Socialite Birungi Connie Brownsuga has announced Johnnie Walker whiskey, Black Label as the major sponsor of her 3rd annual Black and White Party slated for 14th December at Guvnor.
She made the announcement through her social media pages. She called on partiers to turn in big numbers for the fun filled event set to kick off the festive season. Connie also announced that 20% proceeds from the party will go to charity.
“Allow me announce the new sponsors of Black and White Party 3rd Edition Johnnie Walker whiskey, Black Label the major sponsor of Black and White party slated for 14th December 2017 at Guvnor. The third annual party is hosted by yours truly Birungi Connie Brownsuga. When You Have Two Big Brands as sponsors and you decide to stay Loyal 20% of the proceeds always goes to charity,” Birungi Brownsuga Connie.
The Melbourne Mercer Global Pension Index shows that South Africa needs to deal with issues of coverage, mandatory contributions and increased preservation to improve its pension system
Sustainability of some current systems is under threat
Denmark maintains #1 position for sixth year
Index expanded to include Colombia, New Zealand and Norway
Unsustainable pension systems in some countries need to learn from leading countries or risk creating intergenerational equity issues and disappointed retirees.
Now measuring 30 countries and covering 60% of the world’s population, this year’s ninth edition of the Melbourne Mercer Global Pension Index (www.GlobalPensionIndex.com) urges countries with unsustainable pension systems to take action now, rather than risk the need to take even more drastic action in the future.
Jacques Goulet, President of Health and Wealth at Mercer (www.Mercer.com) , stresses the need for countries to address sustainability when considering pension reform.
“Increasing life expectancies and low investment returns are having significant long-term impacts on the ability of many systems around the world to deliver adequate retirement benefits both now and into the future,” Mr Goulet says. “These pressures have alerted policy makers to the growing importance of intergenerational equity issues.”
Mr Goulet says Japan, Austria, Italy, and France are examples of developed economies whose pension systems don’t represent a sustainable model that will support current and future generations in their old age.
“This is due to a combination of factors including a lack of assets set aside for the future, low labour force participation at older ages, and significant demographic changes towards an ageing population,” says Mr Goulet. “If left unchanged, these systems will create societal pressures where pension benefits are not distributed equally between generations.”
Author of the report and Senior Partner at Mercer, Dr David Knox, says it’s not all doom and gloom; every country can be taking action now to move towards a better pension system.
“The primary objective of the Index is to benchmark each country’s retirement income system so we can learn to understand what best practice may look like, both now and into the future,” says Dr Knox. “From our research, it is clear which countries are leading the way in providing sustainable pension systems with adequate benefits and what others can learn from them to improve. Denmark, Netherlands, and Australia are three such countries which, whilst taking different approaches depending on their starting point, adopt a strong multi-pillar approach as highlighted in the Index.”
Professor Edward Buckingham at the Australian Centre for Financial Studies (www.AustralianCentre.com.au) says that the report tells us that Australia’s pension system is good but there is room for improvement.
“Without the immigration of young people from other countries our ageing locally-born population would face significant challenges funding their retirement. The reason is simply that as we live longer, healthcare and public service costs will escalate and our society, like others, will face pressure to fund the needs of the old at the expense of the young. Optimising the use of savings set aside for retirement is a perennial responsibility that demands strategic improvement of pension systems worldwide,” says Professor Buckingham.
“Besides demographic constraints the various frameworks we create to guide investment decisions include moral and ethical dimensions that will shape the nature of wealth creation and transfer. This report contributes a uniquely global survey which provides a basis for articulating the merits and faults of many different approaches to these challenges.”
Supported by the Victorian Government and bringing together the best minds in Australia’s financial services and research expertise fields, the Index is testament to Victoria’s dominant position in the superannuation and financial services sectors.
Mr Ken Ryan AM, Commissioner for Victoria to Europe says, “with a strong financial services sector and deep talent pool, Melbourne continues to lead the way in funds management, a central part of any superannuation and annuities system. The 2017 Global Financial Centres Index, released in September, ranked Melbourne in 13th place reflecting the progress the Victorian Government is making to ensure Victoria is recognised as a leading global financial centre.”
What does the future look like?
Some countries face a steeper path to system sustainability than others, and all start from a different origin with their own unique factors at play. Nevertheless, every country can take action and move towards a better system. In the long-term, there is no perfect pension system, but the principles of best practice are clear and nations should create policy and economic conditions that make the required changes possible.
With the desired outcome of creating better lives, this year’s Index provides a deeper and richer interpretation of the global pension systems. Having now expanded to include Colombia, New Zealand and Norway; the Index measures 30 systems against more than 40 indicators to gauge their adequacy, sustainability and integrity. This approach highlights an important purpose of the Index – to enable comparisons of different systems around the world with a range of design features operating within different contexts and cultures.
Melbourne Mercer Global Pension Index by the Numbers
This year’s Index reveals that Denmark, in its sixth year running, has retained the top position with an overall score of 78.9, ahead of the Netherlands and Australia at 78.8 and 77.1 respectively.
Michael Prinsloo, Executive Head of Institutional Research & Product Development from Alexander Forbes says “South Africa’s pension system has several well developed pillars, many with high integrity as South Africa has a well-regulated and highly regarded financial sector, but it’s country rating has deteriorated from 2015 to 2016 in terms of the Index largely as a result of a decline in the adequacy score. The adequacy score deteriorated primarily due to a correction in the level of household savings as opposed to a change in the system. Notwithstanding this, South Africa will continue to score lowly in the “adequacy” category until issues of coverage, mandatory contributions and increased preservation are dealt with”.
Mercer South Africa CEO, Annemagriet Schoeman says “Retirement provision in South Africa remains a hot topic and will continue to be until the social environment improves to be more inclusive”.
New entrants to the Index, Norway and New Zealand, achieved credible overall index values of 74.7 and 67.4 respectively. Both countries were noted as having a sound structure, with many good features, but have some areas for improvement. Colombia, with an overall index value of 61.7, was noted as a system with some good features, but also a system with some major risks and shortcomings that need to be addressed.
A-Grades prove elusive in 2017 Index
In maintaining the integrity and relevance of the Index, two new questions have been included which has resulted in no country achieving the elusive ‘A’ grade. The first question addresses real economic growth in the sustainability sub-index, while the second question makes some allowance for voluntary pensions.
Naturally, the addition of a new question in the sustainability sub-index has resulted in the questions relating to assets and contribution levels having had their weightings reduced. Countries that have seen a significant improvement in their index value are those which have had high real economic growth during the last three years and where this is projected to continue during the next three years. These include China, India, Indonesia, Ireland and Malaysia. Conversely, countries with significant pension assets and high mandatory contributions but with lower real economic growth have seen a decline in their sustainability sub-index value. These include Canada, Denmark and the Netherlands.
“The Index is an important reference for policy makers around the world to learn from the most adequate and sustainable systems,” Dr Knox says. “We know there is no perfect system that can be applied universally, but there are many common features that can be shared for better outcomes.”
Melbourne Mercer Global Pension Index – Overall index value results
The following table (http://APO.af/sMwAMN) shows the overall index value for each country, together with the index value for each of the three sub-indices: adequacy, sustainability, and integrity. Each index value represents a score between zero and 100.
The Minister of Finance, Planning and Economic Development Hon. Matia Kasaija has appointed Patrick Ayota as the new Deputy Managing Director of NSSF Uganda replacing Geraldine Ssali whose contract expires on October 29th 2017 and will not be renewed. Patrick has been NSSF’s Chief Finance Officer.
In accordance with Section 41 (1) of the NSSF Act, the Minister of Finance, Planning and Economic Development Hon Matia Kasaija has re-appointed Richard Wejuli Wabwire as the Fund’s Corporation Secretary, for a five-year period effective 30th October, 2017.
“In accordance with Section 40 of the NSSF Act, the Minister of Finance, Planning and Economic Development Hon Matia Kasaija has appointed Patrick Ayota as the Deputy Managing Director effective 29th October 2017, for a period of 5 years, replacing Mrs Geraldine Ssali Busuulwa. Patrick has been our Chief Finance Officer,” NSSF statement read.
The Minister has also reappointed Richard Byarugaba as Managing Director for the next five years.
“In accordance with Section 39 (1) of the NSSF Act, the Minister of Finance, Planning & Economic Development Hon. Matia Kasaija has re-appointed our Managing Director, Richard Byarugaba, for a five-year period effective 1st December 2017,” NSSF posted.
Equity Bank Uganda has opened its 32nd branch across the country; an exclusive banking outlet along Buganda Road dubbed the Supreme Banking. The branch was launched in an exquisite cocktail event attended by selected businessmen and influential fellows of the corporate community.
The branch has a classy lounge with free Wi-Fi internet; customers have personal relationship managers, preferential lending terms and a choice to operate their accounts in the local currency or any of the major global currencies including the US dollar, British pound and euro. They will also enjoy extended banking hours during weekdays as well as weekends.
“We currently have 17 branches in Central and greater Kampala, serving over 500,000 customers. The Supreme Branch is going to help us better serve our priority clients,” explained Equity Bank Executive Director Anthony Kituuka
The Equity Bank Supreme Branch also offers customized banking solutions with exclusive privileges and unrivalled personal attention. Customers will also have access to internet and mobile banking, express service at all the branches (through the bulk teller counter), pre-approved overdraft facility to meet emergency financial needs, free incoming EFTs (Electronic Funds Transfer) and incoming RTGS (Real Time Gross Settlement).
Departing National Social Security Fund (NSSF) Deputy Managing Director, Mrs Geraldine Ssali Busuulwa has said ending her tenure at the Fund is not the end of the world.
Geraldine told this website that people should not worry about her departure because it was not the end of the world.
“Meanwhile, Fund performance when i was acting Managing Director has never been matched. So how a board that has only been there for two years concludes otherwise leaves us baffled! It’s simply a continued victimization stance from last year when they miserably failed to get her out of her office. Corporate hooliganism, jealous and Envy aka Chauvinism. It’s not the end of the world,” Ssali said.
The Inaugural Annual CFO Awards were held at a gala dinner on Thursday 19th October 2017 at the Kampala Serena Hotel.
The CFO Award is an initiative that ACCA Uganda and Deloitte co-hosted to raise the profile of Chief Finance Officers (CFOs) and their changing role in developing good business and finance practices. The award is part of the bigger agenda of delivering platforms for learning and experience sharing eg CFO forums, and CFO surveys over the next three years.
The CFO award seeks to; recognize the essential role that finance functions play in helping to build resilient organizations, sustainable business models and drive integrated thinking in decision-making.
Create a platform to share best practice, drive awareness, inspire action and develop a community of finance leaders, committed to create more sustainable outcomes for their organisations.
The target audience is accountants that aspire to this level of leadership as they get to learn and know what it takes to excel in the different categories
The ceremony was graced by key note speaker as well from speakers from the Deloitte Group.
The awards that were given out are:-
CFO of the Year – The CFO of the Year will have shown financial leadership, outstanding performance over a number of years and be the driving force behind the growth and profitability of their organization, striving for excellence in all aspects of the finance profession. The CFO should lead by example demonstrating leadership through their future-focus and proficiency in the seven vital qualities of professional accountants which include intelligence, creativity, digital knowledge, emotional intelligence, experience, vision, and technical and ethical skills
Public Sector CFO of the Year Award – a CFO form a not-for-profit or charitable foundation, government agency, civil society or development agency, demonstrating outstanding financial management.
Young CFO of the Year Award – A CFO considered to be a rising star in the accounting profession, aged less than 35 and has demonstrated the 7 vital qualities of professional accountants which include intelligence, creativity, digital knowledge, emotional intelligence, experience, vision and technical and ethical skills.
Finance Transformation Award – This award recognises a CFO who has championed transformative solutions in their finance function and have been successful in redefining the function, made great efforts to become a cost-effective, service-oriented partner to the business.
Strategy Execution Award – The award recognizes one who has shown agility and resilience in dealing with serious and intense changes in the business environment, enabling the business to successfully adapt to new demands and challenges. This CFO will have shown great leadership in creating the right (financial) conditions to execute the organisation’s strategy.
Ever since Comedy Store made The 400 Bar and Lounge their new home every Thursday evening, night life fun is back to the Bukoto based bar. The 400 is every Thursdays filled with comedy lovers to watch their favourite comedians hosted by Alex Muhangi do their thing. After the comedy show, revellers descend into the main 400 bar lounge, a thing that has put life back into the bar. In The 400 is now the place to be every Thursday and it is surely giving its rival Diners a run for their money.
“Thanks to everyone who was part of our second show at The 400 last evening. We appreciate the support and for choosing to spend your Thursdays hanging with us. It was a great episode. The punchlines and entertainment came in handy.
Add to that a surprise performance from Jajja w’abayimbi a.k.a Ragga Dee and King Michael, and you get worthwhile show. Thanks Dee for endorsing the show.
The show featured comics; Mariachi, Amooti, The Talkers, Dolibondo, MC Kalevu and renowned dancer Ibra Buwembo together with his crew. Those guys can dance!!
Geo Steady then crowned the night and my oh my! Ladies love this guy. He hadn’t set his foot on stage but he found a chic waiting to wrap him in a 3 minute long hug. How did I not choose being a musician as a career? Y’all be there having our women crush on you and all we do is pay so that they come watch u perform? This is gross injustice.
Lydia Jazmine slayed to the stage too, Isaac Rucci, Bigsize Bebecool….. it was Star studded.
Anyway, thanks to the Comedy Store team, service providers, The 400 and All our Sponsors Jameson, Galaxy Fm, Masters Music, iFind, NTV and Money Gram for making the show possible. We do it again next week Thursday. Catch the show on NTV (Tues 10pm, Fri 12noon) in case u missed. Cheers. Alex,” Alex Muhangi.
It was all fun and laughter at Uganda Breweries Limited (UBL) on Friday as comedian Mariachi cracked the ribs of UBL staff.
The brewery and its spirits plant, International distillers Uganda (IDU) were celebrating 5 & 9 years of No Lost Time Accidents respectively. This means that for a decade, no employee had an accident that necessitated them to miss a day of work.
Mariachi thrilled the staff with his jokes on habits of broke girls in bars and tribal jokes. From Batoro, Bakiga, Baganda, Bateso, he went on about their habits.
At the event, the most outstanding employees who have upheld health and safety standards at the Brewery were recognized and rewarded. Over 20 employees who maintain safety principles at work receive awards. The award categories included Safety ambassadors of the Month, highest SIRC closure per section, most compliant contractor employees among others.
The event was a culmination of the UBL Safety week dubbed, “Executing Safely Every day.” The week long activities included Evacuation Drills at the UBL site, Defensive Driving awareness session, Fitness sessions, health screening, audiometry and ergonomic sessions as well as nutrition sessions.
Speaking during the award ceremony at the brewery in Luzira, Mark Ocitti the Managing Director UBL said, “It is not just the safety measures that we as a company put in place that make us such a great story. It is the individual efforts that each of you puts into implementing these measures that makes it so rewarding at the end of it all.”
Uganda Broadcasting Corporation (UBC) on 19th October 2017 hosted the first capacity building workshop preparing staff for retirement at Pearl of Africa Hotel starting at 9 am – 5pm.
The day-long workshop will equip retirees with skills to prepare them for the next stage in their lives with presentations to assist them diligently choose paths that best suit them. The presentations are from reputable personalities in investment, money management, Uganda Registration Services Bureau (URSB) and retirees from our industries sharing their life stories.
The 30 esteemed members retiring soon have been split across differing departments, business units and levels of management at UBC namely TV content producers, technicians, radio/TV engineers, content researchers, on air broadcasters and production graphics designers.
“As the national broadcaster, UBC would like to thank these staff for passionately and with devotion dedicated so many years to making us the powerhouse that we are today. We wouldn’t have done it without you all. You have weathered numerous storms and shown us direction time and time again. We are eternally grateful and wish them boundless opportunities in their next endeavors,” Winston Agaba, the managing director stressed.
Bank of Uganda defines financial literacy as having the knowledge, skills and confidence to manage one`s own finances well. One of the key topics during the workshop is going to be financial literacy and resourceful so as to make ingenious decisions. Quite frankly, this is a topic that is applicable even for those still in the workforce, but particularly pertinent for those retiring.”
UK based Ugandan singer Angela Nabuufu popularly known by her stage name Ang3lina has quashed the remix of her song Go Down saying it’s not official. While posting her wall, the Ghetto Lovers singer said she hasn’t officially done a remix for her Go Down song.
“Some gentle man called Skata came to me that we do a remix for the song but I told him that I never wanted to do a remix, he defied, went on and did a remix, I call upon my fans to ignore it because it is illegal,” Ang3lina said.
“It’s so sad that we live in a world where people don’t value people’s hard work. I just want to publicly announce my dis-involvement in any Go down remixes. I HAVENT officially done a Remix for my song go down so I want you my fans to be the first to know. If you hear any remix with a gentle man called: Skata who did approach me for a remix a few months ago but I kindly expressed to him that I didn’t want to remix the song, Instead today has decided to upload a remix claiming that he is giving me “more exposure” . Ang3lina has no official remix for Go down so don’t be fooled by this project. Don’t get it twisted I think everyone has the right to do covers to people’s songs, but if you approach an artist for a project on their song and they kindly tell you that they don’t want the song remixed and you go ahead and still upload my work on your channel for profit gains, this is just wrong. We are definitely taking action! Have a blessed Sunday y’all. Oh and meanwhile, OH NA NA VIDEO IS COMING OUT NEXT MONTH!! Stay blessed ghetto lovers,” Ang3lina posted.