Kenyans Embrace Themselves For Higher Taxes In Order To Meet Government Expenditure

NAIROBI, KENYA: The Parliamentary Budget and Appropriations Committee has expressed concerns that the Government might not be able to finance a deficit of Sh163 billion in the 2013-2014 Budget.

Committee chairman Mutava Musyimi and vice chair Mary Emaase warned that there is a very high likelihood that the Government might not be able to finance the entire Sh1.6 trillion Budget.The two said the committee will look at all possible alternatives of how funds can be raised and then advise the Government accordingly.

“We have very little for county and national government. The question is, who will bear the burden of the deficit. Will it be the County or national government, or will they share the burden,” wondered Emaase.

She warned that borrowing from the domestic market can be a very expensive affair for Treasury.

Musyimi said the deficit has not been occasioned by the huge wage bill alone. “We need to stop corruption. 

 

Seal tax evasion loop holes and probably raise taxes to finance the deficit. It is not just the wage bill alone,” he explained.

The two spoke at a press briefing in Parliament Buildings after chairing their second meeting since the committee was constituted. They said members raised concern that the national debt is too high and that the Government is competing with the private sector for local funds.

“The debt is going up but we are yet to get the details of the figures. The wage bill is too high. We know that when the salaries and too high, the development expenditure is usually too small,” said Musyimi.

He said the Government must strengthen its capacity to collect taxes and seal all tax evasion loopholes.

He noted that beginning Thursday next week, the committee will visit 10 areas across the country to collect views from the public on the 2013-2014 Budget... Courtesy of SDN 

Samsung Galaxy S4 Hits Kenyan Shops

Use of smartphones in Kenya has grown in the last few months, giving Samsung a 43 percent lead in the market.

 

Speaking during the launch of Samsung Galaxy S4 at a Nairobi hotel, Samsung Electronics East Africa Chief Operating Officer, Robert Ngeru said the high demand in smartphones had grown because people were looking for more in connectivity and data.

The number of Internet users in Kenya stood at 16.2 million by December 31 last year, an 11.6 percent growth from the 14.5 million users recorded at the end of September 2012.

The Samsung Galaxy S4 launch in Nairobi comes as part of an on-going global launch of the smartphone in key markets and just a week from the launch of the handset in South Africa.

“The Samsung Galaxy S4 is slimmer yet stronger, with less to hold yet more to see. It has come up with simply unreal beauty. In the East African market, this smart phone will be available in black mist and white frost colour shades,” Ngeru said.

He further added that the phone has a highly crafted design encompassing a larger screen size and battery, minimized bezel; all housed in a light (130g) and slim (7.9mm) shape.

The phone is equipped with a 13 megapixel rear camera and also boasts a dual camera function that allows simultaneous use of both front and rear cameras.

“When capturing moments, users can choose from a variety of frame effects, which blend the two pictures naturally and adjust the size of the small picture inside the big one,” the Chief Operating Officer revealed.

He said the phone will break language barriers through its instant translation of both speech and text.

“The Galaxy S4 brings all people closer together by breaking language barriers. It makes international travel; a joy with ‘S Translator’ which provides instant translation, using text or voice translation on applications including email, text message and ChatON.”

“This is also possible for both speech to text and text to speech and ensures that you rely on the correct information whilst abroad.”

The phone also has a ‘Samsung Smart Pause’ a feature that enables the user to control the screen while looking at it.

“It ensures that tasks are effortless with innovative features that detect your face, voice and motions to enable screen control with no need for finger touch activation,” Ngure said.

He said they had wide range of Samsung products at a different price to cater for all their customers while saying they will be proceeding to launch the product in Uganda and Tanzania.

Courtesy Of Capital FM Business News

Aga Khan Opens Health Centre In Arusha

Courtesy Of Capital FM Business News

ARUSHA, Tanzania, May 11 – The Aga Khan University (AKU) has expanded its network even further following the launch of a new health facility in Arusha, Tanzania.

 

The modern health centre located on Seth Benjamin Street, within the central business district, was launched on Friday to offer high quality health care services.

These include physician consultations, a wide range of diagnostic services including a CT scanner, ultra sound, a modern laboratory and pharmacy.

The Centre was established last year in June 2012 as a first step to AKU’s major presence in Arusha.

“This is a much needed service and a bench mark for high quality health care in the region,” Stanslaus Mageso Mulongo, the Regional Commissioner in Arusha said at the launch.

He further noted that AKU is planning to establish a hospital in its principal campus site that will provide quality service for specialised and critical care at internationals standards.

“The hospital will be a welcome facility that will enable the residents of Arusha and beyond access world class care, a much needed service in the region,” he said.

The launch also attended by senior government officials, diplomats, members of the East African secretariat, corporates, donors, prominent citizens and members of staff was presided over by Firoz Rasul, President of AKU.

The Regional Commissioner commended His Highness the Aga Khan, Chancellor of the Aga Khan University for his immense contribution to the development of education, healthcare, culture, infrastructure development, economic growth, and tourism not only in Arusha but in Tanzania, East Africa and beyond.

He applauded the University’s future plans to establish a principle campus in Arusha, boosting the city’s vision of being the regional hub for East Africa. He also noted that the substantial investment by Aga Khan University in Arusha will create new jobs, economic activity and educational opportunities and the Government is open to new investment to help develop the Arusha Region.

Rasul further said that the Arusha campus will be a new community with a vibrant educational center that will nurture the region’s future leadership.

The project will involve the development of academic and research facilities; student residences and amenities; a library; student centre and auditorium; sports facilities; a new hospital, a school as well as housing and amenities for faculty and staff.

The campus will house the Faculty of Arts and Sciences that will offer undergraduate and graduate studies in a merit-based and interdisciplinary educational programme tailored to the opportunities and challenges of contemporary East Africa. Graduate professional schools in Law; Media and Communications; Tourism and Leisure; Management; Government and Public Policy; Architecture & Human Settlement; and Economic Growth and Development will also be established.

Currently the Aga Khan University is working with the Regional and District Commissioners on a Regional Plan to improve the infrastructure of the Arusha Region, including roads, water management, community facilities, and public amenities. AKU is also cooperating with Nelson Mandela African Institute of Science and Technology to develop the Arusha region as a higher education hub for East Africa.

Emphasising on AKU’s long term commitment in the region, Rasul said that the University plans to invest over USD 1 billion towards establishing its campuses throughout the region adding more than 10,000 new jobs to the current 2000 already working for the Aga Khan University in East Africa.

Centum

Quick Facts About Centum

Centum is a leading East African investment company that is listed on the Nairobi Securities Exchange and cross-listed on the Uganda Securities Exchange.

Centum is an investment channel providing investors with access to a portfolio of inaccessible, quality, diversified investments.

Centum's key objective is to consistently generate a return on capital that is above market returns through investments in Private Equity, Quoted Private Equity and Real Estate & Infrastructure

Visionis to be Africa's foremost investment channel.

Mission to create real, tangible wealth by providing the channel through which investors access and build extraordinary enterprises in Africa.

Centum's Business: Centum maintain's focus through three distinct business lines namely; Private Equity, Quoted Private Equity and Real Estate & Infrastructure.

Centum's Values

·         We promise to deliver

·         We have unity of purpose

·         We are partners

·         We invest responsibly

 

Centum's strategic objectives are

• To upscale assets under management.
• To achieve return on shareholder funds that is consistently above market returns.
• To maintain total operating costs below 2.5% of assets under management.
• To diversify assets under management by geography.
• To develop Centum’s brand equity and reputation with key stakeholders.

Contact Information

Centum Investment Co. Ltd
P.O. Box 10518 00100
Nairobi, Kenya
Telephone: +254 20 2286000
Fax: -254 20 2286120