Afternoon business highlights – February 14, 2018

Afternoon business highlights – February 14, 2018

AfDB, Egyptian Government push for a new Africa driven by innovation

The President of the African Development Bank, Akinwumi Adesina, and the Government of the Arab Republic of Egypt are championing a new push for African countries to work together towards building a new Africa driven by innovation and technology. The two parties, who spoke at the opening ceremony of the third Africa Science, Technology and Innovation Forum (Africa STI Forum) on Saturday in Cairo, called for greater investment in higher education, science, technology and innovation, and the commercialization of research outputs. At the opening session of the Forum, attended by the President of Egypt, Abdel Fattah El Sisi, African Ministers, researchers and partners, President Adesina emphasized why Africa needs to promote a culture of innovation driven by Africa’s youth population.

Traveling tops spending for Kenyans celebrating Valentines Day, says new report

Kenyans are spending more on Travel on Valentine’s Day than on other treats according to a new report by Mastercard.The Mastercard Love Index reports that Kenyans are willing to dig deeper into their pockets to make their partners happy with spending related to travel increasing by 90 percent in 2017, accounting for 28 percent of total spend during Valentine’s Day, with online transactions happening more frequently.Hotel spend has also remained stable over the past three years; taking a 62 percent share of spend and a 48 percent share of transactions in 2017.

KRA loses Ksh7 billion to fake stamps and counterfeit goods

The Kenya Revenue Authority (KRA) experienced a Ksh7.35 billion fall in excise tax in the six months to December 31, due to fake stamps and counterfeit goods. Excise taxes fell by 9% in July-December 2017 compared to the same period a year earlier, the Authority reported on Monday. The performance was a sharp decline from an average annual growth of 16% in the last three years, KRA Commissioner-General John Njiraini said.

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