The Uganda shilling ceded some ground mid week following a surge in demand from the interbank and corporate players during the week ending 11th October 2019. At closing session trading was in the range of 3688/3698 compared to the week’s opening of 3670/3680. In the interbank money market overnight funds
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As a result of changes in relative prices and the structure of the economy over time, Uganda Bureau of Statistics (UBOS) has rebased the Gross Domestic Product (GDP) using 2016/17 figures. UBOS says that Uganda’s economic growth stood at 6.5% in Financial Year 2018/19 compared to 6.1% that was read
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Rich in hydrocarbons and possessing a favorable geological structure, Somalia holds huge opportunities for investors looking to enter the East African market, said the country’s Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed (pictured) at the Africa Oil & Power conference. “Nowhere is the contribution that the energy
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The 2019 Nobel Peace Prize has been awarded to Ethiopian Prime Minister Abiy Ahmed. He was awarded the prize for his efforts to "achieve peace and international cooperation". Ethiopia reached a peace deal with Eritrea last year, ending a 20-year military stalemate following their 1998-2000 border war. He was named
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As part of its contribution to the MenStar Coalition, the Children’s Investment Fund Foundation (CIFF) today announced an investment of USD 25 million (Shs92bn) to the Global Fund to Fight AIDSdedicated to scaling HIV self-testing. Countries, including Uganda will be able to apply for a portion of the funds to
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Uganda's ethics and integrity minister has announced plans to re-introduce the controversial anti-gay law which was nullified by the Constitutional Court in 2014. Simon Lokodo (pictured) told news agency Reuters that when the new bill becomes law offenders will be sentenced to death: “Our current penal law is limited. It
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Uganda FA (Fufa) president Moses Magogo has been suspended from all football-related activity for two months and fined $10,000 (Shs36m) by Fifa for his role in the resale of World Cup tickets. The Fufa president was sanctioned by Fifa for reselling tickets relating to the 2014 World Cup. Mr Magogo
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An Unidentified Chinese businessman has survived the wrath of charged traders after he allegedly ordered his security guard to shoot a casual labourer attached to a shop at William Street, Kampala. The Casual labourer had allegedly questioned him on for blocking their shop with a truck. Instead, the businessman ordered
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The World Bank on Wednesday cut its economic growth forecast for sub-Saharan Africa for 2019 to 2021 by 0.2 percentage points from its earlier projection, citing a slowdown in fixed investment and policy uncertainty in the global economy. The bank said the region’s economy was expected to grow 2.6% this
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Ugandan pop star and leading opposition figure Bobi Wine Wednesday made a dramatic escape on a motorbike, avoiding arrest by security forces after they barricaded his home. Wine shared a video on Facebook on Wednesday, captioned "Busabala Final Destination" of himself getting on a bike surrounded by supporters and well-wishers. Other social
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