Earth Finds

Earth Finds

Bunyoro, UNOC Agree To Set Up Kabaale Industrial Park Working Group

The Uganda National Oil Company Limited (UNOC) Executive Committee led by the Chief Executive Officer (CEO) Eng. Dr. Josephine Wapakabulo and the Cabinet of Bunyoro Kitara Kingdom (BKK) led by Rt. Hon. Owek. Andrew Byakutaga Ateenyi met to discuss long-term cooperation between UNOC and the Bunyoro Kingdom.

The meeting that took place last week was on the request of the Bunyoro Kingdom following UNOC’s participation in the 25th Empango (Coronation) Anniversary held on Tuesday 11th June 2019 at Karuzika Palace, Hoima.

Eng. Dr. Josephine Wapakabulo welcomed the Prime Minister of Bunyoro Kingdom and his Cabinet and reiterating the commitment to continue cooperation with the Kingdom.

She said the meeting was a chance to present the projects being handled by the UNOC and opportunities these projects present.

On his part, Hon. Owek. Andrew Byakutaga Ateenyi extended appreciated UNOC’s cooperation with the Bunyoro Kitara Kingdom, particularly UNOC’s support to the last two (Empango) Coronation Anniversary celebration.

He said that the visit to UNOC was specifically to acquaint his Cabinet with the activities of UNOC and explore ways of collaboration and partnerships.

Rt. Hon. Andrew Byakutaga Ateenyi said the Bunyoro Kitara Kingdom is aligning activities with all the players engaged in the development of Bunyoro Kitara Kingdom.

The two parties agreed to establish a working group for Kabaale Industrial Park (KIP) which will address key issues and opportunities arising from the region.

UNOC shared their plans to establish a liaison office in the community going forward in order to improve awareness of the UNOC business operations and enhance stakeholder engagements with the communities and buy-in.

 

SOURCE: UNOC

Bank Of Uganda Spent $33m On Unstable System

Bank of Uganda (BoU) loves spending the tax payer’s money. And when they spend, they spend big. The latest news is that the central bank spent US $33 million on its Real Time Settlement System (RTGS) that had a malfunction on Wednesday.

According to sources that spoke to Eagle Online said the system’s brief breakdown on Wednesday affected government payments and interbank transactions.

“However, sources say the RTGS is supposed to have two back-up systems in case of a malfunction or crash. Sources say they doubt whether the two systems were installed on computers at the central bank,” Eagle Online reported.

 RTGS systems are usually operated by a country’s central bank as it is seen as a critical infrastructure for a country’s economy. Economists say that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets.

A weak payment system may severely drag on the stability and developmental capacity of a national economy; its failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money.

In a statement Thursday BoU Governor Emmanuel Tumusiime-Mutebile said the system experienced a temporary malfunction and it did not crash as reported in the sections of the local media.

“It should be noted that this was not a system crash as has been portrayed in the media. There was a brief disruption in transaction processing in the morning which was resolved shortly thereafter,” Tumusiime-Mutebile said.

Rajiv Ruparelia To Make Pearl Of Africa Rally Debut

Rajiv Ruparelia Rally Team has confirmed that Rajiv Ruparelia will for the first time participate in their Pearl of Africa Rally Championship next month.

“It's official. We are participating in our first ever Pearl of Africa Rally Championship. See you in Busiika and Kayunga on 2nd and 3rd August,” the Team said in a brief social media post.

Rajiv said participating in the Pearl of Africa Rally Championship will be an an immersive experience. Rajiv recently won his maiden rally at the Kayunga Autocross.

Meanwhile Rajiv has not let success in his maiden two races get into his head but rather he is choosing to tread carefully as he integrates into the motor rallying fraternity of Uganda.

He launched his motor racing career in May when he launched his rally car, a VW Polo Proto at Speke Hotel’s Rock Bar & Grill.

He would later compete for the first time at Enduro Autocross Championship 2019 at Zion Estates in Ssisa. In that race, he finished second, behind seasoned race Ronal Sebuguzi.

And this Sunday, during his second race ever, Rajiv won the Federation of Motorsport Clubs of Uganda (FMU) Autocross Championship 2019 in Kayunga. This time he beat Ssubuguzi who finished third behind second placed Ponsiano Lwakataka.

CID Interrogates 3 DFCU Bank Officials In Hacking Case

The Criminal Investigations Directorate (CID) has reportedly interrogated three Dfcu bank officials in the ongoing hacking case. Over Shs10bn was reportedly lost in a hack that rocked the commercial bank recently.

 Charles Twine, the CID Spokesperson confirmed to Eagle Online that the three officials whose names remain anonymous for now were interrogated a day ago.

“The Dfcu case was formally reported here and investigations are ongoing, he said, adding that, “Some three people were picked, interrogated and released on bond. Because this is a crime that was committed electronically.”

Although Twine declined to reveal how much money was stolen, a forensic audit involving police detectives showed that about Shs10b had illegally been withdrawn from the clients’ accounts.

He also said detectives and their cybercrime team have already picked the logs and are analyzing them to establish how the fraudulent transactions were done. Police said some of the suspects in the crime are not workers of the bank and are actually outside the country.

“They were within the bank and others outside. They gave in their story but with electronic offences we don’t rely on stories. There are people were vigorously looking for and one of them is outside the country. We shall use the normal process to trace for him and bring him back,” Twine said.

Subscribe to this RSS feed

Kampala