judges ruled that Ruto and his co-accused Joshua Sang had no case to answer due to insufficient evidence.

On Saturday, the ICC urged Burundi and South Africa to reconsider their decisions. “Although withdrawing from a treaty is a sovereign act, I regret these decisions and invite South Africa and Burundi to reconsider their positions,” Assembly of States Parties President Sidiki Kaba said in a statement.

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Besigye, Tumwebaze mourn Luwandaga

Ever jolly. RIP Andrew Patrick Luwandaga.

Forum for Democratic Change party strongman Kizza Besigye and Minister for Information and Communication technology, Frank Tumwebaze have both expressed shock at the untimely death of UBC Icon, Andrew Patrick Luwandaga.

Luwandaga passed on Saturday October 22, 2016 and the cause of his death is yet to be made public but the two leaders commend the veteran sports analyst for his contribution to the country.

“My heart and thoughts with many others in grieving for Andrew Luwandaga. Condolences to family relatives and friends.” Besigye posted.

For his part, Mr Tumwebaze who is the line minister under which Uganda Broadcasting Corporation (UBC) formerly Radio Uganda and Uganda Television falls, posted “RIP our Icon, it’s a loss. On behalf of the broadcasting sector, I extend my deepest condolences”

Mr Luwandaga aged 61, has worked the national broadcaster since the 1970s and at the time of his death, he was head of sports and current affairs.

A funeral service is underway at Namirembe Cathedral before he is laid to rest at   Wamala Katooke in Kawempe at 4pm.

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