8 Things You Should Know this Morning

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12 years ago

1. Counties Face KES 133Billion in Budget Crisis, MPs Warn

A new parliamentary report has exposed massive poverty in the counties, which requires a cash injection of Sh133 billion next year to help plug their budgetary deficits, if they are to function adequately. All the 47 counties can only raise Sh17 billion in revenue every year, far below the Sh150 billion needed to fund them, according to the Budget Watch report dated September 25.

2. List of Tax Deflaulters to Go Public

Those of you who will fail to remit their taxes to Kenya Revenue Authority (KRA) will be named and shamed in public. Finance Minister Njeru Githae has introduced a clause in Kenya’s tax laws in an amendment to the Income Tax Act that will ensure that any person owing KRA shall be served with a notice through print media of national circulation.

3. Normal operations resume at Kenya Airways:

Operations at Kenya Airways have resumed after Kenya Airways pilots under their union, the Kenya Airlines Pilot Association reinstated their goodwill Sunday following consultations and agreement on the dispute on interpretation of some operating procedures with the management of Kenya Airways.

4. EAC integration process under threat from member states actions:

The East African Community secretary general, Amb Richard Sezibera, will today open a discussion in Kampala that is expected to shape the future of the EAC integration, amid threats of disharmony brought about by unilateral decisions made by member states.Traders have argued that KRA’s actions were outside the EAC spirit.

5. On Preferring Facebook Over Sex

Researchers at the University of Chicago Booth School of Business say the desire to indulge in Facebook, Twitter and other social-media pastimes is among the strongest temptations we now face — right up there with sex and cigarettes.

6. Global Food Prices up 1.4%

Latest data from Food and Agriculture Organization (FAO) of the United Nations shows that food prices around the world rose 1.4%( 3 points) to 216 points in September from 213 points in August. The rise reflected strengthening dairy and meat prices and more contained increases for cereals. Prices of sugar and oils, on the other hand, fell.

7. Investors Gain KES 290 Billion as Foreign Investors Raise Share Prices

Market data for up to the third-quarter of the year shows that total investor wealth — as measured by market capitalisation — has risen by Sh289.85 billion, or 38.38 per cent to Friday’s closing level of Sh1.158 trillion, from Sh868.24 billion as at the beginning of the year. Foreign investors in search of high returns have been the main drivers of the share price increases, bidding mainly for select blue chip stocks that are included in indices tracked by international financial services firms and data providers.

8. Minority Owners Allowed to Sue CMC Directors

Minority shareholders of CMC Holdings have been given the nod to sue the troubled auto firm’s management and directors for losses and failure to hold an AGM. Commercial Court judge Daniel Musinga accepted an application by four minority shareholders to pursue the derivative action suit, which is legal proceeding initiated by a shareholder against an insider of a company for breaches that the management is not willing to handle

Shareholder derivative suits are unique because under traditional corporate law management is responsible for defending the corporation against suits.