Business

Bank managers explain recent cuts to 20% average   Effective this month most commercial banks started charging lower interest rates on flexible existing and new loans with analysis indicating about 20% is the new average industry rate compared to around 23% a period before. The move is expected to boost uptake …

Lagos, Nigeria | AFP |  Nigeria’s southern oil-rich Rivers state on Saturday backed a government call for major oil companies to move their offices to the Niger delta region, as part of measures to stem unrest in the oil-rich area. Attacks by rebels seeking a fairer share of Nigeria’s multi-billion-dollar …

VIDEO: Companies dealing in new shoes have decried the increasing fake shoes on the market that they say are impacting on their businesses negatively. According to the Bata Marketing and Sales manager Diana Nabunya, traders dealing in shoes should ensure high quality products. This as they launched special ladies shoes that …

The Board of Directors of Uganda Electricity Generation Company Limited (UEGCL) has warned about none conformity to agreed repair methods for previously observed cracks at the Isimba Hydro Power Project. The board made the observation Friday when they visited the Isimba Hydro Power Project site to assess the progress of the …

Government has lifted a ban on the externalization of labour to allow Ugandans seek jobs abroad especially in The Middle East. A year ago, government imposed a ban on the externalization of workers following reports of hostility meted out on Ugandans working abroad. The growing concern was that domestic workers …

Beijing, China | AFP | China has put its first stealth fighter into military service, state-run media reported on Friday, in the latest milestone highlighting the modernisation of the country’s armed forces. Swift, stealthy, and armed with long-range missiles, the J-20 represents a leap forward in China’s ability to project power …

Beijing, China | AFP | State support for private firms is crucial in China’s market, the head of the mainland’s online search giant Baidu said Thursday, following complaints from European businesses that Beijing-backed firms are pushing out foreign competitors. “I think state support of private companies is absolutely necessary. In the …

Washington, United States | AFP |  The US economy had another strong month of job creation in February, with the manufacturing, health care, mining and construction sectors all adding positions, the Labor Department reported Friday. The result was sure to boost already high expectations that the central bank will raise …

Brussels, Belgium | AFP | The idea of a so-called multi-speed European Union is not new, and some might argue that it already describes the bloc in its current form. But as 27 EU leaders without Britain discuss their post-Brexit future, the concept has come to dominate debate on what …

New York, United States | AFP | Oil prices slumped to their lowest level of 2017 Wednesday following a bearish US supply report that also dented American petroleum-linked shares. The US oil benchmark, West Texas Intermediate, slid more than five percent to $50.28 a barrel, its lowest price since December. …