Business

The major commercial banks in the country have released statements, lowering their prime lending rates, the lowest lending rates for the best customers to between 21% and 23% per annum. This is in response to Bank of Uganda’s recent decision to lower the Central Bank Rate last month from 14% …

Global taxi service operator struggles over unmet expectations Uber drivers, or partners as the company likes to call them, in Kampala held a meeting with Uber managers on Oct. 18 to address teething challenges the global transporter is facing since it launched in June. Top of the list during the …

New Delhi, India | AFP | Prime Minister Theresa May said Britain would become the ultimate free trade champion as she laid the groundwork Monday for a potential post-Brexit deal with India, the world’s fastest growing major economy. In her first bilateral trip outside Europe since taking office in July, …

Uganda, Russia reach understanding to harness huge Uranium deposits to produce thousands of mega watts from nuclear energy It’s now official; Uganda’s plan to develop nuclear as a source of electricity is on course. On Oct. 13, a Russian government delegation was in Uganda to meet President Yoweri Museveni.  The …

Shanghai, China | AFP | China Monday replaced finance minister Lou Jiwei, state media reported, with some analysts predicting more fiscal stimulus in the world’s second-largest economy. Lou was relieved of his duties and replaced by 59-year-old Xiao Jie, the deputy secretary-general of the State Council, or cabinet, Xinhua news …

With the Crane Bank being placed under Central Bank management and several other commercial banks being asked to recapitalise, the banking sector in Uganda seems to be under a lot of stress lately. What seems to have brought down Crane Bank does not seem to be a Crane Bank problem …

Algiers, Algeria | AFP |  Algeria’s state energy company Sonatrach on Sunday awarded the China Petroleum Engineering and Construction Corporation (CPECC) a 380-million-euro ($420-million) contract to renovate its Algiers refinery. CPECC, which is affiliated to the China National Petroleum Corporation, will rehabilitate the refinery after Sonatrach severed an initial deal …

Khartoum, Sudan | AFP |  Sudanese security agents seized all copies of three newspapers Sunday, a journalists’ association said, just days after they covered a fuel price hike in reports seen as critical of the government. Members of the powerful National Intelligence and Security Service, or NISS, took copies of …

New York, United States | AFP | New York’s state bank regulator fined the giant Agricultural Bank of China $215 million on Friday for violating anti-money laundering laws and obscuring suspicious transactions involving Russia, China, Afghanistan and other countries. Citing a deliberate failure to scrutinize dubious money transfers, the Department …

The Japan government has given Uganda $2.875 million grant to improve access to income earning opportunities for poor and vulnerable households in Northern Uganda. The grant will benefit 120 existing community groups that were established under the NUSAF2 Project, and support 240 new ones. Groups are to have 10 to …