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Stanbic Bank Uganda holds Africa – China Economic Forum

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Stanbic Bank Uganda has hosted the Africa – China Economic forum in Kampala bringing together the Chinese business community and Ugandan companies doing business with China to discuss trade and investment opportunities between the bilateral trading partners.

“China is Africa’s biggest and important trading partner accounting for over 300 billion dollars’ worth of business. This is a figure that has grown tenfold over the past decade alone and is one of the primary reasons the continent has witnessed such a rapid spurt in economic growth over the period. Our objective as Stanbic in hosting this forum is to provide a strategic platform that promotes continuous dialogue between like-minded businesses who appreciate the importance of the special relationship between Africa and China,” Stanbic’s head of Corporate and Investment Banking, Edwin Mucai said while opening the forum at Serena Hotel.

“As Africa’s biggest bank, we are uniquely placed to support this growth through our extensive geographical footprint across the continent which provides the ideal gateway for the promotion of cross-border projects between Africa and China. Also with ICBC as our partner, we have strong relationships with Chinese businesses, many of whom are already playing a significant part in the large-scale infrastructural development and the many associated industries which drive socio-economic transformation,” Mucai added.

Edwin Mucai, Stanbic Bank (U) Head of Corporate and Investment Banking (3rd left) poses for a group photo at the Africa - China Chinese Economic Forum. Standing with him from left to right are Standard Banks Jeremy Stevens - Economist Beijing, Daisy Nitwe - Corporate Sales Dealer, Ives Wang - Standard Advisory China, Miaomiao Lu Transactional Banker - Stanbic Uganda and Cao Min Standard Bank’s Head Chinese Desk East Africa.

Edwin Mucai, Stanbic Bank (U) Head of Corporate and Investment Banking (3rd left) poses for a group photo at the Africa – China Chinese Economic Forum. Standing with him from left to right are Standard Banks Jeremy Stevens – Economist Beijing, Daisy Nitwe – Corporate Sales Dealer, Ives Wang – Standard Advisory China, Miaomiao Lu Transactional Banker – Stanbic Uganda and Cao Min Standard Bank’s Head Chinese Desk East Africa.

In Uganda, China is actively engaged in the financing and construction of a number of large-scale Investments which will have lasting effects on the country’s economic outlook these include the Karuma Dam project which will add over 500 MW to the national grid, the Standard Gauge Railway and the Entebbe-Kampala expressway among others.

Talking about the increased importance of the Chinese currency the Renminbi (RMB) to the global economy, Anne Juuko, Stanbic’s Head of Global Markets pointed out that as China and Chinese companies continue to build up economic activity on the continent, the use of the Renminbi (RMB) in international trade will continue to gain traction. She advised companies and individuals doing business in China to open RMB accounts which are now available to the bank’s clients in Uganda, to hedge them against forex losses and enable them to use the various trade instruments such as Telegraphic Transfers (TT) and Letters of Credit with greater ease.

Closing the conference Kevin Wingfield, Stanbic’s Head of Business Banking thanked the participants for attending the forum which he said provided rich insights into the future of the socio economic relationship between Africa and China.

“Standard Bank’s expertise in Business and Commercial Banking allows us to create opportunities for both African and Chinese clients to meet, network and establish sustainable relationships. I am sure today’s forum has been beneficial to everyone who attended and I can guarantee that we will be hosting the Africa-China Economic Forum on an annual basis,” he said.

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Coca-Cola Beverages Africa Uganda invests $8.35Million in brand new manufacturing line

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The official grand breaking of the Manufacturing bottle Line.

The official grand breaking of the Manufacturing bottle Line.

Coca-Cola Beverages Africa (Uganda) officially broke ground for a brand new US$8.35million (UGX 30.7billion) Manufacturing Line to bottle more on Friday.

The new bottling line at the Coca-Cola Beverages Africa (Uganda) Namanve site operated by Century Bottling Company will have a capacity of producing 24,000 bottles an hour, accelerating the production of natural mineral water to refresh and rehydrate Ugandans.

The US$8.35million (UGX30.7billion) investment will bring to Uganda the newest bottling line technology out of Germany, enabling the Company to innovate further for increasingly changing consumer demands.

The investment is part of a US$15 Million investment plan Coca-Cola Beverages Africa has for Uganda alone in 2018.

Minister of State for Investment and Privatisation, Hon. Evelyn Anite, officiated at the ground-breaking ceremony after conducting a tour of the Namanve Plant and welcomed Coca-Cola Beverages Africa’s additional investments.

She lauded Coca-Cola Beverages Africa for focusing on Uganda and spending the bulk of the US$8.35million (UGX30.7billion) within Uganda to benefit citizens and support the economy.

“Of this, I am told US$3.5million will be spent inside Uganda on civil works and construction and auxiliary services. That is a very significant amount for many reasons. First of all, that means that the bulk of the investment that we are launching today is going to be spent inside our own country and will directly benefit Ugandans. That fits well within our ‘Buy Uganda, Build Uganda’ policy and I applaud you for that. Also, your investment in a new Manufacturing Line creates more jobs for very many categories of Ugandans – which fulfills the NRM pledge to create more jobs and wealth especially for the youth of Uganda,” she said.

“As Government, we acknowledge and thank Coca-Cola for being a development partner of Uganda. On top of these investments, you also pay taxes – I understand you paid UGX140billion in taxes last year. This is a highly significant amount and we look forward to seeing it increase once this new investment begins to bear results. During the tour of the facility, it was gratifying to see the quality of your equipment and to note that you have two other bottling facilities in Uganda, and that you are still setting up more. By bottling high quality international brands in Uganda you are promoting the economy within Uganda and also promoting the country internationally,” she added.

Ag. Managing Director, Mr Patrick Oyuru assured guests of the investment commitments of Coca-Cola Beverages Africa (Uganda), which runs three subsidiaries bottling Coca-Cola products (Century Bottling Company), pure natural mineral water (Rwenzori Bottling Company) and recycling plastic waste taken from the environment (Plastic Recycling Industries).

“We employ about 1,800 Ugandans in our three plants in Kampala, Mukono and Mbarara, and support more than 90,000 businesses across our extensive retail distribution network. Coca-Cola Beverages Africa is proud to make these contributions on top of paying taxes to the tune of more than UGX140billion annually. We are serious about doing business in Uganda and supporting this economy,” he said.

He added that the investment in the brand new US$8.35million Manufacturing Line was a strong demonstration of Coca-Cola Beverages Africa Uganda`s commitment to the development of Uganda despite the tough economic conditions.

“Because of this new Manufacturing Line, our 1,800 employees and hundreds of thousands of other Ugandans involved in selling our high quality products around the country will be assured of ongoing employment because production will increase. As well, the biggest bulk of this investment will be spent inside our own country and will directly benefit Ugandans. This fits well within the “Buy Uganda, Build Uganda” policy that Government is advocating. The new will create more jobs for various categories of Ugandans – which fulfills the Government pledge to create more jobs and wealth especially for the youth. This includes employees during the construction as well as additional employees when the new line is completed. We are happy to be contributing to the development of Uganda,” he added.

CCBA management emphasized that the Company will continue to be a relevant partner with Government and called upon the officials to ensure they work to limit the challenges private sector faces in doing business

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StarTimes announces it will broadcast the 2018 FIFA World Cup in Russia.

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StarTimes has today confirmed it will broadcast all the 64 FIFA World Cup matches live and in HD. StarTimes acquired media Pay-TV broadcasting rights for the Sub-Saharan Africa to broadcast the World Cup and the theme will be “ALL 64 MATCHES IN HD AND LIVE”.

StarTimes Vice President also Brand and marketing manager Aldrine Nsubuga stated “Our current market leadership with close to 1.4 million subscribers guarantees that the 2018 FIFA WORLD CUP RUSSIA will now be enjoyed by many more households than the previous ones. This is excellent news to millions of television owners in Uganda who couldn’t watxh the World Cup due to high cost of acquisition and subscription.”

The world cup will broadcast on StarTimes on four dedicated channels which are World Football, Sports premium, Sports Life and Sports focus.

StartTimes was launched in 2010 and is now the leading digital TV operator in Uganda with 1.4 million subscribers.

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Stanbic Bank recognised as best performing primary dealer for 2017

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Patrick Mweheire, Chief Executive of Stanbic bank receives award of recognition for the best performing commercial bank trading in the Government securities from Governor Bank of Uganda, Emmanuel Mutebile.

Patrick Mweheire, Chief Executive of Stanbic bank receives award of recognition for the best performing commercial bank trading in the Government securities from Governor Bank of Uganda, Emmanuel Mutebile.

For the 7th consecutive year, Stanbic Bank Uganda has been recognised by Bank of Uganda as the best performing commercial bank trading in the Government securities. (Treasury Bills and Bonds)

The award honours financial institutions that promote participation in trading in government securities in a bid to foster the development of financial markets and improve the secondary market trading system.

Accepting the award on behalf of the bank, Stanbic Bank CE Patrick Mweheire said, “As the most active participant in the secondary trading market Stanbic bank plays a critical role supporting Uganda’s economic growth and national developmental agenda. Last year alone Stanbic bank accounted for 30% of the 5.1 trillion shillings in Government securities traded on the secondary market.”

He also noted that the bulk of these funds are used to finance construction of much needed national infrastructure projects so vital for trade and economic transformation.

Handing over the award at BOU headquarters in Kampala, the Governor BOU Emmanuel Mutebile said, “I wish to acknowledge the role that this year’s award winner Stanbic Bank Uganda Ltd has played especially for participating in the primary auctions, market making capabilities, consistent pricing as well as timely market intelligence. Because of their effort, they have been able to ensure efficiency in the operations related to the Government securities market at the central bank.”

The 5.1 Trillion in turnover of Government securities in 2017 represented a 29% increase from 2016. In the same vein, the ratio of secondary market turnover to the total outstanding stock of Government Treasury securities increased significantly to 41.0% in 2017 from 28.9% in 2016.

Launched in 2005, the Primary Dealer (PD) system aims to promote participation in Uganda Government securities markets, to foster the development of financial markets, to improve the secondary market trading system as well as to ensure efficiency in the operations related to the Government securities market at the central bank.

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