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Economy
Crane Bank takeover — what you need to know, and implications
Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. Here is what you need to know about the central bank's move and what it means for Crane Bank and its customers.
October 21, 2016
Companies
Economy
Bank of Uganda takes over troubled Crane Bank, suspends management
Bank of Uganda has taken over the management of Crane Bank Limited, Emmanuel Tumusiime-Mutebile, governor of the central bank, told journalists at a hastily convened press conference on Thursday.
October 20, 2016
Companies
Markets
Uganda Clays MD on NSSF debt and turnaround strategy
Uganda Clays managing director, George Inholo is so confident of the roofing tiles maker’s prospects that he is not anxious about NSSF's recent decision not to turn all of its debt to equity. The company finally turned a profit in the first half of this year.
October 19, 2016
Companies
Markets
CIC Insurance aims to raise Shs7.25bn in share offering to cooperatives and saccos
CIC Africa Insurance (Uganda) Ltd is offering 724,900 shares to cooperatives, unions, and savings and credit cooperative societies based in Uganda, the insurer said in a statement. The ordinary shares will cost Shs10,000 each.
October 18, 2016
Companies
Movers & Shakers
Uganda attorney-general appointed to Centum board
Uganda's attorney-general, William Byaruhanga, was this week appointed to the board of Nairobi-listed Centum, in a move the investment company says is in line with its transition from "a national to a continental company."
October 14, 2016
Companies
Social media message on Crane Bank inaccurate, says BoU (Updated)
"Guys, if you know anyone with money in Crane Bank, tell them to remove it... Within the next week," the message circulating on WhatsApp on Thursday morning said. It was signed: "Insider BoU." Bank of Uganda has denied the message.
October 13, 2016
Mergers & Acquisitions
Opportunity Bank acquired by international fintech company
Opportunity Bank Uganda has been acquired by the MyBucks Group, a Luxembourg-based financial technology (fintech) company that has operations in ten other African countries. MyBucks announced the acquisition in a statement.
October 13, 2016
Companies
Vodafone to end unlimited plans on 31 October, introduces new bundles
Vodafone's unlimited plans will no longer be available after 31 October, a company representative told Uganda Business News. The telecom is now offering three new additional monthly plans: 20GB (at Shs220,000), 40GB (Shs330,000), and 80GB (Shs450,000).
October 12, 2016
Companies
Should you save with NSSF or buy stocks? Here’s what the data show
What if you were asked to choose between contributing to the NSSF and investing in the stock market? Your first concern would be the rate of return of either investment. We set to find out, looking at data from the last six financial years.
October 10, 2016
Companies
Corporate earnings and results
Printing keeps New Vision in black ink with Shs4.9bn profit
Profit before tax was flat at Shs7.4bn and the company had Shs5bn in cash and cash equivalents, down from Shs10.7bn at the end of last financial year. Cash from operating activities moved significantly from Shs14.1 billion in FY2014/15 to Shs2.5 billion.
October 6, 2016
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