Business

China starts lifting restrictions on foreign investment Beijing, China | AFP |  China has started lifting major restrictions on foreign investment in its financial sector, a move long demanded by the United States as the world’s two biggest economies are locked in a fierce trade battle. From the start of …

  Gulu, Uganda | THE INDEPENDENT | Two people have been killed and two others critically injured after a Kampala-bound trailer overturned in Gulu District. The accident happened from Oroko village, Medde Parish in Palaro Sub-County, about 70 kilometres north of Gulu town on Thursday morning. The single-cabin truck registration …

FDI expected to be reached by April 2020 ANALYSIS | LIAM TAYLOR – Africa Business Magazine  | Oil deposits have sat beneath the shores of Lake Albert, in western Uganda, for millions of years. Since its discovery in 2006, plans to extract the oil, estimated at over 1bn recoverable barrels, …

Growth is projected to range between 5.5-6% compared to 6.2% in 2018 Kampala, Uganda | JULIUS BUSINGE | Uganda’s economy performed below expectations especially towards the end of the year, according to the latest Bank of Uganda Monitory Policy Report. In addition, an analysis of the different monetary policy reports, …

Beijing, China | AFP | Chinese telecommunications giant Huawei said Tuesday that “survival” was its top priority after announcing 2019 sales were expected to fall short of projections as a result of US sanctions. The global leader in telecom networking equipment has been effectively banned by the United States from …

Kampala, Uganda | THE INDEPENDENT | Ugandans hold as much as Sh7.8 trillion on time deposit accounts, a figure which, according to the central bank implies confidence in the banking system. A time or term deposit is an interest-bearing bank deposit account that has a specified date of maturity, where …

Kampala, Uganda | THE INDEPENDENT | Government through the Finance and Economics Development Ministry is among others looking at reducing reliance on debt by increasing domestic revenue and improving the execution rate of projects as some of the ways to sustain the country’s debt. As at end of June 2019, …

  Kampala, Uganda | THE INDEPENDENT | Police in Amuru are hunting for suspected arsonists who set ablaze over 50 acres of growing sugar cane belonging to Atiak out growers in Amuru district. The incident happened on Saturday evening at Muroli village, Pacilo West Parish in Atiak Sub-County. Preliminary findings …

Kampala, Uganda | THE INDEPENDENT  |  Government intends to collect Shillings 21.54 trillion in domestic revenue in the 2020/2021 financial years to finance the proposed Shillings 39.64 trillion election year budget. This is slightly lower than the Shillings 40.48 trillion, budget for this financial year.  According to the Budget framework paper …

  Engineers Blame Masaka Road Defects to Poor Construction, Delayed Maintenance Masaka, Uganda | THE INDEPENDENT | Engineers have pointed to poor construction and delayed maintenance as the likely causes of the defects being experienced on Masaka-Kampala highway barely six years after its reconstruction. The road caved in at Lwera …