Tag Archives: economy

President Yoweri Museveni has reassured Ugandans that plans are fully on track for the country to have a national airline. The president said the airline is finally viable, as Ugandans alone are now spending up to $420 million (sh1.4 trillion) annually on travel. “We are now finalizing the modalities,” Museveni told the nation as …

THE LAST WORD: By Andrew M. Mwenda Why foreign direct investment is overrated and why Africa needs to cultivate local businesses There is a fad in Africa. It is called Foreign Direct Investment (FDI). Across our vast continent, foreign investors are the most treasured visitors. Practically every country is obsessed …

Tokyo, Japan | AFP |  A fifth of the Japanese workforce faces the risk of death from overwork, according to a new government survey into the country’s notoriously strenuous working culture. Hundreds of deaths related to overwork — from strokes, heart attacks and suicide — are reported every year in …

Beijing, China | AFP |  China’s mountain of foreign exchange reserves dropped around $19 billion in September to a five-year low, government data showed, with the central bank spending heavily to defend its currency against capital outflows. The world’s largest currency hoard fell to under $3.17 trillion, the People’s Bank …

Washington, United States | AFP | Recruits into the Islamic State group are better educated than their average countryman, contrary to popular belief, according to a new World Bank study. Moreover, those offering to become suicide bombers ranked on average in the more educated group, said the newly released study …

Abuja, Nigeria | AFP |  Nigerian President Muhammadu Buhari is selling two of his jets in a bid to cut costs as the West African country battles to overcome a recession. In a statement released late on Tuesday, presidential spokesman Garba Shehu said that Buhari is reducing the number of …

Paris, France | AFP |  Arsenal have never won the European Champions League but they reign over the continent when it comes to matchday revenue, with takings at their Emirates Stadium greater than anywhere else in Europe. Their 60,000-capacity ground in north London, opened in 2006, generated 132 million euros …

Johannesburg, South Africa | AFP |  Skilled workers are leaving sub-Saharan Africa in rapidly increasingly numbers, producing a “brain drain” that causes long-term social damage, the International Monetary Fund warned Tuesday. The IMF said that the number of sub-Saharan migrants living in developed countries could increase from about seven million …

Coffee entrepreneur Rugasira set to tussle it out with incumbent Olive Kigongo for UNCCI presidency As the Uganda National Chamber of Commerce and Industry (UNCCI) goes to the polls to elect new leaders, the battle lines have been drawn for the top job. Among those set to be elected in …

Lafarge Africa hopes to boost its market share in Uganda’s cement market through its subsidiary Hima Cement Ltd’s new plant in the country’s eastern region. The $40million plant, set to be constructed at Nyakesi in Rubongi in Tororo, is expected to increase the firm’s cement production capacity to 1.8million metric …