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Fuzu News Centre: week of 15th July
Jobs at stake in the betting industry.
It hasn’t been business as usual for 27 betting firms which found themselves locking horns with the Kenyan government which set out to crack down on the lucrative betting industry over claims of tax evasion. This claims came after a probe by a multi-agency team revealed that the affected firms were not tax compliant.
In what looks like a relentless fight to regulate the industry, the government has been taking drastic measures like suspending operating licences, directing telco companies to stop processing payments and most recently deportation orders for the 17 foreign directors of the betting firms.
While Caesar fights for what is his, the betting industry can’t be overlooked as an employer which means peoples jobs are at stake as so long as this impasse lasts.
Kenyan women entrepreneurs set to benefit from the Invest2Impact initiative
Nairobi recently played host to a renown international advocate for women's and children's rights Graca Machel who was in the country to launch the Invest2Impact business competition.
The Graca Machel Trust partnered with FinDev Canada and other finance institutions for the Invest2Impact initiative which seeks to provide access to funding to help develop women-led initiatives in the region. The beneficiaries of the competition will also receive mentorship, business development services, visibility and the opportunity for funding in addition to the cash prize.
“Empower a Woman and a whole Community will thrive; empowering women benefits everyone and is essential for communities to thrive. Research shows that increasing women’s involvement leads to improved financial management and more sustainable, thriving communities,” Said Graca Machel during the launch event asking financial institutions and governments to support women.
What is COMESA Source Business Summit about?
The high-profile business trade fair themed ‘The Hallmark of Quality’ (which began on 18th and will end on 21st) will be bringing together major economic players in the region i.e. form both the private and public sector. Besides the showcasing of some of the latest innovation in Africa, policy makers and private sector representatives will be deliberating on how to promote and make cross border trade easier.
The opening ceremony themed ‘Powering Regional Integration through Trade’ was presided over by President Uhuru Kenyatta on Wednesday and attended by Yoweri Museveni (Uganda), Edgar Lungu (Zambia) and Paramasivum Pillay Vyapoory (Mauritius).
The Government of Uganda on a plan to Improve Agricultural Sector
The agricultural sector is one of the key players in the economic growth of Uganda. In the recent past, the sector’s growth rate has been diminishing as it dropped from 49% in 1991 to 24% in 2018. This has affected the employment in the sector with the employment rate dropping from 74% in 1991 to 71% in 2018. In a bid to improve the sector, the government of Uganda has allocated 103.3 Billion shillings to Bank of Africa to provide a low-cost financing to the sector and quench the rising demand of food, create jobs and reduce importation.