Business

BoU increases central bank rate to 10%

Juliet Nalwooga | March 6, 2024

The Bank of Uganda has increased its key policy rate, the Central Bank Rate (CBR) to 10% up from 9.5% during a special monetary policy meeting. Deputy Governor Michael Atingi-Ego told a virtual briefing on Wednesday that the benchmark rate has been increased in a bid to curb inflation and […]

Business

Bezos dethrones Musk to reclaim title of world’s richest man

afp afp | March 5, 2024

By AFP Amazon founder Jeff Bezos took back his spot as the world’s richest man on Monday, dethroning Elon Musk on the Bloomberg Billionaires Index. Bezos’ net worth stands at $200 billion, according to the tracker, surpassing the Tesla chief’s $198 billion. Musk, who also heads X (formerly Twitter) and […]

Business

Women leaders call for banking awareness to empower businesses

Barbra Anyait | March 1, 2024

Women leaders are advocating for increased awareness on banking services, believing it will empower women in business by providing them with strategic information for economic advancement. Ms. Ruth Asasira, the Head of Women in Business at DFCU Bank, highlighted that Uganda leads in women’s entrepreneurship in sub-Saharan Africa, with over […]

Business

Shell profit tumbles on lower oil prices

admin | February 1, 2024

By AFP Shell said Thursday that its net profit more than halved to $19.4 billion in 2023 on lower energy prices, after rocketing to a record peak the previous year following the Ukraine conflict. Post-tax profit slumped 54 percent after reaching an all-time high of $42.3 billion in 2022, when […]

Business

Minister Kasolo bans online money lenders

David Mujuni | January 30, 2024

The State Minister for Microfinance, Mr. Haruna Kyeyune Kasolo, has lifted the general ban on money lenders and imposed it on online lenders during a Tuesday dialogue organized by the Uganda Microfinance Regulatory Authority (UMRA) at Hotel Africana in Kampala. Kasolo called on money lenders to operate within the law. […]