Dutch REITS to grow in competitiveness after change to tax regime

first_imgRonald Wijs, a member of EPRA’s tax committee, said the changes to legislation came about after EPRA and the industry consulted the government on the system’s negative impacts.“This legislation is a major improvement,” he said. “It should allow Dutch REITs to manage their property portfolios in a more dynamic way and to meet the changing demands from investors and tenants.”However, the changes to the tax regime came with several stipulations, EPRA said.The government will only provide tax allowances if the ancillary activities take place in a legitimate subsidiary, and if the activities directly relate to the core investment.It also said the total value of shares in the subsidiary may not exceed 15% of the value of the FBI as a whole, while turnover may not exceed 25%.In line with this, the subsidiary providing the ancillary activities may only be financed by equity.The government said this was to prevent companies from keeping their value artificially low. Changes to the tax regime for Dutch real estate investment trusts (REITS) will see them grow competitively within Europe, according to the European Public Real Estate Association (EPRA).The organisation said the changes, which came into force in 2014, would now allow the Dutch funds, known locally as FBIs, to compete against other REITS.It said the changes would allow FBIs’ ancillary services – such as providing meeting space, in-house catering or energy to tenants – to qualify for the same special tax regime as their core activities.This falls in line with the structure elsewhere in Europe and now sets Dutch funds on a level playing field, EPRA said.last_img read more

Regulator responds to call for ‘swift action’ over UK media group sale

first_imgFor example, the PPF has said that it did not “understand why there was an apparent rush to complete the pre-pack administration” and that it had been led to believe that the publisher had “more than adequate cash reserves”, including to pay the next pension contribution of around £800,000 (€895,000) that was due on 18 November.Commenting on this, Field yesterday said: “It doesn’t take a genius to work out that a company that dumps its pensions liabilities just days before it has to put £800,000 into the pension fund might be up to no good.“It’s clear that the PPF, which is left to foot the bill, has serious doubts about this pre-pack deal.”A spokesperson for TPR said it was looking closely at the circumstances of the Johnston Press pre-pack deal, including timing of the company sale.However, pre-packs could happen at short notice and “it is not possible to launch an investigation into a pre-pack that has not taken place”.“Regulating the process leading to a pre-pack is a matter for the other agencies,” added the spokesperson.“Our role is to focus on a pre-pack’s impact on an employer’s pension scheme.”TPR did not have the power to stop a pre-pack taking place, as there was no requirement for either it or the PPF to pre-approve it. The UK’s Pensions Regulator (TPR) is investigating the bankruptcy of media company Johnston Press amid pressure from politicians over the fate of the company’s defined benefit (DB) pension scheme.TPR did not have the power to stop the ‘pre-pack’ deal, it said in a response to influential MP Frank Field, who had raised concerns about the sale of Johnston Press after it was put into administration. This meant its DB scheme automatically entered the Pension Protection Fund’s (PPF) assessment period, with some members set to have their benefits reduced.In a statement issued yesterday, Field, the chair of the UK parliament’s work and pensions committee, said: “The Pensions Regulator has promised to be quicker and tougher — now would be a good time to start.”The politician had already challenged about the sale of Johnston Press and the offloading of the DB scheme, but followed up on this yesterday after “worrying details” about the circumstances of the sale had come to light.last_img read more

LR gives AIP for Japanese LNG-powered coal carrier

first_imgMitsui O.S.K. Lines. (MOL) said that together with Tohoku Electric Power and Namura Shipbuilding have received an approval in principle (AIP) from Lloyd’s Register for the design of an LNG-powered coal carrier.The three companies have moved ahead with this project and recently conducted a hazard identification study (HAZID), and finished the basic design, MOL said on Wednesday.This is Japan’s first joint acquisition by three companies, a shipping company, cargo owner, and shipbuilder, of an AIP for a vessel powered by LNG.The vessel design ensures sufficient cargo capacity without making the hull larger by installing the LNG fuel tank at the stern.In addition, the study is pursued based on the installation of the tank cover with an eye toward preventing an onboard fire from spreading to the LNG fuel tank while streamlining inspection work, MOL said.last_img read more

Churches refuse to marry gay couples

first_imgTaranaki Daily News 10 Sep 2012Religious gay couples wishing to wed in Taranaki will struggle to find a church aisle to walk down, even if the Marriage Amendment Bill becomes law. Taranaki church leaders contacted by the Taranaki Daily News said their religious beliefs meant they would not marry gay couples, even if they had the option. The Marriage (Definition of Marriage) Amendment Bill which would allow same-sex couples to marry is being considered by a select committee after passing by 80 votes to 40 in a Parliament conscience vote last month. New Plymouth MP Jonathan Young, Whanganui MP Chester Borrows and Taranaki-King Country MP Shane Ardern all voted against gay marriage, while Te Tai Hauauru MP Tariana Turia voted for it. Earlier this month 70 church leaders including the national heads of major church denominations made a joint statement in response to the bill. “All human beings are equal in the sight of both God and society, but not all relationships are the same. Marriage has uniquely been about the union of male and female. The state should not presume to re-engineer a basic human institution,” it said.Kim Francis, senior minister at New Plymouth’s St Andrew’s Presbyterian church, put his name to the joint statement and said he was “totally against” gay marriage and would not marry same-sex couples.Citywest senior pastor Steve Batten also said he won’t be marrying gay couples. “Marriage should be between a man and wife. That doesn’t mean I would be saying to gay people: ‘You can’t come to the church’.” He said his views were in keeping with those of the larger Assembly of God group of churches that Citywest belongs to and their leader, Reverend Illiafi Esera, had also signed the collective statement.Dean Jamie Allen, from St Mary’s Taranaki Cathedral, and Archdeacon of Parininihi, Tricia Carter, reiterated the Anglican position, which is that the church is “looking into it.” “Our church has been considering this issue for several years and it is currently being looked at by a commission chaired by Sir Anand Satyanand. This commission is due to report in 2014,” Mr Allen said.New Plymouth Central Baptist Church pastor Martien Kelderman said that as the law stands at this point, he would not marry a gay couple of his faith. He highlighted the fear that the clergy’s right to refuse to marry people will be taken away or they will be punished for refusing to marry gay couples. Mr Kelderman said he was known for refusing to conduct a Christian marriage for his brother.Family First gained a legal opinion which challenged a statement by the Human Rights Commission that asserted if the Bill becomes legal, no religious minister will be required to marry a same-sex couple, anywhere, including in a church. Parliament faces a final vote on the bill within the next yearhttp://www.stuff.co.nz/taranaki-daily-news/news/7643078/Churches-refuse-to-marry-gay-couplesMinister hopes church will perform same-sex marriagesStuff.co.nz 10 Sep 2012An Anglican minister whose son is gay says she hopes the church will choose to perform same sex marriages if the Marriage Amendment Bill becomes law. “Sadly it’s only one interpretation of the Bible that is getting heard at the moment. You don’t have to choose between Christianity and homosexuality, they can exist together,” said Rev Val Riches, the regional dean of North East Taranaki.http://www.stuff.co.nz/national/7643107/Minister-hopes-church-will-perform-same-sex-marriageslast_img read more

Two fined for ‘lewd’ Dinagsa fest dance

first_imgCadiz City Mayor Salvador Escalante Jr. (left) talks to the two Dinagsa Festival revelers who went viral due to their recent lewd “pole dancing” act Monday morning, January 27, 2020. PHOTO: City Information Center of Cadiz City Facebook page “We would like to remind the publicthat the display of obscene messages on placards, lewd acts and the likes arecertainly unacceptable and have corresponding punitive measures,” he said. “Those involved in the indecent actshave already been identified and have signified their intentions to issue apublic apology for what they did,” Escalante added. Meanwhile, another woman has issued anapology after her placard went viral for showing “indecent” words inpublic.  Escalante met with Wilma and Bautistayesterday to impose a P3,000 fine or an imprisonment of 10 days for violating acity ordinance by showing “indecency” in public.      Wilma and Bautista chose to pay theP3,000 fine as they promised not to replicate the act next time.   He added Cadiz City observes diversitybut the public should not go beyond the bounds of good taste, decency and theaccepted norms of the society. Bacolod City – Two persons who went viral on social media for their “lewddancing” during the Dinagsa Festival in Cadiz City, Negros Occidental haveissued an apology as they agreed to pay a fine imposed by the citygovernment.      Escalante said he invited the woman tothe city hall for a meeting and to make a personal apology.  The two were only identified throughtheir social media accounts as certain Boomba Wilma and Laura Beatrice Bautista– residents of Silay City in Negros Occidental. “Dinagsa 2020, no doubt, like itsprevious outings, was a huge success. We cannot overemphasize our elation thatour cultural and religious festival has grown into a major tourism event overthe decades,” said Escalante./PN He said he will ask the SanggunianPanglunsod of Cadiz City for the possible measures “to safeguard the interestof Dinagsa Festival as both a cultural and religious event.”  Meanwhile, Escalante was grateful forthe thousands of revelers who joined this year’s Dinagsa Festival. Wilma and Bautista earned the ire ofthe public for dancing while allegedly showing their private parts during thefestival on Saturday.  The “indecent dancing” reached MayorSalvador Escalante of Cadiz City. last_img read more

Franklin County Council Members Consider Budget Cuts

first_imgCouncil members are prepared to make cuts to the budget. (Photo: Franklin County Government)Officials in Franklin County are considering different methods to cut the county budget by $1.5 million.Franklin County Council was instructed by the Indiana Department of Local Government Finance in January that the deficit in the budget could be made up by spending the county’s investment money, however that has been retracted, according to the Franklin County Observer.The money that officials thought could have been used is not part of the general fund, which now forces the county to search for cuts.The Observer reported that council weighed several options including rescinding the promised 50 cent an hour raise  to county employees, potentially cut part time county employees or slash the budget for each department funded by the general fund by 19%.Councilwoman Becky Ogelsby suggested a less aggressive approach by making $500,000 in cuts now, and review the budget again in May. She also mentioned the prospect of increased revenue from taxes with the potential of new businesses coming to the county, such as the rumored Walmart in Batesville.Another option is to raise taxes, but Councilman Joe Sizemore said he would not vote for a tax hike, according to the online newspaper.The consideration of budget cuts could only effect county departments that receive money from the general fund, so the highway department will not be impacted.No decision was made and a reduction meeting will be held Tuesday, March 11 at 7:00 p.m. at the Franklin County Government Center.last_img read more

Boys Track Regionals Results

first_imgThe Boys Track Regionals took place at Connersville.Boys Track Regionals @ConnersvilleWarren Central was the Team Champions. East Central  placed 6th, Rising Sun finished 13th, Union County was 12th, while Batesville, South Ripley, and South Dearborn were tied for 24th.The top 3 finishers in each event advances to The State Finals.Locally.  For East Central, Cade Kneuven qualified for The 100 & 200 Meter Dashes and Nathan Corn for The Pole Vault; and for Rising Sun, Austin Martin in The High Jump.  Congrats on qualifying for The State Finals!The Boys Track State Finals will be Saturday (6-7) at IU-Bloomington.Courtesy of The IHSAA.last_img read more

Injured Ba out of Senegal game

first_img Meanwhile, Brazil boss Luiz Felipe Scolari has promised not to take any risks with David Luiz, who is a doubt for Wednesday’s friendly against England with a calf injury. Luiz suffered the injury in the dying minutes of Chelsea’s Capital One Cup semi-final against Swansea on January 23 and has not played since. Scolari decided to keep the 25-year-old in his squad for the game at Wembley but he will not play unless he passes a fitness test, the Brazil manager said. “Regarding David Luiz he will (have to) pass another exam with our physios, then we will decide whether he will play or not,” Scolari told a press conference at Wembley. “We will not take any risks with him.” Demba Ba has become the latest Chelsea player to withdraw from international through injury and, like Petr Cech, could be a doubt for Saturday’s Barclays Premier League clash with Wigan. The Senegal striker suffered a broken nose in last Saturday’s loss at his former club Newcastle and his withdrawal follows that of Czech Republic goalkeeper Cech, who has a finger injury. A story on chelseafc.com read: “The Senegal Football Federation have announced that Demba Ba has withdrawn from the squad ahead of their game against Guinea, after suffering a broken nose during Saturday’s 3-2 defeat against Newcastle United.” center_img Press Associationlast_img read more

Final Windies, India Test abandoned as a draw

first_img(REUTERS) – The final Test between West Indies and India was abandoned as a draw yesterday as the soggy outfield remained unplayable in Trinidad and Tobago.The result meant India won the four-Test series 2-0 but surrendered top spot in the International Cricket Council (ICC) rankings to Pakistan, less than a week after taking over the number one position from Australia.India had needed to win in Port of Spain to keep the top ranking but only 22 overs were completed on Thursday, with play completely washed out over the following four days at Queen’s Park Oval.The fixture, played in Trinidad’s rainy season, became the third-shortest non-abandoned Test ever.India and West Indies now move to Florida for two Twenty20 matches this weekend.last_img read more

Women of Troy stun No. 5 Stanford

first_imgThe USC women’s soccer team came away with two impressive results in the Bay Area this weekend, tying No. 8 California 1-1 on Friday and stunning No. 5 Stanford on Sunday with a 1-0 shutout victory. Junior midfielder Alex Quincey played the role of the hero for the Women of Troy in both matches, picking up an equalizing goal against the Bears and the winner against the Cardinal. Quincey’s excellent weekend helped her squad pick up its first Pac-12 win while ending a rough four-game losing streak. USC now stands at 6-6-2 overall, with a 1-3-1 Pac-12 record.In Friday’s match, it was immediately apparent that USC’s recent skid was a distant memory. The team came out firing, putting steady pressure on a Golden Bears team that was riding a 13-game undefeated run. The Women of Troy outshot Cal 20-8, while overcoming 21 penalties en route to the much-needed draw. In the first half, freshmen forwards Kayla Mills and Tanya Samarzich led the USC offense to multiple scoring opportunities, but USC could never quite convert. It was the Bears, in fact, who struck first, opening up the scoring with a Rachel Mercik goal in the 27th minute. Just before the half, USC sophomore defender Marlee Carrillo nearly evened the score off of a promising corner kick from sophomore midfielder Jamie Fink, but her shot was turned away at the last second.In the second half, the Women of Troy continued to dominate possession, but could not get the breakthrough they needed. It was not until the 78th minute, however, that USC finally got on the scoreboard. A wayward Cal clearance landed at the feet of Quincey, who ripped an impressive shot from distance into the inside of the net. The goal marked the end of 454 minutes of scoreless play for the Women of Troy, and seemed to lift a weight off the team’s shoulders. Though the team did have a few chances at winners in regulation and overtime, a tie against the undefeated Bears remained a welcomed result.“[The goal] felt great,” Quincey told USCTrojans.com. “With the scoring drought we’ve had, I think it kind of gave us that boost. Hopefully from now on, we’ll just be scoring tons of goals.”Two days later in Palo Alto, USC was just as prepared for its second top-10 matchup of the weekend. In a more controlled effort, the squad played to its strengths — possession and defense. USC junior goalkeeper Caroline Stanley came up with eight saves against a Cardinal team that outshot the Women of Troy 15-8 and certainly had plenty of opportunities to score. Still, USC very much appeared like it belonged with the nation’s best throughout the game.“It took major fight, major courage,” Mills told USCTrojans.com after the game. “[The defense] is awesome, and sometimes they don’t get enough credit because of our lack of scoring.”Once again, however, it was Quincey who sealed the victory. At the 59-minute mark, the junior headed a beautiful Mills corner kick off the crossbar and into the net. The goal followed a scoreless first half and led into another stretch of solid defensive play to clinch the win.It was clear that the goal and the win were a cause of relief for USC head coach Ali Khosroshahin and his players.“We had been waiting 35-plus chances for a corner to go in,” the seventh year coach said. “It felt really good.”The win ended a five-game winless drought for the Women of Troy and extended a three-game losing streak for the Cardinal (9-3-1, 2-3-0).“We had been close so much this year, and it had been heartbreaking the types of losses we’d taken,” Khosroshahin said. “These ladies deserved this. I couldn’t be more proud of this team and it’s about time the ball bounced in our favor.”last_img read more