Category «Business»

UCC okays Airtel-Warid Merger

The Uganda Communications Commission has approved the merger of Airtel and Warid telecommunication companies. According to the commission Executive Director Godfrey Mutabazi, the merger will bring in more revenue for government. The approval however comes with conditions which include among others avoiding collusion to tariffs. He stresses that competition must be in terms on the quality of service and not on tariffs, adding that tariff wars can easily push the companies out of business. Mutabaazi however says the fate of workers lies with the two companies. Warid, which entered the Ugandan telecommunications market five years ago, has been the country’s third largest player after MTN which was the leading player and Airtel in the second position.

Government tasked on tourism

The Ministry of Finance was today put on the spot over the declining budget support to the tourism sector. Members of Parliament on the Trade and Tourism committee grilled the State Minister for Investment, Gabriel Ajedra over not including funds to marketing Uganda as a tourism destination. The committee’s vice chairman, John Ssimbwa notes that other East African countries allocate huge resources towards marketing their countries abroad and are reaping benefits in terms of revenue collection. Ssimbwa says government should invest heavily in sectors that contribute the bulk of the economy’s gross Domestic Product Hon. Ajedra acknowledged the funding gaps, attributing it to the 25% budget cuts by donors, which has cost several sectors including tourism. According to the ministry …

NSSF speaks out on IGG probe

The NSSF is in the news again, this time over alleged misuse of savers money. The National Social Security Fund has denied allegation of misuse of contributors’ money in the dubious purchase of properties. This follows media reports indicating that the Inspector General of Government had opened up wide ranging investigations into the fund and several top managers over allegations of fraud and corruption involving 24 deals. The IGG cites the sale of a plot of land in Namirembe at Shs650 million to a private company, Malibu Holdings Ltd, yet the value had been put at Shs1 billion by the valuer. Another is a case in which the fund is said to have committed Shs25b of workers’ savings to buy …

Top 100 mid-sized company survey launched

Companies should look for more financial options other than commercial banks to set up shop. The Managing Director of National Social Security Fund, Richard Byarugaba says dependence on financial institutions for long term financing could cost companies longevity on the market. Speaking at the launch of the Top 100 mid-sized companies’ survey 2013 today, Byarugaba notes that most companies depend solely on banks yet options such as the stock exchange and bonds could go a long way in keeping companies afloat. The Top 100 mid-sized companies’ survey 2013, seeks to identify fast growing Small and Medium Enterprises in order to showcase business excellence. The Managing Director of Monitor Publications Ltd, Alex Asiimwe says over the years, companies that have been …

Pioneer Easy Bus given 30 more days

The Uganda Revenue Authority has given Pioneer Easy Bus Company another 30 days within which to pay the Shs.8 billion tax arrears. This has been revealed by the URA manager for debit collection Abdul Salaam Waiswa. He however does not explain the circumstances under which the decision was made. Meanwhile the tax body is also set to meet with the management of Nakivubo stadium tomorrow to agree on the way forward regarding its closure. The stadium was closed last week over tax arrears amounting to Shs.385 million.