...SPECIAL ISSUE Kenya Gazette Supplement No. 77(Acts No. 3) REPUBLIC OF KENYA ____________ KENYA GAZETTE SUPPLEMENT ACTS, 2005 NAIROBI, 26th October, 2005 CONTENT ActPAGE The Public Procurement and Disposal Act, 2005 ……………… 45 ________________________________________________ PRINTED AND PUBLISHED BY GOVERNMENT PRINTER, NAIROBI THE PUBLIC PROCUREMENT AND DISPOSAL ACT No. 3 of 2005 45 No. 3 Public Procurement and Disposal 2005 Date of Assent: 26th October, 2005 Date of Commencement: By Notice ARRANGEMENT OF SECTIONS PART I - PRELIMINARY 1—Short title and commencement. 2—Purpose of the Act. 3—Definitions. 4—Application of Act. 5—Conflicts with other Acts. 6—Conflicts with international agreements. 7—Conflict with conditions on donated funds. PART II – BODIES INVOLVED IN THE REGULATION OF PUBLIC PROCUREMENT A — Public Procurement Oversight Authority 8—Establishment of Authority. 9—Functions of Authority. 10—Director-General of the Authority. 11—Term of office of Director-General. 12—Restrictions on activities of Director-General. 13—Terms of service. 14—Resignation of Director-General. 15—Removal of Director-General. 16—Staff. 17—Acting Director-General. 18—Financial arrangements. 19—Audit. 20—Quarterly and annual reports. 46 No. 3 Public Procurement and Disposal 2005 B – Public Procurement Oversight Advisory Board 21—Establishment of Advisory Board. 22—Composition of Advisory Board. 23—Functions of Advisory Board. 24—Procedures of Advisory Board. C – Public Procurement...
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...which aids price and demand discovery. It is a process used for marketing a public offer of equity shares of a company. It is a mechanism where, during the period for which the book for the IPO is open, bids are collected from investors at various prices, which are above or equal to the floor price. The process aims at tapping both wholesale and retail investors. The offer/issue price is then determined after the bid closing date based on certain evaluation criteria. 1.1 The Process: • • • • • • • • The Issuer who is planning an IPO nominates a lead merchant banker as a 'book runner'. The Issuer specifies the number of securities to be issued and the price band for orders. The Issuer also appoints syndicate members with whom orders can be placed by the investors. Investors place their order with a syndicate member who inputs the orders into the 'electronic book'. This process is called 'bidding' and is similar to open auction. A Book should remain open for a minimum of 5 days. Bids cannot be entered less than the floor price. Bids can be revised by the bidder before the issue closes. On the close of the book building period the 'book runner evaluates the bids on the basis of the evaluation criteria which may include o o o • • Price Aggression Investor quality Earliness of bids, etc. The book runner and the company conclude the final price at which it is willing to issue the stock and allocation of securities. Generally, the number of shares is fixed;...
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...Public Procurement in Pakistan 2.3 No Application in the Provinces 3. USE OF STANDARD PROCUREMENT FORMS 4. STANDARD BIDDING DOCUMENTS 5. COMMUNICATION AND RECORDS MANAGEMENT 5.1 Authority for Correspondence and Communications 5.2 Documentary Records 5.3 Responsibility and Accountability 6. PROCUREMENT POLICY GUIDELINES 7. CODE OF ETHICS SECTION TWO 1-49 STANDARD OPERATING PROCEDURES (See List in Section Two) SECTION THREE 1-17 STANDARD PROCUREMENT FORMS (See List in Section Three) SECTION FOUR ADDITIONAL NOTES TO THE STANDARD OPERATING PROCEDURES (See List in Section Four) ACRONYMS AND ABBREVIATIONS ADB Asian Development Bank AG Auditor General AGPR Accountant General Pakistan Revenue BOC Bid Opening Committee EOI Expression of Interest EPI Expanded Programme of Immunization FPC Federal Procurement Cell GFR General Financial Rules, 1951 GoP Government of Pakistan ICB International Competitive Bidding IFI International Financial Institution ITB Instruction to Bidders LC Letter of Credit LCS Least Cost Selection M&E Materials and Equipment Directorate at MoPW MCP Malaria Control Programme MoF Ministry of Finance MoH Ministry of Health, Islamabad MoPW Ministry of Population Welfare NACP National Aids Control Programme NCB National Competitive Bidding NCP Nutrition Control Programme NHF National Health and Population Welfare Facility NIH National Institute of Health NTBP...
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...An evaluation of the relationship between capitalisation and bank profitability BY SINDISO SIBANDA DEDICATIONS This project is a special dedication to my wife Esinathi Sibanda; daughters Faith and Cindy Sibanda my brother Leonard, my sister Nyembezi and my parents for their unwavering support in my studies. ACKNOWLEDGEMENTS First and foremost, I desire to convey my sincere gratitude to Mr. T Chigamba, my research project supervisor for his consistent guidance and uncountable patience throughout the project. I also want to express my gratitude to my brother Leonard for his unwavering support and encouragement during the research project. Special mention also goes to Michael my fellow student for his support. ABSTRACT The issue of bank capitalisation as it relates to profitability and the overall soundness of the financial services sector has generated a lot of debate in industry and commerce, academics and scholars propounding several pieces of literature to put to the fore their heads of arguments and possible influence the thinking of policy makers, monetary authorities in particular. The pronouncements by RBZ that banks have to have threshold of one hundred million dollars ($100,000,000) as capitalisation did not help the situation either, instead it created anxiety in the banking fraternity with other banks falling by the way side (Time bank...
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...Economics of Climate Change Sachin Sharma 11060221060 Research Supervisor: Mrs. Sukalpa Chakrabarti A Dissertation Submitted in the Partial Fulfillment of the Requirements for the Degree of Bachelor of Science in Economics (2011 - 2014) Symbiosis School of Economics CONSTITUENT OF SYMBIOSIS INTERNATIONAL UNIVERSITY (Established Under Section 3 Of The UGC Act 1956, By Notification No F9-12/2001-U.3 Of Government Of India) EXAMINERS’ CERTIFICATE This is to certify that the dissertation titled ECONOMICS OF CLIMATE CHANGE submitted by has been assessed and graded towards the partial fulfillment of the degree of Bachelor of Science (Economics) in the academic year 2011-14. ____________________________ (Signature) Name of Internal Examiner: _________________________________________ ____________________________ (Signature) Name of External Examiner: _________________________________________ Date: Time: Place: Symbiosis School of Economics CONSTITUENT OF SYMBIOSIS INTERNATIONAL UNIVERSITY (Established Under Section 3 Of The UGC Act 1956, By Notification No F9-12/2001-U.3 Of Government Of India) Submission Checklist | Tick the field on the left of the list | | INITIAL PRECONTENT MATTER | | Filled in all fields on the title page. | | Filled in the acknowledgments page. | | Filled in the executive summary page. Dissertation abstract is fewer than 350 words. | PAGE NUMBERS | | No page number...
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...The fourteenth edition of Purchasing and Supply Management focuses on decision making throughout the supply chain. Based on the conviction that supply managers, in concert with suppliers and distributors, have to contribute to organizational goals and strategies, this edition continues to focus on how to make that mission a reality. Fourteenth Edition Highlights of the Fourteenth Edition: More than 40 real-life supply chain cases afford the opportunity to apply of the acquisition process. Criteria for supply decisions have been organized into three categories: (1) strategic, (2) operational, and (3) additional. In this third category, new factors such as balance sheet and income statement considerations, dimensions of risk, and environmental and social considerations are considered. Visit the text’s Online Learning Center at www.mhhe.com/Johnson14e Michiel R. Leenders, D.B.A., PMAC Fellow Professor of Purchasing Management Emeritus Richard Ivey School of Business The University of Western Ontario Anna E. Flynn, Ph.D., C.P.M. Formerly Clinical Associate Professor Supply Chain Management Thunderbird School of Global Management Formerly Associate Professor Institute for Supply Management TM Johnson Leenders Flynn Purchasing and Supply Management Johnson Leenders Flynn MD DALIM #1093963 06/05/10 BLUE GREEN P. Fraser Johnson, Ph.D. Leenders Purchasing Management Association of Canada Chair Associate Professor, Operations Management ...
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...The fourteenth edition of Purchasing and Supply Management focuses on decision making throughout the supply chain. Based on the conviction that supply managers, in concert with suppliers and distributors, have to contribute to organizational goals and strategies, this edition continues to focus on how to make that mission a reality. Fourteenth Edition Highlights of the Fourteenth Edition: More than 40 real-life supply chain cases afford the opportunity to apply of the acquisition process. Criteria for supply decisions have been organized into three categories: (1) strategic, (2) operational, and (3) additional. In this third category, new factors such as balance sheet and income statement considerations, dimensions of risk, and environmental and social considerations are considered. Visit the text’s Online Learning Center at www.mhhe.com/Johnson14e Michiel R. Leenders, D.B.A., PMAC Fellow Professor of Purchasing Management Emeritus Richard Ivey School of Business The University of Western Ontario Anna E. Flynn, Ph.D., C.P.M. Formerly Clinical Associate Professor Supply Chain Management Thunderbird School of Global Management Formerly Associate Professor Institute for Supply Management TM Johnson Leenders Flynn Purchasing and Supply Management Johnson Leenders Flynn MD DALIM #1093963 06/05/10 BLUE GREEN P. Fraser Johnson, Ph.D. Leenders Purchasing Management Association of Canada Chair Associate Professor, Operations Management ...
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...RISK AND RETURN IN CAPITAL MARKETS SECURITY RETURNS Components of security returns • Stocks – Capital gains/losses and dividends • Bonds – Capital gains/losses and interest • Returns stated in absolute dollar or percentage terms o Absolute dollar return = (end price – beginning price + cash flow) o Percent return = (end price – beginning price + cash flow)/beginning price = absolute dollar return / beginning price • If the security is a stock, the percent return can be separated into the capital gain yield (the first term below) and the dividend yield (the second term): Rt = (end price – beginning price) / beginning price + dividend / beginning price where Rt is the return for time period t. Example You purchase a stock for $50, sell it one year later for $53. During that year, you received a dividend of $2. What are your absolute and percent returns? Separate the percent return into the two components. Capital gain = 53 – 50 = 3 Dividend = 2 Absolute dollar return = 3 + 2 = 5 Percent return = 5/50 = 3/50 + 2/50 = 6% + 4% = 10% Capital gain yield = 6% Dividend yield = 4% Example You purchase a $1000, 5%, 20 year semi-annual bond for $1050 right after a coupon payment. One year later you sell the bond for $1025. What are your absolute and percent returns? Capital loss = 1025 – 1050 = -25 Coupon payments = 5% ( 1000 = 50 Absolute dollar return = -25 + 50 = 25 Percent return = 25 / 1050 = 2.38% ...
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...Team F | FastCat | Compensation and Rewards | | Spring 2011 | Intro FastCat’s priority is to increase revenue and the new pay structure will accomplish that goal in the long run. The new, cost containment, policy rewards, among other things, behavior aligned with FastCat’s objectives. This in turn will increase revenue, innovation, and customer satisfaction. This new system will need to be assessed over time to make improvements. Choosing a multiple job structure with a person-based pay will allow FastCat to utilize a hybrid structure. We have decided to lead with pay in the more critical jobs and match with the remainder jobs which include low skill or are entry level positions. We have assessed present salaries, created a merit pay plan, and suggested a bonus structure and benefits package. Employee buy in is vital to this new structure and it is FastCat’s responsibility to keep the communication channels open. Strategy for Recognizing Performance Performance based pay plans are based on a number of dimensions. In light of the work done at FastCat, we have chosen criteria that allows for a better distribution of wages and implies sacrifice on everyone’s behalf. However, in the long run, most employees, and the organization will benefit from the new pay structure. Assess Present Salaries Changes for costs in the employee group did not directly translate for FastCat; there were several red and green circle employees. Benchmark jobs were able to alleviate...
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...Tender No. KWS/RFP/MBD/42/2012- 2013: CUSTOMER SATISFACTION SURVEY Closing Date: 21st NOVEMBER, 2012 Time: 12.00pm Kenya Wildlife Service, Headquarters, PO Box 40241- 00100, Nairobi, Kenya Tel +254 20 600800/ 602345 Fax +254 20 603792 Email: Website: www.kws.go.ke This Request for Proposal (RFP) includes the following documents: Letter of Invitation Terms Of Reference Instructions to Bidders Data Sheet Technical Proposal – Standard Forms Financial Proposal – Standard Forms Required Documentation Standard Form of Contract Head – Supply Chain Management 2 LETTER OF INVITATION Dear Sir/Madam: RE: Tender No: KWS/RFP/MBD/42/2012- 2013: Kenya Wildlife Service wishes to invite you to submit a detailed Technical and Financial proposal to provide consultancy services to undertake a CUSTOMER SATISFACTION SURVEY in (8) major Parks. Kindly submit your formal application in accordance with the requirements set forth in this Request for Proposal (RFP). Suitable consultants will be identified on the basis of their responsiveness to the requirements for the scope of the tasks and contract conditions. Kenya Wildlife Service will thereafter award the tender in accordance with procedures set out in the Public Procurement and Disposal Act, 2005 and the Public Procurement and Disposal Regulations, 2006. Eligible firms may purchase the RFP guidelines from the procurement office, Kenya Wildlife Service, between 9.00am and 4.00pm, at a non-refundable fee of Ksh.2,000.00 Further information...
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...survey of the views of institutional investors * Tim Jenkinson Said Business School, Oxford University and CEPR Howard Jones Said Business School, Oxford University Abstract Despite the central importance of investors to all IPO theories, relatively little is known about their role in practice. In this paper we survey institutional investors about how they assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe influence allocations. Although the theoretical IPO literature has tended to focus on information revelation, the survey raises doubts as to the extent of incremental information production and whether bookrunners are, in practice, able to infer investors’ valuations from their bids. We find that investor characteristics, in particular broking relationships with the bookrunner, are perceived to be the most important factors influencing allocations, which supports the view that IPO allocations are part of implicit quid pro quo deals with investment banks. JEL classification: G23, G24 Keywords : IPO, institutional investors, survey * Corresponding author: Tim Jenkinson, Saïd Business School, 1 Park End Street, Oxford OX1 1HP, UK. e: tim.jenkinson@sbs.ox.ac.uk; t: +44 1865 288916; f: +44 1865 288805. We are very grateful to the Investment Management Association, in particular Tina Johnson, Jane Lowe, and Gordon Midgely, and the Alternative Investment Management Association, in particular Mary Richardson and Emma...
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...Mergers and Acquisitions Instructor: Kai Li kai.li@sauder.ubc.ca Office Hours: by appointment Teaching Assistant: Zhang Jianing zhangjianing.jenny@gmail.com Office Hours: Wednesday/Friday 4:00 – 6:00pm Course webpage: http://finance.sauder.ubc.ca/~kaili/SAIF as well as on SAIF BB system Course objectives Corporate Finance is the art and science of making important corporate decisions under the guidance of relevant financial theory, advanced quantitative methods, and careful study of previous business decisions and outcomes. Mergers and acquisitions (M&As) offer a lens into a variety of financial management practices, and are a critical time in the life of a corporation. In this course we will use M&As as a focal point in our study of corporate finance. We will draw on, and extend your knowledge of finance topics including valuation, capital structure, financial distress, financial statement analysis, working capital management, securities markets, securities issuance, agency theory, corporate governance, executive compensation, and real and financial derivatives, and apply to M&As. Our study of change of control will include the economic motivations for M&A activity, advanced valuation, transaction structuring, creative financing, risk management, tactics for friendly M&A negotiations and hostile transactions, leveraged buyouts (LBOs), due diligence, and execution. By the end of the course you should: Be able to identify motives for transactions Understand reasons for...
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...INDEX FUNDS.. FM n FS PROJECT Active and Passive Management Before we get into the details of index funds, it's important to understand the two different styles of mutual-fund management: passive and active. Most mutual funds fit under the active management category. Active management involves the art of stock picking and market timing. This means the fund manager will put his/her skills to the test trying to pick securities that will perform better than the market. Because actively managed funds require more hands-on research and because they experience a higher volume of trading, their expenses are higher. Passively managed funds, on the other hand, do not attempt to beat the market. A passive strategy instead seeks to match the risk and return of the stock market or a segment of it. You can think of passive management as the buy-and-hold approach to money management. Defn- An index fund a collective investment scheme that aims to replicate the movements of an index of a specific financial market, or a set of rules of ownership that are held constant, regardless of market condition. An index fund is a mutual fund which merely invests in the securities in the index. It is passive, in the sense that absolutely no effort is made to produce results better than the index. HISTORY: Index funds haven't been around forever -- how did they come about? Long ago, there was a student at the University of Chicago who studied modern ideas of finance taught...
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...STUDY NOTES FOR GFOA BUDGETING EXAM A. SOURCE: LOCAL GOVERNMENT FINANCE – CONCEPTS & PRACTICES Chapter 4 – Operating Budgets: A budget can be a process, a document, an accounting ledger, a plan, or a system. Local gov’t budgeting process unique – product of geographical, historical, economic, political and social factors peculiar to that jurisdiction. Budgeting is a unified series of steps to line and implement four functions: ❑ policy development – as policy instrument, CEO and legislative body need to articulate the goals, objectives and strategies that underline the budget – the flip side of proposing policy changes is accountability ❑ financial planning – includes gov’t financial condition; current/past-year trend financial act. by dept or prog; formal revenue est; look to the future to anticipate events/conditions; ensure debt service remains under control (while debt service receives first draw on municipal exp, financial plan set a rational debt service level for multi-year period ❑ service/operations planning – blueprint that governs the amount of service provided ❑ communications – way for decision makers to communicate changes in priorities, rationale for decisions and changes to vision in the future The final step in securing a framework w/in w/c the needs of policy setting, financial planning, service planning and communications can work is the development of quantitative performance measures. Environment/actors dictate the extent...
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...Managing Negotiation Introduction From reaching an agreement with a large client to bargaining for a higher starting salary, the ability to negotiate effectively is a critical component of success in business. One fundamental aspect of a negotiation is if it will be approached as distributive bargaining or as an integrative negotiation. Distributive bargaining is a competitive, zero-sum negotiation in which there are a limited amount of resources available, while integrative negotiation takes place when “the parties’ goals are not seen as mutually exclusive and in which the focus is on making it possible for both sides to achieve their objectives” (Nelson and Quick 2009). For example, a dispute over land would necessitate distributive bargaining, whereas a partnership between two firms to buy and sell a product could be made through integrative negotiation. The process of two or more parties reaching a joint decision is influenced by a variety of factors. In analyzing business negotiation, we will first give an overview of past scholarly research on the topic, and then explore more current mental models of negotiation. We will also examine the possible hurdles to reaching agreements posed by cross cultural differences, particularly between American and Chinese business people. Finally, we discuss the relative importance of BATNAs (Best Alternative to Negotiated Agreement) and contributions in the bargaining process. History of Negotiation Research In the 1960’s...
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