Tag Archives: economy

Experts tell Museveni, Mutebile, Muhakanizi President Yoweri Museveni’s unchecked spending and the Ministry of Finance and Bank of Uganda efforts to clean have created a lope-sided economy that is hurting everyone. That is the view of several economists interviewed by The Independent. Dr. Lawrence Bategeka, formerly a researcher at the …

Washington, United States | AFP |  The US administration-in-waiting nominated by President-elect Donald Trump is a circle of multimillionaire businessmen and women the public may view as a cabinet whose wealth is unprecedented in US history. Himself a billionaire real estate developer, Trump could entrench this characteristic should he choose …

New York, United States | AFP | Steven Mnuchin is hardly a household name, but US President-elect Donald Trump’s new pick for Treasury secretary has close ties to Wall Street that could prove a double-edged sword in the current populist era. A former Democratic Party donor, the 53-year-old surprised his …

Beijing, China | AFP |  Beijing is tightening screening on Chinese companies’ overseas investments, according to the government and reports, after a record-setting shopping spree raised concerns of capital flight and reckless spending. Authorities will “combine facilitating foreign investment with guarding against investment risks” by scrutinising proposed deals, said a …

Khartoum, Sudan | AFP |  Sudan’s ruling party on Sunday criticised opposition groups over their strike call, as many public transport buses stayed off Khartoum streets and shops remained shut in a mixed response to the call. The three-day strike call was to protest a government decision to hike fuel …

Lagos, Nigeria | AFP |  It’s not Nigerian President Muhammadu Buhari’s fault that Nigeria’s economy is inextricably tied to the global price of oil, now half of its 2014 peak of over $100 per barrel. But the president’s response to the economic crisis has a growing number of people concerned …

New Delhi, India | AFP | Huge bank queues have become an ubiquitous sight across India after the government suddenly withdrew the two highest denomination notes from circulation two weeks ago — but now you can hire-a-queuer online. New Delhi-based startup BookMyChotu — a play on the Hindi word “chotu” …

Butembo, DR Congo | AFP | The question is so absurd that Butembo’s deputy mayor misses a beat before answering. What is the town’s unemployment rate? “Unemployment is the norm around these parts,” says Godefroid Kambere Matimbya. “There aren’t any businesses.” Butembo is no ghost town, but a city of …

Abuja, Nigeria | AFP |  Nigeria’s economic slump sharpened in the third quarter as rebels bombed oil pipelines in the restive south and businesses struggled to access foreign exchange, official data showed Monday. The third quarterly contraction in a row comes as the West African nation reels from a crash …

Colombo, SRI LANKA | AFP |  Sri Lanka’s economy has begun to stabilise after securing a $1.5 billion bailout earlier this year, but the island needs to build its dwindling foreign reserves, the IMF said Saturday. The Washington-based International Monetary Fund said it had just concluded its first review of …