Business

Rwandan has massively hiked import duties on secondhand clothes and shoes, coming mainly from Europe and North America, to help promote local manufacturers, officials said Friday. The measure “takes effect from July 1,” a manager in the Rwandan Receipts Agency, Drocelle Mukashyaka, told AFP. RWANDA: Rwanda multiplies import duties on …

China’s homegrown regional jet made its first commercial flight Tuesday, operator Chengdu Airlines said, after years of delays raised questions about the country’s ambitious plans for domestically-produced planes. Chengdu Airlines flew the ARJ21 from its eponymous home base, the capital of the southwestern province of Sichuan, to the commercial hub …

Uganda Revenue Authority (URA) Commissioner General Doris Akol has revealed that revenue collections have grown by 16% this year. Revenue collected by the URA, has also helped fund about 61% of the Government Expenditure Budget. Akol made the revelations in an end-of-financial-year statement Monday, in which she hailed taxpayers of …

Analysts question feasibility of Shs 650m houses in glutted market yet demand is higher for low end accommodation At the beginning of this month, the National Social Security Fund (NSSF) commissioned a large-scale project worth Shs14.5bn to construct a housing estate at Mbuya involving 40 residential houses. This venture puts …

Government, analysts search for elusive answers over declining exports, rising imports About 700 trucks enter Uganda daily from Mombasa Port in Kenya, loaded with all types of goods. However, most of them go back empty for lack of exports, a situation that makes transport costs rather prohibitive for Ugandan importers. …

  The pound collapsed to a 31-year low and there was pandemonium on currency, equity and oil markets Friday as Britain voted to leave the European Union, fuelling a wave of global uncertainty. Sterling crashed 10 percent to $1.3229 at one point, its weakest level since 1985, while the greenback …

World Bank shows the way for Uganda to get more from every shilling it invests The World Bank (WB) on June 6 unveiled its 7th Economic Update on Uganda at a ceremony in Kampala. The update, which is a bi-annual assessment of the state of the country’s economy, analyses the …

Abidjan, Ivory Coast | AFP | Swiss company Nestle will offer on-the-job training for 300,000 African youths to offset high unemployment that poses “severe economic and social challenges” for the continent, the company announced Tuesday. “We’re going to create more than 3,000 internships and apprenticeships in African countries by the …

Is Museveni serious this time? The government is planning to increase public spending in the next financial year but some experts say it is punching above its weight. This could be true since the country is getting low returns on its large infrastructure projects. Since winning his fifth five-year term, …

Johannesburg, South Africa | AFP | South Africa-based Telecoms giant MTN on Monday named a new chief executive after resolving a dispute with Nigeria over a huge fine for failing to disconnect millions of unregistered mobile phone lines. MTN announced that Rob Shuter, a South African who is currently the …