Business

Mexican peso slumps to record low against dollar Hong Kong, China | AFP | Markets went into free fall Wednesday and the Mexican peso tanked as Donald Trump appeared to be moving into the lead in the race for the White House. Safe haven assets rallied as investors went running …

New Delhi, India | AFP | Indian Prime Minister Narendra Modi ordered the withdrawal of 500 and 1,000 rupee notes from circulation on Tuesday in a shock announcement designed to tackle widespread corruption and tax evasion. Modi said that while people could exchange their old notes for new bills at …

Bangalore, India | AFP |  British Prime Minister Theresa May said Tuesday there was a “world of opportunities” for post-Brexit Britain in India, as she donned a saree during a temple charm offensive in Bangalore. May said that Britain would not need to ease visa restrictions — a key demand …

Once again Rwanda has recorded improvement in its global ease of doing business ranking. It is the sixth year in a row that Rwanda is maintaining a high ranking in the World Bank index which rates countries on how easily a business can be set up and how it is …

Better business climate Uganda’s ranking in the 2017 World Bank’s Ease of Doing Business has improved by seven places, a development that shows that ongoing business environment reforms being implemented by the government are starting to bear fruit. Uganda now ranks 115th out of the 190 assessed economies, which is …

The major commercial banks in the country have released statements, lowering their prime lending rates, the lowest lending rates for the best customers to between 21% and 23% per annum. This is in response to Bank of Uganda’s recent decision to lower the Central Bank Rate last month from 14% …

Global taxi service operator struggles over unmet expectations Uber drivers, or partners as the company likes to call them, in Kampala held a meeting with Uber managers on Oct. 18 to address teething challenges the global transporter is facing since it launched in June. Top of the list during the …

New Delhi, India | AFP | Prime Minister Theresa May said Britain would become the ultimate free trade champion as she laid the groundwork Monday for a potential post-Brexit deal with India, the world’s fastest growing major economy. In her first bilateral trip outside Europe since taking office in July, …

Uganda, Russia reach understanding to harness huge Uranium deposits to produce thousands of mega watts from nuclear energy It’s now official; Uganda’s plan to develop nuclear as a source of electricity is on course. On Oct. 13, a Russian government delegation was in Uganda to meet President Yoweri Museveni.  The …

Shanghai, China | AFP | China Monday replaced finance minister Lou Jiwei, state media reported, with some analysts predicting more fiscal stimulus in the world’s second-largest economy. Lou was relieved of his duties and replaced by 59-year-old Xiao Jie, the deputy secretary-general of the State Council, or cabinet, Xinhua news …