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Friday, June 16, 2006

Documents found at the hideout of Abu Musab al-Zarqawi revealed al-Qaeda‘s desire to force a war between the U.S. and Iran. The document was translated by Iraqi National Security Adviser Mouwafak al-Rubaie, but the authenticity of the information could not be confirmed to be from al-Qaeda.

The documents reveal that al-Zarqawi was planning to destroy the relationship between the Shi’ite Iraqis and the United States. The document also said the U.S. military was hurting the insurgency by seizure of weapons, disrupting their financial outlets, massive arrests, and training Iraqi security forces.

The translated document said, “Generally speaking and despite the gloomy present situation, we find that the best solution in order to get out of this crisis is to involve the U.S. forces in waging a war against another country or any hostile groups.”

Mowaffaq al-Rubaie said, “These documents have given us the edge over al-Qaeda and (they) also gave us the whereabouts of their network, of their leaders, of their weapons and the way they lead the organization and the whereabouts of their meetings.”

Sunday, October 22, 2006

With online gaming in persistent worlds becoming more prevalent, a US congressional committee has begun to look into the tax implications of these booming online economies. Games such as World of Warcraft and Second Life have large player driven economic systems in which – either following the rules or against them – real world currencies are exchanged for in-game currencies. With the GDP of some of these economies rivaling that of some small countries, the US government is wondering if it is missing out on a potential source of tax revenue: or as some gamers might put it, the IRS is asking “You buy gold?”.

In cases where exchange of a real world currency for in-game currency is permitted by the rules of the game, some of these online games such as Second Life require that players report any income generated by these means to his or her government. In most on-line games however, a black market exists where players buy and sell in-game currencies in direct violation of the game’s rules; situations involving black markets are notoriously hard to tax.

Compounding the issue of currency exchange is the existence of in-game assets. In the real world if someone wins a luxury vehicle, he or she is expected to pay a capital gains tax on his or her winnings. If a 40 person “raid” in World of Warcraft gets a rare “drop,” worth up to thousands of dollars if sold illegally, should they be required to pay a capital gains tax?

Even if the issue of capital gains is ignored, there is still the matter of sales tax. In many of these games, non-player characters and players alike sell items to one another. If sales tax is to be applied, at what rate should it be charged and to what State does it go? Questions such as these have just recently been answered in much less hazy situations such as online versions of brick and mortar establishments.

Dan Miller, senior economist for the Joint Economic Committee had this to say on the issue, “I found that talking about this issue with some of the other economists on the committee, they are not really familiar with what a virtual economy is. The idea of Second Life or World of Warcraft or some of these other synthetic universes, they have trouble wrapping their head around it. So there’s an educational hurdle to overcome here.”

The preliminary findings of the committee state that virtual economies deserve clarification of existing tax laws, not new taxes.

Thursday, March 15, 2018

This morning, United States-based toy retail giant Toys “R” Us filed for liquidation with United States bankruptcy court. The company had about 735 stores in the country which may be closed as a result of the liquidation.

The motion came after the US holidays, after which the company said its revenue fell short of expectations. Toys “R” Us was seeking cooperation with its Canadian business to leave 200 stores open, the court papers said. The company said it would be unable to realize an earlier goal to leave as many as 400 stores open.

The papers filed in the court indicated that the United States holiday sales produced revenue US$250 million short of the expectations. In the report to the court, Toys “R” Us blamed in part its weakened e-commerce business. It wrote, “The stark reality is that the debtors are projected to run out of cash in the U.S. in May 2018.”

Toys “R” Us chief executive officer Dave Brandon said, “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”

Toys “R” Us said it was preparing to sell its businesses in Asia and Central Europe, including Germany, Austria, and Switzerland.

In September 2017, Toys “R” Us filed for bankruptcy in the US and Canada, and a judge allowed a US$2 billion loan.

Kohlberg Kravis Roberts, Bain Capital Partners, and Vornado Realty Trust purchased Toys “R” Us for US$6.6 billion in 2005. According to CNBC, the company had US$4.9 billion in debt at that time, which made it difficult for the company to adapt to the changing market.

Wednesday, October 12, 2005

Yahoo! announced in its blog Sunday the beginning of a public beta test of its new Podcast search service. The new service makes it easier for people to find and listen to podcasts.

Podcasts are short downloadable audio shows, very similar to a radio show. Podcasts are most commonly downloaded to portable mp3 players such as the iPod for which they are named, but they can be listened to on a computer or burned to a CD as well.

“Yahoo Podcasts offers a comprehensive directory of podcast series and individual shows from across the web, complete with detailed search results, most popular and highest-rated lists, editorial picks, and a full collection of tools you can use. These community tools include ratings, reviews, and the ability to tag audio content, or view the tags that other people add,” Lee Ott wrote in the Yahoo blog.

Yahoo! is the first the large web company to offer a podcast search services. Podcast search is currently offered by several smaller websites including Podcast.net, Blinkx, and Odeo.

“This is something we’ve been working on for a while, it’s a great way for people to find, listen to, and consume podcasts as they grow more popular.” said Yahoo! spokesperson Meagan Busath.

Sunday, December 20, 2009

A conservative Democratic United States senator has agreed to supply the key 60th vote needed for passage of a sweeping health care reform package. Senate Democrats have reached a breakthrough in their struggle to pass sweeping heath care reform legislation, lining up the 60 votes needed to overcome fierce Republican opposition. Senators met Saturday in Washington, D.C. during a driving snowstorm in a frenzied effort to move forward on President Barack Obama’s top domestic priority.

The spotlight was on moderate Democratic Senator Ben Nelson of Nebraska, who had been the last holdout as Senate Democrats raced against the clock and against determined Republican opposition to pass their health care bill by their self-imposed deadline of December 25th, Christmas.

Nelson said he is now ready to vote for cloture, which would advance the bill. “Change is never easy, but change is what is necessary in America today and and that is why I intend to vote for cloture, I intend to vote for cloture and for health care reform,” he said.

Nelson said he decided to support the bill after winning new concessions from Democratic Senate Majority Leader Harry Reid to limit the availability of abortions in insurance sold under the new legislation along with millions of dollars in Medicaid funding for Nebraska.

The legislation would extend health benefits to more than 30 million uninsured Americans and impose new regulations on the health insurance industry.

Senator Reid of Nevada has been working for months to win over one holdout Democratic senator after another, repeatedly altering the bill to satisfy different demands. Reid says reform is essential. “The broken system cannot continue and it will not continue. When President Obama signs this bill into law, we will officially end the era in which insurance companies win only when patients lose,” he said.

Nelson’s support should pave the way for Senate Democrats to win the first of a series of crucial procedural votes scheduled to begin at one o’clock in the morning on Monday and set to conclude — if everything goes smoothly for them — with final passage on Christmas Eve.

Republicans have been using a number of parliamentary procedures to delay action on the bill, including forcing a reading on the Senate floor Saturday of Reid’s 338-pages of last minute amendments. Republican Senate Minority Leader Mitch McConnell of Kentucky responded to the apparent Democratic breakthrough. “And Democrats are forcing a vote on it, as I indicated, over the weekend, counting on the fact that the American people are preoccupied with Christmas and not paying much attention to what they are doing,” he said.

Republicans are unified in their opposition, saying the bill is too expensive and will not solve the problems with the current health care system. Senator McConnell dismissed claims by Democrats that the bill is historic. “The history that is being made here, make no mistake about it, the history that is being made here, is the ignoring of the will of the American people,” he said.

Senator John McCain of Arizona echoed those comments in the weekly Republican radio address saying, “Regrettably, there’s nothing in this legislation that effectively addresses the problem of health care hyperinflation. In fact, experts tell us the Democrat legislation makes matters worse.”

Democrats say they have been trying to reform the nation’s health care system for close to 70 years, ever since President Franklin Delano Roosevelt was in office. Senator Christopher Dodd of Connecticut was emotional as victory seemed within reach. “All we are trying to do is to guarantee that if you are a fellow citizen of ours, and you are struck with illness or a loved one is, that you will never again have that fear, that you will end up losing your home, your job, your retirement and your life savings because you have been afflicted with an illness through no fault of your own.”

If the Senate is able to pass a bill next week, it would be viewed as a major victory for President Obama. But the bill would still need to be reconciled with a health-care reform bill passed last month by the House of Representatives before the president could sign it into law next year.