FINANCE EA DAILY BUSINESS NEW SUMMARY

The United Arab Emirates (UAE) is wooing highly trained Kenyans among them doctors and scientists with a 10-year visa to support the development of its economy.

Through a plan developed in late 2021 that also targets foreigners globally, the Arab nation has set off an ambitious plan that may result in a fresh round of brain drain.

The long-term residence visa targets individuals in science and knowledge, such as doctors and inventors, nurses and healthcare officials and creatives in the fields of culture and art or those in real estate.

For investors, they must have a fund inside the UAE valued at Sh61.9 million (2 million dirhams) or more…..Business Daily

BAT Kenya will pay its shareholders a dividend of Sh53.50 per share or a total of Sh5.3 billion for the year ended December, the highest payout in the history of the cigarette maker.

The company recorded an 18 percent rise in net profit to Sh6.5 billion during the period, helping it to raise dividend per share by a similar margin from the Sh45 it paid for the year before.

The dividend consists of an interim Sh3.50 per share that was paid for the six months ended June 2021, and a final dividend of Sh50 which will be paid on May 24 to shareholders who will be on the April 22 register.

“The easing of Covid-19 restrictions during the year created a more favourable trading environment compared to the prior year. This coupled with continued investments behind our brands, support to our trade partners, and excellence in execution by our people resulted in the stability of our domestic sales,” said BAT Kenya….Business Daily

The Budgets and Appropriations Committee of the National Assembly said the funding would help stabilise petroleum prices amid volatility in global prices.

 “The Department (Petroleum) will receive an additional Sh5 billion in the 2022 BPS (Budget Policy Statement) that will cater for oil market price stabilisation,” the committee said in a recommendation on the 2022/2023 BPS.

The allocation will supplement collections through the Petroleum Development Levy (PDL) that is charged at Sh5.40 on each litre of petrol and diesel sold at the pump.

For about 10 months now, the State has intervened on consumer prices of fuel to defuse public outrage over expensive supplies.

The committee, however, recommends the restructuring of the subsidy scheme to ensure efficiency in the management of the funds……NATION MEDIA

 

Facebook agreed to pay $90 million to settle a decade-old privacy lawsuit accusing it of tracking users’ internet activity even after they logged out of the social media website.

A proposed preliminary settlement was filed on Monday night with the U.S. District Court in San Jose, California, and requires a judge’s approval. The accord also requires Facebook to delete data it collected improperly.

Users accused the Meta Platforms Inc (FB.O) unit of violating federal and state privacy and wiretapping laws by using plug-ins to store cookies that tracked when they visited outside websites containing Facebook “like” buttons…..Standardmedia

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