Business

Singapore, Singapore | AFP | Oil prices resumed their rise Thursday and held above the $50 barrier following OPEC’s decision to carry out its first output cut in eight years. The Organization of the Petroleum Exporting Countries at a meeting in Vienna on Wednesday agreed on specific targets to enact …

The Minister of Trade, Industry and Cooperatives Amelia Kyambadde has explained that the decision to call off the Uganda National Chamber of Commerce and Industry (UNCCI) elections was agreed with all stakeholders after a recent meeting. “I have received a number of concerns from different stakeholders on operations of Uganda National …

New York, United States | AFP | Steven Mnuchin is hardly a household name, but US President-elect Donald Trump’s new pick for Treasury secretary has close ties to Wall Street that could prove a double-edged sword in the current populist era. A former Democratic Party donor, the 53-year-old surprised his …

London, United Kingdom | AFP |  The Royal Bank of Scotland is the worst prepared among Britain’s lenders for another financial crisis, the Bank of England said Wednesday, forcing the state-rescued lender into a new capital-raising plan. The BoE, revealing its latest stress tests on Britain’s top seven banks, added …

Sydney, Australia | AFP |  Foreigners in Australia on working holidays face paying a 15 percent levy on every dollar they earn after the government Monday compromised on a controversial “backpacker tax”, dumping plans for a higher rate. Canberra had initially sought a revenue-raising 32.5 percent tax for seasonal workers …

INTERVIEW: Christopher Musoke is the CEO of Financial Sector Deepening Uganda (FSD). He spoke to the Independent’s Agnes E Nantaba about progress in the financial inclusion in Uganda. What are the key elements in your management style as a manager? My concern is to ensure that as a team we …

The government has reintroduced the Retirements Benefits Sector Liberalisation Bill 2011 to Parliament amidst protests from Worker’s members of parliament and trade unionists. The Bill is aimed at ending the monopoly of the National Social Security Fund as the savings body for workers. The Fund is now worth Shs6 trillion. …

Beijing, China | AFP |  Beijing is tightening screening on Chinese companies’ overseas investments, according to the government and reports, after a record-setting shopping spree raised concerns of capital flight and reckless spending. Authorities will “combine facilitating foreign investment with guarding against investment risks” by scrutinising proposed deals, said a …

Cash strapped UTL managers chase capital to fund three years turnaround strategy Uganda Telecom is one of the oldest telecom companies in the country and the third in terms of subscriber base now standing at less than two million out of the 22.97million mobile phone users, writes Julius Businge. Owned …

RwandAir unveils inflight duty free services Following the arrival of ‘Kalisimbi‘, RwandAir’s third Boeing B737-800NG and first – also in Africa – with inflight WiFi connectivity on Nov 16, has the airline’s CEO John Mirenge announced the launch of inflight duty free sales over the coming days. Once in place …