Annual headline inflation slowed to 4.1% for the year ended October 2016 from 4.2% in September, according to data from the Uganda Bureau of Statistics. Core inflation however rose to 5.1% year-on-year from 4.1% (revised) in September.
Total S.A., the French oil and gas company currently carrying out exploration activities in western Uganda, is acquiring a 10% stake in Uganda’s planned oil refinery, energy minister Irene Muloni told Bloomberg.
Nakumatt Holdings, the Kenyan supermarket chain with a presence in Kenya, Uganda, Rwanda, and Tanzania, said in a statement on Thursday that it is facing cash flow problems and is speaking to local and international financiers for a capital injection.
Uganda has moved up seven places in the World Bank’s latest Doing Business Report, coming in at 115 out of 188 economies. The report investigates regulations that improve or constrain the operations of small to medium-size domestic businesses.
Bank of Uganda’s tight monetary policy has been successful in bringing down inflation to within target, the International Monetary Fund said on Tuesday. But it also raised concerns about high government spending and lower tax collections.
At least 200 youths have received training in costing, budgeting, managing family businesses, book-keeping, and marketing, among others, from Centenary Bank and the International Labour Organisation – Youth Entrepreneurship Facility
Vivo Energy Group CEO Christian Chammas was in Uganda recently to launch the company’s convenience retailing stores at Shell Amber-court in Jinja. Chammas was pleased with the growth of the petroleum industry in Uganda, and expressed optimism about its potential.
The Uganda economy is set to grow at 4.9% in 2016, according to a report released by the International Monetary Fund, slightly higher than the 4.8% registered in 2015. It also forecasts a real GDP growth of 5.5% in 2017.
Atlas Mara, the financial services group that has been named as one of the possible buyers of Crane Bank, released unaudited 3rd quarter financial statements showing a 77.5% year-on-year drop in after tax profit for the nine months ended 30 September.
The Central Bank released a statement on Monday disputing social media rumours on the state of the financial sector. Signed by the bank’s director of communications, the statement says “the financial sector as a whole is stable, sound and resilient.”