BUSINESS UPDATE WITH Orange Opposition Members of parliament have disagreed with some clauses in the contentious Public Finance Bill. The opposition alleges that the bill currently before the floor of parliament for debate is fundamentally different from that which was gazette and tabled in parliament. They have accused government of trying to smuggle into the bill contentious clauses intended at constrain parliament’s ability to have ultimate control over matters of finance, budgeting process and oversight over oil revenues. The Public Finance Bill is one of the most important pieces of legislation that the ninth parliament is set to handle as it seeks to amend a number of Acts of parliament pertaining to public finance and accountability. South Sudan is edging close to joining the East African Community in a move that has been welcomed by the business community as a gesture that will widen the regional market. This as the EAC secretariat assesses the country to gain a better understanding of South Sudan’s preparations as well as provide government officials with valuable guidance on the way forward in regards the negotiations. Earlier this year, South Sudan had negotiations halted because of the instabilities that broke out in this country. However, South Sudan’s entry into the EAC is destined to widen the regional market by 11 million to the current 140 from the five member states. Currently, Uganda and Kenya’s annual exports to South Sudan are valued at more than $200 million (Shs504 billion) and $180 million (Shs453.6 billion) respectively. Businesses in the East African Community operating in the renewable energy sector are set to benefit from a USD 20 million capital injection funding from the Renewable Energy and Adaptation to Climate Technologies (REACT) window. The funds are meant to facilitate business ideas based on low cost clean energy and solutions that can seek to help people living in rural areas adapt to climate change. REACT has already committed USD24 million to 32 companies across the EAC. Online retailer eBay has posted profits of $676m during the period from March to June, beating analyst expectations. Shares in the company were up by more than 1.5% in trading after the US stock market closed. In May, eBay said as many as 145 million customer accounts may have been compromised which prompted an investigation by US, UK, and European authorities. FOREX RATES BROUGHT TO YOU BY CITY BUREAU DE CHANGE BUYING SELLING USD 2664 2680 GBD 4545 4645 EURO 3620 3700 KSHS. 30 30.3 RADIOCITY NEWS: WE BRING THE WORLD CLOSER TO YOU
Posted on: Thu, 17 Jul 2014 13:10:20 +0000
Trending Topics
Recently Viewed Topics
© 2015