Business

New Delhi, India | AFP |  India’s Hindustan Motors has sold its Ambassador car to France’s Peugeot for just $12 million, capping a spectacular downfall for a vehicle once emblematic of the country’s political class. The CK Birla group, the owners of Hindustan Motors, have sold the car brand for …

Washington, United States | AFP | President Donald Trump reaffirmed Washington’s ‘One China’ policy on Thursday in his first conversation with Xi Jinping, an apparent effort to ease tensions after angering Beijing by questioning a major plank of Sino-US relations. During a phone call with China’s leader, the US president …

Total confident despite volatile oil prices Paris, France | AFP |  French oil major Total said Thursday it planned to increase its dividend to shareholders as it expressed confidence earnings could withstand the current volatility in oil prices. Total said in a statement that its headline net profit soared 22 …

Government is taking steps in ministries and departments intended to reduce and solve the problem of increasing domestic arrears, the Minister of State for Finance David Bahati has said. One of the steps, the minister said was instituting prepaid systems for utilities. “The biggest part of domestic arrears is on …

Construction of the Ugandan leg of the Standard Gauge Railway (SGR) system will commence fully soon after Kenya starts construction of the Naivasha-Kisumu- Malaba stretch. Officials in charge of the project in Uganda said that other than the fact that they are still seeking funding, it would not make economic sense …

Christine Lagarde says government need to focus on reducing inequality The International Monetary Fund Managing Director Christine Lagarde on Jan. 27 found herself on the defensive as the audience sought for the global fund’s roles on Uganda’s development. This was during a public lecture held at the Kampala Serena Conference …

President Paul Kagame says Africa has to mobilise its own resources to finance activities of the African Union Commission and not depend almost entirely on money from donors. The President presented the proposal as part of reform proposals of the African Union (AU) to fellow Heads of State and Government …

Washington, United States | AFP | A coalition led by some of the world’s biggest tech firms is taking on President Donald Trump’s travel ban, signaling the contentious relationship between the sector and the White House could be about to get worse. Scores of technology giants — including Apple, Facebook, …

Shareholders of the regional beer maker, East African Breweries Limited (eabl) are set to receive a dividend of Kshs 2 (Shs 68) per share even as the company recorded a 2% growth in profit after tax to Shs 188bn in the second half of the year ending December 31, 2016 …

Dfcu’s new take-over will help expand its footprint countrywide When Bank of Uganda Governor Emmanuel Tumusiime-Mutebile announced that they were transferring liabilities and assets of Crane Bank to the Development Finance Company of Uganda (Dfcu), many wondered how that was possible. Crane Bank, set up in 1995, has been the …