Category «Business»

Karuma dam may not be commissioned this year – UEGCL

By Ritah Kemigisa The 600 Mega Watt Karuma Hydro power dam may not be commissioned this year as earlier projected. This has been revealed by the Uganda Electricity Generation Company Limited Corporate (UEGCL) affairs manager Simon Kasyate. Mr. Kasyate says although the dam will be ready by December this year, challenges with construction of the transmission evacuation lines will delay the commissioning. He says the physical progress of the dam is over 95% done, with the installation of hydro mechanical and electrical parts, and generator unit already in place and the remaining work progressing well. Mr. Kasyate says the construction of the transmission lines like Karuma-Kawanda power line has been delayed by compensation issues and vandalism. The $1.7 billion dollar …

Egypt Air Corporation sued for failure to deliver wedding gifts 

  By Juliet Kigongo A woman has dragged Egypt Air Corporation to the Commercial Court seeking Shs50million in compensation for allegedly failing to deliver wedding gifts worth Shs10 million to her client in the United States of America. Ms. Jackline Ntarutaimana claims she paid the company about Shs400,000 as freight charges for a consignment which was to be urgently delivered to her client before April 29, 2016 -the day of the wedding. Ms.Ntarutaimana says that even after the goods were delivered at Entebbe International Airport on April 7, cleared and released for export to New York John F Kennedy Airport, her client did not receive them and to date nothing has been done by the company. She says that her …

Dealers in non-conforming cosmetics seek out-of-court settlement 

By Betty Ndagire A businesswoman accused of vending cosmetics not fit for human use has intimated to court that she wrote to Uganda National Bureau of Standards (UNBS) to have her case settled out-of-court. Ms Maria Prossy Namwanje, the director of Sure Deal Products is charged with 5 counts ranging from applying the UNBS Quality Mark without permission and being in possession of commodities that do not conform to the compulsory standards and specifications set by UNBS. During a session presided over by the Standards Utilities and Wildlife Court magistrate, Ms Marion Mangeni, the accused through her lawyer Mr Ambrose Opira told court that she had written to UNBS requesting that they settle the matter out of court. However, no …

African Development Bank president awarded

The African Development Bank President Akinwumi Adesina has received a Lifetime Achievement Award for his work. The Hallmarks of Labour Foundation presented the Outstanding International Icon Award to Adesina at a ceremony held in Lagos, Nigeria. It was presented by former Commonwealth Secretary-General Emeka Anyaoku, who described Adesina and the Bank’s work as “legendary, unprecedented and worthy of emulation.” Thanking the foundation for the recognition, Adesina said the African Development Bank had helped 181 million people directly through its investments in the past four years. “There is still much to do. We have gone some way, climbing the steep mountainside of Africa’s development, yet there’s still a long way to go until we reach the mountaintop,” he told the gathering …

NSSF declares lower interest rate of 11%

By Moses Ndhaye. The minister of finance, planning and economic development, Matia Kasaija has declared an interest rate of 11% to NSSF members for the financial year 2018/19. This is lower than the 15 per cent the fund declared last year. Speaking during the NSSF’s 7th annual members’ meeting in Kampala, the interest rate is low because the Fund made some loses in its investments. Kasaija added that despite Uganda’s economic growth by 6 percent in financial year 2016/2017, some sectors, such as the equity and foreign exchange markets were not as competitive as per projections. The NSSF size meanwhile grew by over 13% and contributions from workers increased by 17 % from Shs 1.049 trillion to Shs 1.208 trillion.