Category Archives: BUSINESS-FINANCE

Buganda Road Chief Magistrate’s court has remanded Abdul Aziz Yousif Mohammed Adam also known as Aziz to Luzira Prison on charges of defrauding over Shs 2.3 billion in a bogus gold deal. Aziz was on Tuesday arraigned before the court presided over by senior principal magistrate grade one Jalia Basajabalaba read to him one count of obtaining money by false pretence. Court heard that Aziz and others still at large between September and October 2024 within the areas of Kampala in Kampala district with intent to defraud, obtained $650,000 (about Shs 2.3 billion) from Osman Hassan by falsely pretending that they were selling to him gold whereas not. The records indicate that in September, Abdel Azim Hussien Mohamad Hosman, an investor contacted his relative Osman, a resident of Dubai where

The Chinese move has shocked the industry. Photo: Christophe ARCHAMBAULT / AFP/FileSource: AFP Hundreds of employees of French cognac maker Hennessy, part of the LVMH group luxury empire, went on strike on Tuesday to protest measures the brand plans to employ to circumvent Chinese tariffs imposed in a spat with the EU. Some 500-600 staff in cognac’s home Charente region in southwestern France were protesting at an experimental plan to export the drink in vats, rather than bottles, which will be subject to additional taxes estimated at 35 percent, France’s CGT and FO unions said. “Management told us they wanted to do tests on exporting the products in vats with a view to future bottling in China by a service provider” and no longer in France, Frederic Merceron, FO representative

Staff Reporter NAMIBIA’S road infrastructure has been rated the best in Africa for 2024, according to a survey conducted by Statista, a global data and business intelligence platform. The Roads Authority (RA) revealed that Namibia achieved an index rating of 5.57 on a scale from 1 (lowest) to 7 (highest) for road quality and extensiveness. This placed the country ahead of Egypt and Benin, which scored 5.53 and 5.00, respectively. “Namibia has remarkably improved road quality, safety, and accessibility. Our roads now set a standard for design and sustainability that supports the safe and efficient movement of people, goods, and services across the nation,” said Dr Conrad Lutombi, RA’s Chief Executive Officer (CEO). Lutombi thanked the Government, the Road Fund Administration, local authority municipalities, road users, and all other stakeholders

Elbit specifically told the Post it is not attending the conference, and Rafael, at press time, had not yet indicated whether it would attend or not. By YONAH JEREMY BOB NOVEMBER 19, 2024 19:19 Updated: NOVEMBER 19, 2024 19:48 A view of the Elbit Systems booth at the Singapore Airshow at Changi Exhibition Centre in Singapore, February 20, 2024 (photo credit: REUTERS/EDGAR SU) With Vietnam’s defense ministry telling Reuters that Israeli and Iranian defense companies will both appear at an arms expo in Vietnam in December, The Jerusalem Post got mixed signals about whether this will really pan out. According to Reuters, “Companies from Iran, Israel, China, Russia, and the United States will showcase military equipment at an arms expo in Hanoi in December, Vietnam’s defense ministry said on Tuesday

As rising temperatures and devastating storms reshape the landscape, Asia’s rice farmers are embracing innovation like never before. By marrying traditional cultivation with advanced digital tools, they are striving to tackle the urgent challenges of climate change by transforming rice production into a sustainable and profitable venture. From the boundless fields of India to the bustling paddies of Vietnam and Thailand , a revolution is brewing, driven by the pressing need to combat methane emissions and improve water management. These innovative practices not only mitigate environmental impacts but also “increase crop yields, lower input costs, and provide farmers access to carbon markets, boosting incomes”, said Jaime Adams, co-lead of the US Department of Agriculture’s Agriculture Innovation Mission for Climate (Aim for Climate) on the sidelines of Cop29 in Baku, Azerbaijan.

 Cryptocurrency exchange OKX said on Monday it would offer instant Singapore dollar-denominated deposits and withdrawals to customers in the city-state, taking a step toward deeper integration with Singapore’s traditional financial system as trading and interest in cryptocurrencies surge. The funds transfer service will be facilitated by Singapore’s biggest bank DBS Group (DBSM.SI), a statement. In an emailed comment to Reuters, Evy Theunis, head of digital assets, institutional banking group at DBS said: “DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank’s wide-ranging involvement in this space.” Interest in cryptocurrencies has surged following Donald Trump’s U.S. presidential election victory, on the view that friendlier regulation under his administration could usher in a new boom for all corners of the asset class.

The People’s Daily, the mouthpiece of China’s ruling Communist Party, does not offer praise to foreign businesses very easily. But the newspaper broke with tradition over the weekend with an editorial paying tribute to Tesla , the US electric vehicle (EV) maker owned by billionaire Elon Musk , for helping create the domestic EV boom. The editorial, published under the pseudonym Hua Ping, or “China Comment”, argued that the central government made the right decision in allowing Tesla to set up and fully own one of its so-called Gigafactories in Shanghai, as it led to the company aiding the growth of the domestic EV supply chain. As China celebrates the milestone of producing 10 million EVs this year and becoming the world’s top EV exporter, Tesla should be remembered for

Pakistan’s first direct cargo ship to Bangladesh in five decades docked last week, marking a historic thaw in relations between the two countries that has raised concerns in India about a potential strategic realignment in the region. The vessel, sailing under a Panama flag from Karachi, arrived at the port city of Chittagong on November 11, signalling a significant step forward for Pakistan and Bangladesh, particularly after the ouster of former Bangladesh prime minister Sheikh Hasina’s regime. New Delhi should not be surprised that Bangladesh and Pakistan would make some significant progress in deepening their relationship, Michael Kugelman, director of the Wilson Center’s South Asia Institute, told This Week in Asia. “It is very clear that the interim government, because of its concerns about its partnership with India, would want

Online Reporter Energy and Power Development Minister Edgar Moyo has said there are plenty of investment opportunities in Zimbabwe’s energy sector. Minister Moyo was speaking at the inaugural Zimbabwe-Zambia (Zim-Zam) Energy Projects Summit that is currently underway in Victoria Falls. He said the country has created a conducive environment for investments through a cocktail of legislation, including the National Energy Policy, the Renewable Energy Policy that has a compendium of incentives, the Biofuels Policy, the National Energy Efficiency Policy and the Rural Electrification Fund Act, among others. “There are incentives for those who want to invest or have partnerships with us and we have tax holidays for projects, duty-free importation of capital goods for energy projects and prescribed asset status to allow access to funding,” said Minister Moyo. His Zambian

TikTok ’s fate in the US has improved immensely after the election of Donald Trump to a second presidential term, according to industry observers and insiders, as the valuation of the app’s Chinese owner ByteDance swells. The future of the embattled short-video platform is “a lot brighter than it was” after Trump’s win, said Cameron Johnson, senior partner at consultancy TidalWave Solutions and an American with over 20 years of business experience in China. While the new administration may demand certain concessions from TikTok, such as data and management localisation, “they may not outrightly ban TikTok because it helped them too much in the election”, Johnson said. Saving TikTok may give Trump a point of leverage during bilateral negotiations with the Chinese government, Johnson added. President Donald Trump at an

Getty Images Domestic energy prices are expected to edge up again in the New Year, according to consultancy Cornwall Insight. A household using a typical amount of gas and electricity will pay £1,736 a year from January, according to the forecaster, which is widely regarded for its accurate predictions. That would be a £19 a year rise, or a 1% increase, compared with the current typical annual bill of £1,717, with prices forecast to stay high for the rest of winter. Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with some charities concerned about how less well-off households and pensioners will cope during the colder months. The energy cap limits the maximum price that can be charged for each unit of gas and electricity, rather

Alibaba Group Holding is planning to sell bonds denominated in US dollars and Chinese yuan to help repay debt and fund stock repurchases, as the e-commerce leader bets on declining interest rates to replenish its capital. The principal amount, interest rates, maturity dates and other terms of the notes would be determined at the time of pricing of the offering, the company said in a Hong Kong stock exchange filing on Monday. Alibaba, owner of the South China Morning Post, aims to raise US$5 billion, according to a Reuters report, citing unnamed sources. The dollar bonds will mature in 5.5 years, 10.5 years and 30 years, while the yuan bonds will have tenors of 3.5 years, 5 years, 10 years and 20 years, the report said. Low interest rates in

Kansenseli Gold Mine Reopens a Golden Opportunity for Youth and Technology The reopening of Kansenseli Gold Mine marks a pivotal moment in Zambia’s mining history and its broader economic agenda. President Hakainde Hichilema deserves commendation for his leadership and strategic vision in revitalizing this critical asset. His commitment to ensuring the mine operates sustainably and inclusively reflects a broader national agenda aimed at empowering communities and fostering equitable development. Kansenseli Gold Mine, located in Mwinilunga District, had previously faced significant challenges that led to its closure. The decision to suspend operations in 2021 followed concerns over illegal mining activities, environmental degradation, and inadequate regulatory oversight. The unregulated extraction not only caused deforestation and soil erosion but also deprived the state of essential revenues, leaving local communities without tangible benefits. The

By  Friday Simbaya Reporter Mwananchi Communications Limited What you need to know: The Ministry of Minerals announced that the revoked areas will now be redistributed to small-scale miners, known locally as MBEREMA. Chunya. In an effort to empower small-scale miners, the government has revoked 1,505 mining licenses in Chunya District, Mbeya Region, citing neglect and abandonment of allocated plots. The Ministry of Minerals announced that the revoked areas will now be redistributed to small-scale miners, known locally as MBEREMA. Chunya, rich in gold deposits, is crucial to the economic growth of both the region and the country. However, many mining plots had been left underutilized by wealthy operators, known as ‘Madigala’, depriving small-scale miners of opportunities. Chairman of the Mbeya Small-Scale Miners Association (MBEREMA), Saddam Kyando, praised the government’s decision

About 10 food crop enterprises have been selected by the Ministry of Agriculture to spearhead climate smart agriculture in 69 rural districts across the country. The crops which include, hass avocado, mangoes, cassava, coffee, cocoa, cashew nut, citrus/oranges, sorghum, soya bean and maize among others are listed under the Uganda Climate Smart Agricultural Transformation project ( UCSATP).  The initiative with an overall financing of Shs354.7m aims at empowering farmers to adopt climate-smart practices, improving productivity, resilience and food security in the face of climate change.  The Acting Principal Agricultural officer in charge of Horticulture at the Ministry Mr Kizito Odongo said, “The project will require that farmers contribute about 20 percent and the government will contribute 80 percent of the matching grant. We will support farmers with financial, marketing and quality inputs