Moderating Effect of Economic Growth on the Relationship Between Foreign Private Capital Flows and Securities Market Development: Evidence from Kenya

Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittances. Locally, Diaspora remittances attraction is one of the dominant development strategies with the potential of contributing to financial development. The surge in such foreign capital flows raises important questions about their impact on the financial sector, specifically, the securities market. Understanding the linkages between foreign capital flows and the securities market is critical, especially in Kenya where these inflows are rapidly increasing even amidst the global financial crisis and the global economic slowdown which should have contracted them. Available evidence shows that foreign financial flows affects financial development, and that economic growth also influence operations in the financial sector. A research gap still exists as to how the effect of foreign financial flows on securities market development may be influenced by economic growth. Using data collected from the NSE and CBK, this study examined the relationship between foreign financial flows and securities market development, while attempting to answer the critical question of how economic growth influences this relationship in Kenya. The empirical results show that there is a distinct positive relationship between foreign capital flows and securities market development in Kenya. The results further show that this relationship is moderated by the level of economic growth within the economy. This study fronts for policies aimed at promoting cheaper flow of remittances and increasing growth rate of the Kenyan economy. Keywords: Foreign Private Capital Flows, Diaspora Remittances, Securities Market Development, Nairobi Securitas Exchange, Keny

Utilising a systematic knowledge management based system to optimise project management operations in oil and gas organisations

Purpose: This research examined the efficacy of knowledge management based systems and best practices that could be used to address operational issues in the oil and gas sector. Design/methodology/approach: Given little was known empirically about the strategies and practices which contribute to improved performance, innovation and continuous improvement in the oil and gas sector qualitative method was used. Semi-structured interviews were used to derive senior managers’ constructs of project delivery efficiency and knowledge management based systems. The interviews were analysed through the use of a qualitative analysis software package NUDIST NVivoTM. Participants were selected using purposive sampling. Validity and reliability were achieved by first assessing the plausibility in terms of already existing knowledge on some of the operational issues raised by participants. Findings: These were synthesised into a framework capturing seven-well defined stages. All these steps emerged as being related; they are comprised of independent variables. These steps were found to comprise of knowledge management technology approaches, knowledge management people approaches, knowledge management strategies and value enhancing practices. Research limitations/implications: Although the findings are pertinent to oil and gas organisations, it will be important to conduct follow-up research validating the potential for using the results of this study to establish frameworks for knowledge and information management in different organisations and contexts. This will provide not only data about the validity of the framework in generic terms but will also generate additional data on the application of knowledge management strategy. Practical implications: As shown in this study, successful knowledge management based systems requires the aligning of business strategy, technology for knowledge management, project management operations with an enterprise-knowledge sharing culture. Such sharing requires managing the behaviour of project personnel such that knowledge transfer becomes part of the organisation’s norm. Social implications: The implementation of knowledge management based systems requires deliberate planning and action to create the conditions for success and put in place the strategy, leadership, goals, process, skills, systems, issue resolution, and structure to direct and exploit the dynamic nature of project work. The strategies proposed in this research cannot be expected to resolve all knowledge management issues in the oil and gas sector. However, their use defines an approach that is superior to the traditional approaches typically adopted and consequently merits far wider application. Originality/value: The proposed framework presents a better way of optimising the performance of project-based operations thus enabling oil and gas organisations to reform their poor performance on projects and empower them to better manage emerging cultural challenges in their future projects. Reflecting on their experiences, the participants confirmed that the proposed knowledge management framework and its seven well-defined stages were central to the effectiveness of knowledge management in oil and gas operations. Although the scope of this research was restricted to projects in Nigeria and the UK, the geographical focus of this research does not invalidate these results with respect to other countries. The fact is that the oil and gas sector globally shares some common fundamental characteristics

Efficacy of combination therapy using extracts of Aloe secundiflora Eng L and Callistemon citrinus William C. in Leishmania major infected BALB/c mice

Background: Leishmania major causes cutaneous leishmaniasis which leads to painful skin sores in humans. In the current study, efficacy of combination therapy of A. secundiflora and C. citrinus against L. major infected mice treated intra-peritoneally and orally was studied. Pentostam administered intra-peritoneally and phosphate buffered saline intra-peritoneally and orally were used as a controls.Objective: To determine the efficacy of combined therapy of C. citrinus and A. secundiflora extracts in Leishmania major infected BALB/c mice.Design: Experimental-Laboratory based studySetting: Kenya Medical Research Institute (Leishmania Department)Subjects: Eight weeks Male BALB/c MiceResults: The minimum inhibitory concentration (MICs) of aqueous extracts of A. secundiflora (A), and C. citrinus (B) were 2 mg/ml and 5 mg/ml respectively while the IC50 for the same extracts were 467.09μg/ml and 457.88μg/ml respectively. The combination of these extracts at ratio (1:1) supported minimal growth of L. major promastigotes and had IC50 of 58.45μg/ml as compared to MICs of 12.50μg/ml for Pentostam. The combination therapy had Infection rate (IR) of 19% and MI of 52.81% compared to Pentostam (IR=21% and MI=11.64%). The combination therapy reduced the footpad lesion size significantly (P < 0.05) just like the Pentostam control drug and no significant nitric oxide was stimulated. The oral and intra-peritoneal combination treatment reduced spleen amastigotes in mice by 73.46% and 78.12% corresponding to total LDUs of 10.87±0.64 and 8.96±0.82 respectively compared to Pentostam at 94.58% and LDU of 2.22±0.13. The difference between efficacy of Pentostam and that of combined extracts was almost significant (t= 2.653, P= 0.057).Conclusion: The combination therapy was active against L. major parasite, reduced lesion size significantly and did not prevent visceralisation but reduced spleen parasite load significantly

Uptake of home-based voluntary HIV testing in sub-Saharan Africa: a systematic review and meta-analysis

Improving access to HIV testing is a key priority in scaling up HIV treatment and prevention services. Home-based voluntary counselling and testing (HBT) as an approach to delivering wide-scale HIV testing is explored here

Estimating Loss to Follow-Up in HIV-Infected Patients on Antiretroviral Therapy: The Effect of the Competing Risk of Death in Zambia and Switzerland

BACKGROUND: Loss to follow-up (LTFU) is common in antiretroviral therapy (ART) programmes. Mortality is a competing risk (CR) for LTFU; however, it is often overlooked in cohort analyses. We examined how the CR of death affected LTFU estimates in Zambia and Switzerland. METHODS AND FINDINGS: HIV-infected patients aged ≥18 years who started ART 2004-2008 in observational cohorts in Zambia and Switzerland were included. We compared standard Kaplan-Meier curves with CR cumulative incidence. We calculated hazard ratios for LTFU across CD4 cell count strata using cause-specific Cox models, or Fine and Gray subdistribution models, adjusting for age, gender, body mass index and clinical stage. 89,339 patients from Zambia and 1,860 patients from Switzerland were included. 12,237 patients (13.7%) in Zambia and 129 patients (6.9%) in Switzerland were LTFU and 8,498 (9.5%) and 29 patients (1.6%), respectively, died. In Zambia, the probability of LTFU was overestimated in Kaplan-Meier curves: estimates at 3.5 years were 29.3% for patients starting ART with CD4 cells <100 cells/µl and 15.4% among patients starting with ≥350 cells/µL. The estimates from CR cumulative incidence were 22.9% and 13.6%, respectively. Little difference was found between naïve and CR analyses in Switzerland since only few patients died. The results from Cox and Fine and Gray models were similar: in Zambia the risk of loss to follow-up and death increased with decreasing CD4 counts at the start of ART, whereas in Switzerland there was a trend in the opposite direction, with patients with higher CD4 cell counts more likely to be lost to follow-up. CONCLUSIONS: In ART programmes in low-income settings the competing risk of death can substantially bias standard analyses of LTFU. The CD4 cell count and other prognostic factors may be differentially associated with LTFU in low-income and high-income settings

Assessing the carcinogenic potential of low-dose exposures to chemical mixtures in the environment: the challenge ahead.

Lifestyle factors are responsible for a considerable portion of cancer incidence worldwide, but credible estimates from the World Health Organization and the International Agency for Research on Cancer (IARC) suggest that the fraction of cancers attributable to toxic environmental exposures is between 7% and 19%. To explore the hypothesis that low-dose exposures to mixtures of chemicals in the environment may be combining to contribute to environmental carcinogenesis, we reviewed 11 hallmark phenotypes of cancer, multiple priority target sites for disruption in each area and prototypical chemical disruptors for all targets, this included dose-response characterizations, evidence of low-dose effects and cross-hallmark effects for all targets and chemicals. In total, 85 examples of chemicals were reviewed for actions on key pathways/mechanisms related to carcinogenesis. Only 15% (13/85) were found to have evidence of a dose-response threshold, whereas 59% (50/85) exerted low-dose effects. No dose-response information was found for the remaining 26% (22/85). Our analysis suggests that the cumulative effects of individual (non-carcinogenic) chemicals acting on different pathways, and a variety of related systems, organs, tissues and cells could plausibly conspire to produce carcinogenic synergies. Additional basic research on carcinogenesis and research focused on low-dose effects of chemical mixtures needs to be rigorously pursued before the merits of this hypothesis can be further advanced. However, the structure of the World Health Organization International Programme on Chemical Safety 'Mode of Action' framework should be revisited as it has inherent weaknesses that are not fully aligned with our current understanding of cancer biology

The Role of Galectin-1 and Galectin-3 in the Mucosal Immune Response to Citrobacter rodentium Infection

Despite their abundance at gastrointestinal sites, little is known about the role of galectins in gut immune responses. We have therefore investigated the Citrobacter rodentium model of colonic infection and inflammation in Galectin-1 or Galectin-3 null mice. Gal-3 null mice showed a slight delay in colonisation after inoculation with C. rodentium and a slight delay in resolution of infection, associated with delayed T cell, macrophage and dendritic cell infiltration into the gut mucosa. However, Gal-1 null mice also demonstrated reduced T cell and macrophage responses to infection. Despite the reduced T cell and macrophage response in Gal-1 null mice, there was no effect on C. rodentium infection kinetics and pathology. Overall, Gal-1 and Gal-3 play only a minor role in immunity to a gut bacterial pathogen