Regulations Impose Corporate Level Tax on Transfers of C Corporation Property to RICs or REITs (T.D. 9770; NPRM REG-126452-15)

first_imgThe IRS has issued final, temporary and proposed regulations that impose corporate level tax on certain transactions in which property of a C corporation becomes the property of a REIT or a RIC. The regulations are intended to prevent abuses of Code Secs. 355(h) and 856(c)(8), both added by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) (P.L. 114-113), and to further the purposes of the repeal of General Utilities.BackgroundCurrent Reg. §1.337(d)-7 addresses conversion transactions in which property of a C corporation becomes the property of a REIT or a RIC (converted property) by a transfer of the converted property from the C corporation to the RIC or a REIT or by the qualification of the C corporation as a RIC or a REIT. The RIC or the REIT owning the property after the conversion transaction is generally subject to Code Sec. 1374 treatment unless the C corporation engaging in the conversion transaction elects deemed sale treatment with respect to the converted property.Prior to the PATH Act, the IRS issued Notice 2015-59, I.R.B. 2015-40, 467, and Rev. Proc. 2015-43, I.R.B. 2015-40, 495, in part to respond to transactions in which a C corporation that does not qualify as a REIT distributes the stock of a controlled corporation in a transaction intended to qualify under Code Sec. 355 so that either the distributing corporation or the controlled corporation can qualify as a REIT.The PATH Act added Code Ses. 355(h) to exclude from the Code Sec. 355 nonrecognition regime a distribution if either the distributing corporation or the controlled corporation is a REIT. However, a REIT can distribute the stock of another REIT or of a taxable REIT subsidiary under certain conditions. Under Code Sec. 856(c)(8), a corporation may not elect REIT status during the ten-year period following a Code Sec. 355 distribution if the corporation was the distributing corporation or the controlled corporation in that distribution.Although the PATH Act addressed some of the concerns, certain variations of the above transactions may continue to be used to circumvent the purposes of the PATH Act, such as the use of corporations affiliated with the distributing or controlled corporation.Temporary Regulations under Code Sec. 337(d)The temporary regulations generally provide that a C corporation engaging in a conversion transaction involving a REIT within the ten-year period following a related Code Sec. 355 distribution is treated as making an election to recognize gain and loss as if it had sold all of the converted property to an unrelated party at fair market value on the deemed sale date. Thus, Code Sec. 1374 treatment is not available in these cases as an alternative to recognizing any gain with respect to the converted property on the deemed sale date.A REIT that is a party to a Code Sec. 355 distribution occurring within the ten-year period following a conversion transaction for which a deemed sale election has not been made recognizes any remaining unrecognized built-in gains and losses resulting from the conversion transaction (after taking into account the impact of Code Sec. 1374 in the interim period, as described below).For the tax year in which the related Code Sec. 355 distribution occurs, the REIT’s net recognized built-in gain is the amount of its net unrealized built-in gain limitation (as defined in Reg. §1.1374-2(a)(3)) for such tax year. For this purpose, the limitations in Reg. §1.1374-2(a)(1) and (2) do not apply because the net unrealized built-in gain limitation generally achieves the effect of a deemed sale election, adjusted for prior recognized built-in gains and recognized built-in losses.As a result, the temporary rules cause the REIT to recognize any built-in gains or losses attributable to time periods in which the REIT was a C corporation while ensuring that gains and losses recognized in previous tax years during the recognition period on which taxes have been paid are accounted for appropriately. An appropriate increase is made to the basis of the converted property held by the REIT.The temporary regulations do not apply if both the distributing corporation and the controlled corporation are REITs immediately after the date of the Code Sec. 355 distribution and at all times during the two years thereafter. They also do not apply to certain Code Sec. 355 distributions in which the distributing corporation is a REIT and the controlled corporation is a taxable REIT subsidiary. To prevent avoidance, the temporary regulations apply to predecessors and successors of the distributing corporation or the controlled corporation and to all members of the separate affiliated group of which the distributing corporation or the controlled corporation are members.Clarifying amendments are also made to the generally applicable rules of Reg. §1.337(d)-7 in response to amendments to Code Sec. 1374(d)(7) by the PATH Act to provide that the term “recognition period” means the five-year period beginning with the first day of the first tax year for which a corporation was an S corporation. The temporary regulations replace the term “10-year recognition period” with “recognition period” and clarify that the recognition period is no longer determined by reference to Code Sec. 1374(d)(7), but is the ten-year period beginning on the first day of the RIC or the REIT’s first tax year or on the date the property is acquired by the RIC or the REIT.The temporary regulations apply generally to conversion transactions occurring on or after June 7, 2016, and to conversion transactions and related Code Sec. 355 distributions for which the conversion transaction occurs before, and the related Code Sec. 355 distribution occurs on or after, June 7, 2016.Proposed Regulations under Code Sec. 337(d)The text of the temporary regulations also serves as the text of the proposed regulations. However, the proposed regulations also include a modification to the definition of converted property that is not addressed in the temporary regulations. This modification treats as converted property any property the basis of which is determined, directly or indirectly, in whole or in part, by reference to the basis of property owned by a C corporation that becomes the property of a RIC or a REIT.Comments RequestedComments and requests for a public hearing must be received by August 8, 2016. Submissions may be mailed to: CC:PA:LPD:PR (REG-126452-15), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, D.C. 20044. Submissions may also be hand-delivered Monday through Friday between the hours of 8:00 a.m. and 4:00 p.m. to CC:PA:LPD:PR (REG-126452-15), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, D.C., 20224, or sent electronically via the Federal eRulemaking Portal at (IRS REG-126452-15).T.D. 9770, 2016FED ¶47,029Proposed Regulations, NPRM REG-126452-15, 2016FED ¶49,700Other References:Code Sec. 337CCH Reference – 2016FED ¶16,241HCCH Reference – 2016FED ¶16,241HCCCH Reference – 2016FED ¶16,241HKTax Research ConsultantCCH Reference – TRC RIC: 3,550CCH Reference – TRC RIC: 6,124last_img read more

Michael Clarke ruled out of Australia’s World Cup opener

first_imgMichael Clarke has been ruled out of Australia’s World Cup opener against England on Saturday.Australia coach Darren Lehmann confirmed on Thursday that Clarke, despite showing good movement, top-scoring for Australia with 64 runs and bowling two overs in a warm-up match against the United Arab Emirates on Wednesday, would not play against England at the Melbourne Cricket Ground.Lehmann said Clarke remains on track to return for Australia’s second game, against Bangladesh in Brisbane on February 21. Team medical staff have long targeted the Brisbane match for Clarke’s return, but speculation had been intensifying that the Australian captain would be ready in time for the tournament opener.”He’s pulled up really well … we’re really happy with his progress,” Lehmann said. “We’re going to stick with the plan and he’s going to play against Bangladesh.””We had a chat, we’re making sure he’s 100 per cent ready to go. We’re really comfortable with the decision.”Clarke, 33, had surgery on his right hamstring after being forced out of the India Test series following the first match. He has had back and hamstring issues for much of the past year.last_img read more

Egyptian coach Ashraf takes over Indian junior squash team

first_imgChennai, Jul 30 (PTI) Egyptian coach Ashraf el Karagui has joined the Indian squash team (boys and girls) ahead of the World junior championship to be held in Bielsko-Biala, Poland from August 7 to 16. Ashraf, appointed by the Sports Authority of India to serve Indian squash, had an interaction with the members of the Indian team at the Indian Squash Academy last evening. This will be the Egyptian coachs first assignment with the Indian squad. “I had a brief look at them when I had come a month ago and then I have information on them from national coach Cyrus Poncha. So I have a fair idea of what kind of players I have in hand,” he said after the first interaction. Ashraf, who has come to India directly from Egypt, has already seen a big difference between home and here. “The big advantage of juniors in Egypt is that there are very many of them ready to be noticed. Each of them get to play others and the different experiences from that can be enriching in the road to preparations,” he said. “What is significant, additionally is that the top professionals find time to interact with the youngsters. That can be a solid confidence building exercise,” Ashraf added, while indicating why the squash world is usually dominated by the players from Egypt. However, he sees lot of potential in the boys section here. The world championship will feature boys team event. In fact, Ashraf believes that this group of boys has the capacity to spring a surprise or two in Poland. The boys teams best show was in 2012 when it finished with a bronze. Poncha, who regularly travelled with the team, will not be doing so this time. Ashraf will have the company of two other officials — Deepak Mishra and Surbhi Mishra — both former players at the national level. The coach said that the target for the boys was podium finish. He believed the team had the strength and depth. “The boys are all in prime condition and the hope was for a good result,” he added. The individual competitions which follow the team and where the girls would also come in would be lot more tougher for the Indians, considering the standards of Egyptian and English players in particular. The Championship will have individual events, followed by the team event for boys. The boys team comprises Velavan Senthilkumar, Abhay Singh, Aditya Raghavan, Ranjit Singh (who will play the team and individuals), Robin Singh and Aryaman Adik (both will feature in singles), while the the girls team features Akanksha Salunkhe, Sunayna Kuruvilla, Adiya Advani, Jui Kalgutkar and Ashita Bhengre. PTI CM CMadvertisementlast_img read more

Join us for Freelancers Union After Hours on October 1!

first_imgThis month, hundreds of freelancers across the country met up for the first time to share stories, trade gigs, discuss issues, and make new connections. Here’s how it went:It was so great connecting with local freelancers at last night’s #AfterHoursAH event! @Indiegrove @freelancersu #hoboken #jerseycity— Bespoke Atelier (@bespokeapp) September 4, 2014 Fun time @OfficeNomads tonight talking about freelancing in Seattle #freelancersunionAH @freelancersu w/ lots of creatives!— Dana Twight (@TwightFinancial) September 4, 2014We had a really, really good time, too. So we’re doing it again!Join us on October 1st for the second official Freelancers Union After Hours, a nation-wide, free monthly networking event for freelancers to chat, brainstorm, and discover what’s next.After Hours will be hosted in the following cities. Start RSVPing:Portland (RSVP here)Hosted at Forge Portland Washington, D.C. (RSVP here)Hosted at Affinity Lab Austin (RSVP here)Hosted at Center 61 Jersey City (RSVP here)Hosted at Indiegrove Minneapolis (RSVP here)Hosted at CoCo Los Angeles (RSVP here)Hosted at Kleverdog Coworking Seattle (RSVP here)Hosted at Office Nomads October’s After Hours theme will be: “How can freelancers work together to find work?” We’ve seen time and again that the most established freelancers have a network of other freelancers they can tap into. How can we make this easier for everybody?We want to see freelancers gathering at After Hours in cities across the country — wherever freelancers are, which is everywhere. If your city isn’t on the list yet, it’s up to you to make it happen. Apply here if you’re interested in organizing an After Hours event in your town.See you on October 1!last_img read more

RB Leipzig’s Keita scores first Champions League goal

first_imgAfrican All Stars GALLERY: Naby Keita scores first Champions League goal as RB Leipzig shock Monaco 06:23 11/22/17 Comments(0) 1/15 GALLERY: Naby Keita scores first Champions League goal as RB Leipzig shock Monaco Naby Keita Getty RB Leipzig Getty Full screen 1 of 15 Share Close The Guinean midfielder found the back of the net as his German side dumped the French champions out of the competition FacebookTwitterRedditcopy African All Stars Opinionlast_img

Ahrenkiel Sells Panamax Boxship Trio

first_imgGerman ship owning and ship management company Ahrenkiel Steamship has sold three Panamax containerships to an unnamed South Korean buyer, brokers report.The three vessels in question are the 2009-built Stadt Marburg and Stadt Corburg, and the 2010-built Stadt Freiburg.All three vessels have the capacity to carry 4,380 twenty-foot equivalent units (TEUs). The vessels fetched USD 6 million each.The boxships were built in Korea by Daewoo Shipbuilding & Marine Engineering (DSME).Following the sale of the three vessels, Ahrenkiel’s fleet now consists of 48 containerships, six bulk carriers, and one tanker.last_img

Stars To Attend Young Storytellers Foundations Biggest Show

first_imgYoung Storytellers Foundation presents their 10th Anniversary “The Biggest Show” featuring a star-studded celebrity cast acting out scripts from the creative minds of a select group of local 5th grade students.The Young Storytellers Foundation is a local volunteer-based creative arts program that is active in more than 35 schools across Los Angeles, providing a mentor for nearly 700 middle school students a year. Adult mentors help school children write and produce a short screenplay, using only pen, paper and their imagination. Each October, YSF presents their “Biggest Show” where the screenplays of a select group of local middle schoolers are chosen to be acted out by well-known actors.This years’ celebrity performers include Jesse Tyler Ferguson, Ed Helms, Rashida Jones, Mindy Kaling and many more.WHEN: Saturday, October 12, 2013 @ 6pmWHERE: Moss Theatre at New Roads SchoolHerb Albert Educational Village3131 Olympic BlvdSanta Monica, CA 90404Tickets: $100 adult / $50 studentFind out more here.last_img read more

North American markets up in broad advance as price of oil rallies

first_imgTORONTO – Canada’s main stock index moved up modestly Friday, as U.S. stocks set more records in quiet post-U.S. Thanksgiving holiday trading.The Toronto Stock Exchange’s S&P/TSX composite index gained 33.79 points to 16,108.09, in a broad-based advance.South of the border, the Dow Jones industrial average finished slightly below its record high from Tuesday, adding 31.81 points to 23,557.99.But the other major Wall Street indices closed at all-time highs: The S&P 500 index added 5.34 points to 2,602.42 and the Nasdaq composite index rose 21.80 points to 6,889.16.“It’s been a really flat day, a flat day for the major North American stock markets. It’s a thin day of trading,” said Todd Mattina, a chief economist at Mackenzie Investments. “It’s to be expected on a Friday following the U.S. Thanksgiving holiday.”In commodities news, the price of oil continued its bullish pace this week, as the January crude contract climbed 93 cents to US$58.95 per barrel.Mattina pointed to news reports that key OPEC and non-OPEC members might extend their cuts in production as a major driver behind the recent surge in the commodity’s price.Saudi Arabia, the biggest oil exporter in the world, wants the Organization of the Petroleum Exporting Countries cartel to extend this year’s cut in oil production for another nine months. The 14 nation-members of OPEC, as well as other major oil producers including Russia, will meet in Vienna next week to discuss their goals.“The rise in the price of oil has also helped give the Canadian dollar a slight lift,” Mattina noted.The Canadian dollar was trading at an average price of 78.69 cents US, up 0.04 of a U.S. cent.Elsewhere in commodities, the January natural gas contract fell 14 cents to US$2.92 per mmBTU. The December gold contract was down US$4.90 to US$1,287.30 an ounce and the December copper contract was up three cents at US$3.17 a pound.Follow @DaveHTO on Twitter.last_img read more

UAE Al Dahra to Invest MAD 157 Million in Olive Projects…

Meknes – Abu Dhabi’s Al Dahra Agricultural Company will invest 157 million dirhams to develop 560 hectares of olive farms in Morocco under an agreement signed Thursday with the Ministry of Agriculture.Signed on the sidelines of the 10th International Exhibition of Agriculture in Morocco (SIAM 2015), the agreement provides for developing two projects that aim at promoting production to reach 14 tons/ hectare and creating 176 jobs.These projects are in line with the “Green Morocco” Plan that is meant to drive continued momentum to the agricultural sector through the promotion of domestic and foreign investment. Al Dahra Agricultural Company is a subsidiary of Al Dahra Holding and a prominent multinational feed and food agribusiness player, headquartered in Abu Dhabi with presence across four continents and trading activity in more than 25 countries.The UAE imports about 85 per cent of its food supplies and Al Dahra has emerged as a key player in the country’s strategy of securing land and produce overseas. read more

8 Million Tourists Visited Morocco up to August 2017

Rabat – A total of eight million tourists visited Morocco between January and August 2017, an increase of 10.4 percent compared to the same period in 2016, according to the Tourism Observatory.The number of foreign tourists grew by 13.1 percent, while arrivals of Moroccans living abroad increased by 8.1 percent, said the Observatory in its report on national tourism statistics for the month of August.The main tourism markets for Morocco experienced an increase in arrivals during the same period as well. Particularly, Germany increased 14 percent, Holland by 10 percent,  Spain by 10percent, France by 8percent, and Belgium by 8percent. Emerging tourism markets maintained their upward trend with a 315 percent increase for China,  43 percent for Japan, 41 percent for South Korea, 32percent for the United States, and a 52 percent increase for Brazil, showed the Observatory.This upward trend was also observed in tourists’ overnight stays in classified accommodation establishments, which increased by 15 percent, at 19percent for non-resident tourists and an 8 percent increase for residents, compared with the end of August 2016.The two tourist attractions, Marrakech and Agadir, alone accounted for 60 percent of total overnight stays in the first eight months of the current year. Marrakech increased 18 percent and Agadir increased 12 percent.Other tourist destinations in Morocco also performed well, especially Fez and Tangier, with increases of 36 percent for the spiritual city and 26 percent for the northern city.The Observatory added that revenues from non-resident tourism in Morocco amounted to nearly MAD 46.8 billion at the end of August, compared with MAD 44.5 billion a year earlier, which accounted for an increase of 5percent.The report concludes that in August alone, the number of tourist arrivals at border crossings increased by 21 percent compared to 2016. read more

Company comes to aid of students offered jelly sandwiches

PROVIDENCE, R.I. — The yogurt company Chobani plans to pay the school lunch debts of low-income families with students attending a district that made headlines by announcing children who owe money would get cold sunflower butter and jelly sandwiches instead of a hot meal, the mayor’s office confirmed Friday.The office of Warwick Mayor Joseph Solomon said it’s co-ordinating with Chobani to accept nearly $50,000, the amount owed by low-income families with children in Warwick Public Schools.Chobani founder and CEO Hamdi Ulukaya tweeted Thursday that as a parent, the news broke his heart. Access to nutritious food should be a right, not a privilege, he said.Chobani was but one of the businesses and organizations that offered to donate money to the district, officials said.Warwick Public Schools had said it was owed $77,000 and couldn’t assume more debt, sparking a public backlash and upsetting the mayor, who asked the school committee to reconsider. It later reversed the decision .The district includes 19 schools. About 1,650 students owed money as of last Friday, and about 70% of those students are not enrolled in the program for free or reduced price lunches, according to the school committee.The mayor’s office is trying to plan an event to accept the donation formally, spokeswoman Courtney Marciano said, and there has been an outpouring of support from across the country.School leaders are working with attorneys on a way to accept donations to help settle lunch debt, after a local restaurant owner said the district twice turned down his offer to donate $4,000, school board Chairwoman Karen Bachus said.Leaders are trying to find a balance between being fiscally responsible and ensuring all students get a healthy, nutritious lunch, she said.Chobani, based in Norwich, New York, said the company is also looking to donate yogurt to the schools, a spokesman said.Solomon and state Rep. Joseph Shekarchi, majority leader of the Rhode Island House, said they want to work with Chobani to bring attention to food insecurity among students nationally.Jennifer McDermott, The Associated Press read more

UNESCO body meets to take action to protect Haitis cultural heritage

An international committee backed by the United Nations Educational, Scientific and Cultural Organization (UNESCO) is meeting in Paris to decide what steps to take to protect Haiti’s cultural heritage, much of which was seriously damaged by January’s devastating earthquake.More than 200,000 people were killed in the magnitude-7.0 earthquake, which left 1.3 million more homeless and destroyed countless buildings, including Government facilities, hospitals and schools.In addition, the quake severely damaged many of Haiti’s cultural infrastructure, affecting all historic buildings in the capital, Port-au-Prince, including the Cathedral, the National Palace and the Palace of Justice.Among the towns also suffering extensive damage was Jacmel, in the southeast, which was founded in the late 17th century and is on Haiti’s tentative list of sites to be put forward for consideration for inscription on UNESCO’s World Heritage List .Chaired by the Caribbean nation’s Minister of Culture Marie-Laurence Jocelyn-Lasseque, the International Coordination Committee (ICC) was set up by UNESCO to support Haitian authorities restore their country’s cultural heritage.During its first meeting, the Committee will identify priorities for the reconstruction of buildings, natural sites and damaged historic urban centres. It will also discuss how to restore museums, art galleries, archives and libraries. 7 July 2010An international committee backed by the United Nations Educational, Scientific and Cultural Organization (UNESCO) is meeting in Paris to decide what steps to take to protect Haiti’s cultural heritage, much of which was seriously damaged by January’s devastating earthquake. read more

The colonels secret recipe revealed Not so fast says KFC

The colonel’s secret recipe revealed? Not so fast, says KFC NEW YORK, N.Y. – Has Colonel Sanders’ nephew inadvertently revealed to the world the secret blend of 11 herbs and spices behind KFC’s fried chicken empire?The company says the recipe published in the Chicago Tribune is not authentic. But that hasn’t stopped rampant online speculation that one of the most legendary and closely guarded secrets in the history of fast food has been exposed.It all started when a reporter visited with Joe Ledington, a nephew of Kentucky Fried Chicken founder Colonel Harland David Sanders.The reporter was working on a story for the Tribune’s travel section about Corbin, Kentucky, where the colonel served his first fried chicken. At one point, Ledington pulled out a family scrapbook containing the last will and testament of Sanders’ second wife, Claudia Ledington.On the back of the document is a handwritten list for a blend of 11 herbs and spices to be mixed with two cups of white flour. While Joe Ledington initially told the reporter that it was the original recipe, he later said that he didn’t know for sure.KFC — which is a subsidiary of Yum Brands Inc. — calls its recipe “one of the biggest trade secrets in the world.” It says that the recipe the reporter saw is not the real thing.“Many people have made these claims over the years and no one has been accurate — this one isn’t either,” KFC said in a statement.The Louisville, Kentucky-based company says that the original recipe from 1940 handwritten by Sanders is locked up in a digital safe that’s encased in two feet of concrete and monitored 24 hours a day by a video and motion detection surveillance system.Joe Ledington could not immediately be reached for comment on Friday. by The Associated Press Posted Aug 26, 2016 12:29 pm MDT Last Updated Aug 26, 2016 at 6:20 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

SMU And Louisville Are Two Of The Best Teams Ever Banned From

2016SMU255+19.65 1991Kentucky226+18.87 Sources:, Daniel Myers, Sports Reference SMU and Louisville are among the best teams to be banned That UNLV squad wasn’t at quite the same level as the version that went 69-6 over the previous two years under the leadership of future NBA talent such as Larry Johnson, Stacey Augmon and Greg Anthony. But its best player was J.R. Rider, a future NBA 20 PPG scorer,1Granted, also a chucker and anti-glue guy. and a few of his teammates had brief stints in the pros. Louisville and SMU, by contrast, each carry only one top-100 NBA prospect apiece — Chinanu Onuaku (No. 56) and Shake Milton (No. 87), respectively — and even those guys are at the fringes of the mock draft universe. (The Cardinals’ fifth-year senior transfers Damion Lee and Trey Lewis may eventually get a shot at the NBA but are by no means locks.) Rick Pitino and Larry Brown can punch weight with the towel-chomping Jerry Tarkanian, but in terms of record, efficiency and roster, the ’92 Rebels were probably the best of the three.Still, it’s a relatively close contest. And let’s emphasize again that two of the top three banned squads in recent memory both hail from the 2015-16 season. In what seems destined to be a wide-open NCAA field this year, the Mustangs and Cardinals could have seized upon that opportunity and produced deep tournament runs. But by running afoul of the NCAA, they’re here instead, hypothetically runnin’ with the ’92 Rebels rather than taking the court against present-day teams in the real-life tourney. Any shining moments for Louisville and Southern Methodist will come and go before the NCAA Tournament begins. Although the Cardinals and Mustangs each rank among the nation’s top 20 teams according to Ken Pomeroy and others, both were barred from the 2016 postseason amid scandal.(SMU’s ban, for academic fraud, came from the NCAA; Louisville banned itself in an attempt to avoid harsher sentencing when the NCAA finishes investigating allegations that the team used strippers and prostitutes in its recruiting efforts.)By the numbers, these are two of the best teams ever to be banished from postseason play. Since the NCAA tourney expanded its field to 64 teams in 1984-85, only one banned team has had a better statistical profile, the 1991-92 Runnin’ Rebels from the University of Nevada, Las Vegas. (We used adjusted differential between offensive and defensive Pomeroy ratings for seasons since 2001 and estimated the differential for earlier teams using Daniel Myers’s research on schedule-adjusted historical team ratings.) 2016Louisville238+19.65 1992UNLV262+20.74 2003Georgia198+18.94 YEARTEAMWINSLOSSESRATING read more

Theresa Mays tuition fees review will help higher earners most former minister

According to the report’s own analysis, the highest ten per cent of earners would face total student loan repayments of £37,883 under the new proposals, compared with £56,815 at present.Meanwhile, average earners would end up repaying £26,667 over their lifetime, compared with £14,844 currently. “The full fees at the moment are only really repaid by those who go on to earn the most in their careers,” Mr Johnson told Radio 4’s Today programme.“Those who repay the loans for longer, for as much as 40 or even more years as Philip Augar is proposing, will be the lower earning and middle earning grads.“Because the higher earning grads will only have to repay £7,500 whereas under his proposals we are going to see the lower earning and middle income grads repay the totality of their loans for longer. So in that respect, this really is regressive.” Mr Johnson’s criticism was echoed by the Tory chair of the education select committee, Rob Halfon MP, who said he is “cautious” about “subsidising lower fees which might help the middle classes”. Martin Lewis, founder of price comparison site, remarked that the changes “disproportionately help higher earning graduates”.Dr Tim Bradshaw, head of the elite Russell Group universities, said that “We are concerned that the overall impact of the proposed reforms will be to place a greater burden on graduates on low and middle incomes.” Mr Augar insisted that his reforms are progressive, rather than regressive, explaining: “The more you earn, the more you pay. The whole system depends on those higher earners paying back their loans – if they don’t do that the thing just would not be affordable.”The Prime Minister ordered the review of post-18 education last February, after coming under pressure following Jeremy Corbyn’s general election pledge to abolish tuition fees.In a speech yesterday she demanded tough action by university watchdog to “drive out” low quality degrees.Mrs May said it had never been intended that all universities would charge the maximum £9,250 a year fees, which should have been restricted to the “highest quality and most prestigious and potentially lucrative degrees.”That is not what has happened. The vast majority of degrees are now set at the maximum fee – and the panel’s report rightly questions whether that is acceptable,” she said. Jo Johnson was universities minister until he was sacked in a Cabinet reshuffle last year Jo Johnson was universities minister until he was sacked in a Cabinet reshuffle last year Theresa May’s tuition fees review will help higher earners the most, the former universities minister has warned.Jo Johnson led the criticism of the official report on post-18 education, calling its proposed reforms to student loan repayments “regressive”.He also said it is “crazy” to fund further education by “destabilising” the university sector, adding that the proposals would likely leave a “funding hole” of up to £2 billion which would “imperil” courses. The review, led by former equities broker Philip Augar, says that tuition fees should be capped at £7,500 rather than the current £9,250, with graduates starting to pay their loans back earlier and over a longer period of time. Loans would be written off after 40 rather than 30 years and repayments would start when graduates earn £23,000 rather than the current £25,000, the report says.  he proposals are aimed at ensuring a greater proportion of graduates repay their loans so that the growing numbers of university students impose less of a burden on the taxpayer.But Mr Johnson, who was sacked from his role as universities minister in a Cabinet reshuffle last year, said that such reforms will give a boost to higher earners while low and middle earners will lost out. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. read more

Bulk material transfer points can contribute to high maintenance costs

first_imgAlthough transfer points potentially contribute to some of the highest maintenance costs on a mine, engineers seldom view transfer systems as a critical element of the minerals processing system. So says Mark Baller, Managing Director of Weba Chute Systems, who maintains that transfer points – by the very nature of their application – should be viewed with the same level of importance as any other machinery in the minerals processing cycle.“The uncontrolled discharge of bulk materials through conventional chutes has a history of escalated maintenance and replacement costs, not least of which can be attributed to excessive wear and other related problems,” Baller says. “All of this adds up to unnecessary expenditure and a headache for the engineers concerned.“Numerous successful installations of Weba Chute Systems have proved that the correct use of our streamlined, scientific approach to the dynamics of bulk materials handling greatly reduces the problems associated with conventional transfer chutes and results in significant cost savings.”Each Weba Chute System is custom designed for a specific application, taking into account factors such as belt width, belt speed, material sizes and shape and throughput. Baller says there are numerous advantages to be gained from this locally developed transfer system which, when introduced on a new project, achieves the optimum design configuration for the application with the best belt cleaning arrangement and optimum selection of belt type and size. In addition, spillage can be completely eliminated.Further benefits that apply equally to retrofitted Weba Chute Systems and new projects alike include up to 80% reduction in material degradation, greatly reduced levels of dust and noise, reduced production losses owing to fewer blockages, significantly reduced spillage and vastly improved safety levels.Easy access is provided for inspection and maintenance purposes and the system does not require ongoing supervision, again representing a saving in manpower and related costs.Baller says Weba Chute Systems should not be compared to conventional chute systems but rather seen as an improved alternative or “upgrade”, because they adopt a completely different and unique approach to control and handling of bulk materials. For instance, the system uses a “supertube” with a cascade scenario, where 95% of the material runs on material at all times.“When one looks at this process in slow motion, it becomes apparent that the bottom layer of particles in the product stream move in a tumbling motion and do not slide down the chute,” he explains. “This results in significantly reduced wear and in many cases the lip remains completely covered by material and never needs replacement.”This manner of controlling material movement is taken a step further by designing the internal angle of the transfer chute in such a way as to match the product discharge velocity with the belt speed, which either completely eliminates or greatly reduces spillage.last_img read more

Netflix Releases Episode Titles for the Next Season of Black Mirror

first_img Black Mirror is the kind of satire that doesn’t feel good to watch. It’s darkly funny at times, but each episode leaves you depressed about the state of the world and where it’s heading. Each episode is a brutal gut punch, but it’s sci-fi settings are so well thought out and smart, we keep coming back for more. And from the looks of this teaser Netflix just put out, that’s not going to change.It’s a simple teaser that doesn’t reveal much. All it gives us is six episode titles, and a brief shot from each. In some cases, that’s enough to give us an idea of what the episode will be about. For most of them, we can’t tell what’s going on. All we know for sure is, none of it looks pleasant.The clip of the first episode gives us the least to go on. Titled “Crocodile,” all it shows us is a woman driving out into the mountains, another woman’s face appearing on a screen, and a third woman looking scared out a window.  “Arkangel” is even more disturbing. After a brief image of a child getting something injected into her head, we see her mom opening up a new tablet. Then, we cut to the mom ripping a pencil out of her bloodied child’s hand. Yeesh. So this episode could be about one of two things based on that. It could be about tablets replacing paper to the point where traditional drawing is heavily discouraged, but that seems too simple for Black Mirror. Could something be speaking to her through whatever was injected into her head?The next episode is called “Hang the DJ” which looks like it could be a dark take on dating apps. “USS Callister” looks like Star Trek but without all that pesky optimism. “Metalhead” looks like it’s about an evil robot dog that looks a lot like the military robots being built right now. Just in case the actual state of the world wasn’t terrifying enough. Finally, there’s “Black Museum” which involves an electronic helmet and a button next to the bed that a woman’s boyfriend clearly didn’t intend to step on. What’s going on there? We have no idea, but we’re sure it isn’t good.Charlie Brooker’s dark satire series works because it shows us a future that’s entirely plausible. It takes our present anxieties about technology and extrapolates them to horrifying extremes. Even in that Star Trek-inspired episode, if that’s what it is, I’d be willing to bet it’s a much more accurate portrayal of what would happen if humans reached the stars. We’re kind of the worst, and will deserve whatever happens in that episode.This is the kind of mood Black Mirror puts you in. It has a bleak outlook on humanity’s future, and you can’t claim any of it’s implausible. It’s a show that’s hard to binge because each episode is so brutal, you need a break to lighten up after one or two episodes. It’s going to absolutely wreck us, and we can’t wait.Let us know what you like about Geek by taking our survey. Stay on target ‘Black Mirror’ Star Miley Cyrus Says Her Episode Is ‘Dark’ and ‘Out There’Top Movie and TV Trailers You Might Have Missed This Week last_img read more

Mayor Faulconer proposes policy changes to spur housing production

first_img Posted: June 14, 2019 Sasha Foo, Categories: Local San Diego News Tags: Mayor Kevin Faulconer FacebookTwitter Sasha Foo 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsSAN DIEGO (KUSI) –  It’s the problem that just seems to get worse with every year. San Diego has a housing shortage and Mayor Kevin Faulconer wants to do something about it.The mayor would give builders certain incentives to produce more housing units. One of the ideas on the table would ease height restrictions for projects already zoned for apartments and condos. The projects would also have to be built in neighborhoods that are close to public transit. Coastal areas would not be affected.Another proposal would let developers build more units by changing density rules from units per acre to a standard that’s based on square footage. The result would be smaller sized units that would be more affordable for middle and lower income residents.One of the biggest incentives would be a streamlined approval process. If the developer meets all the other city requirements they would not have to go to the local planning group, the planning commission and the City Council to obtain approval.“If we just kept following the old rules, it wasn’t working. This takes into account quality-of-life, neighborhood character, and cutting the bureaucracy to get us units that San Diegans an afford,” Faulconer said.Matthew Adams, the vice president of the Building Industry Association said simplifying the approval process is a big deal. He said knocking out some of the regulatory hurdles will lead to less costly housing. “That’s what makes housing so hard to produce and certainly what’s making it more expensive, and that’s something that has to change, if we’re really going to get out of this crisis,” said Adams.The long term goal is to get more housing built for middle class residents in areas close to public transit and prime for growth.The final plan will probably go to City Council by early next year. center_img June 14, 2019 Mayor Faulconer proposes policy changes to spur housing production Updated: 6:24 AMlast_img read more

Soy Growers Follow Progress of Senate Farm Bill

first_imgThe American Soybean Association (ASA) today congratulated the Senate Agriculture Committee on passage of the proposed Agriculture Improvement Act of 2018 and is calling for its swift passage by the full Senate.“Soy growers and farmers across the country are in need of certainty during this time of low crop prices and volatile conditions affecting export markets,” said ASA Vice President and Kentucky soybean farmer Davie Stephens. “The Senate Committee’s action today takes us one step closer to completing the farm bill this year, providing much needed stability across the countryside.”With the Senate farm bill now through Committee on a 20-1 vote, ASA looks forward to working with the full Senate on this bipartisan effort to bring certainty and stability to growers before the current farm bill expires at the end of September.last_img read more

Vice Asks Readers to Pay for Subscription to Free Magazine

first_imgWhy now? Vice says the magazine is so pretty, readers take stacks of free copies from these boutiques, subverting the key part of their distribution model.Could this be first sign of trouble at Vice, a multiplatform, success story that has had as much to do with image as business acumen? Or is this a sly way to tack on revenue at a company whose founders have successfully positioned themselves as professional tastemakers, inking a development deal with MTV? One of those founders, Gavin McInnes, left the company last month, citing “creative differences.”His exit memo was, of course, brutally irreverent. Vice, the brutally irreverent New York-based magazine (which now boasts a slew of international editions, a critically-acclaimed online television site and a record label), has long employed free distribution at downtown boutiques to deliver its influential brand of hipster content to readers. And whatever your feelings are on Vice’s acidic tone, there’s no arguing that it’s one of the prettiest, heaviest free magazines around—a fact the magazine itself touts on its covers.Which is why it was bit of a shock to see the subscription card in a recent issue asking people to pay for subscriptions.last_img read more