The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what
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Tanzanian President John Magufuli’s deepening dispute with companies he accuses of being tax cheats is rattling investors and dimming the allure of one of Africa’s fastest-growing economies, Bloomberg reports. Since taking office in late 2015, Magufuli has been on a drive to increase revenue from natural resources to help fund
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Africa’s economic giants, Nigeria, South Africa and Egypt, have been stumbling recently. Rising security risks and political instability in Egypt, economic downturn and militancy in Nigeria and escalating political risks in South Africa led to doubts whether the balance between risks and opportunities in these markets is still favourable for
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Uganda Clays Limited (UCL), Uganda’s largest local clay products manufacturer is now out of danger. The first company to list on Uganda Securities Exchange (USE) in 2000 has been struggling to return to sustainable profitability for close to a decade. UCL nearly collapsed as a result of an expansion gone
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By Godfrey Kenneth Gobba Wealth and financial freedom are acquired by owning assets that not only appreciate in value, but also generate a dependable income stream. These could be both physical and financial assets but the most important asset in the wealth creation process, is the business asset. A business
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Regional supermarket giant, Nakumatt will soon become history in Uganda, a development that will leave many jobless and adversely affect the economy at large. An inside source, who preferred anonymity, confirmed to Business Focus that Nakumatt is in advanced stages of ending operations in Uganda due to unprecedented debts. “The
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"When I had surgery, I was not thinking that I would be anywhere near a US Open title," said Sloane Stephens. Sloane Stephens was planning to spend Saturday night in New York celebrating with Madison Keys, hours after beating her friend to a first Grand Slam title. The 24-year-old American,
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August has been a tragic and dark month for Kenya. Tragedies seem to strike in August. Prominent people die in August and some of the biggest terror attacks on the country have happened in August. It was on August 7, 1998 for instance, that an explosion ripped through the United
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China leads the top 10 countries making millions of dollars in exports to Uganda, according to figures released by Bank of Uganda on August3, 2017. The ranking is based on the latest month (June) in the report. In total, Uganda’s expenditure on imports stood at US$416.31m (Shs1.49 trillion) in June,
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The power of entrepreneurs and the free market is driving Africa’s economic growth from food production, as business wakes up to opportunities of a rapidly growing food market in Africa, that may be worth more than $1 trillion each year by 2030 to substitute imports with high value food made
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