The Ugandan shilling strengthened marginally on Friday, supported by central bank intervention after it hit a record low against the dollar, but traders said the currency's reprieve could be short-lived.
Uganda's shilling looks set to plumb new record lows against the dollar over the next week due to soaring foreign exchange demand from the oil sector, while Kenya's unit should strengthen slightly.
China is providing a $350 million concessionary loan to build a multi-lane toll road linking Uganda's capital with the country's Entebbe airport, 54 km (34 miles) away, Ugandan officials said on Thursday.
In a development that may underscore a growing resentment of Asian business acumen on the African continent, authorities in Tanzania recently ordered foreign traders doing business in a key market in the capital city of Dar es Salaam to close up shop and depart the country within thirty days or risk arrest and prosecution.
Two Ugandan journalists have been arrested over a cartoon of President Yoweri Museveni on the cover of their magazine which referred to his 24 years in power and asked Where next?, their lawyer said on Wednesday.
If statistics is your thing – whether for scholarly work, trivial pursuit, or just to impress a date – you may want to look into the latest edition of the U.S. government’s best-selling reference book: the Census Bureau’s Statistical Abstract of the United States: 2011.
Paris-based telecoms equipment giant Alcatel-Lucent SA and three of its subsidiaries have agreed to pay a combined $92 million penalty to settle a Foreign Corrupt Practices Act (FCPA) investigation into the global sales practice of Alcatel S.A. prior to its 2006 merger with Lucent Technologies Inc.
United States President Barack Obama has announced intent to take on the Uganda's most feared Lord's Resistance Army (LRA). Responding to US legislation passed in May this year, Obama declared his four-point strategy which called for disarmament of Joseph Kony-led LRA fighters.
A reignited civil war after the Southern Sudan referendum on independence could cost the International community and the country at least $100 billion, a think-thank report said. The January 9 vote is likely to go in the favor of the oil-rich South Sudan's demand of secession from the North. Tensions have been escalating in the region with reports of a fresh wave of attacks led by the government troops on South Sudan regions.
The top share index was up by midday on Friday, off a seven-week low earlier this week, after the UK's second-quarter gross domestic product was unexpectedly revised upwards and ahead of a speech from U.S. Federal Reserve Chairman Ben Bernanke.
The top share index fell marginally early on Friday, as investors waited on the sidelines ahead of the second release of second-quarter GDP and a major speech by U.S. Federal Reserve Chairman Ben Bernanke.
Although the Ugandan government can boost the security of its fledgling oil industry from future terrorist attacks that may scare away certain investors, Africa analysts doubt violence replicating the twin bombs that struck during the World Cup final is likely.
With open interest in cardamom futures surging, rumors of a ban on the contract also started circulating until Forward Markets Commission clarified that there would be no ban on cardamom futures.
East African Community, a five-nation trade bloc that aims to have a monetary union in 2012, said on Monday that problems in the euro area will serve as a lesson but will not discourage its move to a single currency. East African Community (EAC) comprises Uganda, Kenya, Tanzania, Uganda and Burundi. It already has a customs union, and a common market is due to take effect in July. After the monetary union, it eventually aims to have a political federation.
Uganda's third gold refinery named Victoria Gold Star started operations with a capacity to refine 60kg of gold daily. The refinery, built with the help of Russian investors at a cost of around $1.5million, was located at Fifth Industrial area in country's capital Kampala.
A dynamic model was used to make coffee projections. It covers the major exporting and importing countries of green coffee. Supply, demand and stock functions were estimated for each of the major exporting and importing countries. The model performs dynamic simulation forward in time and generates forecasts on the basis of assumptions for the future behaviour of GDP, consumer price indices and exchange rates.
Amid looming fuel shortages, Uganda on Tuesday announced fresh plans to sell the Jinja Oil Reserves. In a statement, Uganda's energy ministry said the government does not have the money to maintain the reserves. This will not be the first time that the country's oil reserves are being put up for sale. The earlier deal that was awarded to Libya's Tamoil to manage the reserves was cancelled by the government following procurement irregularities.
Thousands of Twitterers worldwide will put their fingers to rest and gather offline on Thursday in the name of charity.
Phuthuma Nhleko, Chief Executive Officer of South African mobile phone group MTN (MTNJ.J), will step down as CEO and group president in March 2011, the group said on Monday.
Torrential rains in large parts of Uganda should boost this season's coffee output, a senior official with a farmers' organization said on Tuesday.
Climate change has affected Kenyan coffee production through unpredictable rainfall patterns and excessive droughts, making crop management and disease control a nightmare, a researcher said on Thursday.
The European Union agreed on Monday to set up a military mission in Uganda to train Somali government forces who are fighting an Islamist insurgency.
