Advertisement Comment Aubameyang has scored 23 goals this season (Picture: Getty Images)‘But long term you can start to be annoying because you want something that is not maybe the way we’d like and I don’t want to be the guy being a bit annoying [by keep asking the same questions].‘So we don’t really speak about his future. I’m just going to wait like everyone else. And I just hope he’s going tell me before the press.’Aubameyang gave an update on his future last month, admitting that it is a very difficult decision for him, but called on the club to make him an offer he couldn’t refuse.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘Recently I haven’t received an offer but of course there have been discussions with the club for a fair few months now,’ he told French publication Telefoot in June.‘And they know very well why so far nothing has happened. It’s them [the club] who have the keys and for them to do their work. Afterwards we will see how things go.‘It is a turning point in my career, and I will be very frank with everyone, it will be of course a very difficult decision to make because I have still not decided.‘It is possibly the most important decision of my career. To be clear, nothing has been decided.’MORE: Arsenal provide update on Gabriel Martinelli after serious knee injuryMORE: Martin Keown and Bacary Sagna make predictions for Arsenal’s FA Cup semi-final clash with Manchester CityFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement Alexandre Lacazette and Pierre-Emerick Aubameyang have a fantastic relationship at Arsenal (Picture: REUTERS)Alexandre Lacazette says he has stopped pestering Pierre-Emerick Aubameyang about his Arsenal future as their conversations have turned from funny to annoying.There has been much speculation over Aubameyang’s future, with his contract expiring next year and his intentions unclear as to whether he will extend his stay in north London or not.Arsenal may look to cash in on the 31-year-old this summer if he does not sign a new contract, rather than risk losing him for nothing in 2021.Lacazette, who is under contract until 2022, is keen to find out what Aubameyang is planning for his future, but says he has had to stop asking him in fear of winding him up.AdvertisementAdvertisementADVERTISEMENTThe Frenchman says the Gabon international has already done enough to attain legend status at Arsenal, whether he stays or not.‘He is already one of the legends [at Arsenal] because of the amount of goals he’s scored in so few games,’ Lacazette told beIN Sports.‘But to be honest, we stopped talking about this (his future) because at the beginning it can be funny. Alexandre Lacazette reveals talks with Pierre Emerick-Aubameyang over his Arsenal future Metro Sport ReporterFriday 17 Jul 2020 8:57 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link7.9kShares
QPR striker Tom Hitchcock has returned to Loftus Road after a month on loan at Crewe, where he scored three goals in six appearances for the League One club.Chelsea have loaned Bertrand Traore to Dutch side Vitesse Arnhem until the end of the season – a day after formally completing the signing of the 18-year-old midfielder.Brentford forward Luke Norris has returned to the club following his loan spell at Northampton.Hayes & Yeading have signed striker Derek Tieku on loan from Crystal Palace.Hampton & Richmond Borough say top scorer Charlie Moone has attracted interest from other clubs along with Joe Turner, Tom Hickey and George Wells.Harlequins will make three changes for Friday’s game at Northampton, with Tim Molenaar, Karl Dickson and Tom Guest starting in place of injured trio Tom Casson, Danny Care and Luke Wallace.Follow West London Sport on TwitterFind us on Facebook
Zimbabwe’s official annual inflation rate reached 231 million percent in early October, from the July estimate of 11.2 million percent, and the deadlock in talks between the ruling Zanu-PF and opposition parties is likely to push the rate higher.How to understand such hyperinflation? And what to do about it? According to a new discussion document by the UN Development Programme (UNDP) entitled Comprehensive Economic Recovery in Zimbabwe, Zimbabwe’s economic meltdown has deep roots, exacerbated by the disastrous political and economic policies of the current regime. But with political change and some strong medicine, the hyperinflation could be halted in 12 years.Several attempts by President Robert Mugabe’s government to bring down inflation – including lopping off 10 zeroes from the currency, introducing a new currency, and price controls – have failed to put brakes on the multimillion-percent inflation rate.Independent economists have estimated the real inflation rate at billions of percent.Causes Zimbabwe’s financial malaise is not seen as a direct consequence of Mugabe’s 2000 fast-track land reform programme, in which more than 4 000 white-owned farms were redistributed to landless black people. It is rather a series of injudicious decisions overlaying structural economic weaknesses inherited from the former Rhodesia that are being amplified.At independence Mugabe’s government inherited a dual economy “characterised by a relatively developed and diversified formal economy sitting alongside a neglected and underdeveloped peasant-based subsistence rural economy,” according to the UNDP document.This dual economy has not been addressed by the ruling Zanu-PF during 28 years of power, and “with the collapse of the formal economy and the exponential growth of the informal economy both in urban and rural areas during the crisis period, the problem has deepened, with most economic transactions and units now operating outside formal systems,” the discussion document said.The trigger for the current hyperinflation environment “can be traced to the so-called ‘Black Friday’ crash of the Zimbabwe dollar on 14 November 1997, which was precipitated by the government’s unbudgeted payment of gratuities to veterans of the liberation war.“This was followed in 1998 by Zimbabwe’s participation in the conflict in the Democratic Republic of Congo, which further contributed to the ballooning fiscal deficit,” the UNDP document noted.Inflation rose from 19% in 1997 to 56% by 2000, when the land reform programme was launched – spearhead by the war veterans – so that by 2006 inflation was running at more than 1 000% and reached hyperinflation levels by 2007.“Zimbabwe’s inflation is fundamentally caused by excess government expenditure, financed by the printing of money in an economy with a real gross domestic product (GDP) that has been declining for the last nine years. Money supply growth has been completely decoupled from economic growth, the inevitable result being continued and accelerating inflation,” the UNDP said.Between 1998 and 2006 Zimbabwe’s GDP contracted by 37%, and by 2000 per capita incomes were lower than those in 1960.The document was produced by Dale Doré, director of Shanduko, a Harare-based non-profit research institute on agrarian and environmental issues, Tony Hawkins, Professor of Economics at the Graduate School of Management at the University of Zimbabwe, Godfrey Kanyenze, director of the Labour and Economic Development Research Institute of Zimbabwe, Daniel Makina, professor of Finance and Banking at the University of South Africa in Pretoria and Daniel Ndlela, director of Zimconsult, a Harare economic consultancy firm.Full recoveryThe authors agree that the medicine to reverse the ravages of the economic mismanagement is likely to be as painful as hyperinflation’s symptoms, and that the precursor of a pro-poor recovery would be “sound macroeconomic management”.“Full recovery, defined simply in terms of a return to the peak real per capita incomes of 1991, would take 12 years, assuming a bottoming-out of the decline in the course of 2008, and uninterrupted growth of 5% annually from 2009 to 2020,” the discussion document noted.“And, given that Zimbabwe is susceptible to drought – on average every three years – and that with the decline of commercial agriculture this vulnerability has increased, even the 5% annual growth in per capita GDP may be beyond the upper bounds of probability.”There is no one-size-fits-all remedy for hyperinflation, but there is consensus that delinking the political manipulation of the exchange rate and monetary systems is a prerequisite.Drastic measuresProfessor Steve Hanke of Johns Hopkins University in the US believes measures used internationally to restore economic confidence and rein in hyperinflation require “punishingly high” interest rates, causing slow GDP growth, stagnation of living standards and the worsening of poverty during the “stabilisation period.”Hanke contends in the UNDP discussion document that, should there be a political settlement in Zimbabwe, the new government has three options to consider: dollarisation, free banking, or a currency board, all of which have their pros and cons.Dollarisation or randisation – the rand is the monetary unit of South Africa – would entail one of the foreign currencies being made legal tender instead of the Zimbabwe dollar, which would die a natural death.However, the new government would “no longer have an independent monetary policy and set their own interest rates, but must ‘import’ the monetary policy of the country whose currency is chosen,” Hanke said in the discussion document.A second consideration is “free banking”, used in colonial Southern Rhodesia until 1940, in which private commercial banks issued currency notes with ‘minimal regulation’.The third consideration is a currency board, which would mean holding “foreign reserves equal to 100% of the domestic money supply determined at a fixed exchange rate … as a result, money supply, and thereby interest rates, are determined ‘entirely by market forces’.”Handing over “monetary policy to outsiders or even to market forces would be a high-risk strategy for a fresh administration,” the UNDP discussion document said, especially in the light of Mugabe’s consistent accusations that Zimbabwe’s economic decline was a result of “former imperialists” trying to recolonise the country.“Furthermore, the suggestion that Zimbabwe should abolish its central bank when much smaller regional economies – Lesotho and Swaziland – find it necessary to operate a central-bank system, even though they are members of the Rand Monetary Area, is unrealistic,” said the UNDP document.PovertyMeanwhile, the people of Zimbabwe are beginning to starve. After a succession of dismal harvests, attributed to environmental factors and political disruptions, nearly half of Zimbabwe’s citizens will require food assistance in the first quarter of 2009, according to the UN.Poverty has accelerated, according to the 2003 Poverty Assessment Study Survey (Pass II), from 55% of Zimbabweans living below the Total Consumption Poverty Line to 72% of the population by 2003, or an increase of about a third in eight years.A rider to Zimbabwe’s economic deterioration is the effect of the HIV/Aids pandemic, which UNAids and the International Monetary Fund calculate may decrease GDP growth rates by between 1% and 2%.About 1.6 million Zimbabweans between the ages of 15 and 49 years old are living with HIV/Aids, although prevalence of the disease declined from 20.1% in 2005 to about 15.9% by 2007.A political solution A precursor to any economic reform would have to be a political solution in Zimbabwe. The effect of the country’s unstable politics on hyperinflation was illustrated in the wake of elections this year, when the opposition Movement for Democratic Change won a majority in parliament for the first time since independence in 1980, and MDC leader Morgan Tsvangirai narrowly missed winning the presidency.“There is a widely held perception that the Zimbabwe dollar is seriously undervalued in the parallel market,” said the UNDP document. “The sharp 65% appreciation of the Zimbabwe dollar on the parallel market in the immediate aftermath of the 29 March 2008 elections suggests that this is, in fact, the case.”Should there be some sort of political settlement, the creation of an independent central bank under a new constitution was likely to be part of the public debate.“Given Zimbabwe’s unhappy recent history with a politically driven central bank, the economic case for RBZ [Reserve Bank of Zimbabwe] independence is very powerful,” the document noted.Whatever solutions are used to tackle Zimbabwe’s hyperinflation, its legacy will haunt the country for many years, and manifest itself in such areas as investor confidence – both local and international – and the rebuilding of “once strong” public institutions.Source: Irin News and MediaClubSouthAfrica.com reporterDo you have queries or comments about this article? Email Mary Alexander at [email protected] articlesZimbabwe moves forwardA holiday – in Zimbabwe? Useful linksUnited NationsUN Development Programme
19 March 2014 CBI Electric African Cables, a subsidiary of JSE-listed Reunert Group, officially launched a R150-million high-voltage cable factory in Vereeniging, Gauteng province on Tuesday. The facility, partly funded by the government, will be the first in sub-Saharan Africa to design and manufacture high-voltage cables of up to 275 kilovolts (kV) with conductor sizes of up to 2 500 square millimetres, CBI Electric managing director Alan Dickson said at the launch. “South Africa’s growing electricity demand as well as the high copper price necessitated an investment by the company, supported by the [government], to build a world-class production facility,” Dickson said. The factory’s cables will enable large energy consumers such as municipalities to distribute up to 350 megavolt amperes (MVA) at 132 kV and 547 MVA at 275 kV on a single cable circuit. In June 2014, Dickson said, CBI Electric would be installing Cape Town’s first locally produced, 132kV, 1 600 square millimetre underground cable system. Also speaking at Tuesday’s launch, Trade and Industry Minister Rob Davies said CBI Electric African Cables had received R45-million from the DTI’s Manufacturing Competitiveness Enhancement Programme. While helping companies to become competitive, Davies said the government had stepped up its efforts to ensure that sub-standard products did not compete unfairly in the industry. “We’re not doing this to protect unsustainable businesses against competition, but rather to promote their competitiveness and boost manufacturing,” Davies said, adding that the DTI’s inclusion of electric cables in the list of products that the state was required to procure locally had enabled companies like CBI to grow. According to Dickson, the new factory will create 27 permanent jobs, while all related research and development, as well as engineering, process, manufacturing and associated skills, will be developed and retained in South Africa. SAinfo reporter
The New Jersey tax court denied an intellectual property (IP) holding company’s summary judgment request regarding income tax nexus because the necessary facts were not properly before it.IP Holding Company’s StructureThe taxpayer was a Delaware holding company with offices located in Illinois. It owned and developed intellectual property such as patents, know-how, technology, and trademarks.The company’s affiliate developed, manufactured, marketed, and sold containers, related products and provided associated services. The affiliate had New Jersey-based customers and did business in New Jersey.Licensing AgreementsThe company had two license agreements with the affiliate granting it the right to use certain IP owned by the company. Under the agreements, the affiliate paid royalties of:3% on net sales of the licensed products; and2.8% on the licensed IP.In addition, the company granted an exclusive license to the affiliate for other IP. The affiliate paid the company 50% of the royalties it received for any sublicenses of that exclusive IP.New Jersey AuditNew Jersey audited the company and:assigned all the royalty payments to the company;apportioned all the royalty income to the company using the affiliate’s apportionment factor; andassessed over $2 million in tax liability, including interest and penalties.The company’s Illinois combined return did not include the royalty income in numerator of the company’s Illinois sales fraction. So, New Jersey apportioned 0% of that income to Illinois.Company Denies Nexus Exists with New JerseyThe company claimed it did not have nexus with New Jersey. It argued that New Jersey’s taxation would violate the Due Process Clause in the U.S. Constitution or the substantial nexus factor under the Commerce Clause.The company claimed its only connection to New Jersey was the use of its IP by the affiliate in New Jersey. For example, the affiliate’s use of the IP on:employees’ business cards, stationary, or other advertising material given to potential customers;shipping materials used to ship the affiliate’s products into New Jersey; andproducts, but only in an inconspicuous manner.The affiliate rented storage space in New Jersey for packaging products during certain periods. But neither the affiliate nor any related member owned, used, or leased any office, retail outlet, warehouse, or other building in New Jersey.Applying Lanco, Inc. v. Dir. Div. of Taxation, New Jersey argued the company was doing business in New Jersey because the company received New Jersey-sourced royalty income. Under Lanco, a taxpayer’s economic presence in New Jersey satisfies the Commerce Clause nexus standard if the taxpayer has royalty income from the use of its IP by an affiliate in New Jersey.Facts Introduced at Oral ArgumentIn the hearing for summary judgment, the company argued it did not have nexus with New Jersey under Lanco. Facts distinguishing the company from the taxpayer in that case included:the company was not a standard, passive, shell Delaware holding company that owned and licensed IP to a subsidiary;the affiliate was not a retailer;the affiliate never manufactured products in New Jersey;the affiliate’s customers were not retailers;the affiliate manufactured special order packaging products;neither the company nor the affiliate had any control over where or how customers sold their products contained in the affiliate’s packages; andthe company’s IP was used at most in three instances and it was barely visible on the affiliate’s products.Tax Court AnalysisThe tax court did not find for summary judgment. The company introduced many facts for the first time at oral argument. New Jersey needed the opportunity to make a factually based determination. Until New Jersey had that opportunity, the court could not rule that the company did not have nexus.Despite its ruling, the court did discuss the facts of Lanco and the facts presented by the company at oral argument. It noted questions that those facts raise.The court noted that like the taxpayer in Lanco:the company owned and licensed IP to a New Jersey affiliate for the manufacture and sale of the affiliate’s products;it received royalty income based on the net sales amount; andits affiliate had New Jersey-based customers and did business in New Jersey.However, the court agreed that some of the facts could raise questions about New Jersey’s authority to require filings. Among those questions:Did the taxpayer’s remoteness from the use of its IP and lack of control over placement of the affiliate’s products in New Jersey raise Due Process or Commerce Clause issues?Did the taxpayer purposefully avail itself of New Jersey’s economic market?Did the taxpayer purposefully exploit the New Jersey market and have more than a de minimis presence in the state?Did the taxpayer’s royalty income from New Jersey sources create either minimum contacts for Due Process Clause purposes or substantial nexus for Commerce Clause purposes?The court reasoned that even if the company received royalty income from the use of IP in New Jersey it could show that it lacked minimal contacts or derivate nexus. The licensing agreements indicated the company intended the affiliate to use the IP on a world-wide basis, including New Jersey. However, the company’s lack of control over where and how the affiliate’s customers sold their products could weaken the “purposeful availment” factor of the nexus test.The company could also lack the quality or quantity of contacts necessary to be substantial under the Commerce Clause and Due Process Clause analysis. Lanco did not address this issue.By Andrew Soubel, J.D.Login to read more on CCHAnswerConnect.Not a subscriber? Sign up for a free trial or contact us for a representative.
Biggie’s handler, Esteban Farias, called the dog “a dream come true” after a tragedy: a previous pug pal suddenly died during a routine walk.About 5,000 junior handlers nationwide are registered with the American Kennel Club, a governing body for Westminster and many other dog shows. Young handlers also can compete through 4-H and other kennel clubs.AKC “junior showmanship” competitions are open to youngsters ages 9 to 18. They’re judged on their presentation, not their dogs’ particulars.But there’s no age minimum for handlers in the breed rings, a point driven home to Thanksgiving Day TV watchers who saw (emphasis on the “awwww”) 6-year-old Mackenzie Huston and her long-coat Chihuahua in a semifinal round at the Kennel Club of Philadelphia’s National Dog Show.Mackenzie sometimes feels scared as she waits to show. But “when I get in the ring, I don’t feel nervous,” says the now 7-year-old girl from Bellmawr, New Jersey.She isn’t going to Westminster — yet — but super-young handlers have shown there, including then-7-year-old Raina McCloskey last year (with a borzoi, no less.)Westminster’s 95 junior invitees are “very competitive, they’re very talented and very, very good,” show chairman David Helming said. Westminster is boosting its top juniors’ prize, a scholarship, from $6,000 to $10,000 this year. The eight finalists all get some education money.Dog showing requires an investment of money and, particularly, time. Junior handlers can spend hours per week training, grooming and exercising their dogs, weekends traveling to shows and years balancing it all with school, other activities and friends.All that to don dress clothes and notch accomplishments many of their peers can’t quite understand. (“You’re running around in a circle with dogs?“)But young handlers say it’s worth it for the bond they develop with their animals. John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding MOST READ In this Feb. 13, 2017, file photo, Raina McCloskey, from Delta, Pa., shows Briar, a borzoi, during the 141st Westminster Kennel Club Dog Show in New York. The Westminster Kennel Club competition is best known for the dog crowned Best in Show, but it’s also a showcase for young handlers who sometimes go up against grown-ups. (AP Photo/Mary Altaffer, File)NEW YORK — Fenric Towell isn’t nervous about his first time competing at the nation’s top dog show. After all, he’s heading to the Westminster Kennel Club ring this week with 100-plus shows under his belt, a record of wins and a champion Lakeland terrier.So what if he’s only 11?ADVERTISEMENT Slow and steady hope for near-extinct Bangladesh tortoises “I’m going to try to think of it as a normal show,” the Oklahoma City boy says. “I just try to focus on the highest place that I can get.”Westminster is best known for the dog that will be crowned best in show Tuesday night at Madison Square Garden. As judging began Monday night, a borzoi named Lucy won the hound group, a pug dubbed Biggie won the toy group and a bichon frise called Flynn took the nonsporting group. Slick, a border collie, won the herding group.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutBut the event is also a showcase for youngsters who can handle both dogs and grown-up competition.While there’s a special contest for junior handlers, many also exhibit their dogs in the breed judging that goes toward best in show. They go up against adults in an atmosphere that prizes poise and formality. “You go and spend time with your best friend,” says Emma Rogers, who’s returning to Westminster as a 2016 juniors finalist (older sister Sophia won).Juniors come away with human friends all over the country, plus an education in animal behavior and patient teamwork.“You have to be very resilient,” says Erin LaPlante, 17, of Caledonia, Wisconsin. “You’re going to lose far more than you’re going to win, but you learn far more than you win.”About five years after her dog show debut ended in tears, she won juniors at the AKC National Championship in December and is returning to Westminster. So is sister Maren, 13.Their family had never shown dogs before Erin started, at the suggestion of their Doberman’s breeder. Molly Anne Forsyth, on the other hand, comes from two generations of breeders of greyhound-like Salukis. But “we trust each other even more from showing together,” says the 16-year-old from Davis, California.For parents, the sport requires acclimating to the occasional double take when a 6-year-old uses the word “bitch” —appropriately, for a female dog — plus a lot of driving and helping out.“I can dress a little boy in a suit in my sleep,” laughs Alysha Towell. Her daughter and six of her seven sons, including Fenric, either show dogs or soon will.Cortlund, 17, was a juniors finalist at Westminster last year, earning a turn in the big ring at Madison Square Garden. He placed fourth and is returning this year.“It’s not like any other sport,” he says. “If you play soccer or football and quit, they can live without you. You can’t quit on a dog.” Trending Articles PLAY LIST 00:50Trending Articles02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss01:06Palace: Up to MTRCB to ban animated movie Magellan in PH01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City LATEST STORIES “It’s hard because they’re top people, and we’re just kids,” says Faith Rogers, 14, of Bordentown, New Jersey, now at her fourth Westminster. But when she started showing dogs at age 9, she decided: “This is what I love, and I didn’t really care if there were older people or not.”Or, as twin sister Emma puts it, “Let’s just show ’em what we got.”Dogs ranging from wee Chihuahuas to rangy Irish wolfhounds showed what they’ve got in Monday night’s group judging, helped by adult handlers.Lucy “knows when there’s a big stage,” said handler Valerie Nunes-Atkinson. Handlers, meanwhile, need to “go Zen” so their dogs won’t pick up jitters, Bill McFadden said after leading Flynn.Slick has won best of breed previously at Westminster, but Monday’s herding group win “means a lot to us,” handler Jamie Clute said.ADVERTISEMENT NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers Typhoon Kammuri accelerates, gains strength en route to PH Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH Brace for potentially devastating typhoon approaching PH – NDRRMC Don’t miss out on the latest news and information. AFP official booed out of forum Belangel seizes top spot in 5th week of NBTC 24 2 ‘newbie’ drug pushers fall in Lucena sting Read Next View comments