HiPipo Money

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Today, during a breakfast meeting at Kampala Sheraton Hotel, the Uganda Law Reform Commission (ULRC) and the Ministry of East African Community Affairs (MEACA) launched the second phase of the alignment of Uganda’s laws to the Common Market Protocol. This is in line with the EAC Council of Ministers Directive for all Partner States to approximate their national laws and to harmonize their policies and systems for purposes of implementing the Common Market Protocol (CMP).

The EAC Common Market Protocol was launched in July 2010 and heralded a range of new freedoms and rights for the people of the East African Community (EAC). These included the free movement of goods, services, labour and capital and the rights to establishment and residence. A fully implemented CMP has the potential to change the region by expanding opportunities for the citizens to move and trade not only internally but also with the rest of the world.  However, these aspirations can only be a reality if steps are taken by Partner States to fulfill the commitments undertaken by aligning and harmonising their laws and policies to the provisions of the Common Market Protocol.

In March 2012, the Uganda Law Reform Commission undertook a needs assessment of key laws to establish their compliance with the CMP. A total of 57 principal laws were identified for further review and alignment. In October 2012, ULRC and the Ministry of EAC Affairs, supported by TradeMark East Africa (TMEA) undertook the first phase of the review and alignment of identified laws. 21 laws were targeted including immigration laws, and laws affecting professional associations e.g. Architects and Accountants were reviewed, of which 11 laws and a number of subsidiary legislation were found not to be compliant with the CMP. Recommendations for re-alignment with the Protocol were made and this culminated in the draft Omnibus bill that was initially tabled before the Cabinet and is currently under discussion by different stakeholders.

The launch of the second phase today seeks to target the remaining 36 laws identified in the Needs Assessment, and also to identify laws and regulations that contribute to Non-Tariff Barriers. In addition, the recently launched East African Common Market Scorecard 2014 (IFC/ EAC) examines commitments made by Partner States under the CMP, outlines status in removing legislative and regulatory restrictions and identifies a number of non-conforming measures legal, policy and in practice.

ULRC and MEACA with the support of TradeMark East Africa are now undertaking the second phase to align key laws to the CMP. The launch is aimed at bringing together key stakeholders in government, parliament, private sector and civil society to provide an update on progress under Phase 1 and to share the proposed approach and key areas for investigation under phase 2.

 Speaking at the launch, the Secretary ULRC  Lucas Omara said “We believe this is the beginning of yet another successful partnership with MEACA and other MDAs like the Ministry of Trade, Industry and Commerce to tackle the huge task to align national laws to the CMP. The second phase of the law alignment project will not only address the remaining 36 laws under the Needs Assessment, but will also enable us to identify and make recommendations on key areas that require legal and policy amendments.”

Edith Mwanje, the Permanent Secretary of MEACA, called upon all stakeholders and MDAs to fully participate and support the project to ensure that Uganda fulfills its commitments under the CMP. The Permanent Secretary further reiterated the Ministry’s continued support to ensuring that laws reviewed under Phase 1 would be presented to Parliament for amendment.

Allen Asiimwe, Country Director of TMEA hailed the implementing institutions ULRC and MEACA for their efforts that led to the success of the first phase “we are excited that the Government of Uganda (GoU) is taking steps to make the CMP a reality for the people of Uganda by aligning its laws to the Protocol; TMEA is committed to facilitating GoU agencies to successfully review and align its key laws to the CMP”

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Astarc Motors Uganda Limited officially opened its showroom at Bhatia Chambers on Parliament Avenue in Kampala on Tuesday, 4^th March, 2014 launching the world’s largest selling motorcycle company, HERO, in Uganda.  

Astarc Motors Uganda Ltd also unveiled a specially customized motorcycle brand called Hero Dawnthat offers an astounding65 kilometer per litre in a move that will see players in the bodaboda sector generate more income and better their livelihood.

Among the other models introduced are Splendor NXG, Glamour, Hunk, and Karizma-R. This product range includes bikes from 100cc to 225cc.

Hero Motocorp, headquartered in India, is the world’s largest single legal entity selling the largest volume of motorcycles around the world, selling over 6 million motorcycles in one year. Hero Motocorp has sold over 50 million motorcycles around the world since 1985. . It has tie-ups with US based EBR and Austria’s AVL for engine and bike technology development. It has presence in South East Asia, Latin America, Peru, Kenya, Angola, DRC, Mozambique, Tanzania and now Uganda.

Sameer Musale,Executive Director of Astarc Motors Uganda Limited called this a historic moment in two wheeler industry in Uganda with launch of best-selling model HERO Dawn. He mentioned that HERO Dawn has been specially modified for Uganda to suit the customer needs. With back-up of extensive R&D and manufacturing capability in India, HERO Dawn will offer the Ugandan customers more value for their money. He also mentioned that genuine spares will be offered at extremely competitive price and the company has decided to stock spares requirement of 6 months from day 1.

Speaking during the launch, Hon. Amelia Kyambadde, Minister for Trade and Industry said that the move signals the start of a triumphant year for business and growth in Uganda as Astarc Motors Uganda Ltd. and Hero seek to improve and provide more income generation in the SME sector, a move that is welcome.

Along with the unveiling, Astarc Motors Uganda Limited also announced that it had set-up a state of the art assembling plant, and with the right government support it will look to transform Uganda into the manufacturing hub and distributor of Hero motorcycles in East and Central Africa with employment opportunity for over 1500 people directly and indirectly, establish a world-class engineering industry in Uganda.

Mr. Sameer Musale, Executive Director, Astarc Group said, “We are extremely happy to introduce the five stunning Hero motorcycles in Uganda today representing the results of our journey and the future of this brand. Astarc motors Uganda Limited has invested heavily in this entire venture that will see creation of employment opportunities, training and skills empowerment for service people and the setting up a state of the art plant, showroom, and service center”.

Astarc motors also introduced a new door to door service delivery offer where users of Hero motorcycles will be able to access affordable and mobile service checks by simply calling the company’s hotline in case of a breakdown and a Service van which would be stationed at various locations to service and sell spares to remote locations.

Astarc Motors has also donated an ambulance vehicle to the Uganda BodaBoda Association which was handed over to the Inspector General of Police as the immediate patron for easy management and usage of the ambulance. Among others, motorcycles were also given to the association so as to help it in its daily work.

“With extended services like mobile repair, we hope that our customers will take advantage of this and ride their motorcycles with a smile and comfort”, added Mr. Sameer Musale.

“We have so many entrepreneurs that are coming into the country with attractive offers and services that we need to dig into and embrace. I am delighted that today, Astarc motors has joined the class of such entrepreneurs. We hope that this introduction to the Uganda market is another opening for more jobs for our youth.” Said the Guest of Honour and Minister for Trade and Industry, Hon. Amelia Kyambadde.

About Astarc Group

Is a diversified group with businesses focused on Printing and Imaging Solutions, Power Generation, Infrastructure & Real Estate, Building materials, Safety and Sports Head gear, Retail display solutions and Mining.Astarc group is driven by Innovation and Technology and is committed to achieving leadership and excellence in each of its business.

·      $500 million group

·      Presence in India, USA, South East Asia, Middle East and East Africa

·      With over 1500 Associates

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In a move aimed at strengthening its position in Uganda, Britam’s Board of Directors has appointed Mr. Allan Mafabi as its new Chief Executive Officer.

Mafabi, formerly the General Manager, Business Development at UAP Uganda comes with a wealth of experience spanning over a decade in the insurance industry ranging fromgeneral insurance, Underwriting Management, Claims Management, loss adjustment, Reinsurance and Marketing.He joins Britam at a time when the company is on a growth trajectory through regional expansion, and will be expected to steer the local franchise to market leadership.

Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern Africa region, and offers a wide range of financial products and services in Insurance, Asset management, Banking and Property.

Making the announcement today, Mr. Benson Wairegi, the Britam Group Managing Director said that the appointment marks an important step in the company’s strategic plan to widen the scope of insurance products in the Ugandamarket.

“Allan brings invaluable expertise and experience to this company especially at this point in time whenwe are looking at growing our regional footprint. There are manyopportunities that exist in this market and Britam is better placed to take on a cross section of the risks,” he said.

He added that as the country moves towards oil production, demand for higher risk cover will ultimately increase and that the strong foundation built by Britam over the years will make the company an ideal choice.

“Having anexperienced person like Allan on board willspur our ambitions as we look at expanding our horizons in terms of regional reach. The entire Board would therefore like to welcome Allanto the Britam family,” Wairegi added.

 Insurance penetration in Uganda is quite low, at around 0.8% ofthe GDP. However, a growing middle classas well as developments in the oil and gas sector present thesector with immense opportunities for growth as demand for insurance cover increases with the growing risks.

“It gives me great pleasure to join this company that has a long heritage of providing financial services. As a team, we shall strive to always lead the way in terms of widening our product range,” Mafabi, the Uganda CEO said.

As the Ugandan insurance industry plans to move towards risk based supervision from compliance based supervision, Britam is well capitalized to handle the requirements of the sector.

Britam’s recent acquisition of a 99 percent shareholding in Kenya’s Real Insurance Company Limitedrubber stamps the company’s commitment towards gaining a market share of the region, making it the largest Pan African insurance company within the East and Central African region.

The acquisition will also see Britam increase its market share to rank second in Kenya on gross premium basis.

This  places the company at a vantage  position to take on  bigger  risks as a result of merging two companies that have well-documented track records of excellence.

Britam already has a strong presence in Kenya, Uganda, Rwanda, and South Sudan. Real’s subsidiaries in Tanzania, Malawi, and Mozambique will see Britam increase its overall market share.  

About Britam.

Britamis a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the East African region and offers a wide range of financial products and services in Insurance, Asset Management, Banking and Property. The product range includes, life, health and general insurance, pensions, unit trusts, investment planning, wealth management, off-shore investments, retirement planning, discretionary portfolio management, property development and private equity.

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Firm swings to net profit in FY13 against a net loss of USD 9.54 million the previous year; revenues rise 1.9% year-on-year to USD 18.19 million; Board of Directors calls for shareholder meeting to approve mechanism of capitalizing liabilities from c.USD  0.50 bn in asset purchases, thus putting capital increase on track to close by 31 March 2014

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, announced today its standalone financial results for the fourth quarter and full-year 2013, reporting a net profit of USD 1.51  million on revenues of USD 18.19 million for FY13.

By comparison, the firm reported a net loss of USD  9.54 million in FY12; the fourth quarter of the year just-ended marks the fourth consecutive quarter of profitability for the firm, driven by steady advisory fees, net financing gains and proceeds from dividends.

“Prudent management mitigated risk across the board in 2013 ­— at Citadel Capital as a standalone entity and across our portfolio of core and non-core investments,” said Citadel Capital Chairman and Founder Ahmed Heikal. “The result has been improving financial performance, particular at the Citadel Capital standalone level and the level of our operational core platforms. We look forward to the successful conclusion of the capital increase in late March, which will propel us well down the road in our transformation into an investment company.”

The release of the standalone figure comes as the firm prepares for the second and final round of subscriptions to the capital increase. Citadel Capital disclosed earlier this month that it had completed its planned purchases of additional stakes in platform companies totaling approximately USD 0.50 billion as part of its ongoing transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.

Citadel Capital will continue to report its Consolidated financial results as it continues its transformation into an investment company that should be judged by the consolidated performance of its investments. While it typically discloses both Standalone and Consolidated Financials in the same Business Review, the firm is reporting Standalone Financials only at this time to satisfy a regulatory requirement for the finalization of the ongoing USD 0.52 billion capital increase.

Quarter-on-quarter, revenues rose 59.8% on stable advisory fees and USD 4.48 million in dividend proceeds from a fully-owned Citadel Capital subsidiary. On a full-year basis, revenues rose 1.9% y-o-y to USD18.19 million, despite the impact of non-recurring advisory fees generated in 1H12 on additional fees related to Orient.

Notably, successful cost control efforts saw OPEX drop 14.6% in FY13 to USD 19.80 million, from USD 23.19 million in FY12.

Relevant to the ongoing capital increase process, Citadel Capital had completed investment purchases of approx. USD 0.32 billion by the end of 2013, a figure that has since risen to c. USD 0.50  billion.

The asset purchases disclosed cover the platform companies and subsidiaries outlined in Citadel Capital’s Form 16 submission on use of proceeds from the capital increase, as approved by Egyptian Financial Services Authority (EFSA).

In December 2013, Citadel Capital invited shareholders to subscribe to an USD 523319050.16capital increase at par (USD 0.72 per share). The capital increase would see Citadel Capital’s total issued capital rise to USD 1149559609.06from USD 626240558.91 through the issuance of 728,375,000 new shares.

At a meeting held on 13 February 2014, Citadel Capital’s Board of Directors accepted a report by its independent auditor (KPMG) certifying USD 0.53 billion in liabilities to co-investors and shareholders arising mainly from these securities purchases. Citadel Capital will capitalize an amount equivalent to the total value of the ongoing capital increase (USD 0.52  billion), with the balance of  the liabilities remaining due. The capitalization is expected to take place during the second subscription round for the capital increase — anticipated to be completed by the end of 31 March 2014 — thereby resulting in full subscription to the share issuance.

Finally, Citadel Capital’s Board of Directors resolved today to call for a general meeting of shareholders to approve the mechanism by which liabilities resulting from the firm’s c. USD 0.50 billion in investment purchases will be capitalized as part of the ongoing capital increase. The meeting is scheduled for 17 March 2014, placing the firm on track to complete the second and final subscription stage for the capital increase by the end of March 2014.

Citadel Capital’s full standalone financial statements are now available for download at ir.citadelcapital.com.

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British Airways has been named the winning Consumer Superbrand of 2014, securing the top position against 1,500 other brands vying for the prestigious title. It’s the first time an airline or travel brand of any kind has topped the poll.

The UK’s Consumer Superbrands are chosen by the British public in a national survey of 3,000 adults. The annual survey, which has been identifying the UK’s leading brands since 1995, was managed by The Centre for Brand Analysis (TCBA).

Frank van der Post, British Airways’ managing director brands and customer experience, said: “We are thrilled to be named the Consumer Superbrand of the year. The greatest accolade is that the hard work of our teams has been recognised by the public to receive this coveted award.

“We are very proud of what we have achieved in recent years – from our role in the London 2012 Games and our investment in new aircraft and cabins, to our ‘To Fly. To Serve.’ campaign. We will not take this award for granted, but will continue to build on our success.”

The airline’s recent achievements include:

• Introducing new aircraft to the fleet, including the superjumbo A380, and 787 Dreamliner– the most technological advanced aircraft inthe world
• Innovating – introducing iPads to our senior cabin crew allowingthem to tap into customer preference, extending in-flightentertainment until landing, and trialling digital bag tags
• Receiving Sports Industry Awards and a PRCA award for our role inthe London 2012 Games. This included delivering the Olympic Flameinto the country, launching the ‘Home Advantage’ campaign, hosting700,000 people at ‘Park Live’ at the Olympic Park, and a fly-pastover The Mall at the end of the Games to thank the fans and athletes
• Being named ‘Best Airline Worldwide’ and ‘Best short-haulcarrier’ in the Business Traveller Awards 2012
• Raising £6.5 million for Comic Relief through our Flying Startpartnership

Stephen Cheliotis, Chief Executive of The Centre for Brands Analysis and Chairman of the Superbrands Council said: “It’s great to see British Airways soar into first place; it has always performed well in the survey but over the last two years its reputation has climbed to new heights, partly through the cementing of its successful ‘To Fly, To Serve’ and positioning and the residual goodwill from its effective 2012 Olympic and Paralympic Games association.”

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Perez Kasoro and Dean Ocama were overjoyed last Friday as they each received Ush1.5m as well as a DSTV Walka 7 courtesy of Guinness for taking part in the Guinness Fantasy Manager game.Kasoro and Ocama topped the monthly leaderboards for the month of December 2013 and January 2014.

My game plan involved selecting Star players like Liverpool’s Uruguayan striker Luis Suarez as well as Manchester City’s Argentine wizard Sergio ‘Kun’ Aguero, said Kasoro.

Having amassed over 750 points, Kasoro has now vowed to up his ante and win the Manager of the season award that comes with a cash prize of Ugx 5m.

Ocama on the other hand kept it simple during the month of January 2014 looking out for consistent performers like Southampton’s Adam Lalana, Manchester City’s Ivorian midfielder Yaya Toure as well other goal scoring midfielders. The Capacity Building Officer at the World Wide Fund for Nature currently has 854 points and has his eyes set on the Manager of the season award too.

He added, “This money will help me save up on my salary as well as help me pay rent upfront for months ahead.”

Phoebe Nakabazzi, the Guinness Brand Manager says that the brand plans to make the game show more exciting in the coming seasons with bigger offers.

“We want to create more hype around this game and we hope to make it bigger in the coming years to the extent that we want some of the winners to be flown out to watch some English Premier League Matches.”

Managers of the week for the months of December 2013 and January 2014 were awarded with the DSTV walka 3.5 each.

GUINNESS FOOTBALL MANAGER was launched in August by Italian footballer and Champion League winning manager, Roberto Di Matteo, when he visited Uganda.  Each week, Di Matteo selects his very own ‘Player Made of More’ – the player he believes has made the most significant contribution in that week’s matches and any managers with that player in their fantasy team, will be awarded extra points.

Choose your team and get involved!  All you need to do to play GUINNESS FOOTBALL MANAGER is sign up to GUINNESS VIP at m.guinnessvip.com, follow the instructions to select your team and show Uganda what you are made of!  It is free to get involved.

Please drink responsibly, strictly18/21+.