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Oil prices fall as hopes of production freeze fade

By
Our Reporter
-

Oil prices slipped on Thursday as the market focused on oversupply and fading hopes of a production freeze.

Global crude oil benchmark Brent LCOc1 was down 15 cents at $48.90 a barrel by 0830 GMT, having closed down 1.8 percent on Wednesday. U.S. light crude oil CLc1 was unchanged at $46.77 a barrel, after dropping 2.8 percent on Wednesday.

Oil prices rose more than 20 percent in the first three weeks of August on talk of a potential deal by oil exporters to freeze production levels to try to support prices.

Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28.

But hopes of a deal have been dampened by record OPEC output and few analysts see the prospect of voluntary restrictions.

“Speculators pushed the price up on expectations of an output freeze, which is unlikely to happen,” said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt. “I see downside risks if those expectations are being scaled back.”

U.S. investment bank Jefferies agreed, telling clients on Thursday that even if a freeze was agreed, “the effects on the physical market would appear to be minimal”.

 

“We do not expect a production freeze – let alone a production cut – from the OPEC meeting,” it said in a report.With output near record levels from many of the top producers, and demand shaky, there seems little prospect of an end to the glut which has pulled down crude prices from over $100 a barrel in 2014 to their current sub-$50 levels.

High storage levels are also weighing on the market.

In the United States, commercial crude oil stocks rose by 2.5 million barrels to 523.6 million barrels C-STK-T-EIA, 16 percent higher than a year ago.

In refined products, stocks around the world are also brimming as demand slows while refinery output remains high.

“Ample inventories were due to weaker demand in Asia, but more generally were driven by excess supply generated by refiners maximizing runs, notably to produce gasoline in the U.S.,” BNP Paribas said.

China’s implied oil demand fell 0.3 percent from a year earlier to 10.58 million barrels per day (bpd) in July, according to Reuters calculations using official data.

@ Reuters

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#UgTravelMonth: Why you should be excited

By
Evelyn Masaba
-

Ugandans have recently started appreciating their own country, so many trips ranging from Khoikhoi, Cocktails In The Wild to the newest addition dubbed #UgTravelMonth.

The growth of domestic tourism is now more common among the young adults who are easily targeted on social media and which is what most of these travel campaigns do; they create an idea and execute it solely on the common sites that most Ugandan youths frequent in a form that appeals to them.

Uganda Travel Month is a campaign organised by The Pearl Guide in partnership with a number of brand names including Jumia Travel and is going to run throughout the month of October. The campaign is not meant for one destination, but rather for the travelers to enjoy other different locations throughout the country.

Every weekend of the month of October will be booked for a roadtrip to one of the locations on the itinerary. Altogether there will be four trips in total which will cost 200, 000 UGX per person or 250, 000 UGX for the last trip.

So why should you be excited about the trips?

Queen Elizabeth National Park

This being the first trip, there is a lot of excitement surrounding it; so many people have never been to the Queen Elizabeth National Park and getting a chance to visit it at just 200, 000 UGX is a drop of luck.

Queen Elizabeth National Park

The park has the biggest variety of flora and fauna plus the highly famed tree climbing lions of Ishasha. This trip will be on the 1st till 2nd of October.

Murchison Falls National Park

What best way to spend your Independence weekend but away communing with nature with your family/ friends?

The park is located in an area that explodes with beauty, the falls cascade down through the river giving a scenic backdrop for the wild savannah and many animals. You get a chance to visit the rainforest full of chimpanzee and a variety of bird species, stand in awe of the gorgeous Karuma and Bugungu falls, see the crocodiles lazily hunt for prey on the river banks, see how Giraffes elegantly trot through the savannah, as well as lions, elephants and leopards all over the park grounds. This trip will be on the 8th till the 9th of October and will cost the same amount as the first trip, 200,000UGX.

Lake Mburo National Park

This one cannot be missed, the park’s camping grounds are located right at the show of the serene and tranquil Lake Mburo that is home to many families of Hippos and a number of crocodiles.

Lake Mburo National Park

The ride from the gate to the camping site is almost a mini game drive of its own due to the number of Kobs, Elands, Warthogs and Zebras but when you go for the actual game drive with an instructor, the park seems to come alive with animals you only read about in books and watched in “The Lion King.” The trip will only cost you 200,000 UGX and will be on the 15th to the 16th of October.

Jinja

The only way to end a travel month is by crowning it off loaded with adrenaline and fun in the most famous district in Uganda? The third trip will cost you 250, 000 UGX and it comes with a heavy package including a tour in the thick Mabira rainforest, bungee jumping and a crazy thrilling white water rafting ride over the roaring Nile. The trip will be the finale to the whole #UgTravelMonth escapade and there is a chance you might ask for more when the bus drops you off to head home.

Jinja

Now that your excitement has risen a notch higher, it is important to get ready for four thrilling weekends packed with music and fun.

Evelyn Masaba is the Public Relations Manager at Jumia Travel Uganda an online hotel booking service with offices in Kampala (Uganda) Lagos (Nigeria), Nairobi (Kenya) and Dakar (Senegal)

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Burundians ‘want presidential term limits abolished’

By
Our Reporter
-
ANNOUNCED DATE FOR REFERENDUM: President Pierre Nkurunziza

A commission set up by Burundi’s President Pierre Nkurunziza has said that most people in the country want term limits to be abolished.

Last year, the country was plunged into a political crisis after the president announced that he was running for a third term.

Street demonstrations were followed by a failed coup attempt.

The constitution limits a president to two elected terms, but Mr Nkurunziza’s lawyers successfully argued in the constitutional court that his first term did not count as he was appointed by MPs.

Reports say that the chairman of the presidential commission Justin Nzoyisaba said the majority of the people commissioners spoke to “want the president… to exercise more than two terms”.

Great Lakes problem

While Burundians spar over President Nkurinziza’s desire to remove term limits, Ugandans have a bigger battle already looming: whether the country will change its constitution to allow President Museveni to stay in power for life.

Museveni, 71, who came to power in 1986 and has endeared himself to the West by fighting Islamists in the region, is barred from the next election in 2021 because he will be past the constitutional age limit of 75 for presidential candidates.

On Wednesday, Uganda’s Parliament deferred presentation of a motion by a legislator, Robert Kafeero Ssekitoleko seeking leave to introduce a bill on constitutional amendments and raise the retirement age for judicial officers, among others.

Ideal the bill if passed would help the ruling party, NRM dominated parliament to remove the age cap of President Museveni’s office.

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Desperate Khalid Aucho joins South African club

By
Stephen Muneza
-

After months of blood and sweat including a link at Scottish giants Glasgow Rangers and trials at fellow topflight league club Aberdeen, Khalid Aucho has finally signed for a ‘lesser’ club.

Aucho left Nairobi for South Africa on Wednesday is now awaiting paper work to get his work permit as he hopes to make his debut.
Aucho left Nairobi for South Africa on Wednesday is now awaiting paper work to get his work permit as he hopes to make his debut.

Aucho signed an disclosed three-year-deal with Premier Soccer League (PSL) side Baroka FC.

The burly Uganda Cranes midfielder had an unsuccessful trial at Aberdeen – despite impressing The Dons technical team but will instead be linking up with national teammate Geoffrey Massa who has also just joined the newly promoted side.

Aucho, who recently attended trials in Scotland with Aberdeen, signed the deal on Wednesday as the team gets ready for the 2016/2017 season
Aucho, who recently attended trials in Scotland with Aberdeen, signed the deal on Wednesday as the team gets ready for the 2016/2017 season

“As a footballer it’s always a great moment moving up the ladder in your career. I believe Baroka have a vision that I share. I want to give my best for my new team at all times,” Aucho said on Wednesday.

The Jinja bred footballer is now waiting for his work permit before he will be able to make his debut for the newly promoted South African club.

Aucho, who has two goals in 17 caps for the Uganda Cranes, notably shone for Gor Mahia in the Kenyan Premier League.

For his parting shot message, Aucho, singled out the Kenyan champions for ‘special thanks’.

Aucho Khalid

“Deal done. Thank God my new home is Baroka FC, South Africa. Thanks to all coaches that have brought me up. To all the team that I have gone through, Jinja, Simba FC, Tusker FC, Gor Mahia. Special thanks to Gor Mahia, my teammates the management and all the fans,” part of his social media post read.

Both Aucho and Massa are expected in the country very soon after being summoned for the must win Afcon tie against Comoros on September 4 at Namboole.

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Army suspends Col. Kulayigye over gold scandal

By
Shawn Davis Kawalya
-
col. Kulayigye, photo credit,NTV-Uganda

Uganda Peoples’ Defence Forces has suspended its political commissar, Col. Felix Kulayigye
Col. Kulayigye’s suspension was announced by UPDF Spokesperson, Lt. Col. Paddy Ankunda.
“Truth is Col. Felix Kulayigye has been suspended from office of Chief Political Commissar. Pending further inquiries about his conduct in the issue of gold business” Ankunda wrote.
Adding “However, Col. Kulayigye remains in Parliament as UPDF representative despite the suspension”
Kulayigye was accused of allegedly kidnapping employees of a private company and ransacking its premises after a gold transaction went bad. The three employees of Matrich Holdings Limited, a company which deals in minerals were also reportedly detained with 600 grammes of gold with Shs70 million.
Col Kulayigye, was accused by Mr Richard Kamugisha, the managing director of the Ntinda-based company who reported him to the army leadership.
Col Kulayigye has, however, refuted the claims but confirmed the lady, Ms Murungi, is his niece who contacted him reporting theft of her gold from the company premises in Ntinda.

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Oulanyah takes charge of controversial Museveni age law

By
Our Reporter
-

Deputy Speaker Jacob Oulanyah, perceived by many to favour the ruling National Resistance Movement (NRM) party’s interests, has today chaired a session where a private member’s bill was tabled to amend the Constitution to remove the age limit.

The bill, sponsored by Nakifuma MP Robert Kafeero Ssekitooleko, appeared on the order paper yesterday as part of parliament’s ‘business to follow’ and was tabled on Wednesday just before 5pm.

Oulanyah asked MP Ssekitoleko to make copies of his motion and circulate it to all legislators with immediate effect.

Nothing is known about his boss Speaker Rebecca Kadaga’s whereabouts.

Since Oulanyah joined the NRM party in July 2006, he has earned himself as many Ugandan friends as he has earned foes, the latter who blame him for President Museveni’s lengthy stay in power that is now supposed to end in 2021.

If Parliament amends the Constitution and removes the age limit clause, President Museveni – currently 71 years – will be able vie again for the top seat to 2021.

The age-limit debate began in July after the Kyankwanzi district NRM conference, led by MP Anne Marie Nankabirwa, passed a resolution urging party MPs to move a motion in Parliament for the amendment of article 102(b) of the Constitution that caps the age of an in- coming president at 75.

During a meeting at the Kyankwanzi State Lodge at the National Leadership Institute, the Kyankwanzi district leaders told Museveni that they want the limit removed.

In response Museveni said that he would consult with the NRM Central Executive Committee and the NRM leadership.

Some of the MPs and members of the public who see this bill as a ruse point to early 2000s, when another innocent- looking constitutional review exercise ended up removing presidential term limits from the Constitution.

President Museveni has previously said that he would not rule past 75 years, although he has at times vaguely said that he will obey the Constitution.

Museveni was declared the winner of the last election in February with 60 percent of the vote. Kizza Besigye, who came second with 35 percent of the vote, said the election’s integrity was undermined by rigging, intimidation by security personnel and voter bribery.

In May, Besigye was arrested and charged with treason after a video circulated on social media of him in a mock swearing-in ceremony.

In 2005, lawmakers removed the two-term limit. But Museveni was accused of bribing ruling party legislators, an allegation he denies.

“Museveni has an absolute majority in Parliament. These legislators do not have the courage to resist what Museveni wants,” said Nicholas Opiyo, a political analyst and human rights lawyer.

 

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Fly Dubai showcases services in Uganda, Tanzania

By
Our Reporter
-

Dubai-based airline flydubai has today participated in Dubai’s Department of Tourism and Commerce Marketing’s (Dubai Tourism) first-ever East Africa roadshow joining 14 Dubai-based partners in showcasing a wide range of services and upcoming attractions. flydubai will then continue to Dar es Salaam on 30 August.

The roadshow is a great platform for local operators to meet directly with the airline and learn first-hand about the services and choices passengers from the market have when choosing to fly directly to Dubai for business or leisure.

Commenting ahead of the roadshow, Issam Kazim, CEO at Dubai Tourism, said: “The potential of Uganda and Tanzania as a source market is positive, and this roadshow provides us with the opportunity to directly interact with the operators here and showcase what Dubai has to offer. We look forward to making long-lasting and fruitful trade relationships during the trip to further grow the tourism market in Uganda for the benefit of all.”

flydubai was launched in 2009 to help create free flows of trade and tourism in the region and further support Dubai’s vision to become an internationally recognised aviation and tourism hub. flydubai’s reliable, affordable and high quality product offering with both business and economy classes, makes it possible for more people to travel more often to Dubai.

Sudhir Sreedharan, SVP Commercial Operations at flydubai (GCC, Africa & Indian Sub-Continent), said: “We are very pleased to take part in Dubai Tourism’s first-ever roadshow to East Africa and to showcase brand Dubai and flydubai. We are committed to opening up underserved markets and providing reliable, direct air links to destinations that previously had no or very few connections to Dubai. East Africa is a very important market that has shown significant growth over the past few years. We currently operate 82 weekly flights to 11 points in Africa, including 3 weekly flights to Entebbe and 4 weekly flights to Dar es Salaam and Zanzibar. These weekly frequencies will increase to 4 flights to Entebbe and 7 flights to Dar es Salaam and Zanzibar from October.”

flydubai currently flies to 11 destinations in North and East Africa: Addis Ababa, Alexandria, Asmara, Dar es Salaam, Djibouti, Entebbe, Hargeisa, Juba, Khartoum, Port Sudan and Zanzibar.

Business Class is available on most of the routes on the flydubai network and the carrier has recently introduced WiFi and Live TV on select flights.

The carrier, which is the second largest operator out of Dubai International, has built a network of 90 destinations in 44 countries and operates more than 1,700 flights a week out of it is home in Dubai International (DXB), Terminal 2 and the newly opened Al Maktoum International- Dubai World Central (DWC).

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200 graduate from Stanbic mentorship programme

By
Hussein Musisi
-
Enterprise Uganda Executive Director Charles Ocici

Stanbic Bank has conducted a business mentorship programme for 210 Small and Medium Enterprises (SME’s) businesspersons, with the best ten performers being rewarded today at a ceremony held at the Golf Course Hotel.

Conducted in conjunction with Enterprise Uganda, the year-long mentorship programme was aimed at improving the capacity of small scale businesses to become more self-sustaining by acquiring specialized skills on how to handle financial and administrative management and identify profitable investment for future growth.

Those rewarded include Michael Wamala, a crafts maker, Felix Gonzaga, a dealer in foodstuffs and agricultural services, Mary Asiimwe, a dealer in jewelry, Nickson Olama, a mobile money operator and James Mugisha, a dealer and distributor of agricultural products.

Others are Rose Nabawanuka, Florence Adong and Kenneth Wasswa, all of who registered improved profit margins compared to their previous earnings.

Speaking at the ceremony Kevin Wingfield, the Head of Personal and Business Banking at Stanbic Bank, that SMEs, which constitute the bulk of private sector investments, form the backbone of the economy. He also said SMEs are one of the largest employers and generate a considerable amount of tax revenue.

He noted that the majority of the business owners in these companies have never been formally trained to run their companies professionally, and as a result many of them struggle over time and as a result they collapse after just after a few years.

“Our objective as Stanbic Bank, working through Enterprise Uganda, is to help bridge the skills gap in the SME sector, by equipping the business proprietors with basic business leadership, administrative and people- management skills they need to enable them  sustain a profitable long term enterprise,’’ Wingfield said.

Charles Ocici, the Executive Director enterprise Uganda said the initiative is aimed at ensuring the long term success of SME’s.

“This is a direct contribution to economic growth of the country’’ Mr. Ocici said.

The 2015 Global Entrepreneurs Monitor (GEM) report indicated that Uganda had the best Entrepreneurship Growth rate at 28% but the challenge of sustaining these businesses is immense since more than half of the businesses started do not live to celebrate their first anniversary.

This could easily be as a result of poor book keeping and lack of proper guidance on how to run a business, and the uncertain financial muscle backed by high level of competition can not be underestimated.

 

 

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Sudhir’ starts construction of state of the art sports arena

By
Boses Muhinda
-

Ruparelia group, which is owned by East Africa’s rich man Sudhir Ruparelia has started construction works on his state of the art sports arena at Lugogo.

Sudhir signed a Memorandum of Understanding with Kololo Senior Secondary school to develop the sports ground formerly belonging to Kololo SSS.

The school administrators and Ministry of Education signed the MoU that allows the two schools, Kololo SSS and Kampala Parents’ School to use the modern facility once complete without any hindrance.

This project is one of the latest construction projects which includes a state of the art sports complex.

ruparelia-park4

The sports complex whose name is yet to be publically announced will possess state of the art football fields, running track, a swimming pool and a lounge for athletes to relax after engaging in sports.

Construction has begun on the large piece of land behind the Naguru Mosque which is behind Panamera bar and the Ruparelia owned Kampala Parents’ School. The land formerly housed Bush court. The acquisition of Bush court facilitated the expansion of the land that will house the sports park.

ruparelia-park

Currently the Ugandan has not invested heavily in sports infrastructure and some professional athletes have urged investors to set up state of the art sports training facilities. It is therefore humble to appreciate Sudhir’s construction project of a sports park.

By the time of publishing, graders had graded part of the land and part of the fence had been erected around the park. It is a work in progress but one of the caretakers hinted at the project being completed soon.

We shall be covering the progress of this project until it is complete and be sure to find the story of it’s completion on Eagle Online as soon as it’s opened.

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Fly Dubai showcases services in Uganda, Tanzania

By
Our Reporter and Agencies
-
flydubai Team at the DTCM East Africa Roadshow

Dubai-based airline flydubai has today participated in Dubai’s Department of Tourism and Commerce Marketing’s (Dubai Tourism) first-ever East Africa roadshow joining 14 Dubai-based partners in showcasing a wide range of services and upcoming attractions. flydubai will then continue to Dar es Salaam on 30 August.

The roadshow is a great platform for local operators to meet directly with the airline and learn first-hand about the services and choices passengers from the market have when choosing to fly directly to Dubai for business or leisure.

Commenting ahead of the roadshow, Issam Kazim, CEO at Dubai Tourism, said: “The potential of Uganda and Tanzania as a source market is positive, and this roadshow provides us with the opportunity to directly interact with the operators here and showcase what Dubai has to offer. We look forward to making long-lasting and fruitful trade relationships during the trip to further grow the tourism market in Uganda for the benefit of all.”

flydubai was launched in 2009 to help create free flows of trade and tourism in the region and further support Dubai’s vision to become an internationally recognised aviation and tourism hub. flydubai’s reliable, affordable and high quality product offering with both business and economy classes, makes it possible for more people to travel more often to Dubai.

Sudhir Sreedharan, SVP Commercial Operations at flydubai (GCC, Africa & Indian Sub-Continent)
Sudhir Sreedharan, SVP Commercial Operations at flydubai (GCC, Africa & Indian Sub-Continent)

Sudhir Sreedharan, SVP Commercial Operations at flydubai (GCC, Africa & Indian Sub-Continent), said: “We are very pleased to take part in Dubai Tourism’s first-ever roadshow to East Africa and to showcase brand Dubai and flydubai. We are committed to opening up underserved markets and providing reliable, direct air links to destinations that previously had no or very few connections to Dubai. East Africa is a very important market that has shown significant growth over the past few years. We currently operate 82 weekly flights to 11 points in Africa, including 3 weekly flights to Entebbe and 4 weekly flights to Dar es Salaam and Zanzibar. These weekly frequencies will increase to 4 flights to Entebbe and 7 flights to Dar es Salaam and Zanzibar from October.”

Flydubai Boeing 737-800
Flydubai Boeing 737-800

flydubai currently flies to 11 destinations in North and East Africa: Addis Ababa, Alexandria, Asmara, Dar es Salaam, Djibouti, Entebbe, Hargeisa, Juba, Khartoum, Port Sudan and Zanzibar.

Business Class is available on most of the routes on the flydubai network and the carrier has recently introduced WiFi and Live TV on select flights.

The carrier, which is the second largest operator out of Dubai International, has built a network of 90 destinations in 44 countries and operates more than 1,700 flights a week out of it is home in Dubai International (DXB), Terminal 2 and the newly opened Al Maktoum International- Dubai World Central (DWC).

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