Uganda’s private sector activity improves on strong demand, but experts are worried that improvement in economic activities is likely to stir imports, putting pressure on the exchange rate and so is operational costs Kampala, Uganda | JULIUS BUSINGE | Stanbic Bank’s latest report– Purchase Managers Index (PMI) for June 2017 …
Read More »MTN agrees to pay US$8.5m Rwanda fine
MTN has reportedly agreed to settle a fine of US$8.5m (about R114m) with the Rwandan government after negotiations over the fine broke down. The fine was imposed on the Rwandan subsidiary of the Johannesburg-headquartered and JSE-listed mobile telecommunications group after it allegedly failed to comply with a regulatory directive precluding …
Read More »South Africa’s white enclave of Orania eyes move to e-cash
Johannesburg, South Africa | AFP | A whites-only enclave in South Africa has resisted the country’s multi-racial reality for more than two decades, even adopting its own paper money in its bid to promote self-sufficiency. Now Orania, a town of 1,400 established during the dying years of apartheid and protected …
Read More »China’s economy slows in second quarter: AFP survey
Beijing, China | AFP | China’s economy lost momentum in the second quarter, a survey shows, as Beijing’s efforts to curb risky lending and investment took a toll on the Asian powerhouse. The world’s second-largest economy expanded by 6.8 percent in the April-June period, compared with a year ago, according …
Read More »In mining dispute with Tanzania, Acacia agrees to more tax
Nairobi, Kenya | AFP | Mining company Acacia agreed Friday to pay more royalties to Tanzania’s government as it seeks an end to a dispute over alleged underreporting of production and profits. President John Magufuli accused the London-listed company, whose largest shareholder is Canadian Barrick Gold, of “theft” after a …
Read More »Uber merges with Russia’s Yandex in 6 countries
Moscow, Russia | AFP | Uber on Thursday announced that it was merging in Russia and five other ex-Soviet states with the taxi hailing app of the country’s leading internet giant, Yandex. “Uber and Yandex have entered into an agreement to form a new company,” the head of Uber’s operations …
Read More »MUSEVENI: Uganda is richly populated
Busia, Uganda |THE INDEPENDENT | President Yoweri Museveni has said Uganda’s big population is the country’s most important asset. Speaking in Busia July 11 as Uganda joined marked the World Population Day, Museveni hailed the NRM government for interventions that have resulted in citizens living healthier and longer lives than ever …
Read More »Lafarge in cement deal with Chinese construction firm
Kampala, Uganda | ISAAC KHISA | Lafarge’s subsidiary in Uganda, Hima Cement, will provide raw materials for the ongoing infrastructure projects being undertaken by China Communications Construction Company Limited in the country under a new trade deal. Allan Ssemakula, the commercial director at Hima Cement said the firm will supply cement …
Read More »COMMENT: Small business, big impact
Why raising micro, small and medium-sized enterprises might avert future backlashes by the poor on the rich COMMENT | Arancha Gonzalez| The fruits of economic growth are not being shared widely enough. In many advanced economies, the anaemic post-2008 recovery has benefited the relatively rich, while large numbers of households …
Read More »Pension funds, insurance companies, key drivers of regional integration
Survey shows regional institutional investor base expanding due to favourable demographics Africa Renewel | JOHN SCHELLHASE | Capital markets, where money from savers is put into long-term investments, can contribute significantly to socio-economic development if they invest in productive projects and enterprises. But small size and market illiquidity can undercut …
Read More »