Local governments within Bunyoro region have been cautioned against reaching out to oil companies for aid. “Yes they have the money and can do anything. What will happen if they delivered a vehicle and exaggerated the cost which you cannot verify?” Buhaguzi Member of Parliament Mr. Bigirwa Julius asked. Mr. Julius’s warning came after a request by Mr. Godfrey Sserwanja, the Hoima District Education Officer to officials of China National Offshore Oil Corporation (CNOOC) to buy the education department a vehicle. These companies are here to make money. You should be careful of making these companies appear like quasi governments.…

34,000,000 shares are up for sale to individuals and will be traded at Ugx340 for every share a 5.56% discount from the current market price of Ugx360. Investors should also note that the usual brokerage charges 0f 2.1% will be charged on top of the amount of money they intend to invest. The $5 million worth offer opened at 10:00 am on the 13th May 2014 and will close on 30th May 2014. Foreign companies were barred from taking part in the trade of these shares. NUSAF projects commissioned Projects amounting to Ugx18billion under the Northern Uganda Social Action Fund…

After the introduction of the decentralized salary payment system in January 2014, at least 9,000 files have been deleted from payroll. Minister of Finance, Ms Maria Kiwanuka told Parliament on 15th May 2014 that the system was intended to address problems that were detected under the centralized salary payment system. “The centralized payment system included ghost public servants,” added Maria. But the decentralized system has helped to solve the problems of ghost workers. This translates into the saving of approximately Ugx3billion per month. Pastor arrested over land title forgery Mr. Jimmy Kasadha, a pastor of Centre of Life Church in…

After the introduction of the decentralized salary payment system in January 2014, at least 9,000 file s have been deleted from payroll. Minister of Finance, Ms Maria Kiwanuka told Parliament on 15th May 2014 that the system was intended to address problems that were detected under the centralized salary payment system. “The centralized payment system included ghost public servants,” added Maria. But the decentralized system has helped to solve the problems of ghost workers. This translates into the saving of approximately Ugx3billion per month. Pastor arrested over land title forgery Mr. Jimmy Kasadha, a pastor of Centre of Life Church…

It is so surprisingly that US for the first time has overtaken France as the world’s biggest national market for wine, according research by the International Organization of Vine and Wine (OIV). US drinkers consumed 2.9 billion liters of wine in 2013, 0.5% more than in 2012. Meanwhile, French wine consumption fell 7% from the year before to 2.8 billion liters, according to the OIV. However, the amount of wine drunk per head is still higher in France than in the US. According to figures from 2011, the average French person drinks just over a bottle a week, six times more…

The Finance Ministry is allocating Ugx 50 billion next financial year 2014/15 to boost the performance of Savings and Credit Cooperatives (SACCOs). According to the Finance State Minister, Mr. Fred Omach, the money will be disbursed in form of 600 loans to clients in all districts. This will result in proposed savings of Ugx3 billion. Omach appeared before the Finance Committee to present the Ministry proposed budget for the financial year 2014/15. He said the ministry has proposed a total budget of Ugx 16 billion for the Microfinance sector. However, Members of Parliament (MPs) threatened not to pass the budget…