BUSINESS UPDATE WITH Orange As part of a raft of measures tailored to raising revenue necessary to scale down the community’s donor dependency for its budget, The Council of Ministers under the East African Community have proposed an imposition of a levy on air tickets purchased in the five member countries. According to Minister of East African Affairs, Shem Bageine, in the current financial year, the secretariat of the budding regional bloc is running on a budget of about sh338b with 68% being donor funded. Another possible source of revenue under consideration is levying a percentage on the value of imports entering the region from outside the community. Ms Rosemary Ssenabulya, The executive director, Federation of Uganda employers has asked government not to rush into setting a minimum wage and instead strengthen trade unions to up their bargaining powers. Ms Ssenabulya’s request comes amid media reports that President Museveni is soon negotiating a minimum wage with different stakeholders. Ms Ssenabulya says if the wage is set, many people working in the informal sector like on sugar plantations, maids and in other small enterprises will be rendered jobless since some companies or individuals have small capital. A minimum wage is the lowest hourly, daily or monthly payment employers may legally pay to workers. According to the latest human development study conducted by the United Nations Development Programme and the Kenya government, Living standards in Kenya have improved in the last two years. The findings of the study shows the country’s Human Development Index improved from 0.509 in 2012 to 0.522 last year. The index is higher than the average for sub Saharan Africa which is at 0.475. Human Development Index is a tool developed by United Nations that measures a particular countries socio-economic development status. It uses indicators like life expectancy, literacy levels and income per capita among others. Chinese internet giant Alibaba has filed documents for a public share sale in the US, which is widely expected to be one of the biggest in history. In its filing, the company said it was seeking to raise $1bn. But that figure is seen just as an estimate to calculate various fees. Analysts expect it to raise more than $15bn and top Facebooks share sale. RADIOCITY NEWS: WE BRING THE WORLD CLOSER TO YOU
Posted on: Wed, 07 May 2014 13:08:38 +0000
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