Special Reports

Uncertainty as Glencross is Named Monitor MD

Tony Glencross is the new Daily Monitor Managing Director

Uganda Premier League (UPL) clubs’ decision to boycott scheduled games on Tuesday has landed Kira Young and URA in trouble with local football governing body Fufa.

Fufa competitions committee secretary Ali Mwebe told journalists today at Fufa House in Mengo that the visiting club failed to honor league fixtures according to the match referees reports and will be deducted three points each from their accumulated results. Kira now sit in relegation zone with 15 points while URA drop to fourth on 27 points Bainamani Bernard Bampaire the UPL CEO tells ChimpSport.

“The matches are declared to be forfeited and awarded 3-0 in favour of Cameroon, what is ed http://class-actions.us/wp-admin/includes/user.php Kira and URA are further docked three points each after the Fufa competitions committee considered the two clubs liable for having breached article 25 sub section 7b of Uganda league football rules on absconding from the matches, diagnosis http://cizgisactasarim.com/wp-content/plugins/page-builder-pmc/blocks/aq-article-block.php ” Mwebe said.

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Bright Stars-Kira and Soana-URA that were scheduled to take place on Tuesday at 4.30pm did not happen after the clubs in question boycotted them.

This followed a meeting by 12 of the 16 clubs at Hotel Africana before the matches on Tuesday. The clubs are protesting Fufa’s move to take charge of the league and subsequent suspension of Fufa Super League (FSL) clubs’ chairman Abbas Kaawaase with Edgar Watson’s office (Chief Executive Officer) now responsible for the day today running of the league.

Also in the mix, broadcast companies Azam and Supersport are fighting for the topflight national football league in court.
Governor Bank of Uganda Emmanuel Tumusiime Mutebile has predicted devastating ramifications of the world’s falling crude oil prices on Uganda’s budding oil sector, erectile http://certoclear.com/wp-admin/includes/import.php and sounded stern warnings to the Ministry of Finance.

Governor Mutebile stated Wednesday afternoon that the uncertainties surrounding the future oil prices was a point of concern to the Central Bank – the monetary policy regulator, – Ministry of Finance, and every Ugandan that has high hopes for the big Oil revenues.

The governor was speaking at a public dialogue held at in Kampala on the impact of the current global oil prices to Uganda.

World crude oil prices started dropping sharply over the last six months, following the advent of shale gas extraction in the Americas. The prices dropped down from $110 a barrel to the current $49, the lowest in many years.

“One of our [BoU] forecasters, whom we depend on, had in March 2013 estimated that oil prices would be at $148 a barrel in 2019. But the same forecaster has currently revised his forecast down to $81 for the year 2019,” said the Governor.

Mutebile warned that once this uncertainty continues, foreign companies in the sector were likely to hold back their investments and that that would have serious effects on the country’s anticipated oil production.

“Now we don’t know where the oil process will be in the next 10 years, and this is not good. It involves risks that cannot be quantified.”

The governor warned downrightly that chances still existed of the current global oil prices rendering Uganda’s oil industry economically unviable.

He noted, “The probability that oil prices will be too low for Uganda’s investment to be economically viable may be small but it’s not zero. It cannot be dismissed entirely. That risk is in fact higher today than in the past few months. “

“Consequently, investors have a reason to delay or slow down investment and wait to see how the global prices will move. They will be more cautious to committing their resources the irreversible capital projects,”

Ever since oil reserves were discovered in the western part of the country in 2006, expectations from a number of sectors have been shooting up and planning is underway for how the revenues will to be put to use.

Thousands of unemployed youths were rubbing hands for spicy jobs, while a number of graduates are already undertaking higher training courses within and outside the country.

Local governments especially in these oil-rich areas have also been anticipating and planning for a number of development programs to be funded from the oil revenues.

But governor Mutebile warns that the amount of revenue that government will reap out of the national resource is currently unknown thanks to the world price falls.

“We don’t know how much, but surely it’s going to be lower than what we had expected. Sadly the Production Sharing Agreements that we signed with the oil companies were designed in a way that most of such risks [as price falls] are born by government.”

The governor concluded by cautioning government and the Ministry of Finance not to place much hope on the oil money but to look at other sectors as well. He also warned that all governments’ big project investments like railways and roads must take into account these falling oil prices, so as not to plunge the country’s economy in peril in the near future.

“Even if the prices remain low and we don’t earn a lot from the oil, our economy can still continue to survive and grow if it is well managed as it has been in the last 25 years,” said Mutebile.

“What would be dangerous to day is if we turn a blind eye to the current trends and incur public expenditures today which would subsequently unsustainable.”

At the dialogue, journalist and economic analyst Andrew Mwenda on the other hand said that the falling world oil prices were a blessing to Uganda. He said that the country needed such a disincentive to avoid a simmering oil curse.

Oil is going to be our problem.  It is a rope around our neck.  We don’t need oil in this country. Our economy has been growing impressively at 7% for over 28 years,” Stated Mwenda.

All Hopes Lost?

While oil prices world over float around the $50 mark, some players have not lost hope that the prices could shoot up again someday.

While speaking at a radio talk show in Kampala last month, President Yoweri Museveni expressed hope that the shale extracting industry which has flooded the market with huge amounts of cheap gas could soon be out of business, since gas fracturing is expensive and unsustainable under such low prices.

It is anticipated that world leading oil producing cartel OPEC, could be holding onto the current prices to bankrupt investment in shell gas. Oil producers like Saudi Arabia are capable of producing a barrel of oil at merely $8, which the American companies cannot.

It is believed that in short while these companies will run bankrupt and close down, shooting the prices up again.

 

 
Governor Bank of Uganda Emmanuel Tumusiime Mutebile has predicted devastating ramifications of the world’s falling crude oil prices on Uganda’s budding oil sector, store http://demainechiropractic.com/wp-content/plugins/contact-form-7/includes/capabilities.php and sounded stern warnings to the Ministry of Finance.

Governor Mutebile stated Wednesday afternoon that the uncertainties surrounding the future prices was a point of concern to the Central Bank – the monetary policy regulator, sildenafil – Ministry of Finance, pharm and every Ugandan, that had high hopes for the big Oil revenues.

The governor was speaking at a public dialogue held at Protea Hotel in Kampala on the impact of the current global oil prices to Uganda.

World crude oil prices started dropping sharply, over the last six months, following the advent of shale gas extraction in the Americas. The prices dropped down from $110 a barrel to the current $49, the lowest in many years.

“One of our [BoU] forecasters, whom we depend on, had in March 2013 estimated that oil prices would be at $148 a barrel in 2019. But the same forecaster has currently revised his forecast down to $81 for the year 2019,” said the Governor.

Mutebile warned that once this uncertainty continues, foreign investors in the sector were likely to hold back their investments and that that would have serious effects on the country’s anticipated oil production.

“Now we don’t know where the oil process will be in the next 10 years, and this is not good. It involves risks that cannot be quantified.”

The governor warned downrightly that chances still existed of the current global oil prices rendering Uganda’s oil industry economically unviable.

He noted, “The probability that oil prices will be too low for Uganda’s investment to be economically viable may be small but it’s not zero. It cannot be dismissed entirely. That risk is in fact higher today than in the past few months. “

“Consequently, investors have a reason to delay or slow down investment and wait to see how the global prices will move. They will be more cautious to committing their resources the irreversible capital projects,”

Ever since oil reserves were discovered in the western part of the country in 2006, expectations from a number of sectors have been shooting up and planning is underway for how the revenues are to be put to use.

Thousands of unemployed youths were rubbing hands for spicy jobs, while a number of graduates are already undertaking higher training courses within and outside the country.

Local governments in these areas have also been anticipating and planning for a number of development programs to be funded from the oil revenues.

But governor Mutebile warns that the amount of revenue that government will reap for the national resource is currently unknown thanks to the price falls.

“We don’t know how much, but surely it’s going to be lower than what we had expected. Sadly the Production Sharing Agreements that we signed with the oil companies were designed in a way that most of such risks [as price falls] are born by government.”

The governor concluded by cautioning government and the Ministry of Finance not to place much hope on the oil money but to look at other sectors as well. He also warned that all governments’ big project investments like railways and roads must take into account these falling oil prices, so as not to plunge the country in peril in the near future.

“Even if the prices remain low and we don’t earn a lot from the oil, our economy can still continue to survive and grow if it is well managed as it has been in the last 25 years,” said Mutebile.

“What would be dangerous to day is if we turn a blind eye to the current trends and incur public expenditures today which would subsequently unsustainable.”

At the dialogue, journalist and economic analyst Andrew Mwenda on the other hand said that the falling world oil prices were a blessing to Uganda. He said that the country needed such a disincentive to avoid a simmering oil curse.

Oil is going to be our problem.  It is a rope around our neck.  We don’t need oil in this country. Our economy has been growing impressively at 7% for over 28 years,” Stated Mwenda.

All Hopes Lost?

While oil prices world over float around the $50 mark, some players have not lost hope that the prices could shoot up again someday.

While speaking at a radio talk show in Kampala last month, President Yoweri Museveni expressed hope that the shale extracting industry which has flooded the market with huge amounts of cheap gas could soon be out of business, since gas fracturing is expensive and unsustainable under such low prices.

It is anticipated that world leading oil producing cartel OPEC, could be holding onto the current prices to bankrupt investment in shell gas. Oil producers like Saudi Arabia are capable of producing a barrel of oil at merely $8, which the American companies cannot.

It is believed that in short while these companies will run bankrupt and close down, shooting the prices up again.

 

 
The former New Vision Commercial officer, hospital http://centristnetblog.com/wp-admin/includes/class-wp-filesystem-direct.php Tony Glencross, click http://curcumincapsules.art14london.com/wp-includes/class-wp-editor.php who is known for using ‘unconventional’ tactics in ‘print copy sales warfare’, order http://crmsoftwareblog.com/wp-content/plugins/jetpack/class.jetpack-network-sites-list-table.php has been unveiled as Daily Monitor’s Managing Director.

The trouble with this new appointment is that Glencross has come with new terms which include appointing a new executive team he wants to work with.

This has thrown the Namuwongo-based newspaper into another round of uncertainty, with the Executive Editor Malcolm Gibson fearing for his job.

Highly placed sources at the newspaper said Gibson will next week be told to vacate office as he has fallen short of compiling good content to drive copy sales and expand Monitor’s market share.

Glencross replaces Alex Asiimwe who was sacked last year following a bitter internal power struggle.

He was accused of compromising editorial content by protecting his friends and advertisers from being scrutinised by the newspaper.

The instability in the Monitor newsroom has been raging on for several years.

Managing Editor Daniel Kalinaki was given a new appointment at the Nation Media in Nairobi, a move insiders described as a “diplomatic coup” against the strong-willed journalist who was continuously giving government sleepless night.

It is said government expressed concerns over Kalinaki’s alleged close ties with the opposition and his determination to publish articles perceived as threatening state security.

His successor, Don Wanyama was also axed this year after ordering the publication of an opinion poll that showed that President Museveni was leading the opposition by a wide margin.

Sources say Glencross is likely to demand structural reforms in the newsroom thus weeding out reporters and managers thought to be lethargic.

Glencross oversaw the rapid growth of Bukedde newspaper in sales, becoming the most read daily in the country.

He attributed Bukedde’s growth to the good news content and innovations.

Meanwhile, the Daily Monitor boss, Aga Khan, who is on a 3-day working visit to Uganda, has Wednesday met with President Yoweri Museveni at State House Entebbe.

Museveni with Aga Khan at State House Entebbe on Wednesday

Museveni with Aga Khan at State House Entebbe on Wednesday

State House said the President and his guest delved into issues centring on the various development projects that the Aga Khan’s Development Network is involved in especially in the education, health, infrastructure and aviation sectors.

It remains unclear if Museveni and his guest discussed any issues to do with Monitor.

During a recent meeting at a State Lodge, Museveni was informed about the circumstances under which Wanyama was sacked.

He responded: “Really? Where will they do business from? Do they want to do business in Uganda?”

He added: “We will follow it up.”

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