Business

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 …

Businessman and author Andrew Rugasira has promised major reforms as he announced his intention to stand for president of what he has described as an ineffective Uganda National Chamber of Commerce and Industry (UNCCI). “The chamber is a far cry from its original mandate. It is institutionally ineffective, and it has …

The Uganda Bankers Association has appointed Wilbrod Humphreys Owor as it new executive director. He takes over from Emmanuel Kikoni who has steered the association over the last 16 years. Owor, formerly the managing director of United Bank of Africa-Uganda, comes with 25 years of working experience spanning across key …

Singapore, Singapore | AFP |  Oil prices fell in Asia Friday as the prospects of higher output from Libya and Nigeria further fuelled oversupply concerns, cutting short a nascent rebound. Both contracts rose Thursday on news that 6,000 barrels of gasoline had leaked from the Colonial pipeline that carries fuel …

The middle income outlook will depend on what Uganda will do to wake up the population to be productive and be consistent at it. The target for middle income is 2020 but right now 68% of our population comprises peasants. We are hoping each one of them will be having $1,050 as …