BUSINESS NEWS WITH EMMAH ATAI POWERED BY STANBIC BANK A new survey on private sector investment shows a declining trend in net profits and dividends of companies. The 2013 Private Sector survey conducted by Bank of Uganda stretching from 2011 shows that net profits reported declined from 1.5 trillion to 1.3 trillion shillings. Meanwhile, Bank of Uganda Governor, Prof. Emmanuel Tumusiime Mutebile has urged commercial banks to amplify business foot prints across the nation. Mutebile believes that financial inclusion can be increased through bringing financial services closer to the people opposed to the city centre business transaction. Government has been hailed by the International Monetary Fund (IMF) for it’s commitment to infrastructure development, the effective control of inflation and the start of the treasury single account to manage the Government payroll. Court has acquitted Uganda Development Bank (UDB) chief executive officer, Patricia Ojangole.Anti-Corruption judge, Lawrence Gidudu said the evidence adduced before court against Ojangole was not sufficient to convict her. Ojangole was accused of influencing her recruitment process that resulted in her appointment as head of the bank on November, 30, 2012. As Uganda gets ready for oil production, government has been advised to invest in practical skills development such as oil drilling as opposed to acquiring theoretic knowledge. ELSEWHERE; Tanzania has become the first partner state to ratify the East African Monetary Union protocol. TECHNOLOGY; Facebook is facing criticism after it emerged it had conducted a psychology experiment on nearly 700,000 users without their knowledge. The test saw Facebook manipulate news feeds to control which emotional expressions the users were exposed to. FOREX RATES; Currency Buying Selling USD 2,594 2,604 GBP 4,415 4,432 EUR 3,539 3,553 KSH 29.62 29.74 TSH 1.57 1.57
Posted on: Mon, 30 Jun 2014 13:27:16 +0000
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