Fuzzy guidelines on ethical investing and donors' timid response to Uganda's new anti-gay law have reassured fund managers and private equity firms about continuing to invest in the newly oil-rich country, despite worldwide criticism. Business leader Richard Branson was among those to object when the east African country signed legislation this year which strengthened punishments for anyone caught having gay sex, imposing jail terms of up to life for "aggravated homosexuality" - including sex with a minor or while HIV-positive. It also criminalized lesbianism for the first time...Zain Latif, founder of investment holding company TLG Capital, which invests in frontier market companies, has two ongoing projects in Uganda. "There has been a lot more talk than action," Latif said, pointing to a relatively muted reaction to the law in Uganda's exchange rate...Some companies have taken a local stand. Orange Uganda...suspended advertising in a local tabloid newspaper for its exposure of alleged gays. [refers to Virgin Group, Total, Tullow Oil, TLG Capital, Marubeni, CNOOC]