Category: Business

Business
URA wins bigger case against Rock petroleum

Uganda Revenue Authority (URA) legal team has won another precedent setting victory in highest court in the land against Rock Petroleum (U) Ltd, and the lawyers that had represented it. It should be noted that in 2009, the Rock Petroleum sued URA in the High Court, to recover excise duty collected in excess. Court ordered […]

3,557 total views, 7 views today

Business
Housing Finance Bank managing director quits

Housing finance Managing Director Mathias Katamba has tendered in his resignation letter as scandals continue to bit banking sector. Mr Katamba handed in his resignation board after four years at the helm of the bank. Katamba took charge of Housing Finance Bank in March 2014he has he since been praised for his policies that improved […]

13,802 total views, 17 views today

Africa
KFC shuts after failing to get money for buying chickens

Zimbabwe’s KFC have closed until further notice as the country’s currency worsens – right after two months since President Emmerson Mnangagwa won elections. According to report focus news, KFC put up notices at its branches in the capital, Harare, and the second city, Bulawayo, saying they would remain closed “during these difficult times” until further […]

2,003 total views, 12 views today

Business
Govt sets new date for Karuma dam commissioning

KARUMA – In 2013, the minister of Energy and Mineral Development, Ms. Irene Muloni said Karuma dam was on track and was expected to be commissioned in 2018. The story stayed the same in 2015, all through the years leading to 2018. But in 2018, the narrative transitioned to 2019. The Minister on August 23, […]

5,069 total views, 13 views today

Business
British Airways hacked, over 370,000 customers’ payments data stolen

London (Cyclone Times) – British airways faces it rough, apologizes after realizing on Wednesday that over 380,000 customers’ payments data had been compromised in a period of two weeks. It is alleged that the attack, which caused credit card details of hundreds of thousands of its customers being stolen penetrated through BA’s website (ba.com) and […]

6,014 total views, 13 views today

Business
SafeBoda bows to pressure, apologizes for cheating customers, refunds money

Safeboda, a motorbike hailing service application has moved to apologize to its customers following social media outburst that the company was cheating its users through sophisticated software. We have fixed the overcharge app bug! Dear Customers, over the last couple of weeks, you may have experienced a trip overcharge on the app. We are happy […]

6,258 total views, 23 views today

Business
Kenyan parliament vote to suspend 16% VAT on fuel

Parliament on Wednesday afternoon elected to suspend by two more years the introduction of 16% tax on petroleum products that was to come into effect on Saturday September 1, 2018. The National Assembly has voted to suspend the introduction of 16% petroleum levy for two years. The amendment brought on the finance bill by minority […]

9,144 total views, 16 views today

Business
Museveni launches new Simba cement plant in Tororo

President Yoweri Museveni has Tuesday commissioned Simba Cement factory, a new plant that is based in Mukujju Sub-County, Tororo District. Speaking during at the launch,Mr Museveni argued Ugandans to develop an entrepreneurial mindset, adding that with the abundant natural resources that Uganda is endowed with, there is tremendous potential for development. “Uganda is one of […]

10,479 total views, 12 views today

Business
Dfcu posts profit drop of Shs72b in half year results

Dfcu Bank has registered a profit drop of Shs72b for the year ended June 30. In notes published along the financial results, the dfcu said the bank’s performance had normalised following the integration of the acquired assets of Crane Bank. The bank registered a profit of Shs41.3b in the year ended June 30 compared to […]

5,816 total views, 5 views today