supraoutletshop.com

Friday, May 12, 2006

Peter Costello’s budget announcement has led to rejoicing for small businesses, but the lack of joy for those pushing for radical corporate taxation reform has led to many businesses asking “what about us?”

Personal taxation and small business have been the big winners after this year’s federal budget. Although dampened by the twin economic threats of rising interest rates and petrol prices, there should be a reasonable amount of real income savings for both low and high income earners, with those receiving Medicare, or a superannuation benefit, privy to an even lower level of taxation (0% for those on super benefits).

Small business also has benefited from the Howard government’s 11th annual budget, with them receiving a higher level of reducing depreciation, leading to a higher level of deductions in the years following the uptake of new technology or other capital. They are also privy to a AU$435 million dollar tax cut to compensate for their changing accounting requirements under the government’s new AIFRS reporting standards, as well as increasing the uptake of both the small business tax relief scheme and CGT (Capital Gains tax) Concessions.

The budget was not a complete loss for big business however, as superannuation laws have been tweaked to streamline contribution and payment rules previously impeding those with multitudes of staff.

But this is not enough, says Big 4 accounting firm Ernst & Young. In their newly published paper “Taxation of Investment in Australia: the need for ongoing reform”. In it they lead the charge for a greater streamlining and organization of the corporate tax system in Australia, submitting that it will lead to reductions in “disincentives to work save and invest in Australia [as well as improving] the international competitiveness of Australian businesses.” This follows from a recent report brought out by Mr. Costello himself about the need for tax reform in Australia.

A budget night Mr. Costello was notably coy about any future reform of corporate tax in Australia. He alluded to the report by his ministers but kept from outlining the government’s plan precisely.

Tuesday, March 8, 2005Genetic abnormalities behind the premature aging disease Progeria have been corrected in cells in a step towards gene therapy for the condition.

Affecting about one in eight million children, Hutchinson-Gilford Progeria (HGP) causes sufferers to rapidly experience symptoms of old age.

The average life expectancy of those afflicted is just around 14 years, with many dying from such age-related conditions as heart disease.

The disease is known to be caused by a mutation in the gene lamin A.

The mutation is thought to adversely affect the expression of genes by preventing appropriate genetic “editing.”

The inappropriate editing cuts exons—”sentences” of genetic information—too short.

Tom Misteli and colleagues of the US National Cancer Institute have now found a way to correct the editing error.

They did this using synthetic molecules called morpholino oligonucleotides that Misteli likens to a “molecular Band-Aid.”

The researchers say the discovery could aid the development of gene therapy for Progeria.

The research is reported in the journal Nature Medicine.

• Paola Scaffidi & Tom Misteli. “Reversal of the cellular phenotype in the premature aging disease Hutchinson-Gilford progeria syndrome” — Nature Medicine, March 6, 2005
• “Ageing disease ‘gene clue’ found” — BBC News, March 7, 2004

Tuesday, August 23, 2005

Heavy rainfalls have caused massive floods in Southern Bavaria, Western Austria and Central Switzerland.

In Southern Bavaria authorities have declared a state of emergency. The city of Garmisch-Partenkirchen is cut off from the outside world. Near Augsburg a freeway had to be closed because a bridge was on the verge of collapsing after water had damaged the foundation.

In the Austrian states of Tyrol and Vorarlberg authorities are battling with floods that intensified during the night with record rainfall. In Vorarlberg a brook broke into a house and caused a gas explosion injuring six people. One person is missing after he and his car were swept away. In the capital of Tyrol, Innsbruck, all bridges over the Inn had to be closed. In Western Tyrol, landslides killed one man and injured another.

In Switzerland the cities of Bern and Lucerne were partially flooded. Mudslides killed two firefighters who were trying to evacuate a farm. In the canton of Zürich one man drowned, and a woman in Graubünden is missing after she too fell into a stream. The Swiss government estimates the floodings caused a damage of at least US$79 million.

Saturday, October 23, 2021

China property giant Evergrande Group wired USD83.5 million in interest owed in an offshore bond from September 23 on Thursday, temporarily averting default, according to a Reuters source and Chinese newspaper Securities Times.

The wire to a Citibank fiduciary account following a 30-day grace period came after assurances by various members of the Chinese government, Reuters reported. At a Beijing forum Wednesday, Chinese Vice Premier Liu He described the risks as controllable, and chairman of the China Securities Regulatory Commission Yi Huiman said that while authorities needed to curb excessive debt more broadly by “improv[ing] the effectiveness of the constraint mechanism on debt financing”, the matter would be dealt with properly.

Once China’s top real estate developer, Evergrande had accumulated approximately USD305 billion in liabilities, two per cent of the Chinese gross national product, after “dwindling resources” cut its value by 80%, according to Reuters. September data revealed Chinese home sales by value fell by nearly 17% year-on-year, according to The Guardian, and fears over its default led to a slowdown in China’s third quarter GDP growth to a year low of 4.9%. Two sale negotiations with rival developers Hopson Development and Yuexiu, valued at USD2.6 billion and USD1.7 billion, respectively, were suspended, reportedly due to a lack of consent by the government of Guangdong province currently overseeing Evergrande’s restructuring.

News of Evergrande’s remittance caused its shares to rise by as much as 7.8% this morning after a two-week pause in trading for the anticipated sale of 50.1% in Evergrande Property Services Group, and offering some reprieve for bondholders, according to Reuters. Portfolio manager at GaoTeng Global Asset Management James Wong, interviewed by The Guardian, called the news “a positive surprise”, adding “[i]f Evergrande pays this time, I don’t see why it won’t pay the next time.” Jun Rong Yeap for IG Asia pte., interviewed by Bloomberg, said the report “overturned” the narrative “that Evergrande will face difficulty in securing cash ahead”.

Further missed payments are due October 29 and November 11 after similar 30-day grace periods; including yesterday’s USD83.5 million, nearly USD280 million is owed to bondholders.

Stocks have been down for many major Chinese developers: Reuters Wednesday reported year-to-date stock prices fell 87.8% for Sinic Holdings, currently in Fitch Ratings’ ‘restricted default’ after failing to make an October 18 bond payment valued, according to The Guardian, at USD246 million; 80.2% for Evergrande itself; 78.3% for E-House, 58.5% for Fantasia Holdings and 54.6% for Kaisa Group, which defaulted in 2015 and had bonds reach record lows.

Estimates of the Chinese real estate market’s size range from 16 to 25% of the Chinese gross domestic product, according to The Guardian. Chinese President Xi Jinping’s aim to transform the country’s economy from one of debt-fuelled “inflated” growth to one of improved “quality and returns” included imposing regulations on developers that limited their capacity to borrow. A Guardian comment piece from economist George Magnus published on October 15 made reference to China’s “ghost cities” and “rampant credit creation” that has given rise to high vacancy rates and the “financialisaton of housing”.

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ^{((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????.} He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ^{((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.}

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

Wednesday, June 23, 2021

On Monday, Canada, the European Union (EU), the United Kingdom and the United States imposed new sanctions on senior officials and entities in Belarus over the May 23 diversion of a Ryanair flight and subsequent arrest of dissident journalist Roman Protasevich and his girlfriend Sofia Sapega, as well as “repressive practices” committed by the Belarusian government.

The joint action was aimed at putting pressure on Belarusian president Alexander Lukashenko’s “regime”, a joint statement read, citing “continued attacks on human rights, fundamental freedoms, and international law”, as well as the “politically motivated” arrest of Mr Protasevich and Ms Sapega.

The statement went on to express support for “the long-suppressed democratic aspirations of the people of Belarus”, calling for Belarusian co-operation in investigations into the incident, the release of all political prisoners, adherence to the recommendations of an expert mission by the Organization for Security and Co-operation in Europe (OSCE), of which Belarus is a participating state, and OSCE-facilitated dialogue between the government and opposition.

The circumstances surrounding the forced landing of Ryanair flight FR4978 from Lithuania to Greece in Minsk, the Belarusian capital, are contested. As reported by Sky News, state media says the diversion was due to threat of explosives on board, a claim Global Affairs Canada calls “dubious and still unverified”.

Total restrictive measures varied between the countries and regional organisation. Canada sanctioned 17 new individuals for a total of 72, and five entities described in a press release as being “due to the ongoing disregard for human rights demonstrated”.

The EU, through the Council of the European Union, extended its restrictive measures by 78 individuals and eight entities related either to human rights violations or the “forced and unlawful landing”, to a total of 166 individuals and fifteen entities. Those who are impacted, including judges, businesspeople, university rectors and government ministers, will be subject to an asset freeze, and persons affected prohibited to enter or transit through EU territory.

The measures also prohibit EU citizens and companies from making money available to the designated. According to the Associated Press, EU policy chief Josep Borrell said the measures “are going to hurt […] the economy of Belarus heavily”. The decision to affect entities, not just individuals, foreign minister of Germany Heiko Maas said, will impact the “economic areas that are of particular significance for Belarus and for the regime’s income”; those targeted include the export of fertiliser ingredient potash, and those of tobacco and petroleum.

The United Kingdom furthered sanctions levied with Canada in September on eight Belarusian officials, including Lukashenko, his son, and senior government members. New restrictions include eleven individuals and two entities, which are henceforth subject to asset freezes and travel bans.

Among those targeted includes petroleum exporter BNK (UK) Ltd, which, according to its 2019 report of the director presented to Companies House, “provides intermediate services to oil sector companies” in Belarus. According to a government press release, UK foreign secretary Dominic Raab said “cutting off oil export revenue streams” was one way the government would “hold the [Belarusian] regime to account”.

The United States, through the State Department and Office of Foreign Assets Control under the Treasury Department, imposed visa restrictions on 46 Belarusian individuals holding “key positions” in the country, according to a press release, and added 16 individuals and five entities to a designated list. In addition to concerns of the country’s “transnational repression” and “affronts to international efforts”, the US also cited the “fraudulent” 2020 Belarusian presidential election as cause for the sanctions’ imposition.

The timing of the sanctions was questioned by Belarusian Nikolai Shchekin on state media network the Belarusian Telegraph Agency, noting the date June 21 is one day before the anniversary of the start of the German invasion of the Soviet Union, or the “Great Patriotic War”. According to CNN, the US attempted to announce its sanctions earlier, prior to a meeting between US president Joe Biden and president of Russia Vladimir Putin, but was held up by the EU.