Category Archives: BUSINESS-FINANCE

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that curses and criticism from Nigerians will not stop him from his commitment to advancing tax reforms bills in the country. Speaking at the presentation of a technical committee report by the League of Northern Democrats (LND) in Abuja on Thursday, Oyedele revealed the extent of backlash he and his family have faced while working on the tax reform bills. “Even on social media, you need to see the number of people cursing me and my family. “I don’t take it personally. I just go through to see if there are any useful comments we can work on. It’s public service. You’re not meant to be appreciated and praised every time. It doesn’t happen anywhere

Alibaba Group Holding is taking a 9.3 billion yuan (US$1.3 billion) loss in its sale of Intime , one of China’s leading department store operators, as the e-commerce giant walks away from offline retailing to focus on its core businesses. The company is selling its entire stake in the retail chain, in which it first invested in 2014, to a consortium of purchasers comprising Youngor Group and members of Intime’s management team, according to a filing to the Hong Kong stock exchange on Tuesday. Youngor Group is a textile and clothing company based in the eastern city of Ningbo. The deal was valued at around 7.4 billion yuan, less than half of what Alibaba sank into the company. The divestment comes seven years after it teamed up with Intime’s founder

Britain officially became the 12th member of a trans-Pacific trade pact which includes Japan, Australia, and Canada on Sunday as it seeks to deepen ties in the region and build its global trade links after leaving the European Union. Britain announced last year it would join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in its biggest trade deal since Brexit. The accession means Britain will be able to apply CPTPP trade rules and lower tariffs with eight of the 11 existing members from Sunday – Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, and Vietnam. The agreement enters into force with Australia on December 24, and will apply with the final two members – Canada and Mexico – 60 days after they ratify it. The pact represents Britain’s

NAIROBI, Kenya, Dec 13 – Treasury is set to disburse an additional Sh32 billion to Counties by Thursday next week, being the amount due for November 2024. The announcement was made Thursday during the 25th Ordinary Session of the Intergovernmental Budget and Economic Council (IBEC) which took place at Deputy president Kithure Kindiki’s Karen residence. In a joint communique, IBEC resolved that the National Treasury prioritizes disbursement of arrears accruing to the Equalization Fund. The Council lauded the Treasury for the disbursement saying it would help ease the cash crunch. “The Council appreciates the expedited action of the National Treasury of disbursing funds to County Governments,” read the statement signed by DP Kindiki who is the IBEC Chair and Council of Governors (CoG) chair governor Ahmed Abdullahi of Wajir. Speaking

Originally supposed to the called EQG, the G580 will sit atop the local G-Class range, but with a comparatively small price premium over the combustion engine AMG G63. Having disclosed pricing of the revised AMG G63 last month, Mercedes-Benz South Africa has now done to the same with the first all-electric G-Class, the G580 by EQ Technology. New range-topper Originally supposed to the called EGQ, but renamed at its world premiere in April in response to the EQ brand’s imminent demise, the G580 will make its market debut in the first quarter of 2025 as the second of an eventual three-model G-Class line-up. ALSO READ: Spruced-up Mercedes-Benz G-Class arrives headed by AMG G63 Priced marginally above the G63 with a sticker of R4 647 456 versus R4 630 600, the G580 becomes the torquiest

King joins star Raye on Christmas visit to Battersea Power Station PA Media The King met Apple boss Tim Cook and singer Raye on a visit to Apple HQ King Charles got into the festive spirit with an enthusiastically received visit to a Christmas market in Battersea Power Station in south-west London. A community choir was singing the carol We Three Kings as he arrived – and they had at least one real-life King there in person to listen. “You must be frozen. You’ll need a stiff drink,” the King said to the singers, outside in the December drizzle. The King also met Apple chief Tim Cook at the computer firm’s UK headquarters in the huge former power station building, before singer Raye gave them a seasonal serenade of “Holy

Despite intensifying restrictions from the US intended to stifle China’s semiconductor trade, Beijing’s shipments of the bedrock technology stood out as a rare bright spot in a recent export data release. China’s integrated circuit exports hit a record US$144.7 billion in value for the first 11 months of 2024, growing 18.8 per cent year on year according to customs data released on Tuesday. In addition to rising global demand and the rapid development of AI, the scale of manufacturing for China’s “legacy” chips – semiconductors behind the bleeding edge of innovation but still widely used for less intensive applications – is reshaping the market. Chip export volume reached 271.6 billion units from January through November, an 11.4 per cent gain over the same period last year. China’s mastery of 28-nanometre

Baby-boomer homeowners have benefited from skyrocketing housing prices amid a home shortage. But now they’re facing a shortage of accessible homes to retire in. Many older adults are stuck in homes they’re increasingly struggling to live in and pay for. Baby boomers have been the big winners in the US housing market, but as the generation retires, its members are facing a new challenge in finding accessible housing. It’s a problem they had a hand in making. Homeowners in the generation — now from 59 to 78 years old —have seen their home equity surge, particularly over the past decade, as a growing home shortage across the US has pushed home prices sky-high. But as the generation approaches 80, boomers are beginning to suffer from their own housing woes: a severe

NAIROBI, Kenya, Nov 22 – Katiba Institute has filed a petition challenging the constitutionality of public notices issued by the Communications Authority of Kenya (CA) and the Kenya Revenue Authority (KRA), which require individuals to register their International Mobile Equipment Identity (IMEI) numbers. The lobby which seeks to champion constitutionalism in the country argues that the directive is unjustified and disproportionate. It warned granting CA and KRA access to mobile service provider data could allow them to monitor individuals’ movements and communications on an unprecedented scale. IMEI numbers, uniquely tied to a device’s hardware, enable mobile providers to pinpoint a phone’s location within a 100-meter radius and access insights into a person’s communication history. “Without proper safeguards, it appears the government is usurping powers it does not have to establish

PDD Holdings shares plunged by more than 10 per cent in pre-market trading, despite a 44 per cent rise in third-quarter revenue, as concerns around China’s economic slowdown and fierce e-commerce competition weigh on investor sentiment. The owner of the budget-focused shopping app Pinduoduo and its overseas sibling Temu on Thursday reported 99.35 billion yuan (US$13.7 billion) in revenue in the three months through September. Net income jumped 66 per cent year on year to 24.98 billion yuan. Chen Lei, company chairman and co-CEO, said PDD is focused on “driving the high-quality development” of its platforms and will keep “investing consistently and patiently” in the platform ecosystem. Intense price competition has emerged in China’s e-commerce market amid weak consumer spending and a challenging macro environment in the world’s second-largest economy.

November 21, 2024 Written by URN Best Kemigisa The High court in Kampala has dismissed an application by Balondemu, Candia and Wandera Advocates to recover more than Shs 1 billion from Best Kemigisa, the queen mother of Tooro kingdom. The law firm, led by lawyers Alex Candia and Oundo David Wandera represented in two high-profile cases. The lawyers ran to the High court seeking an advocate-client bill of costs for their services in civil suit number 261 of 2010, where Kemigisa sought to recover Shs 3.831 billion from the late lawyer Bob Kasango, and criminal case no. 726 of 2010, where Kasango was convicted and sentenced. The lawyers noted that they made a demand notice for professional fees and disbursements of Shs 1,028,430,000 which they said Kemigisa declined to honour

Adani Group’s Gautam Adani and other suspects were charged by the US attorney’s office in Brooklyn, New York, on Wednesday, November 20 The defendants were charged with paying KSh 32.4 billion in bribes to Indian officials expecting to reap $2 billion in profits (KSh 259.2 billion) Adani and his co-accused allegedly maintained records of their bribes using ‘code names’ in their communications TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends. India’s second richest man, Gautam Adani, has been charged with fraud by United States (US) authorities on allegations that he and other accused co-conspirators bribed Indian officials with $250 million (KSh 32.4 billion) to secure solar power contracts. Adani Group tycoon Gautam

Thursday, November 14, 2024 | 2420 Views |

Alibaba Group Holding is advancing artificial intelligence (AI) technology in China to unleash productivity across various industries, chief executive Eddie Wu Yongming said on Wednesday at the country’s annual internet conference. The e-commerce giant is committed to laying the infrastructural groundwork and supporting systems for AI development in the country, Wu told attendees at the World Internet Conference hosted by the Cyberspace Administration of China in the canal town of Wuzhen in eastern Zhejiang province. “In the next three decades, AI will comprehensively enhance productivity across the globe,” he said, according to a statement from Alibaba, owner of the South China Morning Post. “Artificial intelligence is gradually permeating various industries to drive a series of productivity revolutions,” Wu said, adding that the firm already offers open-source versions of its AI