Business

Washington, United States | AFP | The growing use of export restrictions by governments can be “dangerously counterproductive” as the world deals with the coronavirus pandemic, the IMF and WTO warned Friday. The two institutions called on global leaders to commit to refrain from imposing or tightening controls on product sales, as they did at …

  Kampala, Uganda | THE INDEPENDENT | Centenary bank has announced a 45% increase in after-tax profits to 155.9 billion shillings making it the second most profitable bank in the country after Stanbic Bank. In 2018, the Catholic Church-owned institution made 107 billion shillings in net profit. The financial results …

Kampala, Uganda | THE INDEPENDENT | High Court has nullified the advertising rates and fees imposed by Kampala Capital City Authority-KCCA on outdoor advertisers, saying they are illegal and unlawful. The judgment stems from an application filed by the National Outdoor Advertising Contractor’s Association Limited protesting the levies introduced by …

Dr. Mary Goretti Kitutu, the Minister of Energy and Mineral Development noted in a short statement released yesterday that:  “The agreement is a significant milestone in Uganda’s oil and gas sector and is a critical development that takes the sector towards the final investment decision (FID) that the country is …

London, United Kingdom | AFP | Oil prices made a spectacular comeback Thursday as fresh US-Iran tensions erupted while equities were slow to build on recent gains as data provided proof of a dire economic fallout from the coronavirus pandemic. At one point the US crude oil benchmark WTI was up …

Moroto, Uganda |  THE INDEPENDENT |  Food prices have soured in Moroto town in the recent days, distressing the population that is already struggling to earn a living due to the lockdown that has largely affected normal life and business. There has been an increase in the cost of Rice, beans, …

  Kampala, Uganda | RONALD MUSOKE | French oil super major, Total, will take over Tullow’s assets in Uganda’s Lake Albert Development project including the stake in the East Africa Crude Oil Pipeline following the recent conclusion of a sale and purchase agreement with the British oil firm. According to …

Washington, United States | AFP | Developing countries are losing a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, sharply reducing payments from workers living abroad, the World Bank said Wednesday. Remittances are expected to plunge by about 20 percent globally this year, the biggest decline in recent …

DR. Silver Mugisha is the Managing Director of National Water and Sewerage Corporation (NWSC). He spoke to The Independent about strategies NWSC is using to continue serving Ugandans despite the economic challenges created by the raging COVID-19 pandemic. QUESTION: How is NWSC coping with COVID-19 pandemic? ANSWER: It is a tough time that requires innovation and …

Kampala, Uganda | THE INDEPENDENT | Uganda has suspended the importation of second-hand clothes and shoes in what it says is a precautionary measure to prevent the spread of coronavirus. In a statement on Tuesday, Uganda National Bureau of Standards (UNBS) said “used footwear and used textiles that as a precautionary …