Business

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has clarified that the proposed replacement of the 1000 Shilling currency note with a coin will not affect its operation or legality when the coin is introduced. Rather, the two will continue being legal tender after the printing of the …

Johannesburg, South Africa | THE INDEPENDENT | Absa Group reported resilient results in an increasingly challenging operating environment during the first half of 2023. Headline earnings increased 2% to R11.2 billion from a high base a year earlier, as strong revenue growth of 16% offset 60% higher credit impairments. “With …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has lowered the Central Bank Rate (CBR) to 9.5 percent, an indicator of its intention to bring down the cost of credit, for the first time since June 2021. The rate, which the Monetary Policy Committee uses to influence interest …

Kampala, Uganda | THE INDEPENDENT | The High Court in Kampala has dismissed an appeal in which YO! Uganda Limited, a Financial Technology company was seeking a temporary injunction restraining Uganda Revenue Authority from accessing,  reviewing or disclosing information contained in the electronic and manual records seized from the company premises …

Africa’s fashion industry is tapping an apparel market that will be worth US$69 billion in 2023, driven by a surge in women’s spending power, innovative design scene and production efficiency in textiles. SPECIAL REPORT  | BIRD AGENCY | Africa’s bright and dynamic fashion industry is finding itself if the spotlight, …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has assured the banking and financial industry that it will ensure its stability and the sustainability of the microeconomics of the country amidst the withdrawal of the World Bank from new loan deals. The World Bank decision communicated last week …

Kampala, Uganda | THE INDEPENDENT | Nathan Igeme Nabeta, the Jinja East Municipality Member of Parliament has asked the Speaker of Parliament to apply the rules of the House allowing debate of the Capital Markets Authority Amendment Bill without a certificate of financial implications. The government, through the Ministry of …

Experts want the government to offer incentives to bolster the sector’s growth   Kampala, Uganda | JULIUS BUSINGE | Private sector players have called on the government to offer incentives to players in the mining sector to bolster its growth and create opportunities. Frank Mugyenyi, Founder of Global Minerals Africa Development …

Toronto, Canada | THE INDEPENDENT | President Yoweri Kaguta Museveni has urged Ugandans living in the diaspora to utilize the available opportunities and invest back at home. Museveni made the call while closing the second annual edition of the 2023 Canada National Resistance Movement (NRM) Chapter Symposium in a virtual …

Kampala, Uganda | THE INDEPENDENT | dfcu’s executive director William Sekabembe will leave the Bank at the end of August after serving in different capacities for 11 years. The Board of dfcu hereby announces the early retirement from the Bank of its executive director,” the notice signed by Angellina Namakula Ofwono, …