News and Analysis

5/15/14.News briefs US becomes World’s leading consumer of wine

It is so surprisingly that US for the first time has overtaken France as the world’s biggest national market for wine, according research by the International Organization of Vine and Wine (OIV).

US drinkers consumed 2.9 billion liters of wine in 2013, 0.5% more than in 2012. Meanwhile, French wine consumption fell 7% from the year before to 2.8 billion liters, according to the OIV.

However, the amount of wine drunk per head is still higher in France than in the US. According to figures from 2011, the average French person drinks just over a bottle a week, six times more than the average US consumer.

China could miss her Economic target

China might miss her economic growth target for the first time in 15 years. China’s economy, which is the second –largest, has been a key engine of global growth in recent years.

Its fast-paced expansion has benefited countries especially African countries. However, its growth has been experiencing a slow down and this could affect economies globally.

Ugx2trillion lost in tax fraud

Uganda loses an eighth of annual government revenue to tax fraud. According to a report made by Global Financial Integrity(GFI), Uganda had $813 million over-invoicing, which can lead to lower corporate taxes as companies puff up the cost of imports to hide capital outflows.

Kenya lost an estimated $1 billion each year through export under-invoicing. Tanzania on the other hand, lost a similar amount to export over-invoicing. Trade misinvoicing is perhaps the most serious economic issue plaguing these countries.

Uganda to borrow Ugx367billion for oil infrastructure

Cabinet approved a proposal by the Ministry of Finance to borrow funds for improving infrastructure and social services in the Uganda’s Albertine region. The government wants to borrow $145 million from the World Bank to revamp infrastructure in the Albertine region which has commercial oil reserves.

Uganda aims to export oil via pipeline through Kenya, but could use trucks at first for relatively small quantities as the pipeline plans are still in the early stages. The infrastructure especially roads would aid transportation by trucks.

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