Business

Government gets rid of loss-making company, but can new investor avoid its jinx? The government of Uganda has leased Phenix Logistics Uganda Ltd, a garment manufacturer based in Kampala, to a Kenyan-based garment manufacturer – Fine Spinners. The deal which is at un-disclosed amount of money and a 15-year period …

Stanford-le-Hope, United Kingdom | AFP | The first-ever freight train from Britain to China started its mammoth journey on Monday along a modern-day “Silk Road” trade route as Britain eyes new opportunities after it leaves the European Union. The 32-container train, around 600 metres (656 yards) long, left the vast …

But analysts caution it’s too early to celebrate Uganda’s banking industry seems to be recovering from the hard economic times experienced in the previous year as commercial banks start to record a surge in profits amid drops  in Non-Performing Loans (NPLs). Available data from commercial banks that have announced their …

Company plans to widen data usage, lower tariffs MTN Uganda’s Chief Executive Officer, Wim Vanhelleputte who has spent eight months in office describes himself as a forward looking manager wanting his leadership to grow company profitability while meeting customer demands. He says the most critical thing he is currently preoccupying …

Police say they have nabbed Kabafunzaki allegedly taking a bribe Herbert Kabafunzaki, who police arrested on Saturday for allegedly taking a bribe, is a successful Ugandan businessman and politician who has served as State Minister for Labor, Employment and Industrial Relations since June 22, 2016. Kabafunzaki, 41, is the elected Member of Parliament …

Two employees of Ministry of Finance have been charged with corruption before Uganda’s Anti-Corruption court and remanded to Luzira prison until April 13. John Charles Ogol, a principle finance officer together with Geoffrey Turyamuhika, a senior economist,  appeared before Chief Magistrate Agnes Alum Friday and denied the charges. Prosecution alleges that …

MPs task government to explain “loss” of tax payers’ money through incentives to specific companies as sh524 billion supplementary budget is tabled Uganda Parliament’s Budget Committee has tasked the Ministry of Finance to explain to them as soon as possible why government chose to help pay huge taxes for profit making companies. …

Entebbe’s popular quick-casual and coffee-themed restaurant Café Javas at Victoria Mall will be closed for repairs after part of the ceiling board collapsed late on Wednesday night. No one was injured and the management of the chain issued a statement re-assuring customers. KnightFrank Uganda, the managers of Victoria Mall, also …

Lagos, Nigeria | AFP | A judge in Lagos on Thursday ordered Nigeria’s anti-graft agency to release one of several bank accounts frozen as part of an inquiry into the wife of former president Goodluck Jonathan. Patience Jonathan had filed a complaint against the Economic and Financial Crimes Commission (EFCC) in …

Palm Beach, United States | AFP | Donald Trump hosts Chinese President Xi Jinping at his sun-kissed Mar-a-Lago resort in Florida on Thursday, a high-stakes first summit replete with pitfalls for both leaders. The stage is set for a carefully choreographed dinners with family and displays of bonhomie, but beneath …