Category «Business»

Pioneer Buses hit the streets in 2 weeks

Pioneer Easy Buses are set to resume work in two weeks. This is after President Museveni backed a proposal stopping the sale of the buses over tax arrears. He has made several proposals including waiving the entire debt or allowing the company to pay in installments. The bus Company Director, John Masanda says that they will be signing a fresh memorandum of understanding with Uganda Revenue Authority. He says the buses are still in good shape and will be ready to resume operations. The buses have been parked for three months now over Shs 8 billion accrued in unpaid taxes.  

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 …