BUSINESS NEWS UPDATE AT 4 WITH Orange The Dutch ambassador Alphons Hennekens has called on Ugandan youth to put entrepreneurial skills acquired from the high institutions of learning into practice if they are to solve the unemployment problem. Addressing youth at the 4th National youth festival held at National theatre, Hennekens , pointed out that despite the countries efforts to stabilize the economy, un employment still remains a challenge in Uganda with 83% of unemployed youth. Hennekens predicted that by 2040 the figure may triple to 48 million people as a result of a throng of young people storming labor market contradicting the 2011 statistics which indicates 16 million people as the new entrants in labor market. He emphasized that the youth expectations of getting absorbed in the public sectors will remain a mystery if no alternatives are devised. He however pledged that European Union members will continue supporting youth in an effort to counteract unemployment tendencies. ………………………… Stanbic Bank Uganda posts a 19% increase in earnings in the first half of 2014 as compared to the same period in 2013. Stanbic Uganda CEO Philip Odera says they are happy to report positive results from their change in strategy, where they have focused on creating new products and marketing existing products to act as an engine for the company and spur growth. First half of 2013 profit after tax was 57 billion, first half of 2014, their profit on tax increased to UGX68 billion, which Odera says is a very healthy return. Odera says return on investment for those who have invested with the bank have received a 32%, which is one of the reasons why they are trying to encourage people who have savings and are looking for different ways to earn from their savings to invest in them. ……………………………………… The commissioner for the Petroleum Exploration and Production Department in the Ministry of Energy and Mineral Development, Ernest Rubondo has assured Ugandan that the second licensing phase of the oil production will be concluded before the end of this year. Speaking at the Leo Africa Oil Conference held at the Kampala Serena Hotel yesterday, also revealed that licensed companies will undertake the production and field development as well as building of the refinery concurrently. He also advised those saying that Uganda’s oil is to be finished within 30 year to think twice as subsequent discoveries are being made, something that is likely to prolong the oil production phase as new field are explored. Responding to the latest state of Ugandan’s oil, Rubondo noted that the figures had shot up from 3.5 billion barrels with 1.2 billion recoverable to 6.5 Billion barrels of oil as per the latest findings with 1.4 billion recoverable giving Uganda a niche for better oil projection. INTERNATIONAL BUSINESS Malaysia Airlines has warned of further losses in the second half of the year because of the two tragedies to hit the airline in recent months. In a statement it said it had seen a sharp decline in weekly bookings. It comes as the airline reported a second quarter net loss of 307m Malaysian ringgit ($97.4m; £58,7m) for the three months to June. The airline has been affected by the crash of flight MH17 in Ukraine and the disappearance of flight MH370. Flight MH370 disappeared on 8 March while MH17 crashed in Ukraine on 17 July. Malaysia Airlines is being taken private by Malaysias state investment firm Khazanah Nasional. A restructuring announcement from the company is expected on Friday. The company said it operated in a harsh business environment of stiff competition and that even before the two tragedies it was acutely aware of the need to restructure. And now a look for the forex rates USD 2590 2610 GBD 4295 4340 EURO 3435 3470 KSHS. 29.2 29.6 Forex Rates brought to you by City Bureau de Change located at Jumbo Plaze, Shop Number 4 on Parliament Avenue and Pioneer Mall, shop 4, City Bureau De Change also offerS FOREX EXHANGE Telegraphic Transfers, WESTERN UNION, MONEY GRAM AND CROSS CURRENCY OPTIONS. The Business news on 97fm Radiocity is brought to you by Orange Orange is the number one internet provider, giving you the most affordable internet bundles on the market, so you can use the internet as much you want. Simply dial *133# to buy a data bundle for your phone or modem. Internet changes with Orange. Today changes with Orange.
Posted on: Thu, 28 Aug 2014 13:06:19 +0000
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