How a Ugandan immigrant turned entrepreneur builds top-rated tourism business

“A wonderful experience!”

“So much fun!”

“The best tour of Kampala!”

These are some of the reviews tourists have left on TripAdvisor about Walter’s Tours – a guided excursion through Uganda’s capital Kampala via a motorcycle taxi (or boda-boda).

The company was started about seven years ago by Ugandan Walter Wandera and today employs close to 30 motorcycle drivers who weave through Kampala’s dense traffic jams to show visitors some of the city’s main attractions and historical sites.

But few know of the odds that Wandera had to beat to get to this stage. Before he was an entrepreneur of this reputable business, he was first a school dropout, homeless, and even an illegal immigrant. Read more

Chiyangwa challenges attachment of his company’s properties by BCC

Image result for chiyangwaZimbabwe football boss Philip Chiyangwa has lost his company’s industrial machinery which was attached over a debt of nearly $300 000 in unpaid water bills.

Dr Chiyangwa, through his company, Native Investments Africa (Pvt) yesterday filed an urgent chamber application at the Bulawayo High Court citing BCC, the Sheriff of the High Court and two businessmen who bought the attached property as respondents.

The deputy sheriff auctioned two cranes valued at $300 000, for $4 800. Read more

Image result for SMEsA US$10 million loan facility for small to medium enterprises (SME’s) has been oversubscribed resulting in administrators of the fund CBZ bank engaging the The Eastern and Southern African Trade and Development Bank (PTA) bank for an extension of the scheme.

It emerged at the presentation of Zimbabwe’s biggest financial institution in terms of assets and deposits CBZ Holdings audited accounts for 2016, the SME’s facility which is part of US$46 million which the local bank received from PTA bank had registered a huge uptake since its inception a few months ago. Read more

‘We dont need IMF loan, we are pursuing homegrown measures to get our economy back on track

Image result for kemi adeosunNigeria Minister of Finance, Kemi Adeosun, says Nigeria does not need to take a loan from the International Monetary Fund (IMF).

In an interview with CNBC yesterday, Adeosun said taking a loan from the international financial agency isn’t a bad thing but that Nigeria is not open to explore such measures to revamp the ailing economy.

“For us, the IMF is really lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem, which is that major revenue source has lost so much value. Read more

AFDB launches three projects in Zim

Image result for afdbThe African Development Bank (AFDB) has launched three projects for Zimbabwe through grants amounting to US$27 million.

The grants approved in the last quarter of 2016 and January this year are in the sectors of energy, youth and women empowerment and state enterprises reform.

The projects unveiled by the African Development Bank comprise the Karoi Power Transmission Rehabilitation Project (AKTP) valued at US$18.4 million, the Youth and Women Enhancement Project (YWEP) worth US$4.7 million and the Institutional Support for State Enterprise Reform and Delivery Project valued at US$4 million. Read more

Chivayo explains ‘progress’ on $202m Gwanda Project

Managing director of Intratrek Zimbabwe Mr Wicknell Chivayo smiles as project director Mr Kevin Makoni signsThe Sunday Mail Extra sent the following questions to Intratek Zimbabwe’s boss — Wicknell Chivayo  afte reports the company was failing to complete the preliminary work. if you missed the story read it here.
Q: Has work started on the project?

A: Contractually, we are at the stage known as pre-commencement works. This is the stage where incidental activities that are fore-runners to the actual work on the project are carried out.

These include inter alia:-

Feasibility studies and economic models to establish the economic viability of the project and the presence of all conditions that are necessary to make the project a success,
Topographical studies to assess the contours and general lay of the land,

Geological surveys to assess underground conditions including ground stability, soil structure, transmission wayleaves and possible disturbance from mineral extraction activity. This involves specialised drilling of the ground and analysing the results of cores of rock extracted during this process,

Environmental impact assessment where the potential impact of the project on the environment is assessed, measured and mitigated in conjunction with the community,

Harnessing water resources and creating access gravel roads into the 200 ha site,

Clearing the ground in preparation for the laying of solar panels and fencing,

But in a strictly legal sense the project will officially commence after financial closure, a process that is now at an advanced stage. Read more

Samsung’s heir, Lee Jae-yong, arrested on suspicion of bribery, embezzlement and perjury

Lee Jae-yong who is actually the vice-chairman of Samsung Electronics and grandson of the group’s founder, has been leading the Samsung Group since his father and chairman Lee Kun-hee was hospitalised with a heart attack in 2014. Restructuring plans have been in motion to make him the official leader.

Lee who normally lives in a $4million mansion in the capital Seoul, is being held in a cell after being accused of paying about Won43bn ($37m) in bribes to a confidante of President Park Geun-Hye to secure policy favours to smooth his succession and more.

Although he admitted making political donations to Ms Park, he denied that they were aimed at getting any business favours in return. Read more

Wicknell’s $200m Power Project in limbo

Image result for wicknell chivayoA year after winning the tender to construct the US$202 million Gwanda Solar Project, and getting US$5 million for pre-commencement works, Intratek Zimbabwe has reportedly abandoned the project site after only three months’ work, it has emerged.

According to sources in Spitzkop suburb where the project is sited, Intratek Zimbabwe workers hit the ground around October 2016, but had by December moved all earth-moving equipment from the site.

The Sunday Mail was shown the area where the solar plant is to be situated, and much of it has not been cleared. Read more

DStv & card payments are 2nd highest driver of forex use in Zimbabwe

Image result for dstv zimbabweAccording to the 2017 Monetary Policy presented by the Reserve Bank of Zimbabwe, DStv subscriptions and card payments were the second highest driver of foreign currency spending through Nostro accounts.

Between July and December 2016, US$206.66 million was used for payments for satellite TV service DStv and card transactions, a total only surpassed by the US$331 million spent on fuel. Read more

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