• 28 Mar 2024
  • 3 Mins Read
  • 〜 by Jewel Tete


Kenya ends oil import feud with Uganda

Kenya will finally license the Uganda National Oil Company (Unoc), ending months of a major feud that spilled over to the regional court and hurt diplomatic ties between the two countries.

Energy Cabinet Secretary Davis Chirchir on Wednesday said that work is in progress to issue a permit that will allow Unoc to import fuel directly through Kenya Pipeline Company (KPC).

“You will see Unoc getting a licence, and then we will see how to work together because usage of our pipeline is an opportunity for us,” Mr Chirchir said.

(Business Daily)



Capital markets transcend in Samia’s 3 years of leadership

President Samia Suluhu Hassan’s three years in power have seen the capital markets sector record notable performance, including the value of investments, attracting more investors and increasing combined trading turnover of equities and bonds on the stock exchange. Conducive policy, regulatory and operational environment have been a major driver, according to the Chief Executive Officer of the Capital Markets and Securities Authority (CMSA), Mr Nicodemus Mkama. Mr Mkama told the ‘Daily News’ yesterday that the economic diplomacy and international relations policy implemented by President Suluhu have witnessed increased participation of local and international investors.

(Daily News)



Govt picks more than 70 per cent of taxes from 1,000 payers

At least 74.5% of Uganda’s taxes, which is more than three quarters, are collected from just 1,000 taxpayers, according to data from the Uganda Revenue Authority (URA). The 1,000 are classified as top taxpayers. However, URA does not provide details of which sectors they fall in, but details indicate that manufacturing, wholesale and retail trade, which also includes repair of motor vehicles and motorcycles and financial and insurance activities, generated the largest share of tax revenue, contributing 3.2 per cent, 3.7 per cent and 14 per cent, respectively.

Data contained in the Annual Data Book 2022/23 indicates that URA collected UgShs19.2 trillion from just 1,000 taxpayers out of the total UgShs25.2 trillion mobilised in the period.




Kigali up 14 spots in new global financial centres’ index

Kigali International Financial Centre (KIFC) made the biggest leap to rank as the 67th most competitive financial centre globally, up from the 81st spot, according to the new Global Financial Centres Index (GFCI). Kigali improved by 14 places and 26 points in rating, just above Mauritius which only improved by 7 places and 17 points, as well as Casablanca which saw a drop in its ranking by 2 places. The index, published on March 21, provides evaluations of future competitiveness and rankings for 121 financial centres around the world.

(The New Times)



Dutch investment in Ethiopia surpasses USD1 billion: Ambassador

Dutch businesses in Ethiopia have invested at least one billion USD, making substantial contributions to Ethiopia’s economic growth, Henk Jan Bakker, Ambassador of Netherlands to Ethiopia, said. Highlighting the significant Dutch business presence in Ethiopia, the ambassador told ENA that nearly a hundred Dutch companies have invested in various sectors. Notably, the horticulture and floral industries have emerged as a prime destination for Dutch investments, contributing significantly to Ethiopia’s foreign exchange earnings.




South Sudan on the brink after oil exports derailed by Sudan’s civil war

Violence and insecurity could worsen in South Sudan after one of its key oil pipelines to international markets, which passes through neighbouring Sudan, was damaged last month, according to experts. The incident occurred in early February in Sudan’s White Nile state, prompting the Dar Petroleum Oil Company to suspend loadings. The rupture happened in an area controlled by Sudan’s paramilitary Rapid Support Forces, which is fighting the Sudanese army for power in the country.