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☆ The Fed’s favorite inflation gauge shows prices rose just 0.1% last month
▼ + stars: | 2023-06-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —The Federal Reserve’s preferred inflation gauge cooled off last month, and consumers reined in some spending as the economy slows, according to data released Friday by the Commerce Department. Personal spending ticked up by just 0.1%, a more moderate pace than April’s revised 0.6% growth rate. When adjusting for inflation, consumer spending was flat. Consumers refill the coffersThe data in recent months shows a gradual cooling in consumer spending, Gregory Daco, chief economist at EY-Parthenon, told CNN. “There were no fireworks within the Fed’s favorite inflation report today,” George Mateyo, chief investment officer for KeyBank, wrote in a statement.

Persons: Diane Swonk, ”, Gregory Daco, “ It’s, Friday’s, Abby Omodunbi, Janet Yellen, Yellen, ” Yellen, ” George Mateyo, KeyBank, Swonk, it’s, we’ve Organizations: Minneapolis CNN, Commerce Department, CNN, “, PNC, Fed, Transportation Locations: Minneapolis, EY, New Orleans

☆ Economic Data Points to Faster Growth Early in Year
▼ + stars: | 2023-06-29 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

The NewsThe United States economy grew faster early this year than previously believed. That was a significant upward revision from the 1.1 percent growth rate in preliminary data released in April. (An earlier revision, released last month, showed a slightly stronger rate of 1.3 percent.) An alternative measure of growth, based on income rather than production, painted a different picture, showing that the economy contracted for the second quarter in a row. That spending, fueled by a strong job market and rising wages, helped offset declines in other sectors of the economy like business investment and housing.

Persons: ”, Gregory Daco, Ernst, Young Organizations: United, Gross, Commerce Department, EY Locations: United States

☆ US weekly jobless claims post biggest drop in 20 months as economy shows stamina
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

"The economy is currently displaying genuine signs of resilience," said Gregory Daco, chief economist at EY-Parthenon in New York. Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 24. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. GDP consumer contributionEconomists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Gregory Daco, Unadjusted, Rubeela Farooqi, Jerome Powell, Amira Karaoud, Scott Hoyt, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Financial, U.S, Treasury, REUTERS, Conference Board, Gross, Commerce Department, Thomson Locations: WASHINGTON, EY, New York, Minnesota, Ohio, California, Texas, Pennsylvania, Connecticut, New Jersey, White Plains , New York, Spanish, Madrid, Louisville, U.S, West Chester , Pennsylvania

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

The total number of recent victims from the online extortion ring has reached 121 organizations, according to Brett Callow, whose cybersecurity company Emsisoft helps companies respond to digital shakedown attempts. In 2021, Ukrainian authorities announced the arrests of six people tied to cl0p, but it's not clear that they were core members of the group, which continued to hack victims. Plundering file transfer protocols has become increasingly popular as hackers shift from encrypting data to simply stealing files and threatening to release them unless a ransom is paid. Many of the organizations stress that the target of the hack is the file transfer service, not their systems. The FBI said it was "aware of and investigating the recent exploitation of a MOVEit vulnerability by malicious ransomware actors."

Persons: Brett Callow, encrypting, TrendMicro, didn't, Cl0p, Emsisoft, Charles Carmakal, Raphael Satter, Christopher Bing, James Pearson, Cynthia Osterman Organizations: University of California, Siemens Energy, Abbvie Inc, Schneider, Publicly, Sony, Shell PLC, Government, U.S . Energy Department, Alphabet Inc, FBI, Thomson Locations: Los Angeles, Russia, Washington, London

☆ Sharp slowdown in growth of bank lending for euro zone and Germany forecast
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

Lending to businesses and households in the 20-nation euro zone will expand 2.1% in 2023 and 1.7% in 2024, muted increases after a 14-year high of 5% in 2022, EY said in its lending forecast published Monday. The euro zone meanwhile dipped into recession earlier this year. "While the downturn is expected to be very shallow and short-lived, European markets continue to face high inflation and an unprecedented rise in interest rates. Mortgage lending is a particular area of weakness, with lending set to grow 1.4% in 2023, down from 4.9% in 2022. The ECB's latest lending survey, published in May, also found that lending growth to businesses and households slowed.

Persons: Dado Ruvic, EY, Sinead Cruise, Tom Sims, Elaine Hardcastle Organizations: REUTERS, EY, Reuters, Central Bank, Thomson Locations: FRANKFURT, Europe, Germany

☆ KPMG to cut 5% of US jobs in fresh round of layoffs
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The firm had over 39,000 employees in the U.S. at the end of its last fiscal year on Sept. 30. KPMG, which cut about 2% of its U.S. workforce in February as per a Financial Times report, was the first of the world's four biggest accountancy firms to slash jobs in the country. The latest round of job cuts would take place through the rest of its 2023 financial year, the firm said. KPMG's fresh round of layoffs were first reported by the Financial Times. Besides KPMG, EY, Deloitte and PricewaterhouseCoopers (PwC) make up the Big Four of accounting firms.

Persons: Ernst, Niket, Shweta Agarwal Organizations: KPMG, Big, Times, Young's U.S, Deloitte, Financial, EY, PricewaterhouseCoopers, Thomson Locations: U.S, Bengaluru

☆ The Federal Reserve paused its interest-rate hikes after 10 consecutive increases
▼ + stars: | 2023-06-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced it's pausing interest-rate hikes at its Wednesday meeting. This comes after 10 consecutive interest-rate increases in 15 months. The Federal Open Market Committee (FOMC) announced it's holding interest rates steady at its Wednesday meeting, putting a pause on the central bank's 10 consecutive increases in 15 months. "Without a meaningful downside surprise in both jobs and inflation, a final interest-rate hike remains in the cards for July." Following the failures of Silicon Valley Bank and First Republic Bank, credit conditions tightened, in part pushing the Fed to skip this month's rate hike amid a lending pullback.

Persons: —, Jerome Powell, Powell, Seema Shah, Shah, Thomas Simons, Simons, Marta Norton, Kathy Gramling, Gramling, Norton, there's, Price Organizations: Federal Reserve, Service, Market, Fed, Asset Management, Jefferies, Valley Bank, First Republic Bank, Morningstar Wealth's America, EY, Consumer, Morningstar Wealth, Norton

☆ The Fed just paused on raising interest rates. Here's what it means for jobs, prices, and your bank account this summer.
▼ + stars: | 2023-06-14 | by ( Bartie Scott | Andy Kiersz | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced Wednesday that it would not raise interest rates this month. It's important to note that a one-time pause doesn't mean interest rates won't rise any more at future meetings, but the committee signaled that an end is in sight. The decision included a projection of two more 25 basis point rate hikes before the end of the year. Critics of the Fed's aggressive rate hikes over the last year have said they risk putting Americans out of work by squeezing businesses. The Fed needs to slow down on these extreme rate hikes and remember its dual mandate of price stability and maximum employment.

Persons: —, Jerome Powell, Noah Sheidlower, Jobs, Massachusetts Sen, Elizabeth Warren, Powell, it's, Joe Brusuelas, Brusuelas, Kathy Gramling, Marta Norton, Norton Organizations: Federal Reserve, Service, Fed, Capital Economics, Food, RSM, EY, Morningstar Wealth's America, Silicon Valley Bank, First, FDIC Locations: Massachusetts, EY Americas, Silicon, First Republic

☆ EY’s Global Head to Retire After Breakup Plan Fails
▼ + stars: | 2023-06-13 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/eys-global-head-to-retire-after-breakup-plan-fails-542ee644

Persons: Dow Jones

☆ Easing inflation pressures give the Fed room to skip a rate hike. But then what?
▼ + stars: | 2023-06-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Softening inflation data for May likely has bought the Federal Reserve at least a month, though not much more, before it has to figure out what to do next. Following the CPI release Tuesday morning, markets priced in a 95% probability that the Fed will skip a hike at its two-day meeting concluding Wednesday, according to CME Group data . "The latest consumer price inflation data doesn't change the Fed outlook for a June rate hike skip, but it illustrates the 'should I stay, or should I go' dilemma that the Fed faces when considering further rate increases," wrote Gregory Daco, chief economist at EY-Parthenon. After this week's meeting, Fed officials will release their "dot plot" rate projections for the next few years, plus their collective outlook on inflation, GDP and unemployment. The retreat on inflation, then, presents both an opportunity and a challenge for a Fed that was caught off guard by the big price surge.

Persons: Gregory Daco, Jim Smigiel, Krishna Guha, Guha, Jerome Powell, Ian Shepherdson Organizations: Federal Reserve, Group, SEI, Evercore ISI, Tech, Pantheon Locations: EY

“There is unprecedented interest in all areas of A.I.,” Julie Sweet, Accenture’s C.E.O., said. Accenture plans to double its A.I.-focused staff to 80,000, through a mix of hiring, acquisitions and training. It also plans to use generative A.I. moves, too: PwC said in April that it would invest $1 billion over the next three years, while EY announced in 2021 that it would invest $2.5 billion over three years. work dates back at least to the introduction of Watson, has announced a “Center of Excellence” for generative A.I.

Persons: ” Julie Sweet, Accenture’s, PwC, EY, Bain, Watson Organizations: Accenture, Company, OpenAI, Deloitte, Nvidia, IBM Locations: A.I

The Bank of England in February removed its explicit guidance and tied decisions to inflation data. The Bank of Japan, by contrast, still battling to raise perennially weak inflation, has left the core part of its guidance intact with a pledge to "patiently" sustain loose policies. The European Central Bank says it has adopted a "meeting-by-meeting" approach with "a strong preference against returning to outright forward guidance on policy rates." If the projections show the policy rate moving up later this year, officials will likely face questions if they do as expected and hold rates steady at the June meeting. If the rate is not seen moving up, they will face questions about not being responsive to recent data showing strong inflation despite pledging to be "data dependent."

Persons: Jerome Powell, BOE, Andrew Bailey, Powell, Ben Bernanke, Bernanke, Gregory Daco, Louis, James Bullard, Data's, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Reserve Bank of Australia, Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Louis Fed, Reuters, Thomson Locations: Central

☆ EY event focused on A.I. and cancer prevention, among other things: CEO
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEY event focused on A.I. and cancer prevention, among other things: CEOCarmine Di Sibio, global chairman and CEO of EY, discusses the company's World Entrepreneur Of The Year event.

Persons: Carmine Di Sibio

☆ I'm EY's global chairman and CEO. Here are the 3 most important lessons I've learned through my career.
▼ + stars: | 2023-06-03 | by ( Carmine Di Sibio | ) www.businessinsider.com time to read: +8 min

It's also when business graduates think about the positive impact they would like to make on the working world. Here are three lessons that are never too late for anyone to put into practice no matter where you are in your career. By day, I worked at Arthur Young — one of predecessor member firms of the EY organization. Recently the EY organization decided not to move forward with Project Everest. The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.

Persons: Carmine Di Sibio, Di Sibio, —, It's, EY, I've, Arthur Young —, we've, you'll Organizations: Service, NYU Stern, Technology, NYU, Microsoft, World

☆ Premarket stocks: The uber-wealthy are doing just fine and Wall Street is cashing in
▼ + stars: | 2023-06-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But that’s not the case for everyone: The ultra-wealthy are doing just fine, and Wall Street firms are taking advantage of that. Germany, the largest economy in Europe, has slipped into recession as energy price shocks took their toll on consumer spending. In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week. Dollar General customers turn to food banksDollar General (DG) stock had one of its worst days ever on Thursday.

Persons: New York CNN —, that’s, JPMorgan Chase, Andy Cohen, Mary Erdoes, It’s, Goldman Sachs, Louis Vuitton, Dom Pérignon, Dior, Huw Roberts, Hermes —, Roberts, ”, Erwan, “, Gregory Daco, Allison Morrow, Jeff Owen, Owen, Cash, They’re, Elisabeth Buchwald, Treasury hasn’t, Biden Organizations: CNN Business, Bell, New York CNN, Wall, JPMorgan, Bloomberg, JPMorgan Global Wealth Management, Citigroup, International Monetary Fund, Lamborghini, HSBC, EY, Dollar, Treasury, US Treasury Locations: New York, China, United States, Germany, Europe, BlackRock

☆ A ‘Dirty’ Job That Few Want: Mining Companies Struggle to Hire for the Energy Transition
▼ + stars: | 2023-06-01 | by ( Yusuf Khan | ) www.wsj.com time to read: +10 min

Despite their part in the energy transition, mining companies face a perception of being in a “dirty” industry thanks to a legacy of mining disasters and accusations of worker exploitation and sexual assault. Canada’s mining and mineral-engineering enrollment was down 10% in 2020 compared with 2016, according to Canada’s Mining Industry Human Resources Council. SHARE YOUR THOUGHTS What message should mining companies deliver to young workers to attract them to the industry? Mining companies also face accusations of exploitation of local workforces. She hopes that younger workers will help mining companies evolve, taking on more social responsibility and improving their mining practices.

Persons: Lily Dickson, Mawson, ”, Alex Gorman, Peel Hunt, Rohitesh Dhawan, Alex Gorman “, Gorman, “, Haydon Mort, Stacy Hope, Cole Burston, Hope, Codelco, Centamin, Martin Horgan, Mort, Geologize, Jamie Kelsey Fry, Dickson, Yusuf Khan Organizations: University of Leeds, Leeds, Rio Tinto, McKinsey, U.S . National Center for Education Statistics, Canada’s Mining, Resources Council, Peel, International Council, Mining, Metals, Tinto, of Labor Statistics, Australian Bureau, Statistics, Geologize Ltd, BHP, . Workers, Bloomberg, Codelco, Chilean, Walmart, Recruiting, Centamin, Sustainable Business, “ Locations: Finland, Vancouver, Europe, U.S, Australia, Rio, South Africa, Lily Dickson Canada, Botswana, “, Saharan Africa, Ontario, Canada, Chile, Africa, Congo, Ghana, Zimbabwe, yusuf.khan

☆ It's unclear how consumers will cope with softer job market and more debt, says economist Greg Daco
▼ + stars: | 2023-06-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's unclear how consumers will cope with softer job market and more debt, says economist Greg DacoGregory Daco, EY-Parthenon Chief Economist, joins 'Fast Money' to explain why he's bearish on the consumer in a softening economy.

Persons: Greg Daco Gregory Daco

☆ UK house prices fall by most since 2009, higher rates to bite-Nationwide
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 1 (Reuters) - British house prices fell by the most since 2009 in the 12 months to May and the country's housing market faces further headwinds after a recent jump in borrowing costs, mortgage lender Nationwide said on Thursday. Compared with May last year, the average house price was down 3.4% after a 2.7% annual fall in April, Nationwide said. House prices edged down by 0.1% in May from April after a monthly 0.4% rise in April, Nationwide said. Martin Beck, an economist with the EY Item Club, a forecasting group, said the 4% fall in house prices from last August's peak was modest compared with the 7% rise in house prices over the past two years. Analysts at Capital Economics said prices would fall another 8% while Pantheon Macroeconomics said they would drop 4%.

Persons: Liz Truss's, Headwinds, Robert Gardner, Gardner, Martin Beck, BoE, Beck, William Schomberg, Muvija M, Paul Sandle, Christina Fincher Organizations: Nationwide, Bank of, Capital Economics, Thomson Locations: Bank, Bank of England

Analysts say the proposed debt ceiling deal could have only marginal effects on the US economy. "The impacts will be negative but small," Mark Zandi, chief economist at Moody's Analytics, told CNN. Here's what's in the proposed deal and how it would show up in the broader economy:What's in the deal? It would keep non-defense spending relatively flat in fiscal 2024 and then set a cap of 1% in spending increases for fiscal 2025. The debt deal and GDP.

Persons: Mark Zandi, Goldman Sachs, Ian Shepherdson, Gregory Daco Organizations: Moody's, CNN, Internal Revenue Service, Pantheon, Bureau of Labor Statistics Locations: West Virginia

☆ Job Openings Rose in April, Defying Cooling Trend
▼ + stars: | 2023-05-31 | by ( Talmon Joseph Smith | ) www.nytimes.com time to read: +3 min

The jump in openings may put pressure on the Federal Reserve to take interest rates even higher. “JOLTS data should not drastically color this broader assessment of labor market tightness but will matter at the margins for the Fed’s own perception of labor market heat.”Some question how much weight to give the report. After peaking at a record of around 12 million in March 2022, job openings as measured by the government have fallen overall. Some economists think the JOLTS report should be taken with a grain of salt. The May employment report, to be released by the Labor Department on Friday, will fill out the labor market picture before Fed policymakers meet on June 13 and 14.

Persons: Jerome H, Powell, Skanda Amarnath, Gregory Daco, ”, Goldman Sachs, — Organizations: Federal Reserve, Labor Department, Bloomberg Locations: America, EY

☆ Debt ceiling deal won’t have much impact on the US economy, analysts say
▼ + stars: | 2023-05-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The US economy is the world’s largest, so the relatively modest effects on growth could be good news for investors who feared the debt ceiling crisis could have posed a greater and more widespread drag. Here’s what’s in the proposed deal and how it would show up in the broader economy. What’s in the debt ceiling dealThe deal would suspend the federal government’s $31.4 trillion debt limit through January 2025. The debt deal and GDPEconomists at Goldman Sachs expect the deal to reduce federal spending by as much as 0.2% of gross domestic product per year over the two years of the deal, compared with their baseline estimate. “Getting this uncertainty out of the way for markets and decision makers has a real impact,” said Mike Skordeles, head of US economics at Truist Advisory Services.

Persons: Joe Biden, Mark Zandi, Biden, Goldman Sachs, ” Goldman Sachs, Ian Shepherdson, Gregory Daco, ”, Mike Skordeles, Zandi, ” Michael Reynolds Organizations: DC CNN, House Republicans, Moody’s, CNN, Internal Revenue Service, Congressional, Pantheon, Bureau of Labor Statistics, Truist Advisory Services, Investment, “ Locations: Washington, West Virginia

☆ Premarket stocks: The banking crisis isn't over
▼ + stars: | 2023-05-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Amid the US debt ceiling turmoil, a potential recession and the upcoming Fed meeting, Wall Street has a lot on its plate. Even as US lawmakers race to prevent a catastrophic default, the lingering effects of the regional banking crisis have not been completely extinguished. CEO Jamie Dimon said that his company’s emergency intervention had ended the immediate turmoil of the banking crisis. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, is down about 3% so far this month and over 30% lower so far this year. Analysts are concerned that as rates get higher, the borrowing environment becomes tougher for regional banks, hurting their ability to lend.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ”, Janet Yellen, ” Fitch, “, What’s, Goldman Sachs, Joe Biden, Kevin McCarthy, Biden’s, Matt Egan Organizations: CNN Business, Bell, New York CNN, First Republic Bank, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic, Fitch, Governors, Federal Reserve, Banking, PacWest Bancorp, Western Alliance Bancorp, Republican, Treasury Department, CNN, Saudi, Wall Street Journal Locations: New York, Banking, EY, ”, Saudi Arabia, Russia, OPEC, China, Vienna

☆ WE Soda to sell shares in rare London IPO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 31 (Reuters) - WE Soda, the world's largest producer of natural soda ash, said on Wednesday it planned to list shares on the London stock exchange, in a boost for Britain's flagging initial public offering (IPO) market. The UK-based company, which produces soda ash for a variety of uses including glass manufacturing, is considering applying for admission to trade on the premium segment of the London Stock Exchange (LSE). Though proceeds raised in London IPOs fell 90% last year, according to research by consultancy EY, the British capital has seen some activity in recent months. Earlier in May, Admiral Acquisition (ADMR.L), a special purpose acquisition company (SPAC) founded by veteran dealmaker Martin E. Franklin, raised $550 million in a London flotation. In April, Melrose Industries (MRON.L) listed the former automotive division of British engineer GKN under the name Dowlais (DWL.L) on the LSE.

Persons: Goldman Sachs, Morgan Stanley, London IPOs, EY, dealmaker Martin E, Franklin, GKN, Pablo Mayo, Jason Neely, Mark Potter Organizations: London Stock Exchange, LSE, Ciner, Press, JPMorgan, BNP, Deutsche Bank, Liberum, European Union, Melrose Industries, Thomson Locations: London, Cambridge

☆ Factbox: Global firms in Uganda face LGBTQ conundrum
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

May 29 (Reuters) - Uganda's tough new anti-LGBTQ law, which stipulates the death penalty for "serial offenders", presents a conundrum for multi-nationals wanting to grow in Africa while promoting diversity and inclusion. Here are some global firms that have substantial operations in Uganda and their strategies for LGBTQ inclusion. GOOGLEGoogle, owned by Alphabet (GOOGL.O), launched its first wi-fi network in Uganda in 2015 in the capital, Kampala. On its website, the company says "supporting LGBTQ+ communities has been a priority from the earliest days of Google." EYEY offers services in Uganda including tax and advisory.

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