Business

Algiers, Algeria | AFP |  The world’s top oil producers “must take a decision” to stabilise prices, Algeria’s energy minister said on Sunday ahead of an OPEC meeting on Wednesday in Algiers. Oil prices are already depressed after two years of oversupply amid deep disagreements between members of the Organization …

Reaping big from cocoa INTERVIEW: Stephen Sembuya is the CEO of Pink Food Industries, a cocoa-producing enterprise. He spoke to Ian Katusiime about cocoa and the other pertinent issues in the industry. What influences your management style? I come from an industrious background. My dad was the founder of Sembule …

  EAC at EPA crossroads It’s another postponement, once again. With only a fortnight to the Oct.01 deadline for the East African Community (EAC) to sign the Economic Partnership Agreement (EPA) with the European Union (EU), the final signing has been extended. The Heads of State Summit sitting in Dar-es-Salaam, …

Stockholm, Sweden | AFP |  Telecoms equipment maker Ericsson plans to end manufacturing in Sweden with the loss of around 3,000 jobs, Swedish newspaper Svenska Dagbladet reported late Wednesday. The daily said it had obtained “confidential documents” outlining a three billion kronor (313-million-euro, $350-million) cost-cutting programme. According to Svenska Dagbladet, …

New York, United States | AFP |  A big drop in US crude stockpiles sent oil prices sharply higher Wednesday. The US benchmark West Texas Intermediate for delivery in November jumped $1.29 to $45.34 a barrel in New York trade. In London, Brent North Sea oil for November delivery advanced …

The Hague, Netherlands | AFP |  A US-based company has pulled out of Ethiopia after anti-government protesters attacked its flower farm causing 10 million euros in damage, and triggering job losses in the country and The Netherlands, a spokesman said Tuesday. Flower growers and exporters Esmeralda Farms began operations in …

London, United Kingdom | AFP | British drugs giant GlaxoSmithKline on Tuesday promoted its consumer healthcare head Emma Walmsley to chief executive, a move which will make her the most powerful woman on the FTSE 100. The 47-year-old, who succeeds outgoing boss Andrew Witty, will become the seventh female chief …

Shanghai, China | AFP | Two of China’s top steelmakers announced plans Tuesday to merge,creating the world’s second-largest manufacturer of the commodity as markets struggle with a glut caused by Chinese overcapacity. The world’s second largest economy is trying to overhaul its lumbering state sector and especially its steel industry, …

VIDEO: In the Hustling for Survival show, Richard Olwenyi tells the story of a man who has made a living from fresh cow hooves which is later prepared as cow hoof stew locally referred to as Kigere or Molokonyi. Fred Bukenya, owes what he has achieved to the trade.   Share on: …

Beijing, China | AFP |  A key gauge of China’s debt has reached its highest level on record, setting off alarm bells of imminent risk to the banking system, a Swiss banking watchdog reported. China’s credit-to-GDP gap reached 30.1 percent in the first quarter of 2016, its highest level ever …