Business

President Yoweri Museveni has reassured Ugandans that plans are fully on track for the country to have a national airline. The president said the airline is finally viable, as Ugandans alone are now spending up to $420 million (sh1.4 trillion) annually on travel. “We are now finalizing the modalities,” Museveni told the nation as …

Tokyo, Japan | AFP |  A fifth of the Japanese workforce faces the risk of death from overwork, according to a new government survey into the country’s notoriously strenuous working culture. Hundreds of deaths related to overwork — from strokes, heart attacks and suicide — are reported every year in …

Beijing, China | AFP |  China’s mountain of foreign exchange reserves dropped around $19 billion in September to a five-year low, government data showed, with the central bank spending heavily to defend its currency against capital outflows. The world’s largest currency hoard fell to under $3.17 trillion, the People’s Bank …

Washington, United States | AFP |  World economic leaders gathered in Washington this week to defend globalization, delivering a single message in unison: Protectionism will not save you. But this glosses over the plight of Africa, which is sinking further into poverty despite years of free trade. According to the …

Addis Ababa, Ethiopia | AFP | Anti-government protesters in Ethiopia have turned their anger on foreigners, torching tourist resorts and foreign-owned factories in the restive Oromia region, local media reported Friday. At least 11 companies, including textile and plastic factories, were torched in recent days in the town of Sebeta …

Uganda has been re-elected member of the African Tax Administration Forum (ATAF) council at the ongoing General Assembly in Durban, South Africa. The country’s revenue authority URA also won two awards, coming top in Africa in the 2016 Innovation Awards in Customer Service and the Innovation Awards for Modernization. The new ATAF Council elected for …

URA at 25: Experts salute URA but warn of a mountain to climb to lift tax:GDP ratio from miserable 12% On September 20, Uganda Revenue Authority (URA) across the country replaced their shirts and tops with T-shirts inscribed with the words: “Believe there is good in the world” and headed …

Electricity distributor, Umeme is set to receive a $25 million loan from the International Finance Corporation (IFC) to fund the expansion and upgrade of its distribution network. This is second time that the electricity utility firm is receiving a loan from the world’s financial institution after it received $70million in …

Paris, France | AFP |  Arsenal have never won the European Champions League but they reign over the continent when it comes to matchday revenue, with takings at their Emirates Stadium greater than anywhere else in Europe. Their 60,000-capacity ground in north London, opened in 2006, generated 132 million euros …

NSSF to pay lower interest rate as economy bites Last year, the National Social Security Fund (NSSF) paid its members an interest rate of 13%, which means that for every Shs 1 million saved, a member got an additional Shs 130,000 credited on the account. This year it could less, …