Category: INTERNATIONAL
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Uganda: Traders Welcome Retail Trade Order
Traders, employers, labour unions and politicians yesterday cheered President Museveni’s order on foreigners in retail trade and observed that the “importation of importers” had distorted the economy, worsened unemployment and poverty levels. According to Mr Everest Kayondo, the chairperson of Kampala City Traders Association (Kacita), his members, especially from major towns across the country, have…
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California grid asks power companies to restrict work during heat wave
California’s power grid operator on Wednesday asked electric companies to restrict maintenance work on their generating facilities and transmission lines to help maintain reliability as a heat wave bakes the northern part of the state. The California Independent System Operator (ISO), which oversees California’s bulk electric power system, said on its website that generation resources…
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McDonald’s to create 5,000 jobs in Britain
McDonald’s Corp said on Wednesday it would create over 5,000 jobs in Britain by the end of 2017, in a sign of its commitment to the country despite the challenging economic conditions. Industry surveys have suggested that Britain’s vote to leave the EU has hammered consumer confidence, although those retailers to report results since last…
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U.S. durable goods orders data points to weak business spending
New orders for U.S. manufactured capital goods rose less than expected in June amid weak demand for machinery and a range of other goods, suggesting a prolonged downturn in business spending. Business investment remains soft despite data ranging from retail sales to housing suggesting that the economy has regained speed after growth almost stalled early…
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Coca-Cola’s revenue misses on weak international markets
Coca-Cola Co (KO.N) reported lower-than-expected quarterly revenue as higher sales in North America failed to make up for weakness in many of the company’s emerging and developing markets, including China and Argentina. Shares of the world’s largest beverage maker, which also cut its full-year organic revenue growth forecast, were down 2.2 percent at $43.89 in…
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As iPhone sales stagnate, services promise growth for Apple
Though Apple Inc is selling enough iPhones to keep investors happy for now, the world’s most valuable publicly traded company is set increasingly to rely on its apps and services to drive growth. Apple’s services business alone – which includes the App Store, Apple Pay and iCloud – will be “the size of a Fortune…
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Nintendo delays release of Pokemon Go Plus
The Japanese video game developer said Wednesday it’s delaying the release of Pokemon Go Plus, an accessory for the wildly popular smartphone game. It also posted a net loss of $233 million for the latest quarter. On Monday, the company’s shares plunged after it said that Pokemon Go will have only a “limited” effect on…
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U.S:Oil prices fall to 3-month lows
Crude oil wasn’t invited to the big party on Wall Street this month. Not long ago, oil prices looked poised to fly back above the $60 mark. All of a sudden now, the next stop looks more like $40 a barrel. Crude crumbled to three-month lows of $42.36 a barrel on Tuesday. That leaves oil…
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Egypt’s Central Bank keeps pound stable at 8.78 per dollar
The Central Bank of Egypt (CBE) kept the pound stable at 8.78 per dollar at its weekly foreign currency auction on Tuesday, the state-owned MENA reported. The CBE devalued the pound by about 14 per cent to reach EGP 8.78 against the dollar in March in an effort to close the gap between the official…
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Egypt Keen to Revive Tourism By Luring More Chinese Tourists
Egypt has seen promising growth in the number of Chinese tourists this year, yet the country is exerting more efforts to increase the number in the near future, Egyptian Tourism Minister Yehia Rashed told Xinhua in an interview Sunday. The number of Chinese visitors to Egypt increased from 65,000 to 135,000 in 2015, and the…