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22 January 2012
JUBA/BEIJING (Reuters) - South Sudan will announce plans for an oil export pipeline through East Africa next week, a priority for the new nation because its crude is “no longer safe” in Sudan, a government spokesman said on Saturday. Landlocked South Sudan took about three quarters of Sudan’s roughly 500,000 barrels per day of oil production when it [...]
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26 November 2011
By JOSH KRON, New York Times ~ Despite Ugandans’ dreams of industrialization, the country’s most lucrative export is coffee, and fish is second. Nearly 40 percent of the population survives on less than $1.25 a day, according to the World Bank. But when oil starts pumping within the next several years, the expected revenue of [...]
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12 November 2011
By Elias Biryabarema | Reuters ~ KAMPALA (Reuters) – The Ugandan shilling edged higher against the dollar on Friday as tight shilling liquidity forced banks to unwind dollar positions to ensure their local currency holdings. Some traders forecast the shilling would strengthen further next week, lifted by dollar inflows from offshore investors purchasing government paper [...]
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28 October 2011
KOTIDO, (IRIN) – Catherine Namoe straightens up from the back-breaking task of harvesting cow pea leaves to answer some questions. It is tough work, she says, and the men do not help much. Even if the rain does not come again to turn the plant’s yellow flowers into pea pods, the leaves can be dried [...]
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25 October 2011
The White House, Office of the Press Secretary ~ For Immediate Release, October 25, 2011 Presidential Proclamation — African Growth and Opportunity Act BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION Section 506A(a) (1) of the Trade Act of 1974, as amended (the “1974 Act”) (19 U.S.C. 2466a(a)(1)), as added by section 111(a) of the [...]
20 October 2011
By JOSH KRON, New York Times ~ KAMPALA, Uganda — Sam Katende wipes his brow as a burst of steam from his frying pan blows into his face. This business used to be a lot easier, dishing out rolled eggs — or “Rolexes,” as the ubiquitous and beloved snack is known here — for about [...]
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24 August 2011
LONDON, (Reuters) ~ British oil firm Tullow Oil (Stuttgart:591219) said it expected to conclude a long-awaited deal in Uganda in September as it posted soaring first-half profits and doubled its dividend. Tullow has been waiting since last year to finalise a deal to bring in new partners French oil major Total (Euronext: FP.NX) and Chinese group [...]
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18 August 2011
By Fred Ojambo ~ Uganda’s shilling, the world’s second worst-performing currency in the last month, climbed for a second day against the dollar as foreign investors bought the local currency to participate in a sale of three-year bonds. The currency of East Africa’s third-biggest economy appreciated 0.4 percent to 2,775 per dollar at 12:46 p.m. in [...]
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16 August 2011
By Elias Biryabarema, KAMPALA, (Reuters) – Uganda’s President Yoweri Museveni will allow 7,100 hectares of virgin forest to be farmed for sugarcane, his spokesperson told Reuters on Monday, potentially triggering a repeat of protests that stopped a similar deal in 2007. Tamale Mirundi said President Yoweri Museveni plans to let Sugar Corporation of Uganda Limited [...]
16 August 2011
By Fred Ojambo ~ Uganda’s shilling, the world’s worst-performing currency in the last month, headed for the weakest closing level on record because of increased demand for dollars by companies to pay for raw-material imports. The currency of Africa’s second-biggest coffee producer depreciated as much as 1.3 percent to 2,800 per dollar and traded 0.9 percent [...]
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12 August 2011
By Fred Ojambo, BLOOMBERG ~ Uganda’s shilling, the world’s worst-performing currency in the last two months, headed for a fourth week of declines against the dollar after reaching an 18- year low on rising demand for the U.S. currency. The currency of East Africa’s third-biggest economy depreciated as much as 1.4 percent to 2,817.5 per [...]
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03 August 2011
By Eric Ombok ~ Rift Valley Railways Ltd., operator of the Kenya-Uganda railway, signed a $164 million loan accord to finance an upgrade that may boost capacity almost four-fold, according to its biggest shareholder, Citadel Capital SAE. The credit is part of a planned $287 million investment in RVR over the next five years, Citadel Chairman [...]
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01 August 2011
By Fred Ojambo, BLOOMBERG ~ Uganda’s shilling fell to the lowest in more than a month against the dollar as companies bought the U.S. currency to finance their operations against reduced inflows of the greenback. The currency of Africa’s second-biggest coffee producer depreciated 1.1 percent to 2,651.25 per dollar, the weakest intraday level since June 30, [...]
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27 July 2011
By Nicholas Bariyo, KAMPALA, Uganda (Dow Jones) ~ Ugandan opposition parties Wednesday said that they would resume nation-wide protests against escalating food prices and inflation next week, blaming the government for not addressing the prevailing distressful economic environment. The opposition under their umbrella pressure group, Activists for Change, said that despite their decision to pause [...]
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13 July 2011
By Fred Ojambo ~ Uganda’s shilling appreciated the most in more than a week against the dollar as inflows of the U.S. currency from sales of exports and from aid increased. The currency of Africa’s second-biggest coffee producer gained for a second day, adding 0.6 percent, the biggest intraday jump since July 4, to 2,587.50 per dollar [...]
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11 July 2011
By Fred Ojambo ~ Ugandan taxi operators have started a two-day strike in the capital, Kampala, over high duties, bringing transportation to a standstill, said Information Minister Mary Karooro Okurut. Leaders representing drivers and conductors backtracked on an agreement last night to call off the strike ahead of talks with Vice President Edward Kiwanuka Ssekandi and [...]
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07 July 2011
By Fred Ojambo ~ Uganda’s shilling fell for a third consecutive trading day amid a strike by retail traders in the capital, Kampala, over the impact that accelerating inflation and the weakening currency are having on their businesses. The currency of Africa’s second-biggest coffee producer depreciated 0.9 percent to 2,595 per dollar at 5:19 p.m. [...]
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06 July 2011
The currency of Africa’s second-biggest coffee producer fell 1.6 percent to 2,590 per dollar, bringing the loss for the continent’s worst-performing currency this year to 11 percent. Kampala – Ugandan merchants on Wednesday closed their shops in the capital, Kampala, for a two-day strike against rising prices and an erratic foreign exchange rate, prompting the [...]
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21 June 2011
KAMPALA, Uganda – (Dow Jones) – Uganda and Kenya have resumed talks aimed at resolving a spat over the disputed islands of Migingo and Ugingo located in Lake Victoria, Uganda’s foreign affairs ministry said Tuesday. The Ugandan Lands Minister Daudi Migereko travelled to Kenya Tuesday to meet with the government in a bid to resolve [...]
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16 June 2011
By Fred Ojambo | Bloomberg | Uganda’s central bank sold $20 million in the domestic foreign-exchange market yesterday to stabilize the shilling and said it would act again to curb speculation in the domestic currency. The Bank of Uganda acted after the East African nation recorded an outflow of $30 million because of speculation, Governor [...]
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01 June 2011
By Nicholas Bariyo ~ KAMPALA Uganda -(Dow Jones)- Uganda’s May annual headline inflation accelerated to 16%, from 14.1% in April, the highest levels in over a decade, propelled by higher food and fuel prices, the state-run Uganda Bureau of Statistics said Tuesday. The statistics body said that the country’s food crop inflation registered an annual [...]
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03 May 2011
By Fred Ojambo | Bloomberg | Uganda’s main opposition group said it won’t take part in talks with the government scheduled for today over accelerating inflation until the authorities apologize for the arrest of one of its leaders and key officials resign. Opponents of President Yoweri Museveni want the state to apologize for the “brutal [...]
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30 April 2011
By Eric Ombok and Fred Ojambo | Ugandan President Yoweri Museveni said opposition leader Kizza Besigye, who has been hospitalized after being injured during his arrest this week, should inform the police about planned protests to avoid riots in the country. “There is no problem for Besigye to walk, either to walk to work or [...]
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29 April 2011
Washington Post | KAMPALA, Uganda — Army troops and police fired live bullets at rioting demonstrators in downtown Kampala on Friday, the first time the Uganda’s growing protest movement had reached the country’s capital. Red Cross officials said at least one person was killed and 64 wounded. Rioters burned tires in downtown streets as security [...]
28 April 2011
By Godfrey Olukya, The Associated Press | The Canadian Press | KAMPALA, Uganda - Police cracked open the window of Uganda’s top opposition leader and fired tear gas into his vehicle on Thursday during a fifth protest march over rising costs. Kizza Besigye’s arrest came one day after his release from prison for leading a similar “walk to work” protest [...]
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28 April 2011
By Fred Ojambo | Tropical Bank Ltd., the Libyan- owned lender seized by Uganda’s central bank last month, said full-year profit almost doubled as deposits and loans grew. Net income surged to 5.65 billion Ugandan shillings ($2.37 million) in 2010 from 2.98 billion shillings a year earlier, the Kampala-based bank said in a statement published [...]
Posted in Business, Economy0 Comments
28 April 2011
FOX BUSINESS | By Nicholas Bariyo, KAMPALA Uganda -(Dow Jones)- The Ugandan president will meet the country’s opposition leader next week to discuss a way to deal with rising food and fuel prices, which have triggered unrest across the country in the past couple of weeks, the Ugandan presidency said Thursday. President Yoweri Museveni, in [...]
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23 April 2011
By IOANNIS GATSIOUNIS | After his third failed run at the Ugandan presidency in February, opposition leader Kizza Besigye’s rants against government abuse were beginning to sound tired and futile. Opposition demonstrations, like the one held in Kampala’s Kiseka Market last month to protest discrepancies in the landslide election, were having trouble attracting a few [...]
Posted in Economy, Featured, News0 Comments
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