Business

San Francisco, United States | AFP | Facebook’s board of directors on Friday authorized spending as much as $6 billion to buy back shares in the leading social network. The stock repurchase program would go into effect at the start of next year, potentially allowing Facebook to take advantage of …

Washington, United States | AFP |  The New York Times reported a spike in subscriptions since the November 8 election, despite being called “fools” by president-elect Donald Trump for its coverage. The newspaper said in a statement Thursday it saw a net increase of 41,000 paid subscriptions in the week …

Parliament has approved a report and passed a motion seeking to establish a select committee to investigate alleged mismanagement of Uganda Telecom Limited (UTL). Top officials of the company have also been barred from travelling abroad until the probe is finished. Following the debate on a report “The predicament at …

New Delhi, India | AFP |  India announced new measures Thursday to allow farmers and marrying couples to withdraw more money from banks, as frustration mounted over a cash crisis triggered by the withdrawal of all high-value notes. The shock move last week, which saw 85 percent of the cash …

New York, United States | AFP | Billionaire investor Warren Buffett has taken stakes in three large US airlines, in a $1.3 billion bet that marks a sharp U-turn of his antagonistic views on the sector. Buffett’s Berkshire Hathaway Inc. invested $797 million in American Airlines, $249 million in Delta …

Beijing, China | AFP |  Chinese state-run media lauded Donald Trump Tuesday after a phone call between him and President Xi Jinping, saying that the president-elect’s emergence could mark a “reshaping” of Sino-American relations. The pair spoke Monday, when Xi said that the two powers needed to co-operate and Trump’s …

Nakumatt: Unstable US$150m debt sends jitters among retail supermarket suppliers Business at Nakumatt supermarkets in Uganda has been slowly declining for months but recent persistent reports that all is not well at the parent company of the Kenya-based regional retail giant may have made a bad situation worse. The Nakumatt …

Single Electronic Window: The new system will see a 30% reduction in transaction costs for the private sector Uganda Revenue Authority (URA) has launched the Uganda Single Electronic Window system. The new system will see a 30% reduction in transaction costs for the private sector, writes Juddie Kilungu. It will also …

The National Social Security Fund has bought more shares in power distributor Umeme, increasing its stake from 14% to 23 %. NSSF boss Richard Byarugaba said Fund’s decision was in line with “our statutory mandate to invest NSSF members savings for high returns.” He said the Fund has reached an …

Samuel Odeke is the Chief Executive Officer of Commercial Bank of Africa (CBA). He spoke to The Independent’s Ian Katusiime about CBA’s plans and other issues in the banking sector. What inspires your management philosophy? I believe management is typically an art not a systematic way of doing things. It …