clemenzas.com

Friday, May 12, 2006

Peter Costello’s budget announcement has led to rejoicing for small businesses, but the lack of joy for those pushing for radical corporate taxation reform has led to many businesses asking “what about us?”

Personal taxation and small business have been the big winners after this year’s federal budget. Although dampened by the twin economic threats of rising interest rates and petrol prices, there should be a reasonable amount of real income savings for both low and high income earners, with those receiving Medicare, or a superannuation benefit, privy to an even lower level of taxation (0% for those on super benefits).

Small business also has benefited from the Howard government’s 11th annual budget, with them receiving a higher level of reducing depreciation, leading to a higher level of deductions in the years following the uptake of new technology or other capital. They are also privy to a AU$435 million dollar tax cut to compensate for their changing accounting requirements under the government’s new AIFRS reporting standards, as well as increasing the uptake of both the small business tax relief scheme and CGT (Capital Gains tax) Concessions.

The budget was not a complete loss for big business however, as superannuation laws have been tweaked to streamline contribution and payment rules previously impeding those with multitudes of staff.

But this is not enough, says Big 4 accounting firm Ernst & Young. In their newly published paper “Taxation of Investment in Australia: the need for ongoing reform”. In it they lead the charge for a greater streamlining and organization of the corporate tax system in Australia, submitting that it will lead to reductions in “disincentives to work save and invest in Australia [as well as improving] the international competitiveness of Australian businesses.” This follows from a recent report brought out by Mr. Costello himself about the need for tax reform in Australia.

A budget night Mr. Costello was notably coy about any future reform of corporate tax in Australia. He alluded to the report by his ministers but kept from outlining the government’s plan precisely.

Thursday, May 17, 2007

On Wednesday, it was raining rocks in Toronto. A 115 Kilogram marble panel fell 51 stories from the side of First Canadian Place, 100 King Street West, which is the heart of Toronto’s Business district. The panel was one of many that were identified as a risk during an inspection.

The rock fell onto a third story roof, where its fall was broken.

There were no reports of injuries, but the event snarled traffic in Toronto, as many major roads were closed. It also backed up street car traffic along King Street. King St. W. from York St. E. to Bay St. is expected to be closed for several days. Traffic continues normally now along all other previously closed streets.

As investigations continue, an expert has commented that there is no need for alarm. David Bowick, a professor of architecture at the University of Toronto, says such incidents are rare, given the improvements to architectural technology over the years. Several experts, Bowick included, have commented that the incident was probably caused by a major storm which occurred Tuesday night.

Bowick added that natural materials like marble have inherent flaws which are susceptible to such destruction.

According to the official website, First Canadian Place, constructed in 1975, is 2.8 million square ft., has 72 stories, and is still today Canada’s tallest office building (tallest skyscraper) measuring 298 metres in height. It has 3-levels of over 120 offices, banks, restaurants, and stores.

Thursday, February 2, 2006

Bathurst Regional Council, the local government responsible for the city of Bathurst and its surrounds in Central Western New South Wales, Australia yesterday revealed it had received a development application for the new Bathurst Base Hospital.

The new hospital is to be built behind the current hospital on the same site and is expected to cost the New South Wales government AUD96 million. The Bathurst Hospital will be the first in the Bathurst-Orange-Bloomfield redevelopment project.

The new hospital will have 149 beds, up from 85 for the current hospital. The hospital will also feature a mental health unit – previously psychiatric patients had to travel to Orange to the Bloomfield Hospital for treatment.

The Bathurst Hospital is expected to have state-of-the art facilities and will share some services with the to be constructed Orange Base Hospital.

The Bathurst Regional Council has approved the demolition of 12 buildings on the hospital site for enabling works. The hospital site is heritage listed although council decided that as the buildings do not contribute to the streetscape they may be demolished.

The demolitions are expected to take place late next month and will take around six weeks to complete. A temporary driveway will then be built to replace the current service entry for food and linen as it will become part of the work site.

Upon completion of the new hospital, the current ward block will be demolished leaving the original building from the late 19th century intact. The original building is expected to become an education centre and consulting rooms.

The original building was opened in 1834. Since then the facility has undergone numerous upgrades and add-ons, with the present ward block being opened in stages from 1978 to 1982.

Other buildings expected to be retained include the Daffodil Cottage (a cancer care centre) and the original Nurse’s quarters known as Poole House.

Thursday, February 2, 2006

Bathurst Regional Council, the local government responsible for the city of Bathurst and its surrounds in Central Western New South Wales, Australia yesterday revealed it had received a development application for the new Bathurst Base Hospital.

The new hospital is to be built behind the current hospital on the same site and is expected to cost the New South Wales government AUD96 million. The Bathurst Hospital will be the first in the Bathurst-Orange-Bloomfield redevelopment project.

The new hospital will have 149 beds, up from 85 for the current hospital. The hospital will also feature a mental health unit – previously psychiatric patients had to travel to Orange to the Bloomfield Hospital for treatment.

The Bathurst Hospital is expected to have state-of-the art facilities and will share some services with the to be constructed Orange Base Hospital.

The Bathurst Regional Council has approved the demolition of 12 buildings on the hospital site for enabling works. The hospital site is heritage listed although council decided that as the buildings do not contribute to the streetscape they may be demolished.

The demolitions are expected to take place late next month and will take around six weeks to complete. A temporary driveway will then be built to replace the current service entry for food and linen as it will become part of the work site.

Upon completion of the new hospital, the current ward block will be demolished leaving the original building from the late 19th century intact. The original building is expected to become an education centre and consulting rooms.

The original building was opened in 1834. Since then the facility has undergone numerous upgrades and add-ons, with the present ward block being opened in stages from 1978 to 1982.

Other buildings expected to be retained include the Daffodil Cottage (a cancer care centre) and the original Nurse’s quarters known as Poole House.

Thursday, December 10, 2009

American and European scientists say the upgraded Hubble space telescope has spotted the oldest galaxies ever seen. The images were taken with the telescope’s new Wide Field Camera 3 (WFC3) in August this year.

The galaxies are about 13 billion light years from Earth, meaning they formed less than one billion years after the Big Bang — the cosmological model of the initial conditions and subsequent development of the universe.

WFC3 was installed in May this year, during a mission by the space shuttle Atlantis to repair and upgrade Hubble. Experts say the new instrument will let them peer even further back in time, to when the universe was in its infancy. The more distant a galaxy is, the more its light is “redshifted” due to expansion of the universe. Light from the furthest galaxies is shifted to infrared wavelengths invisible to the human eye, but WFC3 can detect these.

The new image was taken in August, in the same region as a 2004 visible light image known as the Hubble Ultra Deep Field. The 2004 photo previously showed the most distant galaxies, but the new infrared pictures from the WFC3 allow even more remote galaxies to be seen.

Capturing the image took four days, and the total exposure lasted 173,000 seconds. In the three months since, twelve scientific papers have been submitted on it. On Tuesday one of these confirmed the galaxies as the furthest ever seen.

They are also the oldest, with the light from them having taken around 13 billion years to reach Earth.

“At these distances, you’re really looking back in time, like you have a time machine,” said Ray Villard, of the Space Telescope Science Institute in Baltimore. “Those things don’t exist anymore.”

The photo could be one of the ultimate achievements of the Hubble telescope, now almost twenty years old.

“These new observations are likely to be the most sensitive images Hubble will ever take,” said Professor Jim Dunlop of the University of Edinburgh.

The servicing mission in May extended the telescope’s life by around five years, but it is scheduled to be replaced by the James Webb Space Telescope in 2014. This will use infrared imaging and have a greater collecting area than Hubble, and it is thought that it may be able make out objects from just 100 million years after the Big Bang.

“We’ve really pushed Hubble to its limits,” said Villard, “and we need a bigger space telescope to go back even farther. It shows us there are really exciting things to look for with the Webb telescope.”

Sunday, June 21, 2020

On Thursday, UK-based retailer Tesco and Denmark-based retailer Salling Group announced their agreement over selling a large portion of Tesco’s Polish operation to Salling Group. Tesco stated its intention to leave the Polish market altogether, Salling its intention to strengthen its Netto chain in Poland.

The deal covers 301 stores, two distribution centers and the head office. With the acquisition Salling said it seeks to improve its coverage in Southern Poland and, over 18 months at a cost of one billion z?otys, intends to merge these stores into its currently 386 strong Netto chain. Salling also takes over about 7000 employees from Tesco — Netto Poland currently has about 5000 employees. Tesco continues to run 19 stores, which were not included in this package.

The sale price, to be payed in cash, is 900 million z?otys (181 million pounds). In the 2019/20 fiscal year, Tesco said its Polish branch had a 24 million pounds operating loss with a 1368 million pounds turnover; to which the sold units contributed with a 947 million pounds turnover for a 107 million loss. At fiscal year-end, the sold units held a value of 681 million pounds in the books.

UOKiK, the Polish anti-monopoly agency, has to approve the deal. The parties said they expect a decision this year.

Tesco has suffered losses from its Polish operation for several years, as customer preference has shifted away from hypermarkets, Tesco’s preferred store size, to smaller discount stores like Biedronka and LIDL. The Sunday trade ban, introduced in 2018, also hurt sales. According to Notes from Poland (NFP), some discount stores resorted to offer postal services, a loophole which allows Sunday opening hours.

In 2015, Tesco centralized its management in the Central European region, comprising Czechia, Hungary, Poland, and Slovakia, but reverted the decision later on. At the time, the company invested in e-commerce and started home deliveries, but Gazeta Prawna reports only 0.5% of Polish grocery turnover comes from this segment, compared to 7% in the United Kingdom.

In the past few years, Tesco Polska has cut expenditures by streamlining its product range, halving its staff, shutting off home deliveries in parts of the country, and closing off stores, reportedly including last year its Poznan distribution center. Deutsche Welle (DW) reported in mid-2019, 62 Tesco outlets had closed within a year. Staff layoffs left meat, fish and delicatessen departments without designated shop assistants, and forced staff canteen closures and administration simplifications.

Tesco sold its roughly 2000 Thai and 74 Malaysian stores to Charoen Pokphand in March; announced leaving its joint venture with China Resources Holdings in February; and in 2015 sold its South Korean chain HomePlus. Speaking to Portfolio.hu, Matt Simister, Tesco’s CEO for Central Europe, explained that the company held a 4% share of the Polish retail market, compared to its 16% share in Hungary, and stated they want to stay in Hungary. In a DW report in March of last year, Dave Lewis, CEO of Tesco, stated they did not have intentions of leaving Thailand or Poland.

Tesco’s Polish operation, according to Gazeta Wyborcza in March, is too big for a single monolithic sale. The chain’s press release reported 22 sold units in the past year and a half, for around 200 million pounds. NFP named the Kaufland chain and property developer Echo Investment among the buyers.

Both Tesco and Salling entered the Polish market in 1995.