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Business

Huawei Announces Solid Business Performance, Commits To Creating Greater Value For Customers

Huawei Announces Solid Business Performance, Commits To Creating Greater Value For Customers

Business, FEATURED, TECH
By Abel Kawere Huawei released its 2019 Annual Report on Wednesday, detailing a solid business performance. The company's global sales revenue in 2019 rounded off at CNY858.8 billion, up 19.1% year-on-year; its net profit reached CNY62.7 billion; and its cash flow from operating activities topped CNY91.4 billion, up by 22.4% year-on-year. As part of a long-term, ongoing investment in technological innovation and research, Huawei invested 15.3% of its 2019 revenue – or CNY131.7 billion – back into R&D. Its total R&D spend over the past decade now exceeds CNY600 billion. "2019 was an extraordinary year for Huawei," said Eric Xu, Huawei's Rotating Chairman.  He added that; "Despite enormous outside pressure, our team forged ahead with a singular focus on creating
New Era: President Museveni Appoints Dr Mugume To Replace Former BoU Deputy Governor Dr Kasekende

New Era: President Museveni Appoints Dr Mugume To Replace Former BoU Deputy Governor Dr Kasekende

Business, FEATURED
By Keefa Nuwahereza Bank of Uganda  has been ushered into a new era after President Yoweri Museveni appointed Dr Adam Mugume, as Acting Deputy Governor Bank of Uganda. Dr Mugumre, who is one of Uganda's renowned economists, now replaces former Deputy Governor Dr Louis Kasekende, whose contract expired in February this year. We have established that the decision to appoint Dr Mugume was taken by the board of directors which sat in Kampala this Friday, on advice of President Museveni. According to the board’s presiding chairman, James Kahoza, Dr Mugume “will perform the executive functions of the Office of Deputy Governor until a substantive Deputy Governor is appointed.” Mugume, who taught econometrics for many years at Makerere University, has been serving as the Central Ba
Airtel Uganda MD V.G Somasekhar Throws In Towel

Airtel Uganda MD V.G Somasekhar Throws In Towel

Business
By Keefa Nuwahereza Airtel Uganda Managing Director (MD)VG Somasekhar has tendered in his resignation, after serving the company since 2010. Elite News website has learnt Somasekhar, who served Airtel Uganda for a decade, handed his resignation letter to Raghunath Venkateswarlu Mandava, the Airtel Africa CEO, a few days ago. Mandava early this week unveiled the unexpected news to all staff members and subsidiaries across Africa, through an email he shared on Tuesday afternoon. Mandava stated in the said email titled: “Resignation Of V.G Somasekhar: Managing Director – Uganda” that; “VG Somasekhar (Soma), Managing Director of Airtel Uganda Limited has expressed his desire to move to India and as such resigned from his current job, but will be associated with the Bharti, Air
Uganda Borrows $246M From UK To Expand Namanve Industrial Park

Uganda Borrows $246M From UK To Expand Namanve Industrial Park

Business, NEWS
By Keefa Nuwahereza The government of Uganda has secured a loan facility of US$246, over Shs903Bn from the United Kingdom, to finance the expansion of Namanve Industrial Park, this website has learnt. Sources have revealed to Elite News that Uganda received $246m credit from the U.K Export Finance agency to upgrade its Kampala Industrial and Business Park, as the East African state focuses on manufacturing to spur the economy. The country will use the credit on infrastructure for the 2,200-acre park and Lagan Group Ltd. has been contracted to carry out the work over a 42-month period, the Uganda Investment Authority said in an emailed statement.  It should be noted that most investors allocated land at the park have failed to establish operations because of a “complex ge