Minister of Finance Trevor Manuel, right,with President Thabo Mbeki and Deputy President Phumzile Mlambo-Nqcuka. (Image: The Presidency) Trevor Manuel after the announcementthat the 2010 Fifa World Cup wouldtake place in South Africa. (Image: MediaClubSouthAfrica.com. For more photos, visit the image library)Janine ErasmusThe International Monetary Fund announced early in September 2008 that South African Minister of Finance Trevor Manuel will head an IMF committee to investigate and improve the organisation’s current decision-making policy and increase its legitimacy among member countries. The committee will then offer recommendations and advice on any modifications that will enable the IMF to carry out its function more efficiently.Manuel chairs a group comprised of a number of distinguished legal and financial experts from around the world, all appointed by Strauss-Kahn.These include Michel Camdessus, former MD of the IMF; Kenneth Dam, the Max Pam Professor of American and Foreign Law at Chicago University; former deputy director of the IMF Mohamed El-Erian, one of the world’s most respected economic and financial analysts; Indonesian Minister of Finance Sri Mulyani Indrawati, recently named as the 23rd most influential woman in the world by Forbes magazine; Guillermo Ortíz, Governor of the Bank of Mexico; Citigroup senior counsellor and former US Treasury Secretary Robert Rubin; and Amartya Sen, Professor of Economics and Philosophy at Harvard University and a 1998 Nobel laureate in Economics.The committee’s creation follows a May 2008 report by the IMF’s independent evaluation office – the organisation’s internal watchdog – which said the leadership of the IMF needed to be more accountable for the fund’s effectiveness in overseeing the global economy, and must change to reflect the rising world economic importance of developing markets such as China and India.The roles and responsibilities of the Board of Governors, the International Monetary and Financial Committee, the Executive Board, and Fund Management will soon come under close scrutiny. In this, the committee will add its perspective to work already carried out by other groups and individuals, including the IMF’s independent evaluation office and executive directors, as well as academics, analysts and civil society groups.Strauss-Kahn stated that he hoped to have the committee’s input by April 2009 and that concrete proposals, based on the findings of the committee and other participants, could be established by September 2009.“The task of enhancing the Fund’s legitimacy and effectiveness must also come to grips with the question of whether the significant changes since the establishment of the Fund require reform of the institutional framework through which members’ voting power is actually exercised,” said Strauss-Kahn. “I want to thank these eminent persons for agreeing to bring their experience, expertise, and wisdom to bear on the ongoing reform of IMF governance,” he added.The purse strings of the worldThe International Monetary Fund is one of the world’s most powerful international bodies, making decisions that affect millions of lives in developing countries. The IMF’s primary mission is to provide assistance to countries experiencing serious financial and economic difficulties by disbursing funds deposited by the 185 member countries.The IMF is governed by its member countries, of which South Africa is one. Each appoints one governor and one alternate governor to the board, which meets once annually. The governor is usually the minister of finance or the governor of the central bank of a country. The day-to-day work is carried out by the 24-strong Executive Board, whose members are voted as directors by member countries or groups of countries. The Executive Board selects the managing director of the IMF, who serves for a renewable five-year term.A popular politicianTrevor Manuel was appointed as Minister of Finance in April 1996 and has been one of South Africa’s most popular politicians, having achieved lower taxes, significant revenue overruns, a smaller current account deficit, and a shake-up of the South African Revenue Service during his tenure. Barely a year after his appointment, South Africa’s risk premium started falling on global financial markets and the country was able to borrow at lower interest rates.Manuel serves on a number of local, regional and international boards and committees, such as the World Bank, the African Development Bank Group, and the Development Bank of Southern Africa.In 2007 Manuel was named Euromoney magazine’s African Finance Minister of the year. He has received honorary doctorates in commerce, technology, economics and law from several major institutions, among them the universities of Stellenbosch, Rhodes and KwaZulu-Natal. In 2001 he was inducted into the South African Academy of Engineering.Earlier in 2008, Manuel and Germany’s International Development Minister Heidemarie Wieczorek-Zeul were named by United Nations Secretary-General Ban Ki-Moon as Special Envoys for Development Finance. In 2002 the minister filled the same role for then Secretary-General Kofi Annan, where he partnered with Michel Camdessus.Manuel and Wieczorek-Zeul have been tasked with the organisation of the follow-up International Conference on Financing for Development, which will take place in Doha, Qatar, at the end of 2008.On 29 August 2008 Manuel, an engineer by training, was installed as the first Chancellor of his alma mater, the Cape University of Technology, by South African Minister of Education Naledi Pandor. Manuel was a civil engineering student at the university in the 1970s when it was still known as the Peninsula Technikon.Speaking at the ceremony, Pandor said, “Trevor is a political leader who has survived stringent challenges, and a committed worker who has shown sceptics that a black South African leader of the liberation movement would and could lead South Africa to a path of economic growth and a stable respected post-apartheid business destination. “Do you have queries or comments about this article? Email Janine Erasmus on [email protected] articlesSouth Africa’s economy Useful linksSouth African Department of FinanceSouth African Reserve BankInternational Monetary FundUnited Nations Financing for Development
Login to read more on CCHAnswerConnect.Not a subscriber? Sign up for a free trial or contact us for a representative. A number of states impose an entity-level tax on pass-through entities (PTEs). Under federal tax law, a PTE is not taxed at the entity level. The income or loss flows through to the owners, partners, shareholders, or members. While states follow the federal tax treatment of passing through income or loss, smart tax planning requires knowing which states do and which do not.How Do States Tax Pass-Through Entity Income?Most states follow the federal tax treatment of passing through income and loss to owners of PTEs. In doing so, most recognize the federal classification of entities provided under the federal check-the-box regulations.What Are the Check-the-Box Rules?The federal rule determining how PTEs, other than S corporations, are taxed is commonly referred to as the “check-the-box” rule. An eligible entity’s owners check a box on federal Form 8832 electing how the entity prefers to be taxed. The entity owners choose whether to classify the eligible entity as:a regular corporation; oras a partnership.If an eligible entity does not fill out the form, the entity is generally classified as a partnership by default.Most states conform to the federal classification under the check-the-box regulations. So an entity treated as a partnership for federal tax purposes is also treated as a partnership for state tax purposes and receives flow-through taxation.Who Pays Tax on Pass-Through Income?The PTE must send each of its owners a Schedule K-1 of Form 1065 detailing the owner’s distributive share of federal:income,loss,deductions, andcredits.Each owner reports these items on its respective return and pays tax based on the owner’s tax rate.How Are Entity-Level Taxes Imposed?States that tax PTEs at the entity level do so in various ways. Types of taxes that must be paid by the entity include:Income taxExcise tax on net earningsFranchise tax on net worth or actual value of tangible propertyPersonal property replacement income taxBusiness privilege tax on taxable net worthFlat annual taxHow Are S Corporations Taxed?S corporations receive pass-through tax treatment at the federal level. Most, but not all, states follow federal treatment for S corporations.States, and the District of Columbia, that tax S corporations at the entity level, in the same manner as other corporations, include:District of ColumbiaLouisianaNew HampshireOhioTennesseeTexasHow Are Limited Liability Partnerships Taxed?Limited liability partnerships (LLPs) receive pass-through tax treatment at the federal level. Again, most states follow federal tax law.States that do not recognize the federal classification of LLPs and tax LLPs at the entity level include:New HampshireOhioTennesseeTexasTexas does not tax LLPs at the entity level if they are passive partnerships.How Are Limited Liability Companies Taxed?Limited liability companies (LLCs) receive pass-through tax treatment at the federal level. While most states follow federal, states that do not recognize the federal classification of LLCs and tax them at the entity level include:New HampshireOhioTexasWhat Are Some Other Examples of Entity Level Taxes?States impose entity level taxes in various ways.California imposes different entity level taxes depending on the type of entity:An annual tax on limited partnerships and LLPs;An income tax on S corporations; andA fee based on income for LLCs.Connecticut imposes:A PTE tax; andA $250 biennial assessment, known as business entity tax.The District of Columbia imposes a franchise tax on taxable income.Illinois imposes a personal property replacement income tax.Kentucky imposes a limited liability entity tax on S corporations and limited liability pass-through entities. General partnerships are excluded from the tax.By Tralawney Trueblood, J.D., M.B.A.
Man City will be without their in-form striker Sergio Aguero who suffered a knee injury recentlyEnglish champion Manchester City face several challenges on Wednesday when it strives to reach the knockout phase of the Champions League.Seeking to avoid a group stage exit for the second time in three seasons, City’s injury- and suspension-hit team needs at least a point against Roma at the Stadio Olimpico and some assistance from already-qualified Bayern Munich in the other Group E match.Manager Manuel Pellegrini’s squad could be without arguably its best four players.Star midfielder Yaya Toure is suspended, top scorer Sergio Aguero is out with a serious knee injury, sustained on Saturday, and playmaker David Silva and captain Vincent Kompany are major injury doubts.Bayern has already won the group with 12 points while the other three clubs have five points each.Roma can advance with a win, while CSKA needs a first-ever victory in Germany, plus a draw, or a City win, in the other match.If City loses, it will finish last and fail to qualify for the Europa League.Here are some more things to know about Wednesday’s matches:VETERAN EXPERTISERoma is still feeling the psychological impact of its 7-1 home thrashing by Bayern, but has maintained second place in Serie A, relying on veterans like 38-year-old captain Francesco Totti and 33-year-old right back Maicon.Maicon had an unimpressive stay at City in 2012-13, when he was slowed by injury, but has returned to form with the Giallorossi this season and last – and was one of the bright spots for Brazil at the World Cup.advertisement”I would love to have his charisma and acceleration,” said Roma winger Alessandro Florenzi, who filled in at fullback when Maicon was rested during a draw against Sassuolo at the weekend. “He’s a player who creates fear for the opponent even if he’s at 50 percent. And he settles the club down.”Maicon has been the one of the few bright spots in a Roma defense that was torn apart in the thrashing by Bayern in October.Roma forwards Gervinho and Miralem Pjanic are expected to play despite minor injuries.ABSENT AGUEROManager Manuel Pellegrini has admitted Sergio Aguero’s absence in Italy is a monumental blow.The Argentina international scored a hat trick to propel City to a 3-2 come-from-behind victory against Bayern Munich two weeks ago.”Sergio was in a very good moment and he is a decisive player for our team,” Pellegrini said after Saturday’s 1-0 win against Everton.”It is impossible in this moment to know how long Sergio will be out. It is very difficult when you have a problem with your ligament to recover in three days. I always say this team is not just about Aguero.”CHRISTMAS PARTYBayern is already qualified and sure to win the group, but the team want to give their fans something extra ahead of Christmas.”There will be a lot of people in the stadium and we want to make them happy,” said midfielder Sebastian Rode. “That’s our job.”Rode also promised Bayern would not take the match lightly.”The fans want to see a proper match,” he said.Rode joined Bayern this summer from Eintracht Frankfurt. He was not given much hope of making an impact in the star-studded squad, but has been something of a revelation. Rode was responsible for turning around the match in the 1-0 win over Leverkusen last weekend.”The coach has made it clear he values me from the very first day and the best evidence of that is the increasing amount of playing time I’m getting,” he said. “I know I did everything right by joining Bayern and I’ve already learned a huge amount from my teammates and the coach, but I want more.”FAMILIAR OPPONENTSThis will be the fourth meeting in little more than a year between Bayern and CSKA.Bayern won 3-0 and 3-1 in last season’s group stage and won 1-0 in Moscow in September, courtesy of a first-half penalty from Thomas Mueller.
The 2012 X-Blades National Youth Championships (NYC) and State of Origin (SOO) series is a big deal for the players and coaching staff but it is also an important event for the men and women who control the game – the referees.Love them or loathe them, the referees are an integral part of the running of events such as NYC and SOO.Without referees there wouldn’t be these type of tournaments.For the 60-odd referees who will be blowing the whistle during the NYC and SOO, it is an important event for them as much it is the players.Making the right call could be the difference between a championship win and a loss.Helping the referees throughout the week will be some of Australia’s best men and women to ever don the white-diamond shirt.New South Wales and Australian number one referee David Baggio is one of the referee mentors who will be lending his experiences to the NYC referees, which began this morning.“Helping some of the refs, mentoring them, passing on my knowledge and what I know on to them so we can get their skills up and assist them and make them better refs,” Baggio said.“There will be at least 50 or 60 refs so there are a few games for them to do.“They will get a lot of experience out of it especially this being a develop tournament as well, so there are a lot of up and coming referees and new referees, first timers at a national event, which is good to see.“I think every state is represented and that is excellent to get them from all over Australia here.”Baggio will be stepping out on to the field to referee when the SOO begins on Friday.He said he enjoys being a referee.“I got involved because I knew I wasn’t going further as a player. I had to make a decision if I wanted to play or referee and see how far I wanted to go,” Baggio said.For more information on the NYC and SOO events, check out their websites.NYC – www.nyc.mytouchfooty.comSOO – www.soo.mytouchfooty.comTouch Football Australia – www.austouch.com.auRelated LinksBlowing the whistle
Crystal Palace striker Sorloth on his way to AA Gentby Paul Vegas10 months agoSend to a friendShare the loveCrystal Palace striker Alexander Sorloth is on his way to AA Gent.Sorloth, reports VG, will join Gent on-loan – which will extend into next season.Jess Thorup, the Gent coach, is driving the deal having worked with the Norway striker at FC Midtjylland.He is leaving just as Palace wrap up a loan deal for Liverpool striker Dominic Solanke.Sorloth has managed just one goal for Palace. TagsTransfersLoan MarketAbout the authorPaul VegasShare the loveHave your say
For around the clock OSU sports updates, follow the Lantern Sports Twitter @lanternspts24_7 The Ohio State men’s hockey team picked up its first series win and sweep of the season over Western Michigan.The Buckeyes defeated the Broncos both Friday and Saturday, winning each game by a score of 4-2. Although the scores of the games were the same, the methods of winning were drastically different.Friday’s four-goal third periodOhio State started slow in the opener before catching fire in the third. The Buckeyes outshot the Broncos 12-5 in the first period, but found themselves behind on the scoreboard. Western Michigan capitalized on its first power-play opportunity as Jared Katz put a shot past goaltender Dustin Carlson.The Broncos held their 1-0 lead until Paul Kirtland scored for the Buckeyes at the 4:50 mark in the third period. Kirtland, after being released from the penalty box, immediately took the puck down the ice and hit a shot that found its way past goaltender Riley Gill. The goal initiated a wave of momentum in the Buckeyes’ favor.Hunter Bishop struck again for the Buckeyes at the 5:24 mark, and Mathieu Picard added his first goal of the season just 15 seconds later for the Buckeyes’ third goal in 49 seconds.Western Michigan cut the Buckeye lead in half with its second power-play goal of the game, this time on a five-on-three. But Peter Boyd iced the game for the Buckeyes scoring with only 2:26 remaining, pushing the Buckeye lead back to two.“I really liked the fact that when the game was over, the first thing I looked at was Dusty [Carlson] getting the big hug from Kyle Reed,” coach John Markell said. “It was just nice to see that we got the win for whoever’s in net.”The win is Carlson’s first of the season. The junior finished with 19 saves and helped the Buckeyes kill five of the Broncos seven power plays. Markell said he was pleased with Carlson’s performance.“The first goal was not his fault. They got two power-play goals, and one was off the shaft of his stick. The other one was a five on three,” Markell said. “Our job now is to go back, assess the tape, and know that in this league and college hockey you have to be able to back up a game.” The Buckeyes were able to do just that the next night.Saturday night sweepMarkell expressed concern that OSU might not be focused on Saturday after coming off a win and anticipating the football game that night for the Big Ten title.However, the Buckeyes were able to maintain their focus and came out strong in the first period. Zac Dalpe started the scoring for the Buckeyes, recording a power-play goal to give OSU a 1-0 edge.Later in the first period, Hunter Bishop hit a backhand shot past Western goaltender Riley Gill to put the Buckeyes up 2-0.But the Broncos were resilient and capitalized on a five-on-three power play late in the first. Western’s Greg Squires hit a shot, which deflected off a defender’s skate, then floated past goaltender Cal Heeter to cut the Buckeye lead in half.Similar to Friday’s game, no goals were scored in the second period, so the Buckeyes carried their 2-1 lead into the third.In the third period, Peter Boyd hit a centering pass from behind the goal, which Dalpe ripped to the back of the net for his second goal of the game.The Broncos again came back, scoring halfway through the third period, drawing them to within one.But for the second night in a row, Boyd sealed the victory for the Buckeyes with a late score. This time, it was an empty-net goal with just 19 seconds remaining, putting the Buckeyes up 4-2 to match the score of Friday night’s game.Heeter had a big night in goal for the Buckeyes, finishing with 36 saves.“You figure anytime you put 38 shots on net, I’d like to think you would score more than a couple of goals,” Broncos coach Jim Culhane said. “I think Cal [Heeter] played a tremendous game for OSU and really made some quality saves for them.”With the win, Heeter moved to 4-1-1 on the season. The Buckeyes, now winners of three straight, look to carry their momentum into next week’s matchup against Ferris State.
Gareth Southgate recently claimed that the team that started against Nigeria is not far away from the one for England’s opening game in the World Cup campaign.This, however, will most likely mean that both Jamie Vardy and Harry Maguire will not play in the first game of the tournament as they were left on the bench.Southgate opted for City forward Raheem Sterling and Harry Kane, rather than the Leicester duo Vardy-Maguire. He even went for Rashford and Welbeck from the bench, leaving the teammates not even taste the eventual win.“There is real competition for places in certain areas of the pitch,” Southgate said, according to LeicestershireLive. “Everyone has to maintain their level.”Maguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…“The team we picked – my experience of the weeks going into the start of a tournament and then the first few games is that it will evolve for various different reasons.”“Everyone has to be ready to come into the side and I would not necessarily say that the team that started on Saturday is the same team that will start against Tunisia.”“But clearly, it would not be far away,” Southgate added.
Marco Asensio’s agent has announced that his client will be remaining at Real Madrid for next season, after having been linked with a move away this summerThe Spain international has been linked with a move to the Premier League this summer with both Liverpool and Chelsea having been monitoring his situation after starting just 19 of Real’s 38 La Liga matches last term.Asensio was signed by the European champions in 2014 from RCD Mallorca and has spent the past two seasons playing for the senior side following two loan spells at both Mallorca and Espanyol.Liverpool had reportedly been viewing Asensio as a potential replacement for Philippe Coutinho, who left Anfield in January in a €160m deal to Barcelona.Report: Origi cause Klopp injury concerns George Patchias – September 14, 2019 Divock Origi injury in today’s game against Newcastle is a cause for concern for Jurgen Klopp.Perhaps with one eye on Tuesday’s trip to Italy…But his agent, Horacio Gaggioli, announced on Monday that Asensio will be staying put at Real.“Marco won’t move, he’ll stay with Real Madrid,” said Gaggioli, according to Goal.“He’s improving all the time. Next season I think he’ll be very important in Madrid.”Asensio scored 11 goals in 53 appearances last season for Real and was a part of the Spain World Cup squad this summer.
Thomas Tuchel is quickly establishing himself at Paris Saint-Germain by introducing strict new rules at the club in order to ensure that the players behave themselves throughout the seasonThe German coach has already visited restaurants in Paris frequented by players such as Kylian Mbappé, Dani Alves and Marquinhos as he attempts to control their respective diets.In fact veteran right-back Dani Alves, who is currently undergoing rehabilitation after his knee injury, has actually been given a specific diet routine by Tuchel to follow.The former Borussia Dortmund coach replaced Unai Emery, who now is in charge of Arsenal, as the new manager of PSG earlier this summer and France Football has reported that he has introduced the following rules for the players to follow:PSG ultras sent a warning letter to Neymar Manuel R. Medina – September 14, 2019 Brazilian superstar Neymar might play today his first game of the season for Paris Saint-Germain and the team’s ultras have warned him.No pasta, fast food, sweets and soft drinks.No nightclubs on weekdays.Must rest on rest days and have no parties, otherwise, there will be consequences.The Neymar problemNeymar has been known to lead a rather lucrative lifestyle outside of football and tends to regularly meet up with his famous friends through the streets of Paris.So what happens if Neymar misbehaves? Will Tuchel drop him?Unlikely, but it still looks like to could be an interesting problem for the 44-year-old to manage as he attempts to establish his rules at PSG while keeping the club’s prized asset in Neymar happy.
Sergio Busquets praised fellow teammate Malcom calling him a great player who is working hard following his goal in Barcelona’s 1-1 draw with Inter Milan.“We dominated the game, although in the second half they pushed us,” the midfielder disclosed to Football Espana after Tuesday’s Champions League clash.“We scored and they equalised from a silly ball. We wanted to go through as group leaders.“We had a very good first half, with some great chances. We defended very well but without success in the end. The second half was more open.Mourinho: “Lionel Messi made me a better coach” Andrew Smyth – September 14, 2019 Jose Mourinho believes the experience of going up against Barcelona superstar Lionel Messi at Real Madrid made him a greater coach.“Malcom’s a great player. He’s working hard to get minutes and his goal will come in handy for him.“We didn’t play well in the Copa, but some of the criticism was unfair. He’ll help us a lot until the end of the season.“When Lionel got injured, we lost some imbalance. We’ve all taken a step forward, except during the game against Rayo.“We’ve given everything and when Messi returns, we’ll be even stronger.”