Shanghai, China | AFP | Two of China’s top steelmakers announced plans Tuesday to merge,creating the world’s second-largest manufacturer of the commodity as markets struggle with a glut caused by Chinese overcapacity. The world’s second largest economy is trying to overhaul its lumbering state sector and especially its steel industry, …
Read More »Warnings as China’s credit-to-GDP gap reaches 30.1 percent
Beijing, China | AFP | A key gauge of China’s debt has reached its highest level on record, setting off alarm bells of imminent risk to the banking system, a Swiss banking watchdog reported. China’s credit-to-GDP gap reached 30.1 percent in the first quarter of 2016, its highest level ever …
Read More »China exports down 2.8% in August on-year
Beijing, China | AFP | China’s imports rose 1.5 percent year-on-year in August, figures showed Thursday, the first increase in nearly two years, in a positive sign for the world’s second-largest economy. Exports dropped 2.8 percent on-year to $190.6 billion, a smaller fall than the median forecast in a survey …
Read More »VIDEO: Parliament to review Trade & Investment policy
VIDEO; The parliamentary committee on trade, tourism and industries is to review the trade and investment policies in an effort to regulate the kind of trade foreigners are involved in. The legislators were today overwhelmed by the increasing number of foreign traders’ especially Chinese nationals in retail trade in downtown …
Read More »US, China climate move signals hopeful era
Paris, France | AFP | Climate activists and small nations at risk of global warming’s direst consequences, welcomed Saturday’s ratification by China and the United States of a global pact to curb planet-harming carbon emissions. The move by the world’s two largest greenhouse gas emitters brought the hard-fought agreement, concluded …
Read More »Deal puts Microsoft apps on Lenovo smartphones
San Francisco, United States | AFP | Microsoft apps such as Office and Skype will be installed on Lenovo mobile devices powered by Android software under the terms of a collaboration announced. The US technology giant and the Chinese computer titan said they were “deepening their strategic relationship” with a …
Read More »Manufacturers, Chinese face off over local materials
Local content fight: Manufacturers, Chinese face off over local materials as government sets up committee to salvage local manufacturing sector On August 02, Matia Kasaija, the minister for finance, planning and economic development, chaired a high profile meeting at the ministry headquarters in Kampala. It comprised a delegation of officials from the …
Read More »The Chinese imports scourge
Govt, manufacturers tussle as cheap Chinese imports supplant local content at big infrastructure projects Abid Alam, the proprietor of Steel Rolling Mills, knows who is responsible for the predicament facing the manufacturing sector – the government, which has failed to enforce guidelines that contractors undertaking the ongoing big infrastructural projects …
Read More »Angry China warns against ‘cradle of war’ in sea
Beijing, China | AFP | China warned its rivals Wednesday against turning the South China Sea into a “cradle of war” and threatened an air defence zone there, after its claims to the strategically vital waters were declared invalid. The surprisingly strong and sweeping ruling by a UN-backed tribunal in …
Read More »Standard Gauge Railway taking shape
Funding deal with Exim Bank to be signed in October, DR Congo also joins Standard Gauge Railway Roofings Ltd, a steel manufacturer based at Lubowa near Kampala, imports almost all its raw materials from abroad through Mombasa Port. To transport a tonne of raw materials by road for one kilometer, …
Read More »