Calls for corporate tax reform in Australia goes unheeded

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, May 29, 2007

File:Bathurst location map in New South Wales.PNG

Police searching for the remains of missing Bathurst woman Janine Vaughan have discovered bones which they claim may belong to the missing woman. Ms Vaughan disappeared after being seen getting into a red car with a male after being a Bathurst pub on December 7, 2001.

On Sunday, police began a fresh search for the missing woman’s remains after they received new information. On Monday at approximately 3:00 p.m. AEST police discovered bones during a ground sweep of an area off Montavella Road, Gormans Hill adjacent to the Macquarie River. Forensic services police were bought in several hours later, but initial tests proved inconclusive.

Police were guarding the site overnight and forensic officers are expected to conduct further tests today.

Police also search bushland near a creek at Yetholme, 15 km East of Bathurst on Monday using two specialist cadaver dogs on loan from Queensland Police.

Police have revealed that the search has prompted several members of the local community to call the police’s Crime Stoppers hotline with information. Chief Superintendent Mark Holahan said “It’s a cross-section of information. Some of it will probably lead us to some new lines of inquiry, and some of it will help us to reaffirm some of those things we already know.”

The detective who led the initial investigation into Ms Vaughan’s disappearance for several days continues to be a person of interest to police in the case. The detective, Brad Hosemans, is also a former deputy mayor of the city. Mr Hosemans, who has since left the police force, has denied any involvement.

Chief Supt. Holahan said the former detective was only one of a number of persons of interest in the case.

The Police Integrity Commission has investigated the initial handling of the case but is yet to hand down a finding.

Tuesday, January 12, 2010

New Jersey’s state legislature has passed a bill that will legalize medicinal marijuana for patients with chronic disease. The state’s outgoing Governor, Jon Corzine, said that he will sign the bill before he leaves office next week. Upon passage of the bill, New Jersey will become the 14th state in the nation to permit medical marijuana.

Patients with a prescription would be able to purchase up to 2 ounces (56.7 grams) of cannabis per month. The bill specifies that only certain chronic diseases are eligible, ALS, AIDS, cancer, muscular dystrophy, and multiple sclerosis. The bill specifically bans the unlicensed growing of cannabis, driving under the influence of the drug, and only allows six licensed dispensaries in the state.

One of the supporters of the bill, Assemblyman Reed Gusciora said that “I truly believe this will become a model for other states because it balances the compassionate use of medical marijuana while limiting the number of ailments that a physician can prescribe it for”.

Opponents of the bill point to California where they say that cannabis is too loosely regulated. Governor-elect Chris Christie said that “I think we all see what’s happened in California,” he said. “It’s gotten completely out of control.”

Tuesday, January 29, 2008

Mauritanian refugees stuck in Senegal for nearly two decades after fleeing ethnic clashes in their home country have begun returning to Mauritania under a U.N.-sponsored program. But many do not want to return.

There were goodbye ceremonies and welcoming ceremonies attended by officials on both sides of the Senegal River as more than 100 former refugees were ferried on motorized pirogues.

A spokesman for the United Nations refugee agency, Alphonse Munyaneza, explained international funding will help pay for resettlement.

“Each refugee returning back to Mauritania will receive a piece of land equivalent to 140 square meters for establishing a house. UNHCR and the government of Mauritania will provide construction material so that they can build a house,” explained Munyaneza. “We will provide three months of food ration. We will provide a tent also.”

Mauritanian refugee children broke out in song and laughter when officials arrived at their camps close to the border to get the process going.

There are more than 20,000 Mauritanian refugees in Senegal. Officials say the return program will extend over 18 months.

One of those happy to go is Haddy Sy. She says she left Mauritania after she was beaten up. This took place during a wave of ethnic violence that began in Arab Moor-dominated Mauritania in 1989 and escalated into border clashes, forcing tens of thousands of black, mostly ethnic Fula, Mauritanians into exile.

In the late 1990s, more than 30,000 refugees returned by their own means and some U.N. assistance.

Sy says she is leaving behind many good things in Senegal, including a peaceful setting, but that she is still happy to return to her home country.

Since taking office last year, the government of the elected, post-coup President Sidi Ould Cheikh Abdallahi has been making efforts to bring home the refugees, including several thousand more in Mali.

But many in Senegal do not want to return home, like Yaraah Sow, who lives in the Dagana refugee camp about 400 kilometers northwest of Dakar.

He says he is still very bitter about what happened nearly 20 years ago. He said his father, who was a civil servant, was attacked by a mob and died of internal bleeding at the gates of a hospital after doctors refused to treat him.

Sow accuses the military of seizing all his family’s property. He says that two of his younger brothers died on the trip to Senegal. He says his children are now going to school and that they are better off in Senegal.

One of the refugee leaders, Mohamed Ali Sow, who left when he was 10, says he is studying at a university in Senegal to become a lawyer to defend the rights of chased out Mauritanians.

He says the return program has been rushed, because he says people who had their property seized, houses burned, and jobs taken away, should have guarantees these will be restored. He says until then, he does not think it is wise to go back.

Monday, November 28, 2005

SpaceX called off the much-delayed inaugural launch of their new Falcon 1 rocket on Saturday from Kwajalein’s Omelek Island launch site. The intent was to launch the U.S. Air Force Academy’s FalconSat 2 satellite, which will monitor plasma interactions with the Earth’s upper atmosphere and magnetosphere.

The launch was delayed, then finally cancelled after an oxygen boil-off vent had accidentally been left open. The oxygen was unable to cool the helium pressurant, which then proceeded to evaporate faster than it could be replenished. A main computer issue, probably serious enough to cause a scrub on its own, was also discovered.

This long-anticipated flight was originally expected to be launched in January 2005, however a series of setbacks forced a series of delays, with the flight most recently scheduled to be in early 2006. It was intended to be launched from the Kwajalein atoll in the middle of the Pacific Ocean.

The maiden voyage was originally intended to launch from Vandenberg Air Force Base in California with a Naval Research Laboratory satellite and a Space Services Incorporated space burial payload.

Saturday, February 14, 2009

Investigators in Ireland have found wiring problems in several Virgin Atlantic Airbus A340s as part of their investigation into a fire on board one such aircraft that was forced to divert to Shannon Airport.

The Virgin jet was headed from London Heathrow Airport to Chicago with 143 passengers and thirteen crew on January 11 this year. A small fire was noticed in a waste bin storage area in the first class section’s bar unit.

A damaged wiring loom could be seen sticking out of a hole in the compartments floor, and there was visible electrical arcing in the area. An attempt was made to control the situation by switching off electrical circuits, but both the fire and the arcing continued unchecked.

The aircraft’s captain declared an emergency and diverted to Shannon, which the airliner reached thirty minutes later. During that time, the crew used five 1kg fire extinguishers upon the fire, but each time the arcing continued and after about five minutes the fire reignited. Witnesses described the fire as consisting of “licks of flame”.

After performing a safe emergency landing the airport’s Aircraft Rescue and Firefighting department tackled the fire with a 5kg extinguisher but met with similar results. After consulting with the crew the jet’s power was completely shut down, after which the fire was finally put out. Virgin initially claimed the fire had never occurred.

Investigators with Ireland’s Air Accident Investigation Unit (AAIU) inspected the loom and found it to be “completely severed” and exhibiting “strong evidence of burning/arcing” according to a preliminary report released on Friday. The loom was identified as providing power and dimming circuits for mood lighting in the bar.

The AAIU says that it seems the loom had contacted the metal waste bin in the compartment above. There should have been rails to hold up the bin and a protective metal cover, but “no evidence” of these was found and the report notes that “Initial inspection indicated the possibility that they were never fitted.”

The bar unit is a modification exclusive to Virgin. The AAIU ordered all 36 of the airline’s A340s worldwide inspected, with both France and the United Kingdom assisting with this. The UK has identified four other aircraft with faulty wiring, it has now been revealed. Virgin says that “A few minor issues were found and were immediately rectified,” and adds that “The installation of the bar was carried out in accordance with all relevant regulations. Virgin Atlantic continues to assist the AAIU in their investigation and looks forward to the full report with interest.”

The AAIU says that “significant other issues are being examined by the investigation” in addition to the wiring defects. “These include the difficulties faced by the crew in isolating the damaged circuits, the emergency checklist, the design of the modification and the standards relating to such modifications,” said the report.

Virgin’s Boeing 747-400 fleet also has a similar bar installed on it, but there was not considered to be a risk to the aircraft’s wiring on that model. The fire involved a bar added three years ago, with the aircraft manufactured in 1998.

Saturday, April 23, 2011

Yao Jiaxin, a 21-year-old student at the Xi’an Conservatory of Music, was sentenced to death on Friday. Yao, from Xi’an in China’s Shaanxi province, was convicted of homicide after stabbing a cyclist to death.

On the night of October 20, 2010, Yao ran into 26-year-old cyclist and mother of a two-year-old, Zhang Miao, while driving his car. After he saw her writing down his vehicle’s license plate number following the accident, he feared she would report him, and proceeded to murder her by stabbing her six times. Prior to her murder, Zhang had suffered only minor injuries in the accident, according to police.

On October 23, after being accused of murdering her, Yao went to the local police station with his parents and confessed to the crime. He said he killed Zhang because she had seen his license plate number, and he feared that the “peasant woman would be hard to deal with.”

During a three-hour trial on March 23, 2011, Yao’s lawyer pleaded for a lenient sentence, saying it was a “crime of passion.” Yao tearfully described how he had been forced to play the piano, leading him to thoughts of suicide. But prosecutors and judges said Yao did not deserve leniency, as he had not attempted to help the woman after the accident but instead murdered her.

Public passions were raised and some thought Yao would get off through the influence of his family. The case triggered a public debate over the death penalty.

“The motive is extremely despicable … the measures are extremely cruel … and the consequence is extremely serious,” said the court in its judgment.

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Thursday, May 25, 2006

A Pakistani immigrant was convicted on Wednesday of plotting to blow up a New York City subway station in a case that shed light on police investigation tactics since the Sept 11 attacks.

Shahawar Matin Siraj, faces a maximum life sentence after a Brooklyn federal court jury convicted him of conspiring to place and detonate an explosive on the city’s mass transit system.

Siraj, 23, was arrested on the eve of the 2004 Republican National Convention on charges he planned to attack a subway station in Herald Square, the dense Manhattan shopping district that includes Macy’s flagship department store.

Siraj claimed he was entrapped by an over-zealous police informant twice his age, Egyptian Osama Eldawoody, 50, who met the Siraj in an Islamic bookstore while spying on mosques for the New York police.

Taped conversations between the two men were played by prosecutors during the trial plans were discussed to bomb the Herald Square subway station in midtown Manhattan.

Mr Eldawoody testified in 2003 and 2004 that he served as the ‘eyes and ears’ of the police and was paid more than US$100,000 to report about daily mosque activities, including prayers.

Prosecutors said Siraj had the will to carry out a plot supporting his extremist views. Their case was strengthened by the testimony of a co-conspirator who pleaded guilty in the case and an undercover police officer who said Siraj openly supported Al-Qaeda leader Osama bin Laden.

The jury also heard testimony by a Bangladeshi-born undercover police officer, who met Siraj while infiltrating a Muslim neighborhood as part of an investigation following the Sept. 11, 2001, terrorist attacks.

During one conversation, Siraj “complimented” Osama bin Laden, the officer testified.

“He said he was a talented brother and a great planner and that he hoped bin Laden planned something big for America,” said the officer, who testified under an alias because he is still involved in active investigations.

“The verdict is an important milestone in safeguarding New York against terrorist plotters whether home-grown or foreign,” said New York Police Commissioner Raymond Kelly.

Friday, June 4, 2010

Funerals and prayers for nine activists, who died in Israel’s Gaza flotilla raid, were held in Istanbul on Thursday.

Tens of thousands attended the funeral of the nine Turkish nationals, including one teen of dual U.S.-Turkish citizenship. The coffins were draped in Turkish and Palestinian flags. There was widespread anger from those attending. Released activists arrived to their home countries yesterday and today.

The Turkish President Abdullah Gül said that Turkey would act calmly and said;

The youngest of the nine activists killed, a 19-year-old high school student Furkan Dogan, was shot in the head and chest. He was born in Troy New York, but moved to Turkey when he was two. He will be buried in his family’s hometown of Kayseri in central Turkey on Friday. A United States State Department spokesman said it would probe the death of the Turkish-American killed, but said the FBI were not involved “at this point.”

Israeli PM Benjamin Netanyahu insisted that soldiers were acting in self-defence. He said the activists were not peace activists but “violent supporters of terrorism”. Israel has stated that of the 7 soldiers wounded during the assault, 2 were shot with weapons wrestled from Israeli forces. But Swedish activist Mattias Gardell scoffed at such statements, replying, “the Israelis started shooting first. We had no weapons, the Israelis had weapons”.

Abdullah Gül said Israel committed “one of the biggest mistakes ever in its history,” and the Turkish Prime Minister Recep Tayyip Erdo?an called Israel’s actions “a historic mistake.” The leader of the Islamic charity IHH spoke to the crowd, saying, “The whole world supports us. We will shake the foundations of Zionism”.

The activists had attempted to break the Israeli blockade of Gaza. The Irish ship MV Rachel Corrie arriving some time this weekend, will be the next ship to challenge the blockade.

Sunday, February 13, 2011

With a fourth-quarter investment earnings of $3.9 Billion CAD, largely driven by stock market rises, the Canada Pension Plan’s (CPP) assets rose to $140.1 Billion reported the CPP Investment Board on Thursday.

Rate of return for the quarter netted three percent, bringing the first nine months of the fiscal year to 8.3%. The fund’s broad exposure to equities, in concert with a good quarter for stocks both in Canada and internationally, was largely to be credited according to CEO David Deneson.

The assets value rose from $127.6 Billion March 31st 2010, to $138.6 B on September 30th, to $140.1 B December 31st. The $3.9 B investment earnings, 3.58 of which came from the 54% of the portfolio in equities, was partially offset by seasonal outlays of $2.4 B to plan members.

The fund was very active throughout the calendar year, and particularly active in infrastructure, real estate, and private equity. As part of a consortium they completed the $4.8 B purchase of UK-based Tomkins plc, as well as purchasing Australian-based Intoll for $3.4 B thus acquiring a 30% stake in the 407 Express Toll Route (ETR) near Toronto — which they expanded purchasing a further 10% stake from Spain’s Concesiones de Infraestructuras de Transporte, S.A. (CINTRA). They acquired a 25% equity stake in Westfield Stratford City, a retail complex adjacent to London’s Olympics venue, among many real estate ventures.

The CPP fund covers every province except Quebec, whose Caisse de Depot et Placement du Quebec is the only larger pension fund in Canada. The five-year annualised investment rate of return for the CPP reserve fund was 3.5%, its 10-year rate of return was 5.6%, at the close of 2010. The fund was established in 1997.