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Business

TDB, partners commits $1m to agribusiness SMEs in East Africa

TDB, partners commits $1m to agribusiness SMEs in East Africa

Business, Latest News
The Eastern and Southern African Trade and Development Bank (TDB) SME Programme announced the signing of an initial 4-year senior/ mezzanine debt facility of $1 million to be managed by Grassroots Business Fund (GBF), to finance agribusiness SMEs in Kenya, Tanzania and Uganda. The facility will focus on women or youth-led missing middle SMEs operating in the agricultural sector with solid managerial foundations and high potential for social impact. The transaction is enhanced with a partial risk guarantee from the African Guarantee Fund (AGF) of 50% with up to 75% in the case of women-led SMEs. The facility will be blended with two technical assistance contributions from TDB and AGF totalling $110,000 for the execution of mutually agreed upon co-funded investee capacity building activitie...
Kenya Pushes Ahead With Leasing Public Sugar Companies

Kenya Pushes Ahead With Leasing Public Sugar Companies

Business, FEATURED
By Keefa Nuwahereza The government of Kenya has embarked on a campaign to offer 25-year leases on five loss-making sugar mills in western Kenya This was after authorities observing that privately owned sugar companies have steadily increased their market share over the last decade It should be noted that nationalisation is only justified if an industry is a monopoly which could be abused by a private operator seeking super-profits. Occasionally it may be necessary in the national interest to rescue a strategic company such as Kenya Airways. The state should not get involved in an industry where the private sector operates efficiently and profitably. Three weeks ago the government asked for bids to lease five state-owned sugar mills—Chemelil, Miwani, Muhoroni, Nzoia and Sout
S.Africa Mobile Giant MTN Exits Middle East To Focus On Africa Due To COVID-19  Impact

S.Africa Mobile Giant MTN Exits Middle East To Focus On Africa Due To COVID-19 Impact

Business, FEATURED
By Our Reporter Africa's largest mobile operator, and South African telecom giant MTN, announced Thursday it would pull out of the Middle East in the medium term, to concentrate on its pan-African strategy resolving to simplify its portfolio and exit its Middle Eastern assets in an orderly fashion. The group will scrap its interim dividend under a blueprint to navigate the coronavirus pandemic - which posed an unprecedented socio and macroeconomic challenge rendering trading conditions difficult. MTN CEO, Rob Shuter, mentioned strong results during the COVID-19 period in his statement, singling out great performances in Nigeria, Ghana and home base South Africa. The company which was founded in 1994, lists operations in Sudan, Syria, Yemen and - as well as Iran and Afghanista...
Huawei’s Catherine Chen: Shared Responsibility For A Shared Future

Huawei’s Catherine Chen: Shared Responsibility For A Shared Future

Business, FEATURED
By Our reporter Huawei Corporate Senior Vice President and Director of the Board Catherine Chen delivered a keynote speech at the online Better World Summit 2020 and according to Chen, telecom regulators across many nations and industries must work together to address the shared challenges that have emerged as a result of the COVID-19 pandemic and create a more inclusive future for all. Other speakers at the summit included representatives from the International Telecommunication Union Radio communication Sector (ITU-R), Global System for Mobile Communications (GSMA), the European Competitive Telecommunications Association (ECTA), the South African Department of Communications and Digital Technologies, Thailand's Office of the National Digital Economy and Society Commission, China's...
Huawei’s Ryan Ding: Unleash Network Potential, Inspire Business Growth

Huawei’s Ryan Ding: Unleash Network Potential, Inspire Business Growth

Business, FEATURED, TECH
By Our Reporter Huawei's Executive Director and President of the Carrier BG Ryan Ding delivered a keynote speech at the Better World Summit 2020 today. According to Ding, as the COVID-19 crisis continues globally, carriers need to be prepared in four areas of network construction and business development to quickly unleash network potential and inspire business growth Carriers need to maximize the value of existing networks. They should make the most of their networks and rapidly expand their capacity by using software or adding boards or replacing RRUs. This can help them respond to the soaring data traffic during the pandemic and optimize site TCO. Carriers should focus on user experience and build the best 5G networks. The best network experience brings the biggest comm...
Lato Milk, Adarsh Polymer In Partnership To Protect Environment

Lato Milk, Adarsh Polymer In Partnership To Protect Environment

Business, FEATURED
By Keefa Nuwahereza As a way of operating in an eco-friendly environment, Lato Milk Uganda entered into a partnership with Adarsh Polymer, a plastics recycling company, to ensure the environment we operate in is free from all types of waste pollution. Officials at Lato Milk Uganda told this website that; “We are running a campaign dubbed 'Lato Green', which is aimed at protecting our environment. We see protecting the world around us as one of our responsibilities. After all, Mother Nature has blessed us with her nutritious products and plays a vital role in each of our product offerings.” They added that; “ To achieve our goal of working towards a friendly environment, we have partnered with Adarsh Polymer to ensure that our environment is free from pollutants through recycling
Richest People In Uganda And Their Net Worth According To Forbes Magazine

Richest People In Uganda And Their Net Worth According To Forbes Magazine

Business, FEATURED
By Our Reporter The Forbes Magazine has unveiled the list of richest Ugandans but what is most surprising is that the list includes a few indigenous Ugandans as Asians take most of the top spots. Without mincing words or beating about the bush, here below is the Forbes list of the richest Ugandans; 1.Sudhir Ruparelia He is the richest person in Uganda and East Africa according to Forbes. He is estimated to be worth $1.2 Billion. He started his business with $25 000 dollars which he had saved from working on casual jobs in the UK. His investments are mainly in areas of banking, insurance, education, broadcasting, real estate, hotels and resorts. He is Uganda Millionaire if not billionaire. Speke Resort Munyonyo, one of Sudhir's multibillion projects Speke Apartments alon...
Huawei Announces Positive 2020 H1 Business Results Amidst COVID-19 Crisis

Huawei Announces Positive 2020 H1 Business Results Amidst COVID-19 Crisis

Business, FEATURED
By Elite News Team Huawei announced its business results for the first half of 2020 today. The company generated CNY454 billion in revenue during this period, a 13.1% increase year-on-year, with a net profit margin of 9.2%. Huawei's carrier, enterprise, and consumer businesses achieved CNY159.6 billion, CNY36.3 billion, and CNY255.8 billion in revenue, respectively. As countries around the globe are grappling with the COVID-19 pandemic, information and communications technologies (ICT) have become not only a crucial tool for combatting the virus, but also an engine for economic recovery. Huawei reiterated its commitment to working with carriers and industry partners to maintain stable network operations, accelerate digital transformation, and support efforts to contain local outbrea...
5G’s Impact On Global GDP Surpasses $7.5 Trillion

5G’s Impact On Global GDP Surpasses $7.5 Trillion

Business, FEATURED
By Our Reporter Huawei recently held its 5G+, Better World Summit, where various operators and industry partners shared their experiences of how 5G applications can drive significant business and industry efficiency. "5G development has entered a new phase," said Huawei Carrier CMO Bob Cai. "With over 80 5G networks commercially available worldwide, determining how to leverage 5G to create more value is currently a topic of great interest within the industry,” Cai added. “Currently, 5G for business is still more of a branding concept, and more solid work needs to be done. To build a positive business cycle, work should be done in four aspects: technology, ecosystem, standards, and business model.” 5G Will Drive Future Business Dimitris Mavrakis, research director of
Covid-19 Pandemic Deepens Need For Low Cost Effective Remittances

Covid-19 Pandemic Deepens Need For Low Cost Effective Remittances

Business, FEATURED
By Elite News Reporter As the world commemorated the 2020 International Day of Family Remittances (IDFR) on June 16, in this game changing year, it is important to draw attention to the millions of migrant workers globally who play a vital role in global economies, says the UN. Countries around the world went to battle with a novel virus that emerged late in 2019 in order to save millions of lives, enforcing strict stay-at-home measures to curb the virus’s  spread. As a result economies globally came to a complete or a near-complete standstill. This will have directly impacted the more than 200 million migrant workers who support their 800 million family members back in their home countries (United Nations, 2020). In April, the World Bank predicted the sharpest decline