Category «Business»

BOU Closes National Bank of Commerce

Bank of Uganda has announced immediate takeover of the management of the National Bank of Commerce. This has been announced in a press statement issued by Dr. Louis Kasekende, the bank’s Deputy Governor. According to the statement, the bank’s license has been revoked and its customers will now operate their accounts in Crane Bank, beginning …

Entebbe Airport moves to reduce costs

The Civil Aviation Authority has revealed plans to set up a ferry port at the shores of Lake Victoria, to transport aviation fuel in a bid to reduce the costs incurred by airlines. Currently, there is an outcry over the high cost of landing and parking at Entebbe Airport, which players say is hurting the …

Fuel shortage downplayed

As petrol shortage continues to bite, dealers have expressed concerns over failure by government to establish national fuel reserves. Many fuel stations have run out of petrol, with the situation reported to be worse in some up country towns. In Masaka, a litre of petrol shot up from shs 3,800 to close to shs 5000, …

KCCA budget finally read

The budget for the Kampala Capital City Authority for the financial year 2012/2013 has finally been presented, showing a reduction in government funding. Funding from government is to reduce from  Shs101b to Shs 86 billion. The city Executive Director Jenipher Musisi says the authority expects to raise Shs 61b in local revenues, up from the …

URA Collections below target

The Uganda revenue authority continues to register shortfalls in revenue collection. The latest is an over 22 billion shilling shortfall registered in May 2012. There was optimism after the tax body reduced its cumulative shortfall from Shs71 billion to Shs14 billion in the first half of the financial year. However, the authority registered overall net …