Business

Lagos, Nigeria | AFP |  The African Development Bank has approved the first installment of a $1 billion loan to Nigeria to help President Muhammadu Buhari combat a “crisis situation”. In a Wednesday press release, the AfDB said that the $600 million loan was the “first tranche of a US …

Munich, Germany | AFP | Chinese electronics firm Huawei on Thursday unveiled its latest Mate 9 smartphone in Munich, designed to challenge global market leaders Apple and Samsung with features including a high-quality camera and higher-capacity battery. As Korea’s Samsung struggles with negative publicity following the high-profile recall of its …

Beijing, China | AFP |  Chinese e-commerce giant Alibaba’s sales soared 55 percent in the last quarter, thanks in part to a more than doubling of revenue from cloud computing, the company said Wednesday. The year-on-year growth in group sales, to 34.29 billion yuan ($5.14 billion), was not matched by …

Wolfsburg, Germany | AFP |  Volkswagen, world champions for the past four years with Sebastien Ogier, said Wednesday they are withdrawing from the world rally championship dealing a major blow to the series. The German auto giants, reeling from the Dieselgate scandal, announced last week that luxury brand Audi was …

San Francisco, United States | AFP | Uber on Wednesday began rolling out an overhauled smartphone application that uses artificial intelligence in a bid to speed up and improve the ride-sharing experience. The update is the first major overhaul for the popular application since 2012 and aims to simplify usage …

New York, United States | AFP | Thomson Reuters announced a new “streamlining” plan on Tuesday to cut an estimated 2,000 jobs at the financial information group as it reported flat revenues and a drop in profits. “Our core subscription businesses are moving in the right direction, our cost controls …

Doha, Qatar | AFP | Qatar’s emir said Tuesday that the super-rich Gulf state must tackle its “culture of consumption” as it deals with the sharp decline in world energy prices. In a speech to mark the opening session of Qatar’s Advisory Council, Sheikh Tamim bin Hamad Al-Thani also called …

Zurich, Switzerland | AFP | China’s state-owned chemical corporation (ChemChina) said Tuesday that it had extended its $43 billion offer for Swiss seed giant Syngenta until January 5, after EU regulators announced they would probe the deal. The massive takeover would be the biggest in a recent spate of Chinese …

INTERVIEW: Adnan Mpuga is the Executive Director of Eastlands Agency. He spoke to Agnes E. Nantaba about trends in Uganda’s property and real estate market. What are the key elements in your management style as a manager? Hard work, honesty and respect for all are key elements in management. Working …

Artisanal miners make a killing from ‘illegal’ gold mining as district authorities, government cry out for more revenue From a distance, “Saigon City” in Lubaali— Kayonza, Kitumbi Sub-County in Mubende District, resembles a desperately crowded refugee camp. Here, hundreds of congested makeshift tents and lodging structures are mostly dressed or …