Bloomberg The Bank of Uganda lowered its benchmark interest rate by 100 basis points to 13 percent, saying slowing inflation gave it room to support flagging growth. Two of three analysts surveyed by Bloomberg predicted the reduction, while one expected policy makers to keep the benchmark rate at 14 percent. The monetary policy committee has cut the rate by …

  Dubai / AFP A modest recovery in oil prices falls short of filling budgetary gaps in crude-exporting Gulf countries, the International Monetary Fund said, stressing the need to cut spending. The price of the region’s main commodity has partially rebounded and is hovering around $50 per barrel having hit a 10-year low of less than $30 in January, from …

  Qayyarah / AFP Iraqi forces prepared to retake the country’s largest Christian town from the IS group on Wednesday, a key milestone in their progress towards the extremists’ main hub of Mosul. News of the move to recapture Qaraqosh sparked jubilation among Christians who had fled the town, with many dancing and singing in the city of Arbil. Launched on …