Business

DR EZRA SURUMA: No Ugandan can open a bank now COMMENT | Dr. Ezra Suruma | One of the most blatant aims of new colonialism (neocolonialism) is to ensure that Africans are denied access and control of capital. The evidence is overwhelming. It started in 1987 when the World Bank …

Arua, Uganda | THE INDEPENDENT  |  Councilors in Arua Municipality have commended the progress of works on the multi-billion Arua Hill Stadium.  The 40,000 Seater Stadium complex comprising Business units and Apartments is being constructed by Joadah Consults with funding from Development Infrastructure, a local construction company at a tune of …

 Kalangala, Uganda | THE INDEPENDENT  |  The Ministry of Works and Transport has cleared MV Kalangala to make extra trips during the festive season.  The clearance through Nation Oil Distributors Limited, the company that operates MV Kalangala is part of the efforts by the Ministry to manage increased number of tourists …

Abidjan, Ivory Coast | AFP | Eight West African countries Saturday agreed to change the name of their common currency to Eco and severed the CFA franc’s links to former colonial ruler France. The CFA franc was initially pegged to the French franc and has been linked to the euro …

Kabale, Uganda | THE INDEPENDENT  |  There was jubilation in Kabale district on Friday after the Ministry of Local Government officially handed over the Kabale Central Market to China’s Chong Chuing International Construction Company to reconstruct the market.  Chong Chuing International Construction Company won the contract in October 2019. The reconstruction …

Kampala, Uganda | THE INDEPENDENT  |  Ugandan milk crossing over to Kenya will be charged 16% Value Added Tax (VAT) as a measure to protect their local market. This week, Kenyan officials were in Uganda for a verification exercise to see whether the glut of milk entering their country was actually …

Kampala, Uganda | THE INDEPENDENT | Majid Al Futtaim, a leading shopping mall  chain, has today opened a first Carrefour Store in Uganda. The retail and leisure pioneer across the Middle East, Africa and Asia are now at the popular Oasis Mall, with a store that covers over 2800 square …

Kampala, Uganda | THE INDEPENDENT | The Court of Appeal has ruled that Uganda Revenue Authority-URA will have to pay for people’s goods lost or damaged in its possession. This position was made clear in a case involving a phones importer, Robert Bagala, against the tax body after the latter …

Beijing, China | AFP | China announced Thursday a list of US chemicals that will be exempted from import tariffs, just under a week after Beijing and Washington agreed a trade agreement that a dialled down tensions between the two. The world’s biggest economies have exchanged blows for more than a …

Kampala, Uganda | THE INDEPENDENT | Danish government-owned Investment Fund for Developing Countries (IFU) has bought 74 million shares (9.97%) in Dfcu bank, making it the second-largest shareholder after the Dutch-backed fund Arise B.V. The transaction, which saw London-headquartered CDC Group sell its stake, has been viewed as a vote …