philrealtor.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.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Wednesday, November 22, 2006

Methane gas was blamed for the explosion deaths of 8 miners in southern Polish‘s Halemba coal mine Tuesday, November 21. Officials say at least 15 are missing.

Rescue efforts were halted because dangerously high levels of methane gas returned, according to Zbigniew Madej, spokesman for state-owned Coal Co., which operates the mine.

The missing miners’ locater devices were not emitting signals, increasing rescurers’ concerns for their well-being. Grzegorz Pawlaszek, head of Coal Co., said the 15 missing miners’ fate is “not known,” but added that “there is a chance to find someone still alive.”

“This is a tragedy. People have died here,” Polish Prime Minister Jaroslaw Kaczynski said when he came to Ruda Slaska to see the blast.

Earlier Wednesday, a reconnaissance rescue team descended 3000 feet toward the blast scene, only to retreat because of safety concerns related to high methane gas levels. Rescue digging efforts were also halted because of explosion concerns.

The missing men were aged 21-59. One of the miner’s family members, Andrzej Pytlik, 30, remained on scene with his sister, hoping and waiting for news of her husband, Krystian Gaszka.

Pytlik, also a miner, said through teary eyes that, “I work in the mines and I know that hope is scant because that’s the truth.”

The explosion occurred in a closed portion of the mine where the now-missing miners were working to retrieve abandoned equipment. According to Pawlaszek, the value of the equipment was $23 million, adding that “It was new equipment and that is why we decided to retrieve it.”

He indicated that the recovery work was performed under the supervision of gas detection specialists, and that the bodies of the recovered miners were difficult to identify because of the severity of burns and because their ID tags were blown away in the explosion.

The Halemba mine, located in Ruda Slaska, has produced coal for nearly 50 years, has been fraught with safety concerns and has a track record of serious accidents. One of the oldest mines in Poland, it is centrally located in the industrial Silesia region.

Earlier this year, a miner was trapped underground in the Halemba mine five days after a cave-in. In 1990, 19 miners were killed and 20 hurt in a gas explosion, and five were killed in collapse in 1991.

Inside, priests and mining officials were comforting and counseling with distraught relatives. Outside, eight white candles flickered on a main gate wall.

Friday, July 22, 2005

The Peace Tax Seven, who are campaigning to have the 10 per cent of their taxes which go to Britain’s defence budget diverted to non-military uses, have had their case rejected by a High Court judge.

The judicial review was called for under article 9 of the European Convention on Human Rights which guarantees freedom ‘to manifest one’s religion or beliefs’ and which was made a part of British law in 1998. The Convention includes the right to conscientious objection and the campaigners claim that this gives them the right not to pay other people to go to war on their behalf.

Their statement to the court said: “We want to make a positive contribution to society by paying our tax in full. We object in conscience to paying others to kill on our behalf, but current tax policy forces us to do just that.”

The courtroom had to be enlarged to make room for supporters and the judge listened to the case for three hours.

Roy Prockter, an accountant and campaign member as well as a Quaker, said that the judge told them that “our case has no possibility of being resolved in the British courts”. According to the Guardian, the judge suggested they take the case to Strasbourg. Roy said that the members were going to take time for reflection as they awaited the written judgment from the judge.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Wednesday, November 8, 2006

Polish Prime Minister Jaros?aw Kaczy?ski has ordered the pharmaceutical company Jelfa to halt production following revelations that Jelfa had placed mislabelled medication on the market, whose use could be potentially fatal.

Jelfa distributed vials labelled as Corhydron, a hydrocortisone used to treat allergies and inflammation, but in fact containing Suxamethonium chloride, a drug normally used to cause muscle paralysis during emergency surgery.

The Health Ministry has appealed to people suffering from asthma or allergies to check their medication and return any Corhydron ampoules they possess to the pharmacy.

Polskie Radio reports that the mislabelling was discovered a month ago, but Jelfa and the Polish Health ministry did not inform of the problem.

Prime Minister Jaroslaw Kaczynski ordered Jelfa to halt production until it can assure the Polish Government that it can properly manage its production.

The Polish Outlook reports that that drug companies in Poland were operating unregulated since December, 2005 as the regulations has expired. The government was putting in place new regulations.

The owner of Jelfa is AB Sanitas, the largest drug producer in neighbouring Lithuania. The shut-down has been questioned by the Lithuanian Prime Minister Gediminas Kirkilas, who expressed concern over the situation and said that he wants to try to settle the issue diplomatically.

Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.