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Kenyatta Assents to Division of Revenue Bill 2019, Calls on Counties to Prioritize Settlement of Pending Bills

The new law allocates Sh378.1 billion to county governments for the 2019/20 financial year

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President Uhuru Kenyatta on Tuesday afternoon signed into law the Division of Revenue Bill 2019 paving the way for the release of funds to counties. Pixabay

BY GEOFFREY ISAYA

President Uhuru Kenyatta on Tuesday afternoon  signed into law the Division of Revenue Bill 2019 paving the way for the release of funds to counties. Kenyatta.

The new law allocates Sh378.1 billion to county governments for the 2019/20 financial year. Out of the total allocation, Sh316.5 billion is the equitable share of national revenue while 61.6 billion are conditional allocations to the devolved units.

The total allocation of Sh378.1 billion to county governments represents 36. 46 percent of the audited and approved revenue of the National Government for the financial year 2018/19 against the constitutional threshold of 15 percent.

The National Treasury has already disbursed over Sh50 billion to counties for the months of July and August.

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President Uhuru Kenyatta addresses a gathering of the national budget appropriation committee in Nairobi on Tuesday ,September 17 |PSCU

With the new law in place, the President reiterated  the government’s commitment to scheduled disbursement of funds to counties to enable them to continue delivering services to Kenyans.

He urged county governments to finalize their budget processes which should prioritize settlement of pending payments to suppliers such as the Kenya Medical Supplies Agency (KEMSA) for medical supplies to facilitate the delivery of the ongoing Universal Health Coverage (UHC) program.

President Kenyatta further urged county governments to come up with better systems of collecting and managing their own revenue.

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Present during the signing of the Bill on Tuesday were Acting Treasury CS Ukur Yattani, Devolution CS Eugene Wamalwa, Speaker of the National Assembly Justin Muturi, Attorney General Paul Kihara Kariuki and Treasury PS Dr Julius Muia among others.

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Apple CEO Tim Cook Took Home $125mn in 2019, Less Than in 2018

The company's stock rose by nearly 90 per cent last year

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Apple CEO Tim Cook speaks during a data privacy conference at the European Parliament in Brussels. VOA

Apple CEO Tim Cook took home $125 million as his pay package in 2019, slightly lower (nearly 8 per cent) than $136 million which he received in total compensation in 2018.

According to an SEC filing, Cook received $3 million as base salary in 2019 but his bonus slid to $7.67 million from $12 million, reports Seeking Alpha.

“Cook’s total pay fell last year as the company failed to top its financial targets by as much as in 2018, but Cook still amassed $125 million in total compensation,” the report said on Friday.

APPLE’s board set less ambitious goals for 2019, lowering its sales target by 3 per cent from 2018 to $256.6 million and its profit target by 15 per cent (YoY) to $60.1 billion.

Cook, 59, earned about $11.56 million in non-equity compensation for 2019 — a 26 per cent decline compared to 2018 when he earned nearly $15.7 million.

“In 2019, Apple’s performance exceeded the target performance goals for both net sales and operating income, resulting in a total payout of 128 per cent of the target payout opportunity for each named executive officer,” Apple said in the SEC filing.

Apple, Tim Cook, Campus, China
Apple CEO Tim Cook discusses the new Apple iPhones and other products at the Steve Jobs Theater during an event to announce new products in Cupertino, California. VOA

Apple shares hit $300 for the first time in late December and closed at $297.43 on Friday.

Apple shares hit a new all-time high of $300 on Thursday, marking significant growth over the course of the last year.

In early January 2019, Apple shares were at $144.

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Apple stock has surged owing to reports of better than expected aCE iPhone 11aCE and 11 Pro sales and reports of stronger AirPods Pro sales.

The company’s stock rose by nearly 90 per cent last year. (IANS)