Tag Archives: economy

Mina, Saudi Arabia | AFP | With global oil prices flailing, Saudi Arabia is turning to another natural resource: billions of dollars gained from religious tourism as the kingdom hosts the annual hajj pilgrimage. Shops line the packed esplanade of the Great Mosque of Mecca, one of the holiest sites in …

  Washington, United States | AFP | The US economy grew at its fastest pace in more than two years in the second quarter, hitting President Donald Trump’s goal for the first time since he took office, according to data released Wednesday. Higher consumer spending and business investment prompted a sharp …

Kampala, Uganda | JULIUS BUSINGE | Commercial banks in Uganda are in bad mood after recording bad performance in the first half of 2017. According to industrial data, profits dropped 4% year-on-year as at June 2017 compared to 18% growth in the same period last year. Industry client loans and advances …

Farming in Nigeria is not for the fainthearted. Ilorin, Nigeria | AFP | Intermittent electricity means generators are needed half the time. Chronically potholed roads make transport slow and expensive. Fake fertiliser has previously devastated crops, while toxic feed ruined one dairy farm. But for a group of 13 hardy farmers …

Kampala, Uganda | JULIUS BUSINGE | Stanbic Bank Uganda in collaboration with the Industrial and Commercial Bank of China Limited (ICBC) have hinted that Uganda’s economy is set to reap big from oil and gas activities. Speaking at an economic forum organised by the two banks for the Chinese business …

Soc Trang , Vietnam | AFP | With a flashy gold watch and a chunky matching ring, Tang Van Cuol looks a far cry from the average Vietnamese farmer as he slings back a shot of rice wine and boasts about his projected earnings. After years scratching a living growing rice …

AGOA: Trade forum to showcase Trump’s Africa policy Lome, Togo | AFP |  US President Donald Trump barely mentioned Africa or trade with the continent during his whirlwind campaign and has been mostly silent about the region since taking office. But the annual African Growth and Opportunity Act (AGOA) forum …

Beijing, China | AFP | Fast food giant McDonald’s said Tuesday it would almost double the number of restaurants in China over the next five years as it refocuses on international markets amid slowing US sales. The Illinois-based burger chain will add 2,000 stores to its current 2,500 in China and …

Benghazi, Libya | AFP | When a cash crisis struck the war-torn North African country of Libya, many people were forced to queue for days to withdraw their savings. But electronic payments systems set up to tackle the dearth of cash have struggled to gain credibility amid accusations of abuse. Said …

BOU denies hiding cash on foreign account in Germany Kampala, Uganda | JULIUS BUSINGE |  Bank of Uganda (BOU) has dismissed as untrue reports that it has hidden Sh10.7 billion in a bank in Germany, an issue that has been widely spread on social media in the past week. In …