The insurance regulatory authority(IRA) as täken over the management of the troubled Standard Assurance Company following the expiry of the statutory management tanure. Justice Muga Apondi has directed the managers to hand over the company to IRA which favours the winding up of the firm over the attempts to save the insurance firm from the collapse We wonder why could the regulatory wish to wind up the company while its assets stood at 611 .9 billion kenya shilling compared to the liabilities that stood at the 1.3 billion This comes as another Insurance company as been placed under statutory management.IRA placed Blueshield insurance under statutory management until the debt are fully adressed

USA GREDIT RATING BY STANDARD AND POOR'S[downgrading]

Standard and Poor's have just down grated USA Goverments credit rating from AAA to AA+.This as led to negative reaction on world stocks even after President assured investors that USA will not default it debt .USA goverment had been warned by rating agencies it must set a new borrowing limit.so that it could reduce it debt .
Standard and Poor's underlined that US has too much debt and weak economy.JAPAN has been downgraded by Moody's causing alot of panic in Asian market to this recovering nation from the effect of earthquake.
  In Europe Greece Spain Portugal  have been down graded and mast of them need to be bail out .and recently Moody's downgraded  two banks in France

the irony of europe bail out by other continents

Its really irony to be told most of the countries in Europe need a bail out.The emerging economies of Brazil ,Russia ,India ,China and south Africa are discussing possible aid to Europe hoping it will ease the global crisis.
this is happening as many analysts are concerned that Italy could be next Eurozone to fall with it enormous debt which stands at 120percent of GDP
For many years the rest of the world has been seeing as one of the economical powers and no one ever thought it economy will be shaken as it is happen now. our hope is that they find solution soon as the rest of continent will fell the pressure

KWEKU ADOBOLI (who is this man)?

the man beind the USB Bank fraud dealings as been adentified as Mr Kweku Adoboli Ghanaian man.who was charged with one count of fraud and two counts of false accounting.He is th e san of Ghanaian Unated Nations worker.he attended international schools.
I Ghana many regarded him role model to the youth of the country.But today Adoboli is known for the wrong things

UBS BANK LOSES 2BN IN FRAUD

Swiss bank UBS said that trader has lost about 2bn dollers in unauthorised dealingand warned it might post a lossin third quarter.
Authorities said Mr Kweku Adoboli was the person behind the fraud case and that he has been arrested at london and charged.This comes so soon after former Societe Generale trader Jerome Kerviel racked up a 6.7 bn dollers loss in unauthorised deals that was found in 2008

what is financial bill

financial bill is an act that is passed by a legislature to provide money for publicspending

WHAT IS BANK RESERVE

Bank reserve; This are money that a bank has available to meet the demand of its customers

WHAT IS BANK OVER DRAFT

Bank over draft; Borrowing from a bank on a current account repayable on demand

BANK RECONCILIATION

Bank reconciliation; this is a detailed statement reconciling at a given date the cash balance  in an entity cash book with the reported in a bank statement

WHAT IS BANK STATEMENT

BANK STATEMENT     This is information sent by bank to its customers listing transactions since the last date of preview statement