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Pastor Yiga is still alive – ABS TV

pastor yiga

ABS TV has rubbished reports circulating on several blogs and media sites that Kawaala-based Revival Church Pastor Augustine Yiga ‘Abizaayo’ has passed on.

The renowned pastor is currently at Nsambya Hospital where he is receiving medical attention. Reports indicate that the ‘Miracle performing pastor’ was last week admitted to the medical facility over unrevealed illnesses.

“Pastor Yiga is not dead! Pastor Yiga Augustine Abizayo is still alive, he is not yet dead. We take this opportunity to warn whoever is spreading the news, do it at your risk,” Yiga’s son Andrew Jjengo said live through ABS TV Facebook page.

Pastor Yiga is widely known for his hilarious way of preaching and presenting on his ABS Television.

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Lower oil demand likely to persist beyond 2021

oil pipes

While metal and agricultural commodities have recouped their losses from the COVID-19 pandemic and are expected to make modest gains in 2021, energy prices, despite some recovery, are expected to stabilize below pre-pandemic levels next year, the World Bank said.

Oil prices fell dramatically in the early stages of COVID-19 and have only partially regained pre-pandemic price levels, while metal prices declined relatively modestly and have returned to levels that preceded the shock, according to the semi-annual Commodity Markets Outlook report. Agriculture prices were relatively unaffected by the pandemic, but the number of people at risk of food insecurity has risen as a result of the broader effects of the global recession.

“The impact of COVID-19 on commodities has been uneven, and could have lasting effects for energy markets,” said Ayhan Kose, World Bank Group Acting Vice President for Equitable Growth, Finance & Institutions and Director for the Prospects Group. “When declines in commodity prices are short-lived, policy stimulus can buffer their impact. However, when prices remain depressed for an extended period, policy makers need to find solutions so their economies can adjust smoothly to a new normal. Because of COVID-19, the new normal for oil-exporting emerging and developing economies arrived earlier. In the post-COVID world, these countries need to be more aggressive in implementing policies to reduce their reliance on oil revenues.”

Oil prices are expected to average $44 per barrel in 2021, up from an estimated $41 per barrel in 2020. Demand is expected to rise only slowly as tourism and travel continue to be held back by health concerns and as global economic activity is anticipated to return to pre-pandemic levels only in the year after next. Supply restraint is expected to be eased steadily.  Energy prices overall — which also include natural gas and coal are expected to rebound sizably in 2021, following large declines in 2020, an upward revision from April’s forecast. A resurgence of a second wave of the pandemic that results in more lockdowns and less consumption, and delays in vaccine development and distribution, could lead to lower energy prices than forecast.

Metal prices are expected to post modest increases in 2021 after falling in 2020, supported by the ongoing recovery in the global economy and continued stimulus from China. A prolonged period of weak global growth would lead to lower prices than forecast.

Agriculture prices are expected to rise slightly in 2021, following an estimated 3% increase in 2020 following some shortfall in edible oil production. Concerns about food insecurity remain relevant in several emerging market and developing economies. These concerns are prompted by hits to incomes from the global recession, bottlenecks in food availability at the local level, and border restrictions that have constrained labor supply. Food price inflation has spiked in several countries.

The pandemic is only the latest in a long history of shocks to commodity markets. A Special Focus looks at the nature of commodity price shocks on 27 commodities during 1970-2019. It finds that highly persistent and short-lived shocks have contributed almost equally to commodity price variation, although with wide variety across commodities. Permanent shocks account for most of agricultural commodity price variability while transitory shocks are more relevant in industrial commodity prices. The varied duration of such shocks points to a need for policy flexibility.

 A transitory commodity price shock may call for stimulative fiscal policy to smooth consumption; countries that depend on exports of commodities subject to cyclical price swings may want to build fiscal buffers during the boom phase and use them in the bust period to support economic activity. In countries that rely heavily on commodities that are subject to permanent shocks, structural policies such as economic diversification and broadening the tax base may be needed to facilitate adjustments to new economic environments.

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Stanbic Bank lights up 43 UPE schools countrywide

Stanbic Bank lights up 43 UPE schools countrywide

Stanbic Bank has partnered with M-KOPA Solar Uganda to provide solar lighting systems for candidate classes and administration blocks to enable these students pursue their studies.

The Stanbic/M-KOPA partnership started in 2018 with the intention of tackling two major problems; student absenteeism partly due to lack of electricity and teacher absenteeism. However, we have seen this changing over the years to address more concerns and enable both students and teachers to reap the benefits of consistent availability of power.

Uganda Martyrs Primary School in Kampala’s Lubaga division, a KCCA-aided school with over 1000 student population is one of beneficiaries of this solar system.

Stanbic Bank Head of Corporate Social Investment, Miss Barbara Kasekende said, “Over 90% of our Universal Primary Education (UPE) schools are not on the national electricity grid, which is a major handicap, considering that 70% of our primary going children are in the rural areas. As a bank, we are committed to empowering the future leader and job creator by ensuring the basic education needs are met. Our Social Economic Environment strategy revolves around creating shared value in all the communities we operate and serve.”

This initiative not only provides lighting to schools in an eco-friendly manner, but also helps to inspire these young people to pursue their studies with greater diligence.

“Since 2018, we have grown the beneficiary numbers from 8,000 students to over 20,000 today. This year, we shall light up 43 UPE schools in seven districts across Uganda. Notably, this region also has the worst performance rate in the country, but we are sure this initiative has gone a long way to address this issue,” Miss Kasekende urged.

As a result of the scheme, several schools now allow the community to use the classrooms once the students are done which adds to the social value of the initiative. Some schools have gone further to add a dormitory section to allow students the time to study and also stay in a safe environment. Another spin-off has seen candidate classes increase in number from previous years due to the installation of lighting, she added.

Further noting, this initiative has in the last 3 years reached out to 46,084 students in 72 schools. The beneficiary schools are also supplemented with primary seven PLE prep books as study aids. In addition, each assisted school received 10 to 200 plus fruit trees to address the issues around climate change and food insecurity.

Eng David Ssali Luyimbazi, Deputy Executive Director KCCA said, “I would like to express our appreciation to Stanbic Bank for their cooperation in this initiative. This journey started as a means to motivate our UPE schools to teach their students with the hope of them knowing that they can succeed in life no matter the challenges they are going through. We also wanted our school management committees to go the extra mile and improve their schools’ communities without waiting for Government funding.  The 10 schools that were given this gift have shown that the school eco system can actually create change to empower their students to excel!”

“Several challenges still remain in these schools. However, with partnerships like the one we have with Stanbic, we believe that solutions can definitely be found.”

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Cranes improve in October 2020 Fifa rankings

UG Cranes

The Uganda Cranes have moved up by one slot in the latest Fifa October football rankings released today.

The Cranes climbed up to 76th position in the world, with a total of 1321 points and are placed 15th in Africa, maintaining the best position in the Cecafa region.

Our next opponents in the 2021 Afcon qualifiers South Sudan are placed at 168 while neighbours Kenya ascended by three slots to 103, Tanzania stagnated at 134, Burundi is at 148 and Rwanda at 133.

The top five countries in Africa are; Senegal (21), Tunisia (26), Algeria (30), Nigeria (32) and Morocco (39).

The top five in the world remain; Belgium, France, Brazil, England and Portugal.

However, there are changes to the top ten: Spain (6th, +1) and Argentina (8th, +1) swapped places with Uruguay (7th, -1) and Croatia (9th, -1) respectively.

Further down the classification, Denmark (13th, +3), Algeria (30th, +5), Paraguay (35th, + 5), Morocco (39th, +4), Scotland (45th, +4), and Hungary (47th, +5) all progressed, with the Magyars breaking into the Top 50 at the expense of Bosnia and Herzegovina (51, -1).

The biggest climber this month was Malta (180th, + 6), who jumped six places courtesy of victories over Gibraltar (195th, unchanged) and Latvia (142nd, -5) and a draw with Andorra (145th, -8). Also worthy of note is the progress of Ecuador (60th, +4), Panama (77th, +4) and Israel (88th, +5).

The next FIFA/Coca-Cola World Ranking will be published on 26 November 2020.

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Dixon Kagurusi promises to uplift Kinkizi West back on the national scene

Mr. Dickson Kagurusi

 

Ampumuza Dixon Kagurusi an independent contestant for Kinkizi West parliamentary seat has promised to uplift the constituency back to the limelight as it was with the former Prime Amama Mbabazi.

Kagurusi was nominated on October 17 at Kanungu district headquarters on an independent ticket after having participated and lost the NRM primaries in 2015.

Kanungu District Electoral Commission (EC) Registrar Ferdinand Mulekezi on Nomination days said that Dixon Ampumuza Kagurusi an independent candidate and Spencer Kansiime Zamaani who was nominated on the National Unity Platform (NUP) were nominated before the closure of the exercise at 5pm.

The Registrar Ferdinand Mulekezi also said that by the close of the nomination exercise, six contestants had been nominated for the Kinkizi West Parliamentary Seat which is the highest number of contestants in one constituency currently.

Dixon Kagurusi who was escorted by Kanungu District Youth leaders vowed to represent the voiceless and empower communities out of poverty and not to serve any mafia system as the current MP does. He also said that once elected, his focus will be to eradicate poverty in their homes so that they can be able to afford education for their children which is a springboard to growth and development of any community.

Dixon Kagurusi also said that his entry into politics is driven by service beyond self and this can be achieved when local leaders are committed to establish the needs assessment for their voters and make a follow up, giving their constituencies what they need to survive over time, call it sustainable growth.

Ampumuza Kagurusi said that he was joining the Parliamentary seat race to win and give the people of Kinkizi West what they really deserve.

Kagurusi also revealed that his symbol will be a watch to symbolize that the time for change is now.

Kagurusi boosts of connections at both national and international level having worked in the media industry for close to 15 years. He is also reported to be well connected within the Kampala establishment, something that gives mileage ahead of his opponents.

 

 

 

 

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MPs to be elected on January 14 as EC issues guidelines

EC-Voting-ballot-box

The Electoral Commission has announced January 14th, 2021 as the date Ugandans will elect their Members of Parliament (MPs).

The electoral body gazetted November 9th 2020, to January 12th 2021, as the campaign period for all nominated MP candidates following conclusion of the nomination exercise.

Addressing the media on Thursday, EC chairperson Simon Byabakama said all campaigns should follow Standard Operating Procedures (SOPs) to guard against the spread of Covid-19.

Byabakama said that campaigns shall be conducted between 7am to 6pm and venue owners must ensure that the campaign/meeting venues are provided with hand washing facilities and sanitizers, and that supporters attending the campaigns/meetings wear face masks at all time, while accessing and exiting the meeting venue.

Candidates may also use the community-based Public Address Systems (kizindaalo) between 7am to 9am and 4pm to 6pm.

Candidates have been advised to identify suitable venues within their constituencies and notify the respective Returning Officers, who will conduct an inspection together with the Police and the District COVID-19 Taskforce to ensure the venue will enable observance of the guidelines issued by the Ministry of Health.

They will, however, be allowed to organise/hold campaign meetings, in a regulated manner, preferably outdoors, with limited attendance of a maximum of seventy (70) persons, to enable the observance of the 2-meters social distancing rule for the persons attending the meeting.

Candidates who use posters are warned against putting them on road traffic signs. Similarly,those who use banners are strongly warned against hanging them on electricity power lines, or in a manner that endangers vehicular traffic and pedestrian movement. Any campaign materials that are wrongly placed will be removed by the relevant Council authorities and Police.

Candidates and their agents have been advised to use non-contact means of communication to interact with the electorate. These include fliers, leaflets, brochures, posters, billboards and banners; radio and television announcements and talk shows; short messaging services (SMS), voice messaging, and new digital media platforms and websites.

In a similar development, EC appointed Monday 2nd and Tuesday 3rd November 2020 as the dates for nomination of candidates for Presidential Elections, 2021.

The nomination exercise will be conducted at Kyambogo University Sports Grounds, starting at 9am and ending at 5pm on each of the appointed dates.

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Housing Finance Bank to offer competitive rates on gov’t securities

 

Kampala, Uganda – Following its recent appointment as a primary dealer for government securities, Housing Finance Bank Uganda has announced that it will be one of the seven banks that have exclusivity to the primary auction under the competitive bidding where it will buy securities and sell them to investors at very competitive rates on the secondary market.

“As a new entrant in the new primary dealer reforms by Bank of Uganda, we were only appointed a Primary Dealer effective October 1, 2020, and have thought very carefully about our pricing. What I can assure you is that our pricing is going to be very competitive and will give our customers confidence that they have made the right choice,”. Robert Nyehangane (Pictured above) head of Treasury at the bank said

In a media statement, Bank of Uganda announced that from October 1, 2020, competitive bidding in the primary market for government securities would be limited to only seven primary dealer banks.

According to the Central bank, this move was aimed at enhancing liquidity in the secondary market.

Mr. Nyehangane explains that the addition of Housing Finance Bank as a Primary Dealer, shows that it has among all the other banks, demonstrated capacity to effectively carry out the task.

“Housing Finance Bank has a well-defined strategy both generally as a business and specifically with regard to making the market for government securities. We have demonstrated that we can trade these government securities from the volume and value of transactions that we do in both the primary and secondary market. This was one of the criteria for qualification as a primary dealer,” he explained.

The primary market is a marketplace where debt instruments are purchased from the issuer, being government of Uganda through Bank of Uganda, and the Primary Dealers bid for these instruments exclusively for amounts above Shs200 million.

He further explains that the primary auction has both competitive bidding and non-competitive bidding. Competitive bidding is for amounts above Shs200 million, while non-competitive bidding is for amounts below Shs200 million. The threshold basically means that for the amounts below Shs200 million, anyone can still buy securities on the primary market.

These securities are then sold on the secondary market; where anybody buying the Government securities is buying them from a primary dealer.

Why invest in government securities?

According to Nyehangane, government securities are risk free instruments that offer customers assured and good returns on their investments.

“With this investment, you are lending to the government of Uganda which can’t default. So it is risk free and the returns are higher than various investments that you can think of. Most importantly, it’s an investment that you can liquidate at any time you need the money. If you for instance made the investment today and one year down the road you have a challenge, you just approach the Housing Finance Bank which buys it from you and gives the cash back to you.”

“Because bonds are long term investments (up to 15 years). The fear would be that if invest in this security, I have to wait until maturity before I can access the funds but that is not the case because you can sell it and  additionally, bonds have interest coupon payments every six months. So it gives you good cash flows for a long term investment that you have made unlike some other investments where you have to wait until maturity,” he explains.

How do I start investing in these government securities?

  1. All you need to do is to open a savings or current account with Housing Finance Bank if you don’t have one already.
  2. The bank will facilitate the process of opening a Securities (CSD) account with Bank of Uganda
  3. The minimum amount required to invest is Ushs 100,000
  4. Approach any branch near you to initiate the transaction for investments or call us on any of these numbers; 0417 707 510, 0417 707 569, 0417 707 771, 0417 707 619
  5. Investment options include Treasury bills for 91, 182, 365 days or Treasury bonds for 2, 3, 5 10, 15 years.

 

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German Embassy donates to Uganda Police Force

German embassy donates to uganda police

The Federal Republic of Germany has today donated one brand new single cabin Nissan pickup, 25 video cameras and 1000 chairs to the Directorate of Criminal Investigations Training School at a function held at Police Headquarters, Naguru.

The assortment was handed over to the Joint Chief Of Staff AIGP, Jack Bakasumba, by a delegation from the German Embassy in Uganda, headed by His Excellency Mister Schauer, the Deputy Ambassador of the Federal Republic of German.

In his speech, AIGP Bakasumba, thanked the German government for the strong spirit of cooperation the German government has enjoyed with the Uganda Police Force and Uganda at large.

“This is an enormous support to the Uganda Police Force, for which we shall always remember as an institution. It’s an illustration of the strong relationship that exists between the two sister countries. This support will not only fight crime within Ugandan borders but also across. We pledge to use this equipment professionally and guard against any misuse,” AIGP Bakasumba said.

The German government has previously supported the force in training of crime scene management officers, finger prints, bomb scene management, crime trend analysis, narcotic drug investigations, forensic photography and homicide investigations among others.

AIGP Bakasumba was accompanied by AIGP Grace Akullo the Director CID, AIGP Asan Asan Kasingye CPC, Ag Director Forensics SP Andrew Mubiru, Ag director ICT CP Felix Baryamwisakyi among others.

This donation comes at the time when the UPF is undertaking efforts to professionalize the Force majorly by making Investigations scientific for the better service delivery of the public.

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Absa Bank, IFC train SMEs to boost recovery and business resilience

ABSA

Absa Bank Uganda and International Finance Corporation (IFC), a member of the World Bank Group, have, and navigated the difficult operating environment caused by the COVID-19 pandemic.

The training, held under the Absa SME Academy platform, is in response to the current economic climate and the impact of COVID-19 on SMEs.

Mr. Mumba Kalifungwa, Absa Bank Uganda’s Managing Director says, “The COVID-19 pandemic has left a significant impact on Uganda’s SMEs, with nine out of ten businesses reporting an increase in operating expenses, 38 per cent of micro-businesses reporting no access to inputs, and overall, 83 per cent of businesses reporting a decline in the demand for their products, all of which have affected their cost of doing business.”

A report on the impact of the COVID-19 pandemic on Ugandan SMEs by the United Nations Capital Development Fund (UNCDF) stated that recovery for most businesses affected by the COVID-19 pandemic is expected to take more than three months and possibly until the end of the year. 70 per cent of businesses evaluated estimated their recovery time to last more than three months, while 26 per cent envisaged a recovery period of one to three months. Industries with the longest period of recovery include accommodation and catering (58 per cent); production and supply of utilities (54 per cent); real estate (54 per cent); financial industry (44 per cent); and manufacturing (41 per cent).

The SME Academy will train the directors and proprietors of the Ugandan SMEs in financial-related courses led by IFC-certified trainers, helping the SMEs build their capacity to thrive in the current uncertain business environment.

The initiative was introduced in 2019 as an opportunity for Absa to help businesses address their challenges and improve their skills, such as business management, planning and governance.

Mr. Manuel Moses, IFC Country Manager for Uganda, says, “Supporting smaller businesses is a strategic priority for IFC in Uganda and across Africa, a focus that has become even more critical since the onset of the COVID-19 pandemic. Our partnership with Absa Bank Uganda is designed to strengthen the Ugandan SMEs and, therefore, strengthen the wider Ugandan economy.”

SMEs contributed more than Shs 9 trillion in domestic tax revenue between 2016 and 2019, contributing over 70 per cent of Uganda’s total gross domestic product (GDP) while providing both formal and informal employment to about 45 per cent of the labour force across manufacturing, commerce, services and other sectors.

Mr. Kalifungwa adds, “The banking sector has a critical role to play in post-COVID-19 recovery. Banks have the experience and expertise, for example in conducting risk assessments, which knowledge can be useful to SMEs towards building more sustainable and resilient business models.”

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Over 355 million children survive on less than $1.90 per day

Over 355 million children survive on less than $1.90 per day

The pre-COVID-19 analysis reveals that 356 million children struggle to survive on less than $1.90 a day, two-thirds of them in Sub-Saharan Africa.

The analysis shows that the number of children living in extreme poverty decreased moderately by 29 million between 2013 and 2017. However, UNICEF and the World Bank Group warn that any progress made in recent years is concerningly slow-paced, unequally distributed, and at risk due to the economic impact of the COVID-19 pandemic.

“1 in 6 children living in extreme poverty is 1 in 6 children struggling to survive,” said Sanjay Wijesekera, UNICEF Director of Programmes. “These numbers alone should shock anyone. And the scale and depth of what we know about the financial hardships brought on by the pandemic are only set to make matters far worse. Governments urgently need a children’s recovery plan to prevent countless more children and their families from reaching levels of poverty unseen for many, many years.”

Although children make up around a third of the global population, around half of the extreme poor are children. Children are more than twice as likely to be extremely poor as adults (17.5 percent of children vs. 7.9 percent of adults). The youngest children are the worst off nearly 20 percent of all children below the age of 5 in the developing world live in extremely poor households.

“The fact that one in six children were living in extreme poverty and that 50% of the global extreme poor were children even prior to the COVID-19 pandemic is of grave concern to us all,” said Carolina Sánchez-Páramo, Global Director of Poverty and Equity for the World Bank. “Extreme poverty deprives hundreds of millions of children of the opportunity to reach their potential, in terms of physical and cognitive development, and threatens their ability to get good jobs in adulthood. In the wake of the massive economic disruption caused by the pandemic, it is more crucial than ever that governments support poor households with children now and rebuild their human capital during the recovery.”

Extreme poverty among children has not fallen as much as it has for adults; a larger share of the global poor were children in 2017, compared with that in 2013. All regions of the world experienced varying levels of decline in extreme poverty among children, apart from Sub-Saharan Africa, which saw a 64 million increase in the absolute number of children struggling to survive on $1.90 a day, from 170 million in 2013 to 234 million in 2017.

Child poverty is more prevalent in fragile and conflict-affected countries, where more than 40 percent of children live in extremely poor households, compared to nearly 15 percent of children in other countries, the analysis says. The analysis also notes that more than 70 percent of children in extreme poverty live in a household where the head of the house works in agriculture.

The ongoing COVID-19 crisis will continue to disproportionately impact children, women and girls, threatening to reverse hard-won gains towards gender equality. Social protection measures have a crucial role to play to mitigate coping mechanisms by the poor and vulnerable in both the immediate COVID-19 response as well as the longer-term recovery.

World Bank and UNICEF data suggest that most countries have responded to the crisis by expanding social protection programs, particularly cash transfers. Cash transfers provide a platform for longer-term investments in human capital. Particularly when combined with other child development measures and coupled with high-quality social service provision, cash transfers have been shown to address both monetary and multidimensional poverty and improve children’s health, nutrition, cognitive and non-cognitive outcomes.

However, many of the responses are short-term and not adequate to respond to the size and expected long-term nature of the recovery. It is more important than ever for governments to scale up and adjust their social protection systems and programs to prepare for future shocks. This includes innovations for financial sustainability, strengthening legal and institutional frameworks, protecting human capital, expanding child and family benefits for the long term as well as investing in family-friendly policies, such as paid parental leave and quality child care for all.

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