Washington, U.S. | Xinhua | The global economy is “dangerously close” to a recession, as inflation remains elevated, interest rates rise, and growing debt burden hits the developing world, World Bank President David Malpass said Thursday. “We’ve lowered our 2023 growth forecast from 3 percent to 1.9 percent for the global …
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New York, U.S. | Xinhua | Oil prices fell on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand growth estimates for both 2022 and 2023. The West Texas Intermediate for November delivery decreased 2.08 U.S. dollars, or 2.3 percent, to settle at 87.27 dollars …
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UN seeks help for developing world hit by rising debt costs United Nations | Xinhua | Fifty-four developing economies accounting for more than half of the world’s poorest people need urgent debt relief as a result of “cascading global crises,” the UN Development Program said Tuesday. It warned of the risks …
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Washington, U.S. | Xinhua | The International Monetary Fund (IMF) on Tuesday projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast, according to the latest World Economic Outlook (WEO) report. The global economy …
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Africa startups have defied a slump in global venture capital funding, raking in a record US$ 4 billion in the nine months ending September, just US$ 500 million short of surpassing its total 2021 haul SPECIAL FEATURE | BIRD STORY AGENCY | Africa’s VC scene remained resilient in spite of …
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Nairobi, Kenya | Xinhua | Affected by foreign investors’ flight in the wake of rate hikes in the United States, the Nairobi Securities Exchange has returned to lows last seen at the peak of the COVID-19 pandemic in 2020, reported the Kenya-based newspaper Business Daily. The U.S. Federal Reserve benchmark …
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O End of Game Store in Uganda: The external maneuvers behind the move Kampala, Uganda | THE INDEPENDENT | News of the impending closure of the Game Store at Uganda’s biggest all merchandise shopping point; the Lugogo Shopping Mall in Kampala, has added more cold wind on an already chilly …
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Kampala, Uganda | THE INDEPENDENT | The government withheld substantial amounts of funds which were supposed to be released in the first quarter of the financial year 2022/2023, as a way of controlling the count of money in circulation, according to the Ministry of Finance, Planning and Economic Development. This fiscal …
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Washington, U.S. | Xinhua | The International Monetary Fund (IMF) chief said Thursday there is a “fundamental shift” in the global economy, urging countries to bring down inflation, put in place responsible fiscal policy, and jointly support emerging market and developing economies. The global economy is moving “from a world of …
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Kampala, Uganda | THE INDEPENDENT | Sugar manufacturers and cane growers have warned that the increased retail sugar prices in Uganda are to persist, with no hopes of decreasing soon. On average, sugar prices at retail now stands at 5,500 shillings a kilogram, up from an average of 4,000 shillings three weeks …
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The Independent Uganda: You get the Truth we Pay the Price