Banks
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International
US banks downgraded on worsening outlook
NEW YORK – Global ratings firm Moody’s early this week downgraded several mid-sized US banks, warning that the credit strength of lenders will likely be tested by funding risks and weaker profits,…
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Northern
Handouts cripple refugees’ SACCO in Lamwo
LAMWO – The continuous giving out of hand-outs has crippled the activities of Paluda Farmers’ SACCO whose members are South Sudanese refugees. The refugees living in Lamwo district decided to form their…
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Western
Gov’t to buy bicycles for parish chiefs
KIKUUBE – Government plans to procure bicycles for parish chiefs to ease their movement as they monitor the Parish Development Model [PDM]. While launching the disbursement of PDM funds in Kikuube district…
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Eastern
URA launches e-receipt tax campaign in Mbale City
MBALE – The Uganda Revenue Authority [URA] has launched the electronic fiscal receipting and invoicing solution [EFRIS] to ease tax collection. EFRIS is an automated compliance process established by the URA which…
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National
Banks moving towards meeting new paid-up capital requirement, says BoU
KAMPALA – According to Bank of Uganda [BoU], the implementation of the revised minimum paid-up capital requirements by commercial banks and credit institutions has been largely successful and remains on course. This…
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International
Australian consumers benefit from mutuals keen to challenge big end of town, BCCM says
SYDNEY – The Business Council of Co-operatives and Mutuals [ BCCM ] has said the ongoing expansion by its members in the financial services sector will provide added benefits to consumers and…
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Africa
Africa: institutional investors sign on to new US$ 500mln infrastructure fund
ABIDJANI– Prominent African and global institutional investors have signed on to the new US$ 500 million Africa50 Infrastructure Acceleration Fund – a move described as an unprecedented milestone for Africa. The fund…
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Cooperatives & Communities
PDM: Minister Adoa warns commercial banks against deducting beneficiaries’ money
SOROTI – The State Minister for Fisheries, Hellen Adoa has urged commercial banks to release the full amount of the money meant for the beneficiaries of the Parish Development Model [PDM]. Minister…
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Environment
Nyamwamba floods threaten Kasese residents again
KASESE – River Nyamwamba in Kasese district yet again burst its banks last week, washing away crops, houses, and bridges, among other infrastructure on top of displacing thousands of people in the…
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International
Income tax: Cooperative Credit Societies win legal battle in India
NEW DELHI- In a major relief to Cooperative Credit Societies, the Supreme Court of India has ruled that under Section 80P [2] of the Income Tax Act, the said cooperatives will not…
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