Business

The Auditor-General, Mr John Muwanga, has asked the Uganda Revenue Authority (URA) to conduct a forensic audit into the affairs of telecommunications companies, citing a potential revenue loss of nearly Shs2 trillion.In his report for the financial year ended December 31, 2023, which was submitted to Parliament last week, Mr Muwanga indicated that the audit should cover the period between 2018 and 2023.The recommendation stems from a review of the...

A legal storm is brewing in Uganda, casting a shadow over the operations of oil and gas giant TotalEnergies. The company finds itself in the crosshairs of a high-stakes lawsuit, not over exploration rights, but over an alleged failure to pay for a critical environmental cleanup operation in the heart of Kampala.The case, recently reported by Chimpreports, pits Civtec Africa Limited against TotalEnergies Marketing Uganda Limited in Civil Suit No....

If you were sitting on a gold mine, you’d expect to be wealthy, right? Yet that’s exactly the paradox facing so many African countries blessed with vast mineral riches. The cobalt in your phone, the diamonds on a ring, the platinum in a car’s catalytic converter, the gold in a central bank’s vault, so much of what powers the modern world comes straight out of African soil. The Democratic Republic...

Pakistan Tightens Cash Dollar Sales in Bid to Curb Outflow and Support RupeeKarachi, November 17 (PTI) – The State Bank of Pakistan (SBP) has introduced strict new controls on the sale of physical US dollar cash to individuals, in a fresh attempt to stem undocumented dollar outflows and prevent further pressure on the Pakistani rupee.Under a circular issued on Sunday, commercial banks have been barred from dispensing cash US dollars...

NAIROBI, Kenya A British mining company on Wednesday announced the discovery of extensive underground gold deposits in western Kenya’s Kakamega County, estimated to be worth more than $5.28 billion (Sh683 billion), in what officials describe as a historic milestone for the country’s mineral sector.The firm, Shanta Gold Kenya Limited, said the discovery was made within the Lirhanda Corridor, a 1,200-kilometer mineral belt running through Kakamega and Vihiga counties, following years of...

Africa’s aviation industry is charting a new course as Nigeria launches the Isaac Balami University of Aeronautics and Management (IBUAM), the continent’s first specialised aeronautics and management institution. This groundbreaking development arrives at a pivotal moment for African aviation, a sector long defined by its challenges but now increasingly celebrated for its immense potential. The continent’s aviation market is projected to grow at 4.1% annually over the next 20 years,...

SAD NOTICE TO ALL MY FANSIam here by informing all of you that, my Mdundo account which used to contain all my new and old account has been blocked due to my latest increase of streams on the platform which took me UpTo 1M streams by this 2025. I received the email from their office yesterday on 13th Oct 2025 where by they wanted me to confirm my other links and...

Kampala, Uganda’s bustling capital, is a city of contrasts—modern skyscrapers stand beside sprawling markets, luxury cars share the road with thousands of motorcycles, and the streets pulse with an energy that never sleeps. But if there’s one thing that defines Kampala more than anything else, it’s the traffic.  To an outsider, Kampala’s traffic may seem like pure chaos—a never-ending sea of honking cars, weaving motorcycles (bodas), street vendors darting between vehicles,...

Financial Credit Money Lenders are now days many more than schools, some are actually competing with the Banks, Known telecom companies and other institutions that we all used to know before.Actually everything started as a joke with us seeing money lenders advertisements running on Meta and Google Adsense, I think they all know where we always gather when times of boredom reaches next to our faces. For sure some of these...

It's been a wild week for both the U.S. and global stock markets, with the Dow Jones Industrial Average closing down 2,230 points, or 5.5%, and the S&P 500 down 6% at close on April 4. It wasn't pretty for the tech-heavy Nasdaq, either, which plummeted 5.8%, putting the Nasdaq into bear market territory. The trading session on April 4 was actually the worst day for U.S. stocks...

?The Uganda Shilling has emerged as Africa's best-performing currency, appreciating by 6.1% in the past year.?This impressive rise has placed it ahead of 23 other currencies across the continent, according to data tracked by Bloomberg. The Ministry of Finance attributed the strength of the Shilling to several factors, including a higher inflow of dollars from portfolio investors, which outweighed the corporate demand for the US dollar. The Ministry of Finance attributed the...

Software firm oracle is reportedly in talks with the White House to run TikTok. That’s according to a report Sunday (March 16) by Politico, which notes that there’s still a roadblock to the deal: concerns about the role TikTok’s Chinese founders will play in the video sharing app’s future in the U.S. The news outlet was informed by sources that Vice President JD Vance and national security adviser Mike Waltz are leading...

Spotify CEO Daniel Ek Leon Bennett/Getty ImagesSpotify updated its annual Loud and Clear report on Wednesday, confirming that for a second consecutive year, the streaming giant paid out half of its royalties to independent artists.Of the $10 billion Spotify doled out to music rights holders last year, it gave about $5 billion to indie labels and artists, the company said, a $500 million increase from 2023. “It speaks to opportunities and...

The Virtual Card by MoMo enables secure and seamless online transactions without a physical card or bank account Launched in collaboration with Mastercard, Diamond Trust Bank and Network International, the virtual card simplifies everyday online transactions, enhancing the financial ecosystem for customers   Kampala, Uganda, 28 February 2025 - MTN Mobile Money (U) Limited, in partnership with Mastercard, Diamond Trust Bank and Network International, has launched the Virtual Card by MoMo, an innovative payment...

Visa and Mastercard face regulatory action in the United Kingdom following a payments watchdog’s investigation.The Payment Systems Regulator (PSR) is considering “remedies” for the two companies after uncovering a lack of competition in the card payment market, according to a Thursday (March 6) press release.“Cards are a popular and convenient way to make payments in the U.K., so any issues in the card market can have a negative impact on...

Uganda’s Cultural and Tourism Showcase Shines at Independence Celebrations in ChinaBeijing, China – Uganda’s tourism and cultural appeal dazzled thousands in China over the past two days as the Uganda Embassy in Beijing and the Consulate General in Guangzhou jointly hosted the “Explore Uganda” Independence celebrations. The highly anticipated events—held at the Kempinski Hotel on October 12th and the Great Wall of China on October 13th—were strategically designed to spotlight...