Saturday 23 Aug 2014

8 Things You Should Know This Morning

Pesa Breakfast

1. Women Business Graduates Earn More than Men

Women graduates in business courses earned more than their male counterparts last year, a global survey has shown. According to Alumni Perspectives Survey 2012 that was done by Graduate Management Admission Council (GMAC) — a global business school’s organisation — a female graduate earned 77 per cent more than the man’s salary in the same course. Put otherwise, for every shilling of a salary by her male counterpart, a female earned 77 cents more.

2. Anti Terrorism Law Saves Kenya From Global Sanctions

Kenya has been removed from the list of countries that risk international sanctions after passing the anti-terrorism law and putting in place other measures to check money laundering. Speaking to the Nation on Friday from Paris in France, the interim director of the Financial Reporting Centre (FRC), Mr Jackson Kitili said Kenya has now steered clear of being classified with North Korea and Iran, which are under international sanctions for supporting terrorist activities and developing nuclear weapons.

3. The Truth About iPhone Factory Workers

The Apple iPhone has become the poster child for the problems of Chinese and American labour.

One strain of conventional wisdom goes that while rich, entitled Western elites whine and complain over trivial issues like maps and purple haze on screens, abused, exploited Chinese factory workers slave away to make those iPhones in unsafe factories and under exploitative conditions.

The iPhone represents the shafting of the Chinese worker.

Another strain of conventional wisdom goes that greedy Apple (and other companies) ships factory jobs overseas to China, where Chinese factory workers get all the jobs, and American workers are left in the unemployment line.

The iPhone represents the shafting of the American worker.

4. How the Cell Phone Got Smart

Human intelligence has a long and illustrious history. From Greek philosophers to geek programmers, being called a “smart” person is, and always has been, a weighty commendation. With such high inherent value placed on intelligence, bestowing telecommunications devices with the personified moniker “smartphones” means those devices better be pretty revolutionary — and boy, are they ever.

After being introduced in the late 1990s, smartphones have come to define the way individual people connect to the rest of the world. The top five manufacturers shipped nearly half a billion devices around the world in 2011 alone. About half of the mobile phones used in the U.S. are “smart,” and that percentage is growing rapidly,according to Nielsen data released in March.

5. State Sets Aside KES 1 Billion for Panpaper Revival

THE government has set aside KES 1 billion for the revival of the stalled Pan Paper mills in Webuye town, Prime Minister Raila Odinga said. He said the cabinet recommended the allocation of the funds after an earlier attempt to restore operations at the mills flopped due to the heavy debt burden the company had inherited.

The premier who is on two days campaigns trail in Western province however told a rally at the Webuye’s Muliro gardens that the government had reviewed her approach to factor plans to offset the accrued debts. “The company was unable to cope with the debt crisis after the initial attempt because the company incurred losses whenever short term lenders demanded for their dues,” he said.

6. Kenya Power’s Deal That Forced World Bank Out of The Wind Farm

Electricity distributor Kenya Power signed an onerous power purchase agreement with a Turkana-based power producer forcing the World Bank to withdraw its backing for the project.

The World Bank says its decision to withdraw guarantees it had agreed to offer the mega project is partly informed by the power purchase agreement that commits consumers to paying billions of shillings for electricity not used — effectively beating the project’s primary purpose of reducing the cost of power in Kenya.

7. Judiciary Signs KES 10 Billion Loan Agreement for New Courts

Reforms in the Judiciary have received a $120 million (Sh10 billion) boost from the World Bank. The money will be used to build modern courts over the next three years in a move expected to reduce the cost of accessing justice.

The department is expected to build a magistrate’s court in each of the 285 districts and a high court in each of the 47 counties in the next 10 years.

8. KRA Now Taxing Sportsmen

The Kenya Revenue Authority (KRA) wants award-winning athletes to submit taxes at a top rate of 30%. According to John Njiraini, KRA’s commissioner-general, this new development is part of the renewed focus on rich Kenyans to help raise the revenue needed to finance rising government obligations. “It is part of our focus on high net worth taxpayers and is being handled by the Eldoret office,” Mr Njiraini told Business Daily.

An article published on Business Daily reports that these new tax measures will apply to all sportsmen and women but the athletes stand out because of the sport’s high profile in Kenya.

© 2012

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