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Experts Warn on Monetary Union

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Experts Warn on Monetary Union 34 NEW VISION, Friday, November 4, 2011 MARKET MOVING NEWS BusinessBusiness OFTSE Up at 5517.26 OCAC Up at 3178.65 ODAX Up at 6098.18 ODOW JONES Up at 11836.04 FOREX By MACRINES RATES NYAPENDI Nakasongola to get sugar factory Nairobi-Eldoret oil pipeline ready By SAUDHA NAKANDHA will help us to step up sugar the plant would manufacture By MOSES NAMPALA line has been completed. We JAFFERY FOREX Tel.347090/1 production in the next two 250 tonnes of sugar per a are undergoing trial commis- The Government has offered years,” Kyambadde said. day on its 9,500 acres of Currency Buy sell The construction works on sioning,” Kiraitu Murungi, the a new sugar factory license in She said an inspection team land. Sugarcane planting a parallel Nairobi-Eldoret oil Kenya energy minister, said US Dollar 2575 2595 Migyera in Nakasongola to had given the project a go- had already started, Barot pipeline to double fuel flow last week. “The main aim of Pound Sterling 4095 4195 Tirupati Development. ahead. added. from 220,000 to 440,000 litres this project was to address the Euro 3580 3680 Amelia Kyambadde, the “With the work they have He said the long matu- per hour has been completed. occasional fuel shortage that Kenya Shs 25.2 26.9 trade minister, observed in already done in Uganda, they rity of sugarcane, would be The project started in 2008 would considerably strain our STANHOPE Tel.347297/8 Kampala that the move would have qualified to carry on this solved by using improved aims at cutting wear and tear trade relations with partners US Dollar 2600 2610 bring down the cost of sugar sugar project,” Kyambadde irrigation system. on the roads and stabilising states in the region,” he aad- Pound Sterling 4160 4190 when the new factory starts said. She lauded Nakason- “In India, sugarcane takes fuel supplies to Uganda and ded. Euro 3580 3620 production next year. gola residents for availing the 18 months to mature. We are Rwanda which rely on the Uganda and Kenya are seek- Kenya Shs 26.5 27.2 “We are facing a problem investors land. introducing irrigation that Mombasa port for their petro- ing to construct a 193,000km LLOYDS FOREX Tel.0414348561 of sugar shortage leading to Miraj Barot, the Tirupati will ensure maturity in 12 leum products supplies. oil pipeline from Eldoret in Ke- US Dollar 2605 2615 high prices. This approval joint-managing director, said months,” Barot pointed out. “The Nairobi-Eldoret pipe- nya to Mpigi in Uganda. Pound Sterling 4055 4170 Euro 3510 3600 Kenya Shs 25.6 27 SHUMUK Tel.0414259736 US Dollar 2605 2615 Experts warn on monetary union Pound Sterling 4110 4210 Euro 3520 3600 Sar 330 350 O SPOTCASH Tel.0776628689 Negotiating team asked to learn US Dollar 2600 2620 Pound Sterling 4125 4205 UNDP lauds business training scheme from eurozone crisis to avoid a repeat Euro 3560 3620 PICTURE BY DAVID SSEMPIJJA Kenya Shs 26.4 27 By DAVID SSEMPIJA By DAVID MUGABE bloc head towards near reces- METROPOLITAN Tel.0414232773 sion, analysts now advice that US Dollar 2598 2618 Wilson Kwamya, the The East African Community careful and critical analysis be Pound Sterling 4128 4198 UNDP assistant resident (EAC) member states negotiat- undertaken to avoid embrac- Euro 3583 3663 representative, has lauded ing the monetary union (single ing the euro zone model and Kenya Shs 26 27 Uganda for embracing currency) have been asked to all its weaknesses. MIDLAND Tel.0414233977 enterprise development carefully study and learn from Dr. Enos Bukuku, the EAC training as a tool for the shortfalls of the euro zone deputy secretary general in- US Dollar 2590 2620 curbing unemployment crisis to come up with an effec- charge of infrastructure, asked Pound Sterling 4080 4250 through creating sustain- tive sustainable system for the the negotiators from Uganda, Euro 3520 3620 able private businesses. region. Tanzania, Burundi, Kenya and Kenya Shs 26.2 28.2 He said immense Edith Mwanje, the permanent Rwanda to do everything pos- MIDWEST FOREX Tel.255642 benefits had accrued from secretary in the ministry of East sible to beat the March 2012 US Dollar 2590 2610 the training facilitated African Community, said since deadline for the monetary Pound Sterling 4120 4280 by Enterprise Uganda, the process entails giving up union. Euro 3570 3680 a business development sovereignty, there should be no “We would like you to devote Kenya 26.4 28 agency formed to boost fear among member states. the best of your abilities and HYDERY FOREX Tel.255780/1 small businesses. “Using the experience of the have the protocol concluded by US Dollar 2600 2615 “UNDP embraced eurozone, you are doing this March 2012,” said Bukuku. Pound Sterling 4160 4200 the establishment of at the correct time because He advised that for the mone- Euro 3580 3620 this national enterprise you know what can go wrong. tary union to be successful, the Kenya Shs 25.5 27.5 development institution. Please ensure that you safe- EAC members states should DOLLAR HSE Tel 252918/9 We are happy that the guard our economies,” said strictly follow what is in the US Dollar 2603 2620 body has executed its Mwanje during the opening of treaty. Pound Sterling 4105 4300 mandate,” he said at the the high level taskforce meet- They should also ensure that graduation ceremony for ing negotiating the monetary timely and quality statistics are Euro 3526 3700 over 200 participants in union in Entebbe on Monday. provided by member states. Kenya Shs 26.7 27.98 ZAIN FOREX Tel. 0414288580 entrepreneurship and During the early stages of “If you are given the wrong business skills programme the EAC monetary union ne- data, it is bad. We must all use US Dollar 2595 2580 in Kampala. gotiations, the EAC engaged a the same yardsticks,” said Bu- Pound Sterling 4080 4260 Charles Ocici, the consultant from the European kuku. The monetary union is Euro 3520 3670 Enterprise Uganda chief, Central Bank for advice. the second last phase in the Prime Tel.0414250476 emphasised the need for But given the crisis of the integration process after the US Dollar 2590 2825 continued business devel- Ocici and Kwamya hand over certificates to the participants euro currency, which has seen commencement of the com- Pound Sterling 4090 4200 opment training. the once powerful economic mon market over a year ago. Euro 3500 3630 CROWN Tel.0414252500 US Dollar 2600 2620 Pound Sterling 4070 4240 Euro 3530 3630 Kikaaya family accuses UMEME of messing up with meter wiring MONEYPOINT Tel.0414255552 US Dollar 2598 2610 By CHRIS KIWAWULO “But they went ahead and discon- “I had to disconnect the power from Bukenya regretted the incident, Pound Sterling 4120 4190 nected the power, saying they would the main switch. Our electrician said a recognising that reconnecting power Euro 3550 3620 A Kikaaya family in Kawempe Division reconnect the power after we have live wire had been connected onto the supply aggravated the situation. WALK-IN Tel.0414343004 has accused UMEME meter readers presented proof of payment. When we earth wire. She said the meter readers were US Dollar 2600 2615 of maliciously messing up their wiring presented the proof, they claimed we “Imagine what would have happened unable to establish the cause of Pound Sterling 4100 4400 system and causing electric shocks in had a by-pass, which is false. if my children touched anything?” the shocks although they restored Euro 3510 3700 the house. “I asked our family electrician to wondered Maurus. power supply. Asked whether it was ROYALCASH Tel.0414255332 The family alleged that the mess was check, but before he could reach home, However, Nafula Bukenya, the the company’s practice to reconnect US Dollar 2595 2515 done on September 20 after the family they reconnected the power and disap- UMEME legal services manager, ex- power supply after discovering a wiring failed to yield to demands for money peared,” Maurus narrated. plained that the two contracted meter problem, Charlotte Kemigyisha, the Pound Sterling 4125 4205 from meter readers who wanted to Maurus, whose UMEME account readers reported a leakage in the meter spokesperson promised to respond but Euro 3540 3650 SPEEDBIRD Tel.0414254521 disconnect the power. number is 200378643, said he was baf- box. has never done so for close to three The family head, Paul Maurus, said fled when he went into the bathroom “On returning to reconnect supply, weeks now. US Dollar 2570 2620 through a relative who stayed home, to shower, but got an electric shock, they still sustained electric shocks at There have been widespread accusa- Pound sterling 4120 4230 he asked the meter readers not to ef- which he said had never happened. the meter box. That is when they sus- tions of bribery against UMEME field Euro 3520 3600 fect the disconnection because his wife “One checking all the taps, it was the pected a wiring error,” Bukenya said in staff although the power distributor is S&A Tel.0414507126 had gone to clear the sh133, 000 bill. same problem. written response. promising to fight the vice. US Dollar 2600 2620 Pound Sterling 4090 4190 Euro 3530 3600 Libya turns to IMF for financial help on page 35.
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