How the EpiPen drug price story went viral — and what may be next

first_img Meghana Keshavan A mind-boggling price hikeMartin Shkreli’s 5,000 percent price hike for the drug daraprim, often used to treat infections in patients with AIDS, turned him into the poster boy for pharmaceutical greed. Mylan steadily hiked the price of the EpiPen year after year after year — often, twice a year, with no explanation other than that the market would bear it.Another company with this ingredient: Insulin makers. The cost for insulin has more than tripled since 2002 — despite the fact that improvements in insulin in the past decades have been merely incremental.A compelling patient storyThe very thought of an anaphylactic 7-year-old does tug at the heartstrings — and the prospect of such a child being unable to easily access an epinephrine auto-injector has clearly struck a nerve. Similarly, it wasn’t simply Shkreli’s bombast that incited the public. It was the fact that daraprim was used primarily in HIV patients — already a marginalized population.“We’re seeing increases all the time in drug prices — so the key here is whether the issue can excite an audience’s passion,” said Peter LaMotte, senior vice president of Chernoff Newman, a firm that works in crisis communications and reputation management. “For some companies, it blows up. For other companies, it goes completely under the radar.”Another company with this ingredient: Teva Pharmaceuticals has increased the price of multiple sclerosis drug Copaxone 118 percent since 2011, according to Reuters — despite competing with a generic form of this drug that’s been available since last year. Patients with MS must regularly imbibe a costly cocktail of medications to ward away the devastating symptoms of this disease.The Bernie Sanders factorWe’re in an election cycle, and the presidential candidates — particularly Hillary Clinton and former Democratic contender Bernie Sanders — have often made a punching bag of pharma. Sanders, in particular, has helped push along the drug pricing issue. He weighed in early, and critically, about Valeant Pharmaceuticals’s price hikes. He publicly rejected a campaign donation from Martin Shkreli. And just this week, he tweeted out (in reference to Mylan) that “something is very, very wrong when drug companies value their profits over the lives of customers.”Another company with this ingredient: Medivation, which was just purchased by Pfizer. Sanders just called it out for over-pricing its prostate cancer drug Xtandi, calling its $129,000 price tag — which is quadruple the cost of the drug in other countries — “unconscionable.” Alex Hogan/STAT What’s the recipe for a drug pricing controversy?The biopharmaceutical industry is under attack for its bafflingly complex pricing, and the target du jour is Mylan: The public and politicians are seething over the fact that the drug maker’s epinephrine injector, the EpiPen, has more than quintupled in cost since 2007. It now retails for more than $600 for a two-pack.But what’s so special about the EpiPen? And why has the anger suddenly gone viral?advertisement Related: Biotech Correspondent Meghana covers biotech and contributes to The Readout newsletter. Hillary Clinton, AMA urge EpiPen manufacturer to rein in ‘exorbitant’ costs Mylan may have violated antitrust law in its EpiPen sales to schools, legal experts say BusinessHow the EpiPen drug price story went viral — and what may be next NewslettersSign up for The Readout Your daily guide to what’s happening in biotech. By Meghana Keshavan Aug. 26, 2016 Reprints [email protected] About the Author Reprints Privacy Policy Talia Bronshtein/STAT Source: Elsevier Clinical Solutions’ Gold Standard Drug Database At Mylan, CEO Heather Bresch is also inviting uncomfortable scrutiny. The simple fact that her father is Senator Joe Manchin (D-W.Va.) makes her an easy target in some quarters. Then there’s the fact that her salary has been rising right along with EpiPen prices, up more than 600 percent since 2007. Last year, her compensation was $19 million.Another company with this ingredient: Vertex Pharmaceuticals CEO Jeff Leiden took in a salary of $36.6 million in 2015, though he did accept a 23 percent pay cut this year, to $28 million. The company’s not necessarily raising prices, but it is setting them sky-high to begin with, like the cystic fibrosis drug Orkambi, priced at $259,000 for a year’s worth of treatment. How does the EpiPen work?Volume 90%Press shift question mark to access a list of keyboard shortcutsKeyboard ShortcutsEnabledDisabledPlay/PauseSPACEIncrease Volume↑Decrease Volume↓Seek Forward→Seek Backward←Captions On/OffcFullscreen/Exit FullscreenfMute/UnmutemSeek %0-9 facebook twitter Email Linkhttps://www.statnews.com/2016/08/26/epipen-recipe-price-controversy/?jwsource=clCopied EmbedCopiedLive00:0001:5201:52  EpiPens can stop a body from going into overdrive when it’s exposed to an allergen. Alex Hogan, Hyacinth Epinado/STAT We, the mediaThe media — and we, at STAT, are complicit — fueled the fire of both Shkreli outrage and what we’ve (somewhat shamelessly) taken to calling EpiPendimonium.Other companies with this ingredient: Basically every drug company out there is increasing its drug pricing. The cost of generic tetracycline, for instance, climbed from 6 cents in 2013 to $4.60 in 2015. On the other end of the spectrum, earlier this year, Vanda Pharmaceuticals increased the cost of Hetlioz, a drug that treats a sleep disorder in blind people, up to $148,000 per year — a cost that’s 76 percent higher than it was in 2014.Occasionally, one case study catches fire and fuels a predictable cycle of media coverage, Twitter storms, online petitions, and congressional statements. What will be next? Use the comment field below to nominate your picks. Reports of the device’s price increases have circulated for years. And Mylan (like other drug makers) has been raising plenty of other prices, too: In recent years the list price for its gallstone drug ursodiol is up 542 percent, its irritable bowel syndrome drug dicyclomine is up 400 percent, and its antihypertensive drug verapamil has tripled in price.We’ve broken down the ingredients for a public uproar — and identified some other drug makers that may well find themselves in the hot seat next. To excite the public’s ire, there has to be:advertisement Leave this field empty if you’re human: A controversial CEO with a hefty paycheckShkreli’s general inability to keep quiet (and antics such as smirking his way through a congressional chastising) has made him a bit of an outlier compared to your standard chief executive. It was his personality, as much as the spiked cost of daraprim, that invited the outpouring of disgust. The rising cost of EpiPens050100150200250300350EpiPen inflation-adjusted (2016) list priceper 2-Pak in US dollarsDateEpiPen priceMay 16, 2016$304.31Nov 23, 2015$268.9May 1, 2015$234.03Nov 5, 2014$203.92May 2, 2014$177.47Nov 8, 2013$156.97Jul 17, 2013$136.62Nov 7, 2012$126.12Jul 27, 2012$114.76Mar 6, 2012$104.42Oct 18, 2011$96.98May 12, 2011$88.25Dec 15, 2010$82.84Aug 3, 2010$75.38Oct 12, 2009$69.71Jan 14, 2009$58.05Jan 16, 2008$55.09Feb 22, 2007$54.48Feb 23, 2006$53.88Feb 23, 2005$53.48Nov 1, 2004$53.16The rising cost of EpiPens Related: Please enter a valid email address. Tags EpiPenMylan @megkesh last_img read more

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Winner announced in LaoisToday/Sweet Bakery competition

first_img WhatsApp GAA Twitter Facebook Pinterest TAGScompetitionThe Sweet Bakery Here are all of Wednesday’s Laois GAA results My, my, my. We think this might have been one of our most far-reaching and eagerly anticipated competitions to date.The Sweet Bakery opened its doors in Portlaoise on February 12, much to the joy of people all around the county.When we announced that we teamed up with the Sweet Bakery to give away a voucher worth €100 to spend in store, it showed just how many people in Laois are fond of a sweet treat or two. Winner announced in LaoisToday/Sweet Bakery competition Previous articleTowns and villages ‘have been abandoned by Bus Éireann’ says local councillorNext articleJOB VACANCY: Laois Heating & Plumbing services are looking to fill a key role Siun Lennonhttp://heresosiun.blogspot.ie/2016/09/the-lekkie-piccie-experience.htmlSiún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics. Facebook WhatsAppcenter_img Pinterest By Siun Lennon – 20th February 2019 Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory GAA RELATED ARTICLESMORE FROM AUTHOR Twitter Home We Are Laois Winner announced in LaoisToday/Sweet Bakery competition We Are Laois GAA The attraction the competition received was nearly beyond belief.Amassing over 1.6k likes and 1.5k shares, it was extremely tough to narrow it down to just one winner, but we did.And we’re delighted to announce the winner as:Lorna Jackson from MountrathCongratulations to Lorna and thanks to everyone for entering and keep an eye on our social media pages for more great competitions in the coming weeks.SEE ALSO – Gordon Bennett Classic set for international recognition 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshinlast_img read more

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Calls for unelected Ministers to be replaced with sitting TDs

first_img Electric Picnic organisers release statement following confirmation of new festival date Calls for unelected Ministers to be replaced with sitting TDs By Alan Hartnett – 23rd May 2020 Pinterest Shane Ross, Regina Doherty and Katherine Zappone It is now more than 100 days since the 2020 General Election and we still do not have a government in place.Instead we have a caretaker government which means that people like Regina Doherty, Shane Ross and Katherine Zappone – who lost their seats in the election, are still acting as TDs and, in some cases, Ministers.A new bill is being prepared by Aontú leader Peadar Tóibín which, if passed, would necessitate the replacement of unelected Ministers and Junior Ministers with elected TDs.Aontu representative for South Kildare, Anita Mhic Gib, agrees with this bill.She said: “106 days after the General Election we have Ministers who are making far reaching decisions for our country and who failed to be elected.“They have absolutely no mandate whatsoever and we are being inundated with calls from disgruntled and disillusioned voters who feel that it’s like ‘groundhog day’ listening to Ministers who lost their seats in February but still in situ in May.“The Irish people voted. The result of that democratic vote is being denied to the Irish people while the government without a mandate is making decisions which will have long-lasting ramifications for the economy and future of the Irish people.“Ultimately this needs to be addressed by Fianna Fail, Fine Gael and The Greens by bringing their never ending government formation low set to a conclusion.“In no other sector of Irish society would such as dysfunctional decision-making process be allowed. We currently have a legislature that cannot legislate and a newly elected Dáil with very little ability to scrutinise or hold to account. That this democratic deficit would be allowed to continue for so long in the teeth of a such a crisis is absolutely wrong.“However, our Aontú’ Bill, if implemented, would in future, bring to an end unelected Ministers such as Regina Doherty, Shane Ross, Katherine Zappone and Ministers of State such as Mary Mitchell O’Connor, Kevin ‘Boxer’ Moran, Michael D’Arcy, Catherine Byrne, Pat Breen and Finian McGrath remaining in office indefinitely on a Ministerial salary.“This would give some effect to the democratic process, improve accountability of Ministers and would save the state money. It is estimated that the current practice of maintaining unelected Ministers is costing the state €40,000 a week.“There is also a potential exposure to the exchequer in terms of increased pensions in the future as the terms of Ministers and the Taoiseach are undemocratically prolonged.“The Aontú Bill seeks to ensure the prompt appointment of successors to Ministers and Ministers of State who have as a result of a general election ceased to be members of the Oireachtas.“If this Bill is passed, in future before 6 weeks after a general election has elapsed, the Taoiseach must with the approval of the Dáil, nominate for appointment by the President the successors in office of those Ministers who have ceased to be members of a House of the Oireachtas.“In the cases of Ministers of State the same timescale remains in place put the approval for the selection of new Ministers of State remains in hands of the Government.“I understand that this legislation cannot be passed through the Oireachtas until a new Seanad has been completely formed however this Bill is not just for the present but also the future.Also, each House of the Oireachtas is individually responsible for its own work and we have a responsibility to resolve this blatant democratic deficit.”SEE ALSO – Laois man scoops big job with British and Irish Lions ahead of 2021 Tour Pinterest Twitter WhatsApp Facebook TAGSAnita Mhic GibAontú Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival WhatsApp Facebook Previous articleCounty Final Memory: Clonad claim title number 13 in 1970Next articleFr Paddy: Ascension a time to Hope Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Electric Picnic News RELATED ARTICLESMORE FROM AUTHOR Electric Picnic Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role Twitter Home News Calls for unelected Ministers to be replaced with sitting TDs Newslast_img read more

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“Driving Force for Change in North Korea is the North Korean…

first_img News News “Driving Force for Change in North Korea is the North Korean People” [imText1]The reasons why the people reject or hold a reserved attitude towards North Korean democratization are the following: One, they do not well informed regarding the current situation in North Korea; two, preoccupation with the theory that we must help North Korea follow the Chinese model for reform and liberalization, knowing for sure the collapse of the North Korean regime will bring a serious problem; and three, the argument that the people of North Korea must take the lead for North Korean democratization, but it does not help much to talk about it when they remain silent. I will not discuss the first and the second reasons for I believe there will be opportunities for me to do so in the future. I will concentrate on the third reason, of which that even with detailed explanations of the Six Corps Incident where some tried to start a revolution from the military in 1990s or statements (through voice recorded tapes or fliers) of North Korea’s underground groups but such efforts are never thought to be real. The Six Corps Incident was such a big incident itself where many died, sent to the gulags and ended up resigning from their military service with dishonor. It was so serious that Kim Jong Il was about to get rid of the Six Corps, but this incident is not even heard of in South Korea. This is because many tapes or fliers found in China or mailed to South Korean broadcasters are suspect of their reliability. However, the video clip obtained by the Citizen’s Coalition for Human Rights of Abductees and North Korean Refugees and reported by The DailyNK, in which Young People’s League for Freedom reads their statement, is different from previous evidence. The video clip shows someone had recorded declarations posted on 1.17 Factory in Huiryung and at the entrance of Daedukri town in North Hamkyung province. Certainly, in a society so strictly inspected and controlled such as North Korea, it would be unimaginable for someone to walk out with a video camera and freely record declarations posted in open areas. It must have been one of the members of Young People’s League for Freedom or someone with the certain intention of posting the declaration, reading it, and having it recorded. Therefore what we see on the clip is certainly not what is widely happening across North Korea. However, the very fact that this kind of declarations were posted and read out to be recorded in open areas inside North Korean territory still holds great significance. This is because evidence exists of a democratization movement inside North Korea, which also provides an opportunity for the people in South Korea and the international society to rethink the North Korean problem. Furthermore, this kind of video clip will engrave s deep impression of the North Korean defectors currently residing in China“The North Korean Problem will Cause a Serious Policy Conflict”In regards to the North Korean problem, we can predict there will be much conflict in the following number of years in deciding which strategies and what policies must be held by South Korea government. Although it may be pretty serious to South Korea, the North Korea matter will also be pretty serious to the U.S., Japan, and China without exception. This is because North Korea involves a number of complex factors. The huge storm including military confrontation will bring an evaluation of oppressive policy, evaluation of reconciliation and an open policy towards North Korea, and inter-Korean relations. In any case, the core of all the strategies and policies must be that the North Korean people are human beings with autonomy and dignity. This will declare to the world that the North Korean people are no longer slaves of Kim Jong Il, but individual human beings with autonomy and dignity. In this case, the people of North Korea will be able to clearly grasp the perception of their own being. There is a saying “Heaven helps those who help themselves.” Perhaps North Korea could be liberated and become rich through the assistance of the U.S., China, South Korea, or some coincidental factors. However, fundamentally, North Korea’s primary force for the quality development in North Korean society lies in the autonomy of the North Korean people, which is only obtainable through their own ceaseless strife for democratization to get out of the state of slavery. SHARE There are signs that North Korea is running into serious difficulties with its corn harvest Facebook Twitter Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak center_img RELATED ARTICLESMORE FROM AUTHOR News News By Kim Young Hwan, Editorial Writer – 2005.01.27 1:55pm AvatarKim Young Hwan, Editorial Writer North Korea tries to accelerate building of walls and fences along border with Chinalast_img read more

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New president for Sun Life Investment Management

first_img Share this article and your comments with peers on social media Related news TD getting new head of private wealth, financial planning Keywords AppointmentsCompanies Sun Life Financial Inc. Sun Life Financial Inc. (TSX:SLF) has appointed former the chief investment officer of the Qatar Foundation Endowment (QFE), Carl Bang, as its president of its new institutional asset management business in Canada, Sun Life Investment Management Inc. Bang will be responsible for investment strategy, product, business development, client relationships and operations for Sun Life’s new third-party asset management business. He comes to Sun Life from his role as CIO at one of the largest endowment funds in the world. Before that, he was chairman and EO of State Street Global Advisors (SSGA) based in Paris, and he was previously president, senior managing director and CIO for SSGA Canada. James Langton center_img CETFA elects new board leader Sun Life Investment Management, which was launched in April, currently offers three pooled funds focusing on private fixed income, commercial mortgages and real estate assets. It also provides asset management and investment advisory services to managed accounts. “Carl is a seasoned leader who brings deep investment knowledge and business-building expertise to our team,” said Steve Peacher, the new venture’s initial president and CIO at Sun Life Financial. “Carl will play a strategic leadership role as we grow our new business. His industry insight and strong experience will help drive our Canadian operations, offering our diverse investment solutions to institutional investors in the country. Bang has an MBA from the Schulich School of Business and has a CFA designation. PenderFund names new SVP for investments Facebook LinkedIn Twitterlast_img read more

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Five things to watch for in the Canadian business world this week

first_img Toronto stock market dips on weakness in the energy and financials sectors Canadian Press > Housing The House of Commons finance committee hears witnesses on the Canadian real estate market and home ownership on Monday including Bank of Canada deputy governor Sylvain Leduc and CMHC chief executive Evan Siddall. > Poloz speech Bank of Canada governor Stephen Poloz gives a speech in Alberta on Tuesday on what is being described as “the art and science of making monetary policy.” He is also expected to take questions at a news conference. Related news Share this article and your comments with peers on social media S&P/TSX composite hits highest close since March on strength of financials sectorcenter_img Facebook LinkedIn Twitter TSX gets lift from financials, U.S. markets rise to highest since March Keywords Marketwatch > Economic report card Statistics Canada releases Tuesday its gross domestic product by industry results for November. The economy contracted by 0.3 per cent in October, the first decline in gross domestic product since May. > New Brunswick budget New Brunswick Finance Minister Cathy Rogers tables the province’s 2017-2018 operating budget on Tuesday. > Media conference The Canadian Media Producers Association holds its Prime Time in Ottawa conference starting Wednesday. The conference is expected to hear from CRTC chairman Jean-Pierre Blais and Heritage Minister Melanie Joly.last_img read more

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Budget 2019 could mean more tax payable for fundholders

first_img Budget 2019 raises GIS ceiling, introduces automatic CPP enrolment Government targets certain investment funds that use forward contracts Updated: Highlights from the 2019 federal budget tabled Tuesday Keywords Budget 2019,  Mutual funds,  ETF Share this article and your comments with peers on social media Mutual funds and ETFs will no longer be able to use a methodology to allocate income and capital gains realized by redeeming unitholders — at least in its current form — if proposals from the 2019 federal budget are implemented. This could potentially result in increased tax bills for clients.The proposals appear to affect ETFs more than they do mutual funds. “The entire Canadian ETF industry could be disadvantaged against mutual funds if what is proposed goes through,” Horizons ETFs said in a statement emailed to Investment Executive. Industry reacts to federal budget measures Related news Melissa Shin man with calculator 123RF TFSA holders ultimately liable for any tax on day trading in an account The 2019 budget is looking to constrain the ability for mutual fund trusts, which include ETFs, to reduce or defer taxes paid when unitholders make redemptions. The proposals affect all mutual fund trusts that use the allocation to redeemers methodology.What’s allowed now, and what won’t beWhen unitholders redeem units, mutual fund trusts (including ETFs) could incur income and gains. To avoid double taxation, mutual fund trusts must flow income and capital gains, including any that arise due to redemptions, to unitholders by the end of each tax year.The budget targets two structures: those involving allocations of income to redeeming unitholders, and those involving allocations of capital gains to redeemers. A fund could use one or both.Let’s tackle income first. The budget proposes to disallow allocations of ordinary income to redeemers if the unitholder’s redemption proceeds are reduced by the allocation.The allocation to redeemers methodology can be used here because some unitholders hold their units on account of income and others on account of capital. Examples of unitholders who hold on account of income are banks, brokers and day traders — essentially, any entity that carries on a business in securities. Retail investors typically hold mutual funds and ETFs on account of capital.When an entity holding units on income account redeems, the fund could allocate that redeemer income and reduce the redeemer’s proceeds, creating a loss on the redemption of the units. This loss would then offset the income allocation. The remaining unitholders would not receive a distribution of income and, if they hold on account of capital, would only pay capital gains tax when redeeming or selling their units. This maneuver appears to no longer be allowed if the budget proposals go through.“With the right parties at the table, the fund could pay no tax on income and nobody would be paying tax,” said Nigel Johnston, partner at McCarthy Tétrault LLP in Toronto.Certain synthetic ETF structures that use swaps, such as total return swaps, also use this methodology. With total return ETFs, the funds do not hold the underlying index and instead use a swap. An institutional counterparty delivers the total return of the underlying index, including compounded dividends and capital appreciation. Unlike with a physical ETF, the unitholders do not receive distributions and therefore do not pay tax on them. Instead, the counterparty — who holds on account of income — is allocated the income upon redeeming the units thanks to the allocation to redeemers methodology. Again, if the budget proposals go through as is, this allocation will no longer be allowed in its current format.Now let’s look at capital gain allocations. Current rules allow mutual fund trusts to allocate capital gains to redeeming unitholders in excess of the gains they would otherwise have realized upon redemption. The mutual fund trust can deduct this allocation, and the allocation reduces the unitholder’s proceeds so the unitholder pays the same tax he or she would have paid if there had been no allocation. Further, because the excess portion does not need to be allocated to the remaining unitholders, it is reflected as an unrealized gain in their units. The remaining unitholders only pay tax on this unrealized gain when they redeem their units.The budget proposes to deny mutual fund trusts this ability to allocate excess capital gains to redeeming unitholders. Instead, it would require that only appropriate gains be assigned to those unitholders.“What the budget measure is trying to do is cap the individual investor’s capital gains in terms of what you allocate to them,” said Minal Upadhyaya, vice president, policy and general counsel at the Investment Funds Institute of Canada (IFIC).In principle, this seems fair: unitholders should only be allocated the gains that apply to their situations. The trouble is, doing so “is a difficult if not impossible exercise,” Upadhyaya said.For a manufacturer to appropriately allocate gains, it must know the adjusted cost base (ACB) for each unitholder. This can be challenging because some unitholders hold funds in nominee name while others do so in client name.Another potential issue comes up, Upadhyaya noted, if a client holds the same units of the same fund across multiple dealerships. In that case, “it’s up to me [as the client] to figure out what my ACB is because I’ve got to pool all of those together.” She added that the taxpayer holds ultimate responsibility for knowing his or her ACB.As a result, tracking each unitholder’s true ACB “is a difficult exercise from a fund company perspective because of all the permutations,” she said.If you think that’s bad, ETFs have it worse. “The manufacturer doesn’t trade directly with the individual unitholder, and doesn’t have direct line of sight to the individual investor,” she said. As a result, it is impossible for ETF manufacturers to know their investors’ identities and cost bases, and thus impossible to accurately assign capital gains upon redemption.Being unable to appropriately allocate gains when unitholders redeem means that any capital gains resulting from that redemption may be borne by the remaining unitholders. Practically speaking, unitholders may receive taxable distributions while they still hold units, rather than only when they sell them.A March 27 report by Alex Perel, director and head of ETF Trading at Scotiabank, called “The Federal Budget and its Impact on ETF Investors,” summarized the problem. “Investors holding ETF shares over year-end can find themselves receiving a tax bill even though they did not hold the shares at the time the gains were realized within the fund,” Perel wrote. “[T]his tax impact on remaining holders is caused by investors who have exited the fund and not the investors that remain.”Instead of the allocation to redeemers methodology, the budget suggested using the capital gains refund mechanism — despite noting that “it does not always fully relieve double taxation.”Johnston explained that the mechanism “can give rise to situations where you don’t get a full refund of the tax that would otherwise be payable.” For this reason, he said, fund manufacturers have used the allocation to redeemers methodology instead of or in concert with the capital gains refund mechanism.The volume of the problemThe federal government estimated that closing this so-called tax loophole would create $350 million in revenue from fiscal 2019 to fiscal 2024 — more than the amount created from efforts to increase tax compliance. Some of this revenue may be new taxes paid on ordinary income that can no longer be allocated, and some may be taxes that will be incurred earlier than under existing rules, since allocating gains to redeemers creates a tax deferral rather than a tax elimination. (The Department of Finance did not return a request for comment by press time.)Industry experts hesitated to estimate the number of mutual funds and ETFs affected. The 2019 budget documents said that “many” mutual fund trusts use the allocation to redeemers methodology. However, Johnston said, “many mutual fund trusts’ governing documents contemplate them using the allocation to redeemers methodology, but in practice they may not use it at all.”On March 20, Horizons ETFs released a list of 45 of its ETFs that may be affected by the proposals related to the allocation methodology. On March 22, National Bank Financial released a report noting that those ETFs and an Auspice Capital ETF could also be affected. However, any mutual fund or ETF that uses the allocation to redeemers methodology for income, capital gains or both is also affected.Perel’s Scotiabank report provided a nuanced look at the situation.“We do not believe this effect will be uniformly felt by the ETF investment community,” he wrote. “The most liquid and actively traded products will typically have the greatest turnover and hence relatively high distributions of capital gains at year-end. Conversely, funds with low turnover (and therefore lower realized capital gains) should see less capital gains distributions to unitholders at year-end.” He pointed out that investors may then gravitate toward “newer, smaller, less-turned-over funds simply because they may distribute fewer gains.”A post-budget analysis by McCarthy Tétrault’s tax group notes: “The denial of the deduction for income allocable to a redeeming unitholder may itself lead to arbitrage opportunities: unitholders with large positions on capital account may redeem units before the end of a year to avoid large income distributions at the end of the year.”Implications for advisorsMany in the industry perceive the sweeping changes implied by the 2019 budget proposals to be broader than what the government intended. IFIC and other organizations want to open up dialogue with the Department of Finance “to help them understand the industry’s concerns. And that’s typical of our process,” Upadhyaya said. Finance “had a specific type of scenario in mind” when writing the budget proposal, she added, and “we’ll work very closely with [them] to help achieve their goal.”“I wouldn’t panic at the moment. There is going to be industry lobbying, and there will probably be some changes,” said Johnston, who is a member of the Portfolio Management Association of Canada’s Industry Regulation and Taxation Committee and IFIC’s Taxation Working Group.Further, the status quo remains for this year, since the existing proposals take effect for tax years beginning after March 20.“We expect that the ETFs will continue to function as is, with all of their current tax advantages, for the remainder of the 2019 tax year,” Horizons said in its statement. “The only way to ensure a taxable event occurs to unitholders would be for them to sell their units. If unitholders sell their units, this will not trigger a taxable distribution from the ETF to other non-redeeming unitholders.”Horizons also said that it does not anticipate needing to close any of its ETFs as a result of the budget proposals, even if they are implemented as is. “The operational structure could change if the legislation goes through as proposed,” Horizons said.The National Bank report offers similar counsel. “For investors who currently hold these ETFs or considering a purchase, we believe there is not enough information to do anything other than wait for fund issuers’ further comments on impact assessment before taking action,” wrote authors Daniel Straus and Ling Zhang. “Investors still have a few months to take action before the budget gets approved and the changes take effect.” Facebook LinkedIn Twitterlast_img read more

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Holocaust Memorial Day UK statement

first_imgHolocaust Memorial Day UK statement Madam Chair,I would like to express my thanks to Ambassador Küchler for her introductory remarks, and her work as the current Chair of IHRA.Yesterday I and my family joined thousands of people across the world – each in our separate places, but united in our actions – to light a candle to honour the memory of the six million Jewish men, women and children who lost their lives during a time of unparalleled depravity and inhumanity. We remembered the thousands of Roma, Sinti, and all other victims of Nazi persecution. And we remembered the victims of other genocides.Madam Chair,We must never forget that the Holocaust was committed by ordinary people, its victims were ordinary people.The Arolsen Archives, a copy of which is housed in London at the Wiener Library for the Study of the Holocaust and Genocide, shines a light on what happened.It shows it in all its horrible banality. Each bureaucratic record shows that there was once a government that decided to murder any Jew it could get its hands on. That murder was an integral part of its statecraft. Chillingly, it would use the efficiencies of mass production to commit mass murder.Each record in the archive is a testament to lives cut short, of families wrecked.Madam Chair,We should not be lulled into a false sense that the Holocaust happened in darkness, nor should we over emphasise the importance of those few individuals whose acts of courage saved Jews.The proposed Holocaust Memorial and Learning Centre next to our Houses of Parliament will be a powerful symbol of the UK’s commitment to remembering the Holocaust. It will explore the role of Britain’s Parliament and democratic institutions – what we did and what more we could have done to tackle the persecution of the Jewish people and other groups. Most importantly, our new memorial will allow us to continue to confront the immense human calamity caused by the destruction of Europe’s Jewish communities during the Holocaust, and to demonstrate our sincere commitment to mourn, remember and to act.Today, in a world where Holocaust denial, distortion and revisionism is gaining a foothold, we must remain resolute and recognise that attempts to attack the facts of the Holocaust all undermine the truth and our understanding of history.We must face this challenge head on. It is not enough to know that facts are on our side; we must actively ensure that we never forget. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Ambassador, Attack, Britain, children, Europe, Family, Government, Holocaust, London, memory, murder, parliament, production, Roma, UK, UK Governmentlast_img read more

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Leaders pay tribute to Centenarian

first_imgRelatedLeaders pay tribute to Centenarian Leaders pay tribute to Centenarian InformationOctober 26, 2010 Advertisements RelatedArchives Critical to Jamaica’s Historycenter_img FacebookTwitterWhatsAppEmail Resident of Bull Savannah in St. Elizabeth, Mrs. Simonette Rochester, was showered with praise by Governor-General, His Excellency the Most Hon. Sir Patrick Allen; Prime Minister, the Hon. Bruce Golding, and Leader of the Opposition, the Most Hon. Portia Simpson Miller, for reaching the milestone of 100 years on October 22.Mrs. Rochester is the mother of former State Minister and Member of Parliament, Derrick Rochester.Leader of the Opposition, the Most Hon. Portia Simpson Miller (right), having a few words with centenarian, Mrs. Simonette Rochester, on October 23.At a special service held at the Bull Savannah Seventh Day Adventist Church, on October 23, the Governor-General said that Mrs. Rochester’s contribution to the community should be sufficient to inspire members of her family, others in her community and her extended family in the area.In his tribute, Mr. Golding said that Mrs. Rochester has been blessed, “achieving the milestone of three scores and 40 years.”“If that is not something to celebrate and give thanks for, I don’t know what is. It is a remarkable achievement, and we are here to celebrate with you this wonderful life,” the Prime Minister told her.Prime Minister, the Hon. Bruce Golding (right), exchanging a few words with centenarian, Mrs. Simonette Rochester, at a special service in her honour on October 23. Others (from left) are: sister of the centenarian, Ms. Dimsy Mullings and son of Mrs. Rochester, and former State Minister and Member of Parliament, Derrick Rochester.For her part, Mrs. Portia Simpson Miller described Mrs. Rochester as blessed. “We give thanks for someone who has lived a good life. She is really blessed, and if we can learn anything, it is to ensure that we treat our bodies well, and do the things that we should do,” she said.The service was also attended by Custos of St. Elizabeth, Hon. Wilfred Nembhard, civic leaders, and political representatives. RelatedLeaders pay tribute to Centenarianlast_img read more

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Go After Wealthy Tax Dodgers – Bullock

first_imgAdvertisements RelatedGo After Wealthy Tax Dodgers – Bullock Go After Wealthy Tax Dodgers – Bullock Finance & Public ServiceAugust 30, 2012 RelatedGo After Wealthy Tax Dodgers – Bullockcenter_img FacebookTwitterWhatsAppEmail Lecturer in the Department of Economics, University of the West Indies, Collin Bullock, is suggesting that the Government target wealthy tax evaders as it embarks on tax reform measures. “We need to go after some of the large delinquents (and) make examples of them to show that nobody is above the law,” Mr. Bullock stated during a recent interview with JIS News. Mr. Bullock, who is a member of the Government’s Council of Economic Advisors,  said that for the reforms to be effective, the process should not only involve introducing new rates or broadening the tax base, but “collecting taxes from people, who can afford to pay, who have been living well, and who have not been paying taxes”. “So, we’ve got to find the people who can pay and who are outside the tax net and go after those people,” he stated. He argued that once this is done, poorer people in the society “will be more comfortable with their part of the adjustment if those who can afford to pay more, and who are evading taxes, actually are bought into the tax net”. “That will go a long way in terms of perhaps erasing the burden on the poor and demonstrating that there is a more effective sharing of the burden of the sacrifice that we face,” he added. Mr. Bullock pointed out that one of the reasons people do not pay taxes is because they feel they can get away with it. He said that there is now a culture of tax avoidance, and the tax dodgers are boasting to those who pay that: ‘you’re an idiot, you’re paying taxes, nobody talks to me’.” He said he admires countries such as the United States (US) that have strict tax laws and mete out stiff penalties to tax dodgers. “One of the things we admire about the US is the IRS (Internal Revenue Service) (where) if you don’t get your tax returns in by a certain date and so on, you are now criminally liable,” he stated. The IRS is the US government agency responsible for tax collection and tax law enforcement.                                               Mr. Bullock further argued that “people, who can afford to pay more, should pay more.” RelatedGo After Wealthy Tax Dodgers – Bullocklast_img read more

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