YANGON - Myanmar's Prime Minister Thein Sein will visit China for two regional economic summits, state media said Friday, looking to extend ties with its closest ally.
The junta-run New Light of Myanmar newspaper said Thein Sein would attend the meetings between China and its neighbors in the Association of Southeast Asian Nations (ASEAN) later this month.
Myanmar, which has been ruled by the military since 1962, is under sanctions by the United States and Europe because of its human rights record and long-running detention of democracy leader Aung San Suu Kyi.
But the impact of the sanctions has been weakened as neighbors such as China spend billions of dollars on Myanmar's vast natural resources including natural gas, timber and precious stones.
China is particularly close to Myanmar, and has in the past vetoed United Nations Security Council resolutions against its isolated neighbor.
as of 10/17/2008 2:50 PM
About Me
Friday, October 17, 2008
IMF official won't confirm $10-B Asean crisis fund
An International Monetary Fund (IMF) official refused to confirm the Philippine government's claim that it has commited to set aside a $10-billion regional crisis fund for Southeast Asia.
IMF resident representative to the Philippines Reza Baqir declined to directly answer queries about the supposed $10 billion stanby facility, and, instead, passed the ball to Philippine finance secretary Margarito Teves.
"It is my understanding that Secretary Teves will provide clarification on the matter upon his return from the United States," Baqir said in reply to ABS-CBN News correspondent Ricky Carandang's inquiry via text message.
Prodded further, Baqir, who is still in Washington D.C., repeatedly begged off to categorically deny or confirm the now controversial $10 billion pledge supposedly made by either the World Bank (WB) or IMF.
Teves flew to Washington D.C. with other members of the Philippine's economic team for the annual IMF-World Bank (WB) meeting last week. The Philippines' economic managers also met with officials of the IMF, WB, Asian Development Bank, and other Southeast Asian countries.
However, in the statement of WB Thursday, Jim Adams, WB's East Asia and Pacific regional vice president, said that there was no discussion to commit funds at the regional level, although there were separate talks with individual countries.
The government of Singapore, one of the Asean members, also said it was not aware of a plan to set up a regional crisis fund.
The Philippine representatives reportedly raised the possibility of a crisis fund for the region. This initiative was reportedly passed on to President Gloria Arroyo, who then publicly announced the plans for a regional fund in Manila.
President Arroyo's announcement immediately made international news and was widely interpreted as the entire Asean region's response to the recent coordinated efforts of the governments of US, Europe, Australia, and Japan to unfreeze credit flows and mitigate the financial crisis’ impact to their economies.
After the WB's and Singapore's denials on Thursday, Philippine government officials tried to explain the mess.
Socioeconomic planning secretary Ralph Recto, who also attended the IMF-WB annual meeting, clarified on Thursday that it was the IMF that mentioned a $10 billion standby facility for Southeast Asian countries, not the WB.
In a press briefing, trade secretary Peter Favila said it was finance secretary who passed on the unverified information to President Arroyo.
Teves will reportedly return on Saturday.
IMF ready to help
In Financial Times interview published before the IMF-WB annual meeting, IMF managing director Dominique Strauss-Kahn said that the fund is ready to help emerging economies hurt by the global financial crisis.
"The crisis is now hurting a lot of emerging markets. Some of them may face balance of payments problems," he told the Financial Times, citing how the repatriation of private capital by foreign investors or the reduction of credit lines from foreign banks is hurting emerging economies balance of payments.
Strauss-Kahn added that he was not opposed to Asian countries seeking each other's support against the financial threat, as long as they were "co-ordinated with multilateral institutions".
The IMF chief said the organisation was also looking at ways it could lend money with fewer conditions than those usually applied to its loans.
During the Asian financial crisis that started in 1997, the IMF was active in lending to Asian countries but these loans came with strict and punishing conditions. -- with AFP
IMF resident representative to the Philippines Reza Baqir declined to directly answer queries about the supposed $10 billion stanby facility, and, instead, passed the ball to Philippine finance secretary Margarito Teves.
"It is my understanding that Secretary Teves will provide clarification on the matter upon his return from the United States," Baqir said in reply to ABS-CBN News correspondent Ricky Carandang's inquiry via text message.
Prodded further, Baqir, who is still in Washington D.C., repeatedly begged off to categorically deny or confirm the now controversial $10 billion pledge supposedly made by either the World Bank (WB) or IMF.
Teves flew to Washington D.C. with other members of the Philippine's economic team for the annual IMF-World Bank (WB) meeting last week. The Philippines' economic managers also met with officials of the IMF, WB, Asian Development Bank, and other Southeast Asian countries.
However, in the statement of WB Thursday, Jim Adams, WB's East Asia and Pacific regional vice president, said that there was no discussion to commit funds at the regional level, although there were separate talks with individual countries.
The government of Singapore, one of the Asean members, also said it was not aware of a plan to set up a regional crisis fund.
The Philippine representatives reportedly raised the possibility of a crisis fund for the region. This initiative was reportedly passed on to President Gloria Arroyo, who then publicly announced the plans for a regional fund in Manila.
President Arroyo's announcement immediately made international news and was widely interpreted as the entire Asean region's response to the recent coordinated efforts of the governments of US, Europe, Australia, and Japan to unfreeze credit flows and mitigate the financial crisis’ impact to their economies.
After the WB's and Singapore's denials on Thursday, Philippine government officials tried to explain the mess.
Socioeconomic planning secretary Ralph Recto, who also attended the IMF-WB annual meeting, clarified on Thursday that it was the IMF that mentioned a $10 billion standby facility for Southeast Asian countries, not the WB.
In a press briefing, trade secretary Peter Favila said it was finance secretary who passed on the unverified information to President Arroyo.
Teves will reportedly return on Saturday.
IMF ready to help
In Financial Times interview published before the IMF-WB annual meeting, IMF managing director Dominique Strauss-Kahn said that the fund is ready to help emerging economies hurt by the global financial crisis.
"The crisis is now hurting a lot of emerging markets. Some of them may face balance of payments problems," he told the Financial Times, citing how the repatriation of private capital by foreign investors or the reduction of credit lines from foreign banks is hurting emerging economies balance of payments.
Strauss-Kahn added that he was not opposed to Asian countries seeking each other's support against the financial threat, as long as they were "co-ordinated with multilateral institutions".
The IMF chief said the organisation was also looking at ways it could lend money with fewer conditions than those usually applied to its loans.
During the Asian financial crisis that started in 1997, the IMF was active in lending to Asian countries but these loans came with strict and punishing conditions. -- with AFP
Monday, October 13, 2008
Vehicles Certified as Qualified Advanced Lean-Burn Technology Vehicles
WASHINGTON — The Internal Revenue Service has acknowledged the certifications by manufacturers that certain advanced lean-burn technology vehicles qualify for the alternative motor vehicle tax credit.
Before, only hybrid vehicles, fuel cell vehicles and alternative fuel vehicles had been certified, but now certain advanced lean-burn technology vehicles, which generally run on diesel fuel have been certified. These vehicles are passenger cars or light trucks with an internal combustion engine designed to operate primarily using more air than is necessary for complete combustion of the fuel. The vehicles also must incorporate direct fuel injection technology and achieve at least 125 percent of the 2002 model year city fuel economy rating.
Available credit amounts may vary and include a base credit amount based on fuel economy compared to the 2002 model year city fuel economy rating and an additional amount based on the vehicle’s lifetime fuel savings. For a taxpayer to claim the credit, the original use of the vehicle must begin with the taxpayer and the vehicle must be acquired for use or lease by the taxpayer and not for resale.
The alternative motor vehicle tax credit was enacted by the Energy Policy Act of 2005 under Internal Revenue Code Section 30B and includes the advanced lean-burn technology motor vehicle credit and the qualified hybrid motor vehicle credit.
There is a limitation on the number of qualified hybrid and advanced lean-burn technology vehicles eligible for credit. The phase-out period begins when a manufacturer sells 60,000 qualified hybrid and advanced lean-burn technology vehicles.
Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid passenger automobile or light truck or advanced lean-burn technology motor vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
The qualifying vehicles and their credit amounts are:
* 2009 Volkswagen Jetta 2.0L TDI Sedan manual or automatic — $1,300
* 2009 Volkswagen Jetta 2.0L TDI SportWagen manual or automatic — $1,300
* Mercedes GL 320 BLUE TEC — $1,800
* Mercedes R 320 Blue TEC — $1,550
* Mercedes ML 320 Blue TEC — $900
Before, only hybrid vehicles, fuel cell vehicles and alternative fuel vehicles had been certified, but now certain advanced lean-burn technology vehicles, which generally run on diesel fuel have been certified. These vehicles are passenger cars or light trucks with an internal combustion engine designed to operate primarily using more air than is necessary for complete combustion of the fuel. The vehicles also must incorporate direct fuel injection technology and achieve at least 125 percent of the 2002 model year city fuel economy rating.
Available credit amounts may vary and include a base credit amount based on fuel economy compared to the 2002 model year city fuel economy rating and an additional amount based on the vehicle’s lifetime fuel savings. For a taxpayer to claim the credit, the original use of the vehicle must begin with the taxpayer and the vehicle must be acquired for use or lease by the taxpayer and not for resale.
The alternative motor vehicle tax credit was enacted by the Energy Policy Act of 2005 under Internal Revenue Code Section 30B and includes the advanced lean-burn technology motor vehicle credit and the qualified hybrid motor vehicle credit.
There is a limitation on the number of qualified hybrid and advanced lean-burn technology vehicles eligible for credit. The phase-out period begins when a manufacturer sells 60,000 qualified hybrid and advanced lean-burn technology vehicles.
Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid passenger automobile or light truck or advanced lean-burn technology motor vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
The qualifying vehicles and their credit amounts are:
* 2009 Volkswagen Jetta 2.0L TDI Sedan manual or automatic — $1,300
* 2009 Volkswagen Jetta 2.0L TDI SportWagen manual or automatic — $1,300
* Mercedes GL 320 BLUE TEC — $1,800
* Mercedes R 320 Blue TEC — $1,550
* Mercedes ML 320 Blue TEC — $900
October 15 Deadline Approaches for Retirees and Disabled Veterans
WASHINGTON — Only days remain until the Oct. 15 deadline for retirees and disabled veterans to file an income tax return that will allow them to receive an economic stimulus payment this year.
The Internal Revenue Service also reminds retirees and disabled veterans that the money received from the economic stimulus payment will generally have no impact on eligible for Medicare, Medicaid or other benefits. In addition, the payment generally will not be counted as income or require the recipients to file future income tax returns.
“This really is the last chance for people to still get their stimulus payments this year. Don’t let the economic stimulus payment pass you by,” said IRS Commissioner Doug Shulman.
The Internal Revenue Service’s latest estimate indicates as many as 4.3 million recipients of certain Social Security and Veterans Affairs benefits who may be eligible for the economic stimulus payment but who have not yet claimed their stimulus payments. People must file an income tax return in order to receive an economic stimulus payment.
For people who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable there is a stimulus payment of up to $300 ($600 for married couples) plus the $300 payment for each qualifying child. However, people in this situation must have at least $3,000 in qualifying income from any combination of earned income, nontaxable combat, and certain Social Security, Veterans Affairs and Railroad Retirement benefits.
Qualifying income from Social Security includes retirement, disability and survivor benefits. Supplemental Security Income is not a qualifying income. Qualifying income from Veterans Affairs includes disability compensation, disability pension and survivor benefits. Qualifying Railroad Retirement Board benefits include the social security equivalent portion of Tier I benefits.
Also, those who are dependents or eligible to be dependents on another’s tax return are not eligible. People must have a valid Social Security Number unless their spouse is a member of the military.
The Internal Revenue Service also reminds retirees and disabled veterans that the money received from the economic stimulus payment will generally have no impact on eligible for Medicare, Medicaid or other benefits. In addition, the payment generally will not be counted as income or require the recipients to file future income tax returns.
“This really is the last chance for people to still get their stimulus payments this year. Don’t let the economic stimulus payment pass you by,” said IRS Commissioner Doug Shulman.
The Internal Revenue Service’s latest estimate indicates as many as 4.3 million recipients of certain Social Security and Veterans Affairs benefits who may be eligible for the economic stimulus payment but who have not yet claimed their stimulus payments. People must file an income tax return in order to receive an economic stimulus payment.
For people who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable there is a stimulus payment of up to $300 ($600 for married couples) plus the $300 payment for each qualifying child. However, people in this situation must have at least $3,000 in qualifying income from any combination of earned income, nontaxable combat, and certain Social Security, Veterans Affairs and Railroad Retirement benefits.
Qualifying income from Social Security includes retirement, disability and survivor benefits. Supplemental Security Income is not a qualifying income. Qualifying income from Veterans Affairs includes disability compensation, disability pension and survivor benefits. Qualifying Railroad Retirement Board benefits include the social security equivalent portion of Tier I benefits.
Also, those who are dependents or eligible to be dependents on another’s tax return are not eligible. People must have a valid Social Security Number unless their spouse is a member of the military.
Hurricane Grant Guidelines Now Available
WASHINGTON — The Internal Revenue Service today released a notice designed to help eligible homeowners who received federal reimbursement grants stemming from Hurricanes Katrina, Rita or Wilma take advantage of a new tax provision.
Notice 2008-95 provides guidelines to homeowners who received these grants, including the Louisiana Road Home Grants and the Mississippi Development Authority Hurricane Katrina Homeowner Grants.
The Housing and Economic Recovery Act, enacted this summer, included the new provision, aimed at helping grant recipients who previously claimed hurricane-related disaster-loss deductions on their main home. The new law gives affected homeowners the option of adjusting previously claimed deductions by treating their federal reimbursement grants as reimbursement for the losses they suffered on their main home from Hurricanes Katrina, Rita or Wilma.
Before this change, homeowners who claimed casualty loss deductions and received grants in a later tax year as reimbursement for the loss were required by law to pay tax on part or all of the grant to compensate for the tax benefit of the prior deduction. While individual circumstances varied, this meant that some taxpayers ended up paying more tax on the grant than they saved by claiming the deduction.
The notice explains how eligible taxpayers can amend prior-year returns to reduce the casualty loss deduction by the amount of the grant, and explains that taxpayers have one year to pay back any resulting tax due, penalty-free and interest-free. To qualify for this relief, these amended returns must be filed by July 30, 2009, and the entire resulting tax due paid by July 30, 2010, in most cases. The notice also provides special instructions for those taxpayers who have already filed an amended return.
Taxpayers should write the words, “Hurricane Grant Relief” in dark, bold letters at the top of their amended return, Form 1040X, and mail it to: Internal Revenue Service Center, Austin, TX 73301-0255. Amended returns cannot be filed electronically.
The IRS cautioned that, although filing an amended return may be a good option for many, it won’t necessarily be the right choice for everyone. The agency urges affected taxpayers and their representatives to consider carefully which option is best under their particular circumstances.
Notice 2008-95 provides guidelines to homeowners who received these grants, including the Louisiana Road Home Grants and the Mississippi Development Authority Hurricane Katrina Homeowner Grants.
The Housing and Economic Recovery Act, enacted this summer, included the new provision, aimed at helping grant recipients who previously claimed hurricane-related disaster-loss deductions on their main home. The new law gives affected homeowners the option of adjusting previously claimed deductions by treating their federal reimbursement grants as reimbursement for the losses they suffered on their main home from Hurricanes Katrina, Rita or Wilma.
Before this change, homeowners who claimed casualty loss deductions and received grants in a later tax year as reimbursement for the loss were required by law to pay tax on part or all of the grant to compensate for the tax benefit of the prior deduction. While individual circumstances varied, this meant that some taxpayers ended up paying more tax on the grant than they saved by claiming the deduction.
The notice explains how eligible taxpayers can amend prior-year returns to reduce the casualty loss deduction by the amount of the grant, and explains that taxpayers have one year to pay back any resulting tax due, penalty-free and interest-free. To qualify for this relief, these amended returns must be filed by July 30, 2009, and the entire resulting tax due paid by July 30, 2010, in most cases. The notice also provides special instructions for those taxpayers who have already filed an amended return.
Taxpayers should write the words, “Hurricane Grant Relief” in dark, bold letters at the top of their amended return, Form 1040X, and mail it to: Internal Revenue Service Center, Austin, TX 73301-0255. Amended returns cannot be filed electronically.
The IRS cautioned that, although filing an amended return may be a good option for many, it won’t necessarily be the right choice for everyone. The agency urges affected taxpayers and their representatives to consider carefully which option is best under their particular circumstances.
Saturday, October 11, 2008
World markets plunge
Japanese shares nosedived more than 10 percent (AP)
Office workers look at an electric stock price display during their lunch hour in Tokyo, Friday, Oct. 10, 2008. Japanese shares nosedived more than 10 percent in morning trade Friday as panicked investors dumped stocks following massive overnight losses on Wall Street and on growing fears over a global recession.
spacer
House members rushing approval of nat’l budget
spacer The country’s congressmen were expected to approve on second reading the proposed P1.415 trillion national budget for 2009 but this development might come by dawn today.
spacer
TOKYO (AP) — A massive selloff on Wall Street and escalating fears of a global recession sent world stocks plunging Friday, with Japan’s key index shedding nearly 10 percent to close out its worst week in history.
Oil prices fell five percent to $ 82 a barrel, a one-year low, as fears that market turmoil will send demand for fuel slumping outweighed news that OPEC will hold an emergency meeting in November. US light crude for November delivery fell $ 4.16, or 4.8 percent, to $ 82.43 a barrel by 0503 GMT,...
spacer
Monetary Board approves new bank branching policy
spacer The Bangko Sentral ng Pilipinas (BSP) will implement two new circulars to improve depositors’ access to bank credit and services.
Pool bets ease past Denmark
spacer Francisco “Django” Bustamante and Dennis Orcollo of Team Philippines crushed Denmark’s Martin Larsen and Kasper Kristoffersen, 8-2, to advance to the second round of the 2008 PartyPoker.net World Cup of Pool Wednesday at the Outland Nightclub in Rotterdam, Holland.
Office workers look at an electric stock price display during their lunch hour in Tokyo, Friday, Oct. 10, 2008. Japanese shares nosedived more than 10 percent in morning trade Friday as panicked investors dumped stocks following massive overnight losses on Wall Street and on growing fears over a global recession.
spacer
House members rushing approval of nat’l budget
spacer The country’s congressmen were expected to approve on second reading the proposed P1.415 trillion national budget for 2009 but this development might come by dawn today.
spacer
TOKYO (AP) — A massive selloff on Wall Street and escalating fears of a global recession sent world stocks plunging Friday, with Japan’s key index shedding nearly 10 percent to close out its worst week in history.
Oil prices fell five percent to $ 82 a barrel, a one-year low, as fears that market turmoil will send demand for fuel slumping outweighed news that OPEC will hold an emergency meeting in November. US light crude for November delivery fell $ 4.16, or 4.8 percent, to $ 82.43 a barrel by 0503 GMT,...
spacer
Monetary Board approves new bank branching policy
spacer The Bangko Sentral ng Pilipinas (BSP) will implement two new circulars to improve depositors’ access to bank credit and services.
Pool bets ease past Denmark
spacer Francisco “Django” Bustamante and Dennis Orcollo of Team Philippines crushed Denmark’s Martin Larsen and Kasper Kristoffersen, 8-2, to advance to the second round of the 2008 PartyPoker.net World Cup of Pool Wednesday at the Outland Nightclub in Rotterdam, Holland.
NEWS
0,000 more deserving of pardon—chaplain
By Marlon Ramos
Philippine Daily Inquirer
First Posted 01:27:00 10/11/2008
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MANILA, Philippines—Twenty percent of some 20,000 inmates of the New Bilibid Prison (NBP) in Muntinlupa City are more deserving of executive clemency than convicted murderer Claudio Teehankee Jr., according to the chaplain of the state penitentiary.
But “qualipaid” convicts like Teehankee are given priority over qualified prisoners, Msgr. Robert Olaguer told the Philippine Daily Inquirer on Wednesday.
He defined “qualipaid” convicts as those with sufficient money and connections to have their applications for clemency processed quickly, and said the term was “actually coined by prisoners who had grown tired of waiting for their pardon.”
“Yes. There are at least 4,000 inmates who are more worthy and qualified to be released than Mr. Teehankee,” Olaguer said in reply to a question posed by the Inquirer.
“Sadly, ‘qualipaid’ inmates get more attention than the qualified ones,” he said.
Asked to explain how money could have changed hands to bring about a convict’s freedom, he said: “Only the inmates know about it.”
Olaguer also said that together with volunteers, he and his staff had been sending letters to President Macapagal-Arroyo “almost every day” to remind her of the applications for pardon of poor inmates.
But not one of the letters has merited a reply, he said.
“Maybe we need somebody to remind Malacañang about our requests. That’s when you need the right connections,” he said.
Nothing irregular
Now 62, Teehankee was convicted of the shooting deaths in 1991 of 16-year-old Maureen Hultman and Roland Chapman and the near-fatal shooting of Jussi Leino.
Teehankee was granted executive clemency by Ms Arroyo late last month. He slipped out of the NBP complex on Wednesday night after spending several days in a fully furnished room owned by former Zamboanga del Norte Rep. Romeo Jalosjos, a convicted child rapist who now stays in “living-out” quarters in Katarungan Village.
However, Olaguer pointed out that there was nothing irregular in the President’s decision to grant executive clemency to Teehankee and other influential prisoners.
Olaguer said that like other convicts, Teehankee deserved clemency because he had served more than 12 years—the required minimum prison term for those applying for the privilege.
The chaplain said he and the other convicts were pleased by Teehankee’s release.
“Whenever an inmate is allowed to go, all those inside are happy. But they also ask, ‘What about us?’” he said.
Changed man
Olaguer also said that during Teehankee’s incarceration, he noticed a major change in the convict’s behavior.
From being reserved and aloof, the man became outgoing and learned to get along with poor inmates, the chaplain said. “He focused on playing tennis and ping pong. It helped him a lot to shed his old behavior.”
Olaguer said Teehankee involved himself in helping his fellow convicts through church-based activities and Jalosjos’ Lamb of God Foundation.
He was also a volunteer worker in a feeding program for elderly inmates, and was always present at the Wednesday novena, Olaguer said, adding:
“Now that he’s free, I hope he will use his chance to make himself a productive member of the community. I hope he will really change for the better.”
Even Go
The chaplain also said even Rolito Go, who was convicted of shooting dead 25-year-old Eldon Maguan over a traffic row in 1991, was likewise worthy of clemency.
“That’s the President’s prerogative. I don’t see any abuse of power there. But she had shortcomings with other inmates,” he said. “She failed to give attention to other inmates.”
For instance, Olaguer said, Ms Arroyo has yet to act on the application for pardon of the 13 remaining prisoners sentenced to life imprisonment for the murder of former Sen. Benigno Aquino Jr. and Rolando Galman.
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