Business

Nairobi, Kenya | AFP |  President John Magufuli on Friday suspended the registration of foreign vessels in Tanzania, following the seizure of drugs aboard ships flying his country’s flag. He also ordered an investigation into the 470 vessels currently registered as Tanzanian to determine their activities and whether they are …

Paris, France | AFP | The United States are set to overtake Saudi Arabia as the world’s number two oil producer after Russia this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. “This year promises to be a record-setting one …

Washington, United States | AFP | South Africa’s central bank chief Lesetja Kganyago will take over as chair of the International Monetary Fund’s policy advisory committee, the IMF announced Thursday. Kganyago, who has served as governor of the South African Reserve Bank since late 2014, takes on a three-year post …

Isimba dam gets new engineers Kampala, Uganda | JULIUS BUSINGE | The Uganda Electricity Generation Company Limited (UEGCL) has announced a new Owner’s Engineer (OE) for the 183MW hydropower dam located in Kayunga district. The new OE, which is taking over from Energy Infratech PvT Limited (EIPL), is Artelia EAU …

Paris, France | AFP | Small electrical appliances such as microwave ovens, kettles and hair dryers harm the environment in a dozen different ways, and consumers can do far more to reduce the impacts, researchers said Thursday. In the European Union, the electricity used by 130 million microwaves puts 7.7 …

London, United Kingdom | AFP | Europe’s major stock markets churned lower Wednesday as investors took their cue from downbeat sentiment in Asia, while Wall Street resumed its upward trend. Virtual currency bitcoin meanwhile dived, falling below $10,000 for the first time in six weeks in what one analyst called a …

Kampala, Uganda | JULIUS BUSINGE | Sadolin Paint has partnered with local businessman, Joseph Kanaaba to launch a Shs 180 million colour centre located at Freedom City, along Entebbe Road – a few kilometers away from Kampala City. In an interview with The Independent, Kanaaba said the Centre opened business on …

What experts think is important in regard to president’s message Kampala, Uganda | JULIUS BUSINGE | Gideon Badagawa, the executive director at the Private Sector Foundation Uganda (PSFU), says President Yoweri Museveni’s New Year speech with regard to value addition was well-intentioned. “The concentration of the speech on value addition …

Abidjan, Ivory Coast | THE INDEPENDENT | The latest African Economic Outlook (AEO) report indicates that foreign direct investment (FDI) flows following the recent issuance of oil exploration licenses and  the investment in infrastructure development is expected to spur Uganda’s economy for most of 2018. The African Development Bank 2018 …

Why is country mortgaging her future by relying on external borrowing rather than tax revenue? COMMENT | MUSA MAYANJA LWANGA & FLORENCE NAKAZI | In the recent past, owing to Uganda’s many development needs including large infrastructure projects and expanding public administration costs, government expenditure has significantly exceeded revenue collection. This has …