Monday 25 August 2014
Thursday 24 July 2014
Understanding Partnership Act Kenya
THE PARTNERSHIP ACT
Part I- preliminary
This act may be cited as the partnership act.
Definition of terms
In this Act, except where inconsistent with the context—
Business- includes every trade, occupation or profession;
Court - means the High Court or, where the gross assets of a partnership do not exceed fifty thousand shillings, the Resident Magistrate’s Court.
Part II - Nature of Partnership
(1)Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.
(2) The relation between members of any company or association which is:-
(a) Registered as a company under the Companies Act or any other Act for the time being in force and relating to the registration of joint stock companies; or
(b) Formed or incorporated by or in pursuance of any other Act or of any Order in Council, or Act of the United Kingdom
Rules that determine the existence of a partnership:-
(a) joint tenancy, tenancy in common, joint property, common property or part ownership does not of itself create a partnership as to anything so held or owned, whether the tenants or owners do or do not share any profits made by the use thereof;
(b) the sharing of gross returns does not of itself create a partnership, whether the persons sharing those returns have or have not a joint or common right or interest in any property from which, or from the use of which, the returns are derived;
(c) the receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but the receipt of such a share, or of a payment contingent on or varying with the profits of a business, does not of itself make him a partner in the business; and in particular:-
(i) the receipt by a person of a debt or other liquidated amount by installments or otherwise, out of the accruing profits of a business, does not of itself make him a partner in the business or liable as such;
(ii) A contract for the remuneration of a servant or agent of a person engaged in a business by a share of the profits of the business does not of itself make the servant or agent a partner in the business or liable as such;
(iii) a person being the widow or child of a deceased partner and receiving by way of annuity a portion of the profits made in the business in which the deceased person was a partner is not, by reason only of that receipt, a partner in the business or liable as such;
(iv) the advance of money by way of loan to a person engaged, or about to engage, in any business on a contract with that person that the lender shall receive a rate of interest varying with the profits, or shall receive a share of the profits arising from carrying on the business, does not of itself make the lender a partner with the person or persons carrying on the business or liable as such, provided that the contract is in writing, and signed by or on behalf of all the parties thereto;
(v) a person receiving, by way of annuity or otherwise, a portion of the profits of a business in consideration of the sale by him of the goodwill of the business is not, by reason only of that receipt, a partner in the business or liable as such.
Postponement of rights of persons lending or selling in consideration of share of profits in case of bankruptcy
In the event of any person to whom money has been advanced by way of loan upon such a contract as is mentioned in section 4, or of any buyer of a goodwill in consideration of a share of the profits of the business, being adjudged a bankrupt, entering into an arrangement to pay his creditors less than twenty shillings in the pound, or dying in insolvent circumstances, the lender of the loan shall not be entitled to recover anything in respect of his loan, and the seller of the goodwill shall not be entitled to recover anything in respect of the share of profits contracted for, until the claims of the other creditors of the borrower or buyer for valuable consideration in money or money’s worth have been satisfied.
Meaning of firm
Persons who have entered into partnership with one another are, for the purposes of this act collectively called a firm and the name under which their business is carried on is called the firm-name.
Part III - Relations of Partners to Persons Dealing With Them
Every partner is an agent of the firm and his other partners for the purpose of the business of the partnership; and the acts of every partner who does any act for carrying on in the usual way business of the kind carried on by the firm of which he is a member bind the firm and his partners, unless the partner so acting has in fact no authority to act for the firm in the particular matter, and the person with whom he is dealing either knows that he has no authority or does not know or believe him to be a partner.
An act or instrument relating to the business of the firm, and done or executed in the firm-name, or in any other manner showing an intention to bind the firm, by any person thereto authorized, whether a partner or not, is binding on the firm and all the partners: Provided that this section shall not affect any general rule of law relating to the execution of deeds or negotiable instruments.
Where one partner pledges the credit of the firm for a purpose apparently not connected with the firm’s ordinary course of business, the firm is not bound, unless that partner is in fact specially authorized by the other partners; but this section does not affect any personal liability incurred by an individual partner.
If it has been agreed between the partners that any restriction shall be placed on the power of any one or more of them to bind the firm, no act done in contravention of the agreement is binding on the firm with respect to persons having notice of the agreement.
Every partner in a firm is liable jointly with the other partners for all debts and obligations of the firm incurred while he is a partner, but a person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner; and after his death his estate is also severally liable in the due course of administration for those debts and obligations, so far as they remain unsatisfied, but subject to the prior payment of his separate debts.
A person who is under the age of majority according to the law to which he is subject may be admitted to the benefits of partnership, but cannot be made personally liable for any obligation of the firm; but the share of the minor in the property of the firm is liable for the obligations of the firm.
A person who has been admitted to the benefits of partnership under the age of majority becomes, on attaining that age, liable for all obligations incurred by the partnership since he was so admitted, unless he gives public notice within a reasonable time of his repudiation of the partnership.
Where, by any wrongful act or omission of any partner acting in the ordinary course of the business of the firm, or with the authority of his co-partners, loss or injury is caused to any person not being a partner in the firm, or any penalty is incurred, the firm is liable therefor to the same extent as the partner so acting or omitting to act.
In the following cases—
(a) Where one partner, acting within the scope of his apparent authority, receives the money or property of a third person, and misapplies it; and
(b) Where a firm in the course of its business receives money or property of a third person, and the money or property so received is misapplied by one or more of the partners while it is in the custody of the firm, the firm is liable to make good the loss.
16. Every partner is liable jointly with his co-partners and also severally for everything for which the firm, while he is a partner therein, becomes liable under section 14 or 15.
If a partner, being a trustee, improperly employs trust property in the business or on the account of the partnership, no other partner is liable for the trust property to the persons beneficially interested therein: Provided that—
(i) This section shall not affect any liability incurred by any partner by reason of his having notice of a breach of trust; and
(ii) Nothing in this section shall prevent trust money from being followed and recovered from the firm if still in its possession or under its control.
18. Any person who, by words spoken or written or by conduct, represents himself, or who knowingly suffers himself to be represented, as a partner in a particular firm is liable as a partner to anyone who has, on the faith of any such representation, given credit to the firm, whether the representation has or has not been made or communicated to the person so giving credit by or with the knowledge of the apparent partner making the representation or suffering it to be made:
Provided that where, after a partner’s death, the partnership business is continued in the old firm-name, the continued use of that name or of the deceased partner’s name as part thereof shall not of itself make his executors or administrators, estate or effects liable for any partnership debts contracted after his death.
19. An admission or representation made by any partner concerning the partnership affairs, and in the ordinary course of its business, is evidence against the firm.
20. Notice to any partner who habitually acts in the partnership business of any matter relating to partnership affairs operates as notice to the firm, except in the case of a fraud on the firm committed by or with the consent of that partner.
21. (1) A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner.
(2) A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations incurred before his retirement.
(3) A retiring partner may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
22. A continuing guaranty or cautionary obligation given either to a firm or to a third person in respect of the transactions of a firm is, in the absence of agreement to the contrary, revoked as to future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transactions of which, the guaranty or obligation was given.
Part IV—Relations of Partners to One Another
23. The mutual rights and duties of partners, whether ascertained by agreement or defined by this Act, may be varied by the consent of all the partners, and that consent may be either expressed or inferred from a course of dealing.
24. (1) All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partnership business, are called in this Act partnership property, and must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement:
Provided that the legal estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof and the general rules of law applicable thereto, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.
(2) Where co-owners of an estate or interest in any land, not being itself partnership property, are partners as to profits made by the use of that land or estate, and purchase other land or estate out of the profits to be used in the same manner, the land or estate so purchased belongs to them, in the absence of an agreement to the contrary, not as partners but as co-owners for the same respective estates and interests as are held by them in the land or estate first mentioned at the date of the purchase.
25. Unless the contrary intention appears, property bought with money belonging to the firm is deemed to have been bought on account of the firm.
26. Where land or any interest therein has become partnership property, it shall, unless the contrary intention appears, be treated as between the partners (including the representatives of a deceased partner) and also as between the heirs of a deceased partner and his executors or administrators as personal and not real estate.
27. (1) Execution of a decree shall not issue against any partnership property except on a judgment against the firm.
(2) The court may, on the application by summons of any judgment creditor of a partner, make an order charging that partner’s interest in the partnership property and profits with payment of the amount of the judgment debt and interest thereon, and may by the same or a subsequent order appoint a receiver of that partner’s share of profits (whether already declared or accruing), and of any other money which may be coming to him in respect of the partnership, and direct all accounts and inquiries, and give all other orders and directions which might have been directed or given if the charge had been made in favors of the judgment creditor by the partner, or which the circumstances of the case may require.
(3) The other partner or partners shall be at liberty at any time to redeem the interest charged, or, in case of a sale being directed, to purchase the same.
28. The interests of partners in the partnership property and their rights and duties in relation to the partnership shall be determined, subject to any agreement express or implied between the partners, by the following rules:-
(a) all the partners are entitled to share equally in the capital and profits of the business and must contribute equally towards the losses whether of capital or otherwise sustained by the firm;
(b) the firm must indemnify every partner in respect of payments made and personal liabilities incurred by him—
(i) in the ordinary and proper conduct of the business of the firm; or
(ii) in or about anything necessarily done for the preservation of the business or property of the firm;
(c) a partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe is entitled to interest at the rate of six per centum per annum from the date of the payment or advance;
(d) a partner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by him;
(e) Every partner may take part in the management of the Partnership business;
(f) No partner shall be entitled to remuneration for acting in the partnership business;
(g) No person may be introduced as a partner without the consent of all existing partners;
(h) Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business without the consent of all existing partners;
(i) The partnership books are to be kept at the place of business of the partnership (or the principal place, if there is more than one) and every partner may, at all reasonable times have access to and inspect and copy any of them.
29. No majority of the partners can expel any partner unless a power to do so has been conferred by express agreement between the partners.
30. (1) Where no fixed term has been agreed upon for the duration of the partnership, any partner may determine the partnership at any time on giving reasonable notice of his intention so to do to all the other partners.
(2) Where the partnership has originally been constituted by deed, a notice in writing, signed by the partner giving it, shall be sufficient for this purpose.
31. (1) Where a partnership entered into for a fixed term is continued after the term has expired, and without any express new agreement, the rights and duties of the partners remain the same as they were at the expiration of the term, so far as is consistent with the incidents of a partnership at will.
(2) A continuance of the business by the partners or such of them as habitually acted therein during the term without any settlement or liquidation of the partnership affairs is presumed to be a continuance of the partnership.
32. Partners are bound to render true accounts and full information of all things affecting the partnership to any partner or his legal representatives.
33. (1) Every partner must account to the firm for any benefit derived by him without the consent of the other partners from any transaction concerning the partnership, or from any use by him of the partnership property, name or business connection.
(2) This section applies also to transactions undertaken after a partnership has been dissolved by the death of a partner and before the affairs thereof have been completely wound up, either by any surviving partner or by the representatives of the deceased partner.
34. If a partner without the consent of the other partners carries on any business of the same nature as and competing with that of the firm, he must account for and pay over to the firm all profits made by him in that business.
35. (1) An assignment by any partner of his share in the partnership, either absolute or by way of mortgage or redeemable charge, does not,as against the other partners, entitle the assignee, during the continuance of the partnership, to interfere in the management or administration ofthe partnership business or affairs, or to require any accounts of the partnership transactions, or to inspect the partnership books, but entitles the assignee only to receive the share of profits to which the assigning partner would otherwise be entitled, and the assignee must accept the account of profits agreed to by the partners.
(2) In the case of a dissolution of the partnership, whether as respects all the partners or as respects the assigning partner, the assignee is entitled to receive the share of the partnership assets to which the assigning partner is entitled as between himself and the other partners, and, for the purpose of ascertaining that share, to an account as from the date of the dissolution.
Part V—Dissolution of Partnership and its Consequences
36. (1) Subject to any agreement between the partners, a partnership is dissolved -
(a) if entered into for a fixed term, by the expiration of that term;
(b) if entered into for a single adventure or undertaking, by the termination of that adventure or undertaking;
(c) if entered into for an undefined time, by any partner giving notice to the other or others of his intention to dissolve the partnership.
(2) In the last-mentioned case, the partnership is dissolved as from the date mentioned in the notice as the date of dissolution, or, if no date is so mentioned, as from the date of the communication of the notice.
37. (1) Subject to any agreement between the partners, every partnership is dissolved as regards all the partners by the death or bankruptcy of any partner.
(2) A partnership may, at the option of the other partners, be dissolved if any partner suffers his share of the partnership property to be charged under this Act for his separate debt.
38. A partnership is in every case dissolved by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the members of the firm to carry it on in partnership.
39. On application by a partner, the court may decree a dissolution of the partnership in any of the following cases—
(a) when a partner is adjudged a lunatic, or is shown to the satisfaction of the court to be of permanently unsound mind, in either of which cases the application may be made as well on behalf of that partner by his guardian ad litem or next friend or person having title to intervene as by any other partner;
(b) When a partner, other than the partner suing, becomes in any other way permanently incapable of performing his part of the partnership contract;
(c) when a partner, other than the partner suing, has been guilty of such conduct as, in the opinion of the court, regard being had to the nature of the business, is calculated to affect prejudicially the carrying on of the business;
(d) when a partner, other than the partner suing, willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable for the other partner or partners to carry on the business in partnership with him;
(e) When the business of the partnership can only be carried on at a loss;
(f) Whenever in any case circumstances have arisen which, in the opinion of the court, render it just and equitable that the partnership be dissolved.
40. (1) When a person deals with a firm after a change in its constitution, he is entitled to treat all apparent members of the old firm as still being members of the firm until he has notice of the change.
(2) An advertisement in the Gazette shall be notice as to persons who had not dealings with the firm before the date of the dissolution or change so advertised.
(3) The estate of a partner who dies or who becomes bankrupt, or of a partner who, not having been known to the person dealing with the firm to be a partner, retires from the firm, is not liable for partnership debts contracted after the date of the death, bankruptcy or retirement respectively.
41. On the dissolution of a partnership or retirement of a partner, any partner may publicly notify the same and may require the other partner or partners to concur for that purpose in all necessary or proper acts, if any, which cannot be done without his or their concurrence.
42. After the dissolution of a partnership, the authority for each partner to bind the firm, and the other rights and obligations of the partners, continue notwithstanding the dissolution, so far as may be necessary to wind up the affairs of the partnership, and to complete transactions begun but unfinished at the time of the dissolution, but not otherwise:
Provided that the firm is in no case bound by the acts of a partner who has become bankrupt; but this proviso does not affect the liability of any person who has, after the bankruptcy, represented himself or knowingly suffered him to be represented as a partner of the bankrupt.
43. On the dissolution of a partnership, every partner is entitled, as against the other partners in the firm, and all persons claiming through them in respect of their interests as partners, to have the property of the partnership applied in payment of the debts and liabilities of the firm and to have the surplus assets after such payment applied in payment of what may be due to the partners respectively after deducting what may be due from them as partners to the firm; and for that purpose any partner or his representatives may, on the termination of the partnership, apply to the court to wind up the business and affairs of the firm.
44. Where one partner has paid a premium to another on entering into a partnership for a fixed term and the partnership is dissolved before the expiration of that term otherwise than by the death of a partner, the court may order the repayment of the premium, or of such part thereof as it thinks just, having regard to the terms of the partnership contract and to the length of time during which the partnership has continued, unless -
. (a) The dissolution is, in the judgment of the court, wholly or chiefly due to the misconduct of the partner who paid the premium; or
(b) The partnership has been dissolved by an agreement containing no provision for a return of any part of the premium.
45. Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled—
(a) to a lien on, or right of retention of, the surplus of the partnership assets, after satisfying the partnership liabilities, for any sum of money paid by him for the purchase of a share in the partnership and for any capital contributed by him; and
(b) To stand in the place of the creditors of the firm for any payments made by him in respect of the partnership liabilities; and
(c) To be indemnified by the person guilty of the fraud or making the representation against all the debts and liabilities of the firm.
46. Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with its capital or assets without any final settlement of accounts as between the firm and the outgoing partner or his estate, then, in the absence of any agreement to the contrary, the outgoing partner or his estate is entitled at the option of himself or his representatives to such share of the profits made since the dissolution as the court may find to be attributable to the use of his share of the partnership assets, or to interest at the rate of eight per centum per annum on the amount of his share of the partnership assets: Provided that where, by the partnership contract, an option is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner, and that option is duly exercised, the estate of the deceased partner, or the outgoing partner or his estate, as the case may be, is not entitled to any further or other share of profits; but if any partner assuming to act in exercise of the option does not in all material respects comply with the terms thereof, he is liable to account under this section.
47. Subject to any agreement between the parties, the amount due from surviving or continuing partners to an outgoing partner or the representatives of a deceased partner in respect of the outgoing or deceased partner’s share is a debt accruing at the date of the dissolution or death.
48. In settling accounts between the partners after dissolution of partnership, the following rules shall, subject to any agreement, be observed—
(a) losses, including losses and deficiencies of capital, shall be paid first out of profits, next out of capital, and lastly, if necessary, by the partners individually in the proportion in which they were entitled to share profits;
(b) the assets of the firm, including the sums, if any, contributed by the partners to make up losses or deficiencies of capital, shall be applied in the following manner and order -
(i) In paying the debts and liabilities of the firm to persons who are not partners therein;
(ii) In paying to each partner ratably what is due from the firm to him for advances as distinguished from capital;
(iii) In paying to each partner ratably what is due from the firm to him in respect of capital;
(iv) The ultimate residue, if any, shall be divided among the partners in the proportion in which profits are divisible.
Part VI—General
49. The rules of equity and common law applicable to partnerships in England shall apply to partnerships in Kenya, except in so far as they are inconsistent with the provisions of this Act
Sunday 20 July 2014
ExxonMobil CEO
MEET REX .W. TELLIRSON THE EXXON MOBIL C.E.O
Meet one of the leading industry CEO Mr Rex w Tillerson the Chairman and CEO of EXXON MOBIL company. Mr Rex was born march 23 1952 in Wichita Falls Texas. Joined Huntsville high school Texas, before proceeding to University of Texas at Austin where he graduated with Bachelor of Science in engineering. He is a member of the society of petroleum engineers and vice president of the Ford’s Theatre society.
CAREER PART
1975
joined the Exxon Company as an Engineer.
1989
Became general manager USA central production division being responsible for oil and gas production operations.
1995
Appointed president of Exxon Yemen Inc and vice president exploration and production Khorat Inc.
1998
Vice President ventures (CIS) and president of Exxon Neftegas limited in Russia and Caspian Sea.
1999
He become the vice president of Exxon Mobil after the merger of Exxon and Mobil
2006
-date was elected chairman and chief executive officer after the retirement of Raymond LEE
Under Tillerson Exxon Mobil acquired a XTO Energy a natural gas producer for a value $31 billion in stock. Also he managed to sign an agreement with Russia to drill Arctic that was valued at up to $300 billion.
Exxon Mobil employs 75000 people around the world and has a market capitalization of more than $392 billion. It’s the second largest integrated oil company in the world after BP P.L.C. It is involved in Oil and Gas exploration, production, transportation and marketing in more than 200 countries.
In 1998 Exxon and Mobil signed agreement to merger and form a new company which is Exxon Mobil Corporation.
Friday 11 July 2014
Amazon ask for permission to fly its drones outside
Thursday 26 June 2014
World bank cut Kenya forecast from 5.3 to 4.7
Today world bank Kenya has announced that it was cutting the growth forecast for Kenya 2014. they blamed this situation on the following factors
1.insecurity
for the past one month Kenya as experience security lapses. which are blamed on the Somalia terrorism group alshabab and also the internal fighting between ethnic and clans who are fighting for resources.
many Western countries advised its citizen against traveling to kenya. this has caused the the number of tourist arriving in the country to decrease which is the leading earner in the country after agriculture.
2.increase in the electricity price
World Bank says that the increase in the electricity prices will lead to the increase in the prices of goods and services as they are dependent on the electricity. Kenya government is carrying out ambitious project of connecting each households into the electricity grid in the next five years. the bank says this is possibly since Kenya has natural resource such as geothermal,which is capable of producing to oversupply if its utilized and resources allocated into its production.
3. inflation pressure
Rising inflation rate in the country is expected to slow down the rate of the growth in the country. this inflation is blamed on..
- high cost of goods. prices of goods have really risen since government passed the VAT bill. in which they expected to increase the revenue they are collecting to finance its projects and rising wage bill.
- high cost of borrowing money from Kenya. since 2002 Kenya banks have been making big profits at the expense of its customers.
Tuesday 24 June 2014
Mbuvi Ngunze the new Kenya Airways CEO
Kenya airways has announced new Chief Executiveofficer to replace Dr. Titus Naikuni whose term ends in November 2014.Mr. Mbuvi Ngunze, who is the current Chief Operating Officer in KQhas been appointed to the role of Group Managing Director and CEO of Kenya Airways Limited with effect from December 1, 2014.The Group Managing Director/Chief Executive Officer, Dr. Titus Naikuni, will be retiring at the end of November 2014, after 11 illustrious years at the helm of the national carrier, Kenya Airways Ltd -'The Pride of Africa'.“In January this year, the Board of Directors engaged the services of aninternational Executive Search firm, Spencer Stuart Ltd., to assist the Board in identifying a successor to Dr. Naikuni as Group Managing Director and CEO," said Evanson Mwaniki, Chairman."I am pleased to announce that the Board has finally reached a unanimous decision on this matter. As such, I am pleased to announce the appointment of Mr. Mbuvi Ngunze, who is the current Chief Operating Officer in KQ. to the role of Group Managing Director and CEO of Kenya Airways Ltd.,
the worrying ageing Africa farmers
the statistics released recently shows that farming in Africa is increasingly being left out to the old members of the continent. this as lead the decrease in food production in the continent that as resulted in famine affecting many countries in Africa.
The youth are not interested in farming. majority of them are flooding the cities in search of office jobs. for example in Kenya where agriculture is the main activity that drives economy after tourism. this has not even inspired many jobless youth into venturing into the farming.
the problem with the ageing farmers they practice agriculture instead of agri business. by practising agriculture they farm using outdated farming techniques which results in less produce in the farms. while the youth who understand the current best practice of farming do not want to engage in it.
so where is the problem
1.education system
when students are in school they are encouraged to study hard that they will become doctors, teachers, pilots, lawyers, engineers and FARMERS. so student's develop notion that farming is a job for the parents who at home or retired persons in the society.
2. government
many government in the continent does not encourage the young people to venture into the farming as a way of solving food shortage and reducing the rate of unemployment in the society. the role of government is to provide enabling environment where young persons will be attracted into farming and this is done through provisions of subsidies on farming materials. improving roads that is used by farmers.
if the youth will engage in agricultural activities the food shortage that is being witnessed each year in the continent will be the thing of the past. millions of jobs could be created.
Monday 23 June 2014
About joshoua oigara
Group CEO
He was appointed as the KCB Group CEO on January, 2013.
He previously served as the Chief Financial Officer of the Bank prior to his appointment.
EDUCATION BACKGROUNG
He holds a Masters in Business Administration with a distinction in International Business Management from Edith Cowan University, Australia (2011), Bachelor of Commerce Degree, Accounting Option, from the University of Nairobi, Kenya (1997), Advanced Management Program Graduate from INSEAD, Fontainebleau, France (2010). He is also a graduate of the Program for Management Development (JuMP), Fuqua School of Business, Duke University, North Carolina, USA (2006) as well as a Certified Public Accountant of Kenya, CPA (K), School of Accountancy, Strathmore University, Kenya (1997).
He is a Board member in KCB Bank Tanzania Board and sits in the Risk, Credit, Human Resources, Procurement, Transformation, Strategy and Information Technology committees.
kenya banks making super normal profit expense of its customers
Monday 16 June 2014
Kenya and terrorism
Monday 5 May 2014
U.S. banks reported lower exposure to Russia in the first quarter,
Tuesday 15 April 2014
list of hotels and lodges in kenya
Hotel Inter-Continental Nairobi is located two minutes walk from the city centreand adjacent to Uhuru Park and Parliament gardens and the Kenyatta International Conference Centre. This 440 room hotel is extremely popular with business traveller and was recently renovated. Secure multi-storey car park and casino available.
Contact:
Hotel Inter-Continental
City Hall Way
P.O. Box 30353
Nairobi.
Telephone 335550
Fax 337854 / 214617 / 210675
SAFARI PARK HOTEL & CASINO
Set on a sprawing 64 acres of beautifully landscaped gardens, the Safari Park Hotel and Casino, Nairobi Kenya is a luxurious business and Pleasure resortwith 204 rooms of spacious, elegant. 5 star accommodation. Seven executive restaurants offer a large variety of internationalcuisine from African, Japanese nd Indian to French, Chinese and ltialian.
The Hotel's vast entertainment and leisure options include the Club Sting Piano Bar and a discotheque, the nightly abaret show by Safari dancers, a plush fitness club, three outdoor tennis courts. two squash courts, a world class casino and the largest swimming pool in Africa.
Contact:
Safari Park Hotel & Casino
Kasarani off Thika Road.
P.O. Box 45038
Nairobi, Kenya
Telephone 802493. 222846.
Town Office Kimathi House.
Telephone; 21 6070
Fax 802477
GRAND REGENCY HOTEL
The Grand Regency Hotel isan elegant ultra modern luxury atrium Hotel oil a prime site overlooking Central Park and only 20 minutes from the airport.
The hotel has:
*. 300 air-conditioned rooms and suites
*. Multi-channel satellite TV 124-hr room service
*. In-house laundry, dry cleaning and valet service
*. smoke-detectors and water sprinklers
*. Shopping Arcade
*. Reuters
*. Serviced business centre 'Parking for 200 vehicles
*. Several restaurants, terraces and cocktail lounges
*. Fully equipped fitness centre
*. Heated covered all-weather swimming pool
*. Cabaret
*. A large conference/Ballroom, pairsseveral meeting and pre-function rooms.
Contact:
Grand Regency Hotel
P.O. Box 57549
Nairobi.
Telephone 21 1 199
Fax 217120
FIG TREE HOTEL LIMITED
Quiet Hotel, 1 kilometre from the city centre - along Ngara/Muranga Roads. The Hotel has 45 self contained rooms with shower and telephone. The Hotel has well stocked bar, restaurant with both Africans and continental dishes. It has also ample parking area.
Reservations:
Fig Tree Hotel Limited
P.O. Box 31938
Nairobi
Telephone 743677, 744207,742148
Fax: 254 - 2 - 751436
HOTEL GRETON
The Hotel Greton is a first-class hotel situated in the heart of the city. It. offers 52rooms with telephones shower with hot water and self control music. It is between casino and Odeon cinemas and it is also next toEmbassy cinema. Hotel Greton has reasonable rates and considers special discounts for children up to 2 years.
Contact:
P.O. Box 55909
Nairobi, Kenya
Telephone 336648, 331865
JACARANDA HOTEL
Peaceful garden hotel in thefashionable suburb, 12 minutes drive from the city centre. Large swimming pool, garden bar excellent food, and 130 furnished rooms with bath and phone.In our opinion Jacaranda offers excellent value and isan ideal combination with a Safari, Hertz and UTC Safari centre.
Contact:
Nairobi Jacaranda Hotel
Westland Road
Jacaranda Building
P.O. Box 47557
Nairobi
Tel 335807
Fax 543810
Telex 22146
HOTEL ESPERIA
is quiet andcomfortable Hotel away from the noisy city centre and YET in the City - It has self contained rooms and YET very fair rates.
Contact:
P.O. Box 14642
Nairobi
Tel. 74281 8
MAYFAIR COURT HOTEL
Mayfair Court Hotel is only seven minutes drive from the city centre. It is at this site the original Mayfair Hotel which was opened in 1949. In the eighties the Hotel building was used by the US International University which was movedto another site in 1 990. Conservation corporation of East Africa has returned this magnificent Hotel to its former glory. The Hotel offering 4-star service and accommodation. The facilities include:- 2 swimming pools, a conference centre for up to 30 people, a special terrace bar called "Mischief", casino of high standard etc.
Reservations:
Mayfair Court Hotel
P.O. Box 74957
Nairobi, Kenya
Telephone 746707/8/9 748258 748278 740920
Fax 748823
Tlx 25182
WINDSO KE A4/A5
ADVANTAGES AND DISADVANTAGES OF INTERNAL CONTROL SYSTEM
ADVANTAGES AND DISADVANTAGES OF INTERNAL CONTROL SYSTEM
Advantages of ICS to the Auditor
a) ICS will reduce the amount of audit work to be done in so far as the auditor will be able to use systems based audits to apply tests which will facilitate his audit work.
b) A strong ICS will minimise chances of errors and frauds, and the introduction of inter-checking supervision and improved custody will in turn minimise liabilities to third parties, who would have depended on his opinion with greater surety and speed.
c) Will reduce the amount of audit evidence to be gathered, because it will facilitate reaching and using a greater variety of audit evidence available within the business. This will enable him to form an opinion with greater surety and speed.
d) The presence of an internal check system strengthens the credibility of audit evidence gathered.
e) ICS minimises the work load and the time need to take in order to produce his report.
f) The preparation of an ICS will identify those areas prone to errors and frauds, which will enable the auditor to plan his audit work so that he allocates more time and effort to those areas where for organisational reasons the internal check system is weakest.
g) ICS emphasises the use of control accounts thus assuring the auditor of up to date account reconciliation information which will facilitate his examinations.
h) ICS enables him reduce the sample size to be tested and thus facilitate his ability to carry out as many varied audit checks as possible.
i) ICS can only be strong normally with support of a strong internal audit function which in turn enables the auditor to use internal auditor’s work to facilitate his work.
j) A strong ICS boosts accountability which depends on clearly segregated and defined duties and responsibilities and this will enable the auditor to know who to contact in case of difficulties.
k) It also helps him to give quality advice to management; this in turn may minimise his work load in future audits.
l) ICS enables the auditor to have greater knowledge of his client’s business and facilitates the drawing up of a balanced audit opinion.
Disadvantages of ICS to the Auditor
1. The management may over rely on the strength of the ICS and therefore relax their supervision which may leave room for errors and frauds thus exposing the auditor to potential civil liabilities.
2. The presence of ICS may lead to the auditor reducing the volume of examination carried out which may lead to smaller samples of data thus leaving other areas to possibilities of errors and frauds which may expose him to civil liabilities.
3. It may be frustrated by management through collusion and manipulation which may mislead the auditor’s opinion leading to biased reports.
4. The presence of ICS is supposed to minimise the auditor’s volume of tests but not his liabilities which means that its strength may leave some errors and frauds undetected due to relaxed tests. This will increase his liabilities. ICS may be manipulated so that errors and frauds by the management cannot be easily detected and this may lead to a biased opinion.
5. ICS may reduce the auditor’s vigilance and observations with an unfavourable effect on the quality of the audit.
6. ICS may be abused by the internal auditors through collusion with the management and this may lead to the external auditor being mislead.
Advantages of ICS to the Client
a. Safeguarding client’s assets against:
a) Misuse
b) Misappropriation
c) Manipulations
d) Abuse of the Company’s assets (for reasons that will not benefit the Company)
e) Facilitates optimal use of the Company’s assets.
b. Reduces audit fees. This is because less audit work is needed and less audit staff.
Increased efficiency through management supervision and a defined organisation chart. Routine and automatic checks also increase efficiency.
c. Chances of errors and frauds are minimised.
d. This ensures minimum losses, facilitates audit work and hence early reports and attainment of budgeted performance.
e. Facilitates corrective measures in so far as the objectives of the business are better defined and therefore the facilities available can be suitably directed to their achievements.
f. Facilitates up to date records.
g. This is advantageous in that is prompts decisions through feed back to management which helps detect irregularities.
h. Leads to balanced opinion (unqualified report) improving public opinion of the business.
i. This helps in raising finances by selling shares through public sale and improving investment
implementation.
j. It boosts morale of staff through motivation of supervision. This may lead to high output and high profitability.
k. ICS helps in the redress of disastrous decisions especially in high risk situation. This is done through close application of management controls in development situations.
l. ICS assists in the co-ordination of operations. This is done through definition of duties and responsibilities of all employees and it boosts efficiency in the:
1. Carrying out of operations,
2. Efficiency in delegation,
3. Efficiency in execution.
Disadvantages of ICS to the Client
a. ICS is expensive to install and maintain. For example, the physical control security systems require qualified personnel to maintain them and constant servicing.
b. ICS could lead to a problem of over reliance on the ICS. This may lead to relaxation in supervision and allow manipulation of accounts and assets and can also bring about inefficiencies. Maintaining controls requires constancy and consistency.
c. If not well instituted it may encourage over staffing.
d. Rigid implementation may lead to a slowdown in the operation of the business.
e. The ICS requires continuos updating as the organisation changes, if not the ICS may become increasingly obsolete.
f. Use of wrong controls may expose the Company to more problems, e.g. errors and frauds. These are more easily perpetrated if the ICS used is inappropriate.
g. ICS may be frustrated if through changes in company organisation the checks become uncoordinated.
Wednesday 26 March 2014
SELF-MADE MILLIONAIRES: Best Small Business ideas
Saturday 22 March 2014
athletics and field event terms
Aerobic threshold - A threshold occurring at a lower intensity of exercise than the lactate threshold. The aerobic threshold is commonly said to be the point at which anaerobic energy pathways begin to operate significantly, or where blood lactate concentrations reach approximately 2mmol/liter (see “blood lactate concentration”).
Anabolic - Categorizing metabolic reactions in the body that use energy to build up larger molecules, or rebuild damage body structures, such as muscles. Periods of recovery are categorized as anabolic, and set the stage for catabolic reactions to occur. .
Anaerobic - Characterizing metabolic processes that are used primarily in shorter, high-intensity exercise that break down fuel to produce energy in the absence of oxygen.
Anaerobic threshold - See “lactate threshold.”
Anchor - The athlete who runs the last leg of a relay race.
Ancillary training - A type of training in which the athlete focuses on a type of work not directly related to the event for which the athlete is training. For instance, a distance runner utilizing resistance training is doing ancillary training.
Anterior pelvic tilt - A postural imbalance common for runners in which the pelvis rotates forward (hips forward, butt sticking out) during either running or standing. Lack of stability in the lower core and hip muscles, along with tight hip flexors are common contributors to unwanted anterior pelvic tilt.
Approach - In a jumping event, the run up phase during which the athlete builds speed or otherwise prepares for the jump.
Athletics - The collection of sports including track and field, cross country running, and road racing. The name is derived from the Greek work “athlos,” meaning “contest.”
ATP - Adenosine triphosphate is the energy currency of the body. It is needed to perform most of the body’s work.
Bell Lap - The final lap of a multiple lap race, at the beginning of which a bell is rung. This signifies that the leader of the race has begun the final lap.
Biomechanics - The study of the physical principles of human movement.
Blind Pass - A non-visual type of baton exchange employed in a sprint relay
Blocking - A technique used in the throws which entails bracing one part of the body to efficiently transfer momentum to another part of the body.
Blocks - An aid used at the start of events up to the 400 meter distance, including the hurdles.
Blood lactate concentration - The measurement of lactate in the blood, often used to gauge the contribution of anaerobic energy systems in any anaerobic work performed. Blood lactate concentration is measured in millimoles per liter (mmol/liter).
Bounding - A type of exercise in which the athlete runs with an exaggerated push off so that each step becomes a leap.
Break-Line - A specific mark on the track used only in certain races that are longer than one lap (such as the 800 meter or 4x400 meter relay). The break-line indicates the point at which runners may leave their assigned lane and move toward the inside lane of the track.
Championship racing - Racing in which the primary determinant of success is place. Usually a title is on the line, such as a conference title or national championship.
Changeover - The exchange of the baton from one runner to the next during a relay race.
Check mark - A mark on the runway used to aid the athlete in staying consistent during the approach of a jumping event or the javelin throw. It might indicate where to start, where to change the phase of the approach, where to take off, or where to throw.
Concentric contraction - The type of contraction during which muscle length shortens, such as in the push-off phase of a jump or running stride.
Crossbar - The bar that a high jumper or pole vaulter must clear.
Crouch start - A common starting position used by sprinters in the absence of blocks. The crouch start utilizes four points of body-ground contact and positions for both the “On your marks” and “Set” commands. Curb - See “rail.”
Deceleration - A negative rate of change of velocity. In other words: The act of slowing down.
Delayed Onset Muscle Soreness (DOMS) - Soreness in the muscles that sometimes occurs 24-48 hours after a bout of exercise in which intensity is increased. DOMS is also associated with exercise that includes significant eccentric contraction.
Die - In a distance or middle-distance race, to have a painful experience in which your body shuts down and your pace slows.
Discus - A throwing event in which the athlete throws a cylindrical object as far as possible.
Doping - The use of performance enhancing substances.
Dorsiflexion - A movement of the foot in which the toes move closer to the shin.
Draft - In a distance race, to tuck in behind another runner, letting that runner control the pace and block the wind.
Dual-alley start - A type of start commonly used in large distance races where there are two waterfall starts: One standard, and a second farther down the track that is spread over the outside half of the lanes. Runners in the outside alley may break only to the middle of the track, designated by cones, until completing the first turn, at which time the runners on the outside may break toward the inside lanes where the runners who started from the full waterfall have already moved.
Endurance - The physical quality of being able to extend the duration of a given activity.
Exchange zone - The 20 meter section of a track inside which the baton must be passed from one runner to another during a relay race.
Extension - The movement of a joint during which the angle of the joint becomes more obtuse. For instance, extension of the elbow straightens the arm.
Fartlek - A term derived from Swedish, literally meaning “speed play.” A fartlek is any of the several types of training during which the runner varies the pace frequently over the course of a continuous run.
Fast twitch muscle fiber - Due to their fast contraction rate and low resistance to fatigue, these fibers are useful use in anaerobic activities such as sprinting (or any exercise that is high in intensity and short in duration). Fast twitch muscle fibers are also known as Type II fibers. These are further divided into Type IIa, which have a slighter higher resistance to fatigue and fast contraction, and Type IIb, which are used for maximal contractions.
Field events - All of the throwing and jumping events; events that do not take place on the track itself. Flight phase - For a jumper, the period following takeoff during which the athlete enters a period of non-support.
Flop style - Also known as the Fosbury Flop, this is a style of high jumping in which the jumper's back passes over the bar. The style was popularized by American Dick Fosbury, a gold medalist in 1968.
Force - The physical manifestation of energy in the form of acceleration. In athletics, force is produced by the muscles. Force = mass x acceleration. Force is positively correlated with power.
Frontside mechanics - The movements of the running form that take place in front of the center of mass.
Glycogen depletion - The process of diminishing glycogen storage in the body, specifically in the liver and muscles. This typically refers, in endurance events, to the point of diminishing glycogen storage beyond which the body begins to respond, opposed to a literal depletion of glycogen in the body (which never occurs). Grip height - In the pole vault, the measurement from the top of the pole to the athlete’s top hand.
Ground contact time - The amount of time each foot remains in contact with the ground during each foot strike while running.
Heat - A preliminary or qualifying race within a competition that involves multiple (two or more) rounds of races run for the purpose of qualifying for the final of the race.
Heel Recovery - The phase of the running stride during which the heel is moving toward the center of mass as a result of a bending knee and flexing hip.
Hurdles - The horizontal barriers, called hurdles, which must be cleared during the various so-called hurdle races. These races are most commonly 100 meter, 110 meter, and 400 meter distances. Hurdles are differentiated from the barriers in the steeplechase because they can be adjusted for height and will rock/fall when struck. Each hurdle event uses ten barriers regardless of the race distance. The height, however, changes for each distance.
Intensity - A measure of how hard an athlete is working during exercise.
Interval Training - A type of training during which an athlete runs a given pace for a given distance and time, and then takes a specified amount of rest before another bout of intense running. The “interval” commonly refers to both the running bout and the rest period. The rest period can either be constituted by complete rest, or simply a lowering of intensity.
Isometric contraction - The type of muscle contraction during which muscles neither lengthen nor shorten. In most dynamic movements in track and field, isometric contractions are limited to the secondary actions of stabilization, but are often elicited specifically in stability or resistance training
Lap - One complete circuit of a track.
Leg - A designation segment of a relay race completed by one runner.
Lifting - In the race walk, a violation in which the athlete raises both feet off the ground simultaneously. Long distance races - Commonly referring to races above and sometimes including the 3,000 meter distance.
Maximum Velocity Mechanics - A term used to describe the biomechanics used by runners during full speed sprinting. The term can be applied to sub-maximal velocities, as it describes components of form, rather than pace.
Mesocycle - In training, the term used to describe any medium-term training cycles that are part of the macrocycle. Mesocycles are also commonly called phases, and are often grouped by theme.
Metabolism - The sum of all chemical processes in the body.
Microcycle - A microcycle is the smallest block of training, composed typically of 7 to 14 days of training. A group of microcycles makes up a mesocycle.
Middle distance races - Commonly considered races above 400 meters in distance, but below (or sometimes including) the 3,000 meter distance.
Mondo - A hard, fast type of surface commonly used on tracks where a high level of competition takes place. The material of a mondo track is laid in strips rather than poured — as with most all-weather track surfaces — which contributes to a greater degree of cross-angle friction, and subsequently, traction. Mondo has been the track surface in every Olympic Games since 1976.
Overtraining - An umbrella term used to describe many stages and degrees of training when the volume and intensity of work being performed by the athlete exceeds the athlete’s capacity to recover from the workload.
Overuse injuries - A type of injury incurred by training at levels of intensity and/or volume which do not allow recovery to match the breakdown incumbent in training.
Periodization - In training, the concept of dividing training into blocks, also called mesocycles, typically characterized by different emphases.
Plantarflexion - The movement of the ankle in which the toes are pointed toward the ground.
PR - Personal Record.
Pronation - The inward roll of the foot that occurs from initial footstrike (especially in runners who heel-strike) until preparation for toe-off. Pronation is a necessary type of joint movement for running, as it is a primary means of absorbing the impact forces of running. However, excessive pronation is a common precursor for overuse injuries. This can be addressed with strengthening, orthotics/insoles, or corrective footwear.
Race Modeling - A training technique that consists of rehearsing specific parts or elements of the race. Race walk - A type of race in which the athlete must have one foot in contact with the ground at all times, and the advancing leg must be straight.
Rail - Typically an aluminum bar running along the inside of the first lane. The rail makes it easier to spot distance runners stepping off the track. Rails are commonly used on outdoor tracks.
Relay - An event in which four team members each run one of four legs of a race. The runners pass a baton in designated exchange zones. The distance of each leg of the relay may be the same, as in the 4x100 meter and 4x400 meter relays. It may, however, vary from leg-to-leg, as in the distance medley relay and sprint medley relay.
Relay Leg - The segment of a relay race completed by a single runner.
Runway - A designated area or lane where jumpers perform their approach before a jump.
Shot - The implement used in the shot put, a round steel ball. Sit-and-kick - In a distance race, a type of racing strategy in which a runner relies on his superior finishing speed and makes no attempt to gain the lead of the race until the very end. Slow twitch muscle fiber - These highly oxidative fibers are useful for endurance activities or exercise that is low-to-moderate in intensity and longer duration. Also known as Type I muscle fibers, their high resistance to fatigue and slow contraction rate help to sustain aerobic activity. Spikes - Shoes fitted with semi-sharp “spikes” implanted or screwed into the sole of a shoe. Spikes are used to increase traction. Spin technique - A technique used in the shot put in which the thrower spins rather than gliding from the back of the ring to the front. The spin technique allows the thrower to apply force to the shot for longer than the glide technique, though both can be, and are used, successfully.
Split - The time of a particular segment of a race or running workout.
Stability training - A type of balance or resistance training aimed at increasing the stability of joints, especially during dynamic movement.
Staggered Start - Used in races from 200 meters to 800 meters that start on a curve. The starting lines are staggered lane by lane to make up for the different distance of the curve in each lane, so that each athlete starts the same distance from the finish line.
Standards - In the pole vault, the bars used to hold and measure the height of the pole. Standards are adjustable both up and down and back and forth.
Stroke volume - The volume of a blood the heart pumps or is capable of pumping in a single beat. Supercompensation - In training, the theoretical period that follows a training stimulus during which a fitness gain is present. The supercompensation model states that before any given workout, a baseline fitness level exists. Then, during the workout, the fitness level decreases as the athlete fatigues, and after the training stops, recovery begins. Ample recovery leads to the period of supercompensation, during which the level of fitness is heightened compared to the baseline. If no further training stimulus is provided, then the fitness level will return to baseline over time.
Supination - The outward rolling of the foot. In the running stride, supination occurs immediately before foot strike, as well as during toe-off. Supination is a natural part of the running stride, in which much of the potential energy stored in stretched tendons is converted back into kinetic energy. However, when runners supinate heavily, pronation is limited and shock absorption can be an issue.
Takeoff board - Also called the takeoff strip, the spot from which the long jumper or triple jumper takes off. After this, there is a foul line. Jumps are measured from the front of the board.
Throwing circle - The circle or ring in which a thrower throws the discus, shot put, or hammer.
Throwing Sector - The specified arc in which a thrown implement must land.
Toe-off - The phase of the running or walking stride when the toes (primarily the big toe) push off the ground.
Training age - The number of years a given athlete has been training seriously for his event. Training age also takes into account the quality and volume of past preparation.
Training stimulus - Any session of training — including running, jumping, throwing, plyometrics, resistance training, etc — that provides an impetus for the body to improve an element of fitness, such as strength, bone density, or stroke volume.
Trial - An attempt in a field event.
VO2 Max - An athlete's maximum aerobic capacity, defined by the maximum amount of oxygen that can be utilized by the body. VO2 max can be defined absolutely as liters per minute (l/min), or relative to body mass as milliliters per kilogram of body weight per minute (ml/kg/min).
Volume - In training, the term used to describe the total workload of an athlete.