Category Archives: BUSINESS-FINANCE

November 21, 2024 Written by URN Best Kemigisa The High court in Kampala has dismissed an application by Balondemu, Candia and Wandera Advocates to recover more than Shs 1 billion from Best Kemigisa, the queen mother of Tooro kingdom. The law firm, led by lawyers Alex Candia and Oundo David Wandera represented in two high-profile cases. The lawyers ran to the High court seeking an advocate-client bill of costs for their services in civil suit number 261 of 2010, where Kemigisa sought to recover Shs 3.831 billion from the late lawyer Bob Kasango, and criminal case no. 726 of 2010, where Kasango was convicted and sentenced. The lawyers noted that they made a demand notice for professional fees and disbursements of Shs 1,028,430,000 which they said Kemigisa declined to honour

Adani Group’s Gautam Adani and other suspects were charged by the US attorney’s office in Brooklyn, New York, on Wednesday, November 20 The defendants were charged with paying KSh 32.4 billion in bribes to Indian officials expecting to reap $2 billion in profits (KSh 259.2 billion) Adani and his co-accused allegedly maintained records of their bribes using ‘code names’ in their communications TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends. India’s second richest man, Gautam Adani, has been charged with fraud by United States (US) authorities on allegations that he and other accused co-conspirators bribed Indian officials with $250 million (KSh 32.4 billion) to secure solar power contracts. Adani Group tycoon Gautam

Thursday, November 14, 2024 | 2420 Views |

Alibaba Group Holding is advancing artificial intelligence (AI) technology in China to unleash productivity across various industries, chief executive Eddie Wu Yongming said on Wednesday at the country’s annual internet conference. The e-commerce giant is committed to laying the infrastructural groundwork and supporting systems for AI development in the country, Wu told attendees at the World Internet Conference hosted by the Cyberspace Administration of China in the canal town of Wuzhen in eastern Zhejiang province. “In the next three decades, AI will comprehensively enhance productivity across the globe,” he said, according to a statement from Alibaba, owner of the South China Morning Post. “Artificial intelligence is gradually permeating various industries to drive a series of productivity revolutions,” Wu said, adding that the firm already offers open-source versions of its AI

Socium, a Senegalese HR-tech startup, has secured $5 million in funding to expand its operations within Francophone Africa.  Breega led the round, which included participation from investors such as Partech, Orange Ventures, and Outlierz. Raisers Partners was the financial adviser for the deal.  With this funding, Socium will strengthen its foothold as a pioneer in the region’s human resource tech market, where demand for tailored solutions is growing. Founded in 2021 by Samba Lo and Serigne Seye, Socium targets 21 countries in Francophone Africa. It leverages shared economic frameworks, regulations, and currency to deliver region-specific HR solutions.  Lo stated the untapped potential in this market, explaining that the startup’s focus on the region gives it a distinct advantage. “So for us, deploying within Francophone Africa is very interesting…Because we have

A Shanghai court has released an opinion stating that the personal ownership of cryptocurrencies is not against Chinese law, offering explicit legal clarity for crypto holders on the mainland amid a record-setting bitcoin price surge. Sun Jie, a judge at the Shanghai Songjiang People’s Court, wrote in an article published on Shanghai High People’s Court’s official WeChat account this week that it is “not illegal for individuals to hold cryptocurrency”, even though Chinese business entities are not allowed to take part in cryptocurrency investments or token issuance “at will”. The comments were part of a case review for a recent lawsuit involving disputes between two companies about an initial coin offering, which is considered illicit financing in China . Beijing sees cryptocurrencies as a threat to financial stability, and commercial

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