Business

Riyadh, Saudi Arabia | AFP |  Saudi Arabia raised $9 billion in its first global Islamic bond issue, the government announced on Thursday, a move analysts say could ease pressure on foreign reserves. The sale of Islamic bonds, known as sukuks, comes after the kingdom in October turned to the …

ACME AWARDS: The Independent’s Khisa best in Business, Finance reporting Business, finance and economic reporting Winner Mr Isaac Khisa, The IndependentFishing in the dark on Lake Victoria Runner-up Mr Mark Keith Muhumuza & Mr Frederic Musisi, Daily MonitorTanga pipeline to take more than just oil to sea Honourable mention Mr …

Isaac Khisa of The Independent magazine emerged as one of the winners of the 2017 Pan-African Re Insurance Journalism awards for a story about the insurance industry. Khisa was last week awarded Best Re/Insurance Industry Analysis and Commentary for his article “Insurance industry tops Shs700bn”. The award winners were announced at …

Three months after Bank of Uganda (BOU) transferred the assets of Crane Bank to DFCU Bank, one of its key units Crane Forex Bureau has been struck of the list of registered currency operators. Others off the list, which means their Licenses have expired, are Karibu and Redfox. BOU transferred the …

Why African countries banning imports of fruit and veg is a blunt tool Zambia’s government has just banned the imports of some farm produce as a way of promoting the growth of the agriculture sector. The Conversation Africa’s Samantha Spooner asked Calestous Juma, Professor of the Practice of International Development, …

Government gets rid of loss-making company, but can new investor avoid its jinx? The government of Uganda has leased Phenix Logistics Uganda Ltd, a garment manufacturer based in Kampala, to a Kenyan-based garment manufacturer – Fine Spinners. The deal which is at un-disclosed amount of money and a 15-year period …

Stanford-le-Hope, United Kingdom | AFP | The first-ever freight train from Britain to China started its mammoth journey on Monday along a modern-day “Silk Road” trade route as Britain eyes new opportunities after it leaves the European Union. The 32-container train, around 600 metres (656 yards) long, left the vast …

But analysts caution it’s too early to celebrate Uganda’s banking industry seems to be recovering from the hard economic times experienced in the previous year as commercial banks start to record a surge in profits amid drops  in Non-Performing Loans (NPLs). Available data from commercial banks that have announced their …

Company plans to widen data usage, lower tariffs MTN Uganda’s Chief Executive Officer, Wim Vanhelleputte who has spent eight months in office describes himself as a forward looking manager wanting his leadership to grow company profitability while meeting customer demands. He says the most critical thing he is currently preoccupying …

Police say they have nabbed Kabafunzaki allegedly taking a bribe Herbert Kabafunzaki, who police arrested on Saturday for allegedly taking a bribe, is a successful Ugandan businessman and politician who has served as State Minister for Labor, Employment and Industrial Relations since June 22, 2016. Kabafunzaki, 41, is the elected Member of Parliament …