Earth Finds

Earth Finds

South African Energy Minister Calls For Stable Regulatory Framework

A stable, predictable policy and regulatory framework must be created that will lead to investment and growth in South Africa's energy sector, says the country's Mineral Resources and Energy Minister, Gwede Mantashe.

Minister Mantashe was delivering his first energy budget speech in Parliament since the merging of his mineral resources portfolio with that of energy following South Africa's general election in May this year.

Announcing a budget of R7.44 billion for energy, the Minister noted that the sector had contributed negatively to overall economic growth in the first quarter of 2019, declining by 6.9% and making a 0.1% contribution to an overall GDP decline of 3.2%.

"Despite the present economic climate and stringent allocations, we must ascertain a secure and sustainable provision of energy," he said.

"In this context, (we must) utilise diverse energy resources in sustainable quantities at affordable prices, and mindful of environmental requirements, to support economic growth and development."

Legislation

The Minister re-iterated his announcement in recent weeks that work is under way to develop the Petroleum Resources Development Bill "to ensure we provide policy certainty for the upstream petroleum sector that is relatively new to our economy yet with great potential to grow GDP, contribute to the fiscus and create much needed jobs".

The Gas Amendment Bill, he said, intends to leverage available gas resources such as those in the Karoo and the recent discoveries in the Brulpadda field, assisting in the implementation of gas-to-power projects.

Integrated Resource Plan (IRP)

The IRP, which considers a diversified energy mix that includes all forms of energy technology such as cleaner coal, gas, hydro, renewables and battery storage, is in the process of being finalised at the National Economic Development and Labour Council (NEDLAC) and will be tabled before Cabinet for approval in September, the Minister said.

"As a country, we must avoid the currently polarised debate on energy, pitted as coal against renewables. The debate should be about the effective use of all of the energy sources at our disposal, to achieve security of supply."

Development of a gas industry

To mitigate the impact of rising electricity prices on the cost of doing business in South Africa, greater use of natural gas is being explored, the Minister said.

While most of the country's current supply of natural gas is from imports via the pipeline of the Mozambique Pipeline Investment Company (ROMPCO), more economical options need to be explored, including acceleration of South Africa's own natural gas exploration activities.

Meantime, Mozambique will be engaged on the possibility of increasing and extending the supply of gas beyond 2023 and the importation of liquified natural gas (LNG) via the Coega Industrial Development Zone will be implemented.

Charting a successful way forward for South Africa's oil and gas sector, building on the excitement of the Brulpadda Discovery, local content and increased gas to power potential will be at the forefront of discussions at the South Africa Showcase, a new feature for Africa Oil Week 2019 (Africa-OilWeek.com).

Sum Hackers Stole From DFCU Bank Now Reported At $2.6m

The money hackers stole from DFCU Bank last month is now being reported at $2.6m rising from the initial figure of Shs700m.

Reports by Trumpet News indicate that this money was accessed using “old unauthorized ATM cards” allegedly belonging to a number of pseudo customers “created by these hackers.”

The online publication quoting sources revealed that Shs700 million was stolen through ATMs while more Shs8 billion was withdrawn from customers’ accounts in many branches across the city.

The heist was masterminded by insiders and outsiders who are well conversant with modern technology used by several banks in Uganda.

“Customers who were involved in the heist were asked to report to the bank that their ATM cards were stolen and therefore these cards were blacklisted by the Bank and issued new ones. But because the system had been compromised, the same ATM were used to withdraw money,” said a source.

This means that the fraud has been ongoing for a longtime in the bank, until the top management learnt of it.

Whereas, DFCU reported the matter to CIID under reference number, CID HDQTRs GEF604/2019, details have been concealed for fear of losing customers.

SOURCE: TrumpetNews

Hackers Hit DFCU Bank Stealing Shs.700M Customers Money

Misfortunes have a found a home in DFCU Bank this year and customers are continuing to suffer. The latest misfortune to hit DFCU Bank is a heist orchestrated by hackers who accessed depositors money amounting to Shs700 million.

According to TrumpetNews, the bank did their best to keep the news of the heist locked away from public domain despite reporting the matter to Criminal Intelligence and Investigation Department (CIID) of police.

“Through our investigations, we have established that the crime was executed by four junior staff and two outsiders who have since been arrested and are currently in police custody,” TrumpetNews reported.

“The heist occurred two weeks ago but DFCU has kept it a top notch secret for fear of losing clients should the public learn that the customers’ details were compromised.

According to a source in the Bank, the hackers penetrated DFCU’s system in most of the branches in Kampala and withdrew Shs700 million which they shared amongst themselves.

The head of communications at DFCU Rukh-Shana Namuyimba when contacted said she wasn’t aware of any hacking. “I am not in position to comment because I am not aware of that,” she said.

CBA Uganda Vintage & Classic Auto Show Gets Rwanda Air, Liquid Telecom Boost

The 8th edition of the most coveted classy auto show has received a boost from RwandaAir and Liquid Telecom in addition to the already established partnerships with Commercial Bank of Africa, the title sponsor, Sheraton Kampala Hotel, the show’s venue sponsor, NBS TV and Nxt Radio, the official media partners, Singleton  the official beverage partner and Events Warehouse, the official event and production partners, all joining hands for the success of the show set to take place on July 27th, 2019 under the theme, “Love of Machines”.

Speaking to the press at the Sheraton Kampala Hotel, Mr. Ivan Mugisha, the Country Manager Rwanda Air Uganda, said the airline will provide tickets for the winners. “As Rwanda Air, we are excited to be part of the most amazing auto show in the country, region and continent. We will offer 2 business class tickets to the winners to test our new route from Entebbe to Gaungzhou in China.

In addition to Rwanda Air’s new sponsorship package, Liquid Telecom has also joined the sponsorship board to provide free Wi-Fi at the show for revelers to enjoy and share their experience with the rest of the world online.

“Internet today is a right and no longer just a privilege. It enables us connect beyond borders and has now become a big player in tourism promotion which fits right into the purpose of the CBA Vintage and Classic Auto Show. Many people fly in to see and be part of the event and the best we can do is supplement the efforts of the organizers in raising such an amazing and unique show by creating the free connector of worlds which is the internet. We urge all the event participants to use the free services availed to them to spread the word so that come next year, we see more tourists and inevitably contribute to the economic growth of the country,” Dennis Keko Kahindi, CEO of Liquid Telecom Uganda said.

Dr. John Baptist Niwagaba, the Uganda Vintage and Classic Auto Show chairman welcomed the sponsors on board and reassured them and the show revelers of an unforgettable experience larger than those created in the previous shows.

“We are very excited about our new sponsors, Rwanda Air and Liquid Telecom in addition to our already existing long time partners. With all this support, we are left with no room for mistakes or doubt that this will be the biggest and best CBA Uganda Vintage and Classic Auto Show yet and we can promise all our participants and revelers that they will have a great time!”

 A snail trail of the competing cars will be held on the eve of the event, July 26th, 2019 between 12:00am to 2:00pm from Shell Bugolobi to the Sheraton Kampala Hotel Gardens.  This will be organized in partnership with Uganda Police to ensure security and non-interruption of traffic on the chosen route.

The competition is expected to be tighter this year. Notable entries include a 1953 Mercedes Benz “Ponton”,1965 Mercedes Benz “Fintail” and a 1970 Mercedes Benz “Tight”. These will tussle it out with entries from showman Hajji Kakooza Wazzir who in addition to entering 4 cars including last year’s runner up will also be dressed for the occasion and competing for “Best Dressed Male”. On the hand Mr. Bill Farmer`s 1951 Citroen Avant, the 2015 overall winner will compete again after a 2-year sojourn while Kalvin Kagwa, the youngest winner will shine with his 1938 Wolseley. In the bike category, Mr. Lule will be presenting his 1939 Matchless as he also tussles it out in the Collectibles Category with notable Collectors Tonny Owana and Emmanuel Ssemwanga who own tons of vintage musical and broadcasting equipment.

Our international judges Chris Eden and Anita Rose Eden from Nairobi will join our own legend Sam Ssali to scrutinize each of the entries, while the indefatigable Bob Dewar will provide historic commentary at the show.

 

The show is endorsed by the Automobile Association of Uganda (AAU), Nairobi`s Concours d`Elegance and Uganda Tourism Board.

Subscribe to this RSS feed

Kampala