Resources lead JSE slump

first_imgLocal marketsThe JSE shed 0.92% on Thursday as an oversupply of iron ore in China saw the value of local iron producers fall, dragging the resources sector down 2.19%.The rand lost ground against all major currencies to close the day at R10.64 to the US dollar, R17.60 to the British pound and Rx14.01to the euro.Renewed tensions in the Ukraine saw brent crude rise 0.07% as investors expressed concerns over increased risk of energy supplies.International marketsOn Asian markets, a stronger yen saw Japan’s Nikkei Index drop 0.48%, while China’s Shanghai Index continued yesterday’s losses, falling 0.62%, and Hong Kong’s Hang Seng Index lost 0.51%.European markets traded weaker on Thursday as investors considered valuations and increased geopolitical tensions. The German DAX closed 1.24% down, the French CAC40 dropped 0.6% and the English FTSE slipped 0.36%.American markets also faired worse after retailers reported poor earnings and violence in the Ukraine flared. The Dow Jones traded 0.3% weaker, the S&P 500 ended 0.21% lower and the Nasdaq fell 0.24%.Share price newsAfter investors sold 720,299 shares in 546 deals, Murray And Roberts Holdings (MUR) gained 3.59% to close at R26.25 a share, putting them on Thursday’s list of shares above R1 to gain the most over the day. Joining it was soft goods retailers Taste Holdings (TAS), which added 4.29% after 84 deals traded 263,136 shares resulting in a closing share price of R3.40. The company announced that it had raised R180 million for further growth declaration announcement in respect of the Taste rights offer.Amongst the top movers downwards of whose share prices are greater than R1 was Impala Platinum Holdings (IMP), which fell to R97.00 after 6,799 deals resulted in 3,633,310 shares swapping hands, sending the share price down 5.27%. The company released summarised consolidated annual results for the year ended 30 June 2014. After investors traded 2,484,364 shares in 3,838 deals, BHP Billiton (BIL) slid 2.92% to R334.00 a share. The company announced the cancellation of treasury shares.Sharenetlast_img read more

Massachusetts ~ Corporate Income Tax: Subsidiary Denied Security Corporation Classification for Failure to Comply With Application Procedures

first_imgCCH Tax Day ReportThe Appellate Tax Board (ATB) has determined that a taxpayer and principal reporting corporation for a Massachusetts combined unitary group was not entitled to an abatement of additional corporate excise taxes, penalties for the substantial understatement of tax liability, and interest because one of its subsidiaries did not qualify as a security corporation and, therefore, could not be excluded from the taxpayer’s combined return. The Massachusetts Commissioner of Revenue (Commissioner) denied the subsidiary’s classification as a security corporation because the taxpayer failed to file an application seeking such a classification for the subsidiary, as required by statute. The denial of securities-corporation classification for the subsidiary had two negative effects for the taxpayer. First, the subsidiary had a higher tax liability, because a corporation engaged exclusively in buying, selling, dealing in, or holding securities in its own behalf and not as a broker receives favorable Massachusetts corporate excise tax treatment. Second, the taxpayer, as the parent corporation, also had a higher tax liability because the Massachusetts taxable income of the combined group included the subsidiary’s income. The parties stipulated that the taxpayer never made an actual application for the subsidiary’s classification as a securities corporation before the end of any of the tax years at issue. However, the taxpayer argued that there were no clear procedures in the applicable statute or regulations about the application process, that the subsidiary’s filing of separate tax returns for the tax years at issue was a reasonable step to notify the Commissioner of the taxpayer’s claim that the subsidiary was a security corporation, and that the Commissioner acquiesced in the classification by accepting the subsidiary’s separate returns. The ATB rejected this argument. First, the applicable statute clearly requires a taxpayer to file an application requesting classification as a securities corporation before the end of the tax year, unless the commissioner has already approved an application for a prior tax year. Second, contrary to the taxpayer’s contention, a regulation reiterating the statutory application process for a securities corporation was in place during the tax years at issue. Finally, the Commissioner’s acceptance of the subsidiary’s separate returns, without selecting them for audit, was not equivalent to the Commissioner’s acquiescence in the subsidiary’s classification as a securities corporation. The Commissioner’s failure to enforce a statutory provision, the ATB said, has no effect on its authority. Therefore, the assessments of additional corporate excise tax based on the determination that the taxpayer’s subsidiary did not qualify as a securities corporation and that it should have been included in taxpayer’s combined reporting group, were proper. Moreover, the taxpayer failed to provide any evidence to prove that it was not negligent or in disregard of statutory requirements from its failure to comply with the security corporation application procedures. Since the understatement of tax was greater than 10% of the amount required to be shown on the taxpayer’s return, it was proper to impose a 20% penalty for substantial underpayment of tax. However, the ATB found that the penalty amount was miscalculated by the Commissioner and the taxpayer was entitled to an abatement of a portion of the penalties.TechTarget, Inc. v. Massachusetts Commissioner of Revenue, Massachusetts Appellate Tax Board, Nos. C314725, C314726, November 18, 2016, ¶401-602last_img read more

10 months agoChelsea prepared to report Bayern Munich for tapping up Hudson-Odoi

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say Chelsea prepared to report Bayern Munich for tapping up Hudson-Odoiby Paul Vegas10 months agoSend to a friendShare the loveFrustrated Chelsea are prepared to report Bayern Munich to FIFA for tapping up Callum Hudson-Odoi.Bayern have bid £35million for 18-year-old Hudson-Odoi, understood to be an initial £15m with £20m in add-ons.”He is fast, good at dribbling, he would fit very well into our team,” said Bayern sporting director Hasan Salihamidzic on Wednesday as he addressed the media at a training camp in Qatar.Premier League rules prohibit such public comment but Bayern have not broken any FIFA regulations unless they are found to have “tapped up” Hudson-Odoi.Chelsea do not want to sell but they could lose him for next to nothing when his contract expires in summer 2020. last_img read more

This Years Indians Are Secretly Better Than Last Years

*Second place in the 2017 AL Central division is currently tied.Excludes strike-shortened seasons in 1981 and 1995.Sources: Retrosheet, ESPN Stats & Info The Indians are on pace to outplay their World Series versionProduction per 162 games for 2016 and 2017 Cleveland Indians 1985NL WestSDPLAD2.08.4-6.4LAD Nobody has secretly dominated like the 2017 IndiansDivision leaders with largest difference between actual and Pythagorean-predicted leads through 82 games, 1969-2017 2017AL CentralCLEKCR*2.08.5-6.5— 201694.691.247.0 201786.992.847.1 So the good news for Cleveland is that it’s badly outplayed both of its would-be division challengers. The bad news is, that’s not always enough. Among the midseason division leaders on the list above, only two-thirds of them ended up eventually winning the crown, despite starting off with an average lead of 3.3 games.Even so, FiveThirtyEight’s MLB Elo ratings give the Tribe a 70 percent chance of winning the Central and an 81 percent shot at making it back to the playoffs, despite what’s shaping up to be a crowded AL wild card picture. You wouldn’t guess it from the standings, but if the Indians just keep playing the way they have been, they should be right in the thick of things again come October.Check out our latest MLB predictions. The biggest factor holding Cleveland’s record back has been a distinct lack of clutch hitting: Tribe hitters have the majors’ third-worst on-base plus slugging (OPS) with two outs and runners in scoring position, and its second-worst OPS in “high leverage” situations. But their vaunted relief pitching — led by do-everything relief ace Andrew Miller — has been as good as advertised, as have starters Corey Kluber and Carlos Carrasco. Although Carlos Santana, Jason Kipnis, Edwin Encarnacion and Francisco Lindor have all been various degrees of disappointing in the first half, third baseman Jose Ramirez has enjoyed a breakout season (he ranks 11th in the majors in WAR). Taken altogether, Cleveland is playing just fine.But the team happens to be caught up in one of the most misleading division races ever, as far as the standings go. Through 82 games apiece, the AL Central-leading Indians’ record was two games better than those of the Royals and Twins.2Cleveland played its 82nd game on July 4, while Kansas City and Minnesota have currently played 83 games. But according to Pythagorean records, Cleveland “should” be 8.5 games up on Kansas City, and 10.9 games up on the Twins, whose -54 run differential is almost exactly the negative mirror image of the Indians’ mark.That 8.9-game difference between Cleveland’s actual and Pythagorean leads over Minnesota is the biggest gap between a division leader and runner-up at this stage of the season3Through 82 games. in the history of divisional play (since 1969): 1972NL EastPITNYM5.013.3-8.3PIT 1989NL WestSFGHOU2.08.6-6.6SFG YEARDIVISIONLEADERNO. 2ACTUALPYTHAG.DIFF.WINNER Just like its struggling World Series counterparts in Chicago, things haven’t been easy for the Cleveland Indians’ pennant defense this season. The team that was one ninth-inning run away from stunning the Cubs last November looked even stronger heading into this season. The core of young talent was intact, a pair of aces missing from its postseason run were healthy, and the normally frugal Indians’ front-office shelled out $60 million for a new slugger. But despite an enormous on-paper advantage in talent, the Tribe hasn’t exactly blown the doors off the American League.Cleveland was trailing in the American League Central as recently as the last week of June; even now, they only lead the second-place Minnesota Twins and Kansas City Royals by a game and a half each. For a franchise that hasn’t made back-to-back playoff appearances since 1999, the 2017 Indians appear on the surface to be headed for disappointment, just like every other season on the Cuyahoga since 1948.But unlike the Cubs, who’ve mostly earned their disappointing sub-.500 record, Cleveland has played much better this season than their Ws and Ls would indicate. The team’s +58 run differential ranks seventh-best in major league baseball, placing it firmly in the next tier of contenders below the dominant Dodgers/Astros/Diamondbacks/Yankees/Nationals group at the top of the game’s pecking order. According to both the Pythagorean expectation (which converts a team’s run differential into an expected winning percentage) and total team wins above replacement1All mentions of WAR in this story will refer to an average between the competing versions offered at Baseball-Reference.com and FanGraphs. (WAR), the 2017 Indians have been superior to the 2016 version that ultimately ended up winning the AL pennant: 2012AL CentralCHWCLE2.08.6-6.6DET 1993AL WestCHWKCR1.06.7-5.7CHW 1971AL EastBALBOS3.09.3-6.3BAL 1992AL WestMINOAK1.08.7-7.7OAK WINS 1997NL EastATLFLA4.09.8-5.8ATL SEASONACTUALPYTHAGOREANWINS ABOVE REPLACEMENT 1970NL EastNYMPIT2.07.1-5.1PIT 1976NL WestCINLAD6.013.5-7.5CIN 1989AL EastBALNYY6.011.2-5.2TOR 2008AL CentralCHWMIN1.07.8-6.8CHW Difference-7.7+1.6+0.1 1969AL EastBALBOS12.018.1-6.1BAL 1985NL EastSTLNYM3.09.1-6.1STL 2008NL EastPHIFLA1.08.9-7.9PHI 1998NL CentralHOUMIL7.013.2-6.2HOU DIVISION LEAD Sources: Baseball-Reference.com, FanGraphs 2017AL CentralCLEMIN*2.010.9-8.9— 1973AL WestOAKANA1.06.3-5.3OAK 2007NL WestSDPARI1.09.3-8.3ARI read more

Former Cincinnati Red Barry Larkin voted into Baseball Hall of Fame

In his third year of eligibility, former Reds shortstop Barry Larkin was voted into the Baseball Hall of Fame on Monday. Larkin, who is the only player elected to the Hall of Fame this year, received 86.4 percent of the vote from the Baseball Writers’ Association of America. A player needs at least 75 percent of the vote in order to be inducted. Larkin spent his entire major league career with the Cincinnati Reds from 1986-2004. In that time, he batted .295 and tallied 198 home runs, 960 RBIs, 2,340 hits and 379 stolen bases. Only Pete Rose has more hits in a Reds uniform. Larkin also won three Gold Gloves, the National League MVP award in 1995 and was a member of 1990 World Series team that swept the Oakland Athletics. Larkin’s nine Silver Slugger Awards, given to the best offensive player in both leagues at each position, is second-most all-time by an infielder behind only Alex Rodriguez, currently of the New York Yankees. The 47-year-old Larkin is a native of Cincinnati, Ohio, and attended the University of Michigan, where his No. 16 was retired in 2010. Larkin was also recruited by legendary Michigan coach Bo Schembechler to play football for the Wolverines. Larkin was redshirted his freshman year and thereafter decided to devote all of his time to baseball. It appears Larkin might have made the right choice. Larkin will be inducted into the Baseball Hall of Fame in Cooperstown, N.Y., on July 22. read more