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IMF endorses crpto currency

IMF Managing Director Lagarde addresses Institute of International Finance in Washington

IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde cautioned against the “dark side” ...

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Social media users in Uganda to pay tax soon

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Uganda plans to slap a new tax on social media users from July to raise revenue, which human rights activists denounced as another attempt by President Yoweri Museveni to stifle freedom of expression and quash dissent to his 32-year-rule. The move is unlikely to go down well in a country where more than 40 percent of people use the internet. ...

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Private sector operators welcome African Continental free Trade Area Agreement

Intra-Africa Connect represented AfCTA Business Forum Kigali

Intra-African Connect, an organization committed to promoting and enabling Intra-African Trade and investment has lauded the signing of the African Continental Free Trade Agreement. The organization’s founder Mr. Nana Yao Lee was part of a group of private sector stakeholders that were taking part in the African Union Business Forum, held on the 20th of March 2018, a day before ...

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Kenya February private-sector activity strongest in nearly two years

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Kenya’s private-sector activity expanded at a rapid pace last month as output rose and orders increased, a survey showed on Monday, news that will cheer investors after months of election-related contraction last year. The Markit and CFC Stanbic Kenya Purchasing Managers’ Index (PMI) for manufacturing and services rose to 54.7, its highest since April 2016, from 52.9 in January. Anything ...

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Uganda’s private-sector activity hurt by fewer export orders – survey

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Uganda’s private-sector economic activity decelerated in February, slowed by weak exports, delays in customer payments and rising input prices, a survey showed on Monday. The Markit Stanbic Bank Uganda Purchasing Managers’ Index (PMI) declined to 51.1, down from 52.0 last month. A reading above 50 indicates expansion; anything below, a contraction. “February saw a contraction in the volume of new ...

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Kenya: Vihiga adopts GIS technology in design of county projects

VIHIGA

County governments in Kenya are still grappling with implementation of devolved governance since inception in 2013. One of the challenges is how to automate services to improve efficiency as well as seal loopholes through which billions of shillings are lost to corruption. Again most county managers consider acquisition of fancy devices such as iPads and other mobile devices as a ...

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Kenya: State lenders face probe ahead of merger to mega bank

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Parliament wants six State agencies earmarked for a merger probed before they are collapsed into one mega bank. The newly established Special Funds Accounts Committee said it will start investigations into the accounts of the funds to ensure that no public money is lost. “These are different funds that are being managed by various accounting officers. We need to know ...

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Kenya: Train breakdowns haunt Kenya Railways after RVR handover

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The breakdowns that frequently bogged down the Rift Valley Railways (RVR) have returned to haunt the State operator five months after it took back its assets from the Egyptian firm. On Tuesday, hundreds of commuters to Embakasi arrived home late after their train stalled. The train broke down for about two hours at Tumaini estate on Outer Ring Road at ...

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Kenya: Only 14 production firms running at top efficiency

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Only 14 manufacturers in Kenya are operating at maximum efficiency levels, new data indicates, as the State offers subsidy to encourage production and job creation. Data from the Kenya Association of Manufacturers (KAM) indicates that the firms have put 100 per cent of their day and night capacity to work, leaving no headroom to increase output or hire more workers. ...

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Kenya: Rotich rules open NSE for trading of loan stocks

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Treasury Secretary Henry Rotich has gazetted regulations allowing investors to borrow and sell shares at a profit, opening a new frontier for Nairobi Securities Exchange (NSE) traders. The regulations will see traders borrow shares from stock market investors betting that a future price drop will enable them to buy back the same stock cheaply and repay their debt at a ...

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