BUSINESS NEWS UPDATE @ 4PM WITH ORANGE UGANDA M7 STOPS GOLD MINING: President Yoweri Museveni has directed that firms involved in gold mining in Buhweju district should stop immediately. The President said the firms only have prospecting licenses, which do not permit them to engage in mining. This followed complaints from residents to the President during his visit to the district to meet veterans of the liberation war. CAAA ASKS URA: The Civil Aviation Authority (CAA) has asked the Uganda Revenue Authority to exempt it from paying Value Added Tax (VAT) on the airport service charge. Samalie Kiseka, the director finance at the CAA, said airlines were not given sufficient time to prepare for the tax. She added that many airlines had sold tickets to passengers without charging VAT. The passenger service charge is charged on the airlines ticket. SAMSUNG DENIES: Samsung has denied claims it deliberately designed its Galaxy S4 chip to perform better in tests used by reviewers than in real-life situations. It issued a statement after researchers showed the handset achieved a higher graphics processing clock speed when benchmarked by specialist software than when it ran advanced games. The company acknowledged the two situations created different scores. US ECONOMY: The US economy grew at an annualised pace of 1.7% in the second quarter of the year, the Commerce Department has said. That was a faster pace than expected by economists. It was also up from the growth rate for the first three months of 2013, which was revised lower to 1.1% from 1.8%. A slowdown was widely expected due to the impact of federal spending cuts, but also from the continuing weakness in the global economy. In March, $85bn (£56bn) of public spending was cut as a result of a deal between Democrat and Republican politicians. AIRBUS PARENT CHANGING NAME: EADS, the parent company of Airbus, says it is to rename itself after its commercial plane-making subsidiary. It will be called Airbus Group and have three divisions; commercial aircraft, defence and space, and helicopters. EADS said the move would "enhance integration and cohesion by renaming the group and its divisions using the globally recognised Airbus brand". Implementation of the change will start in January and is set to be completed in the second half of 2014. FOREX RATES WITH CITY BUREAU DE CHANGE LTD Currency Buying Selling USD 2575 2595 GBP 3900 3985 EURO 3400 3470 KES 29.3 30 RADIOCITY NEWS: WE BRING THE WORLD CLOSER TO YOU.
Posted on: Wed, 31 Jul 2013 13:01:02 +0000
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