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Friday, March 10, 2017

UK chancellor Philip Hammond announced his 2017 budget on Wednesday, which included a £2 billion pledge to social care and a tax hike on the self-employed. It was accused of breaking Conservative Party manifesto promises.

It was announced there will be a 2% increase in national insurance contributions for the self-employed, with chancellor Philip Hammond citing worries that people were choosing to become self-employed in order to pay lower taxes and his perception of unfairness in the different rates paid by employees and self-employees. There were accusations this change in policy goes against the manifesto promises the Conservative Party ran on in 2015, which promised four times that there would be no increase in national insurance rates. Conservative MP Anna Soubry tweeted saying she believed these new measures would be unpopular as many would see them as unfair. The leader of the opposition, Jeremy Corbyn, claimed the new measures will not clamp down on people whose self-employment is just for tax benefits, instead causing problems for those legitimately self-employed, arguing that if they are to start paying similar tax rates to the employed then they should get rights such as statutory maternity pay. The think tank Resolution claimed, however, this increase is outweighed by other government policies and is, therefore, a good move.

In addition to this, the chancellor announced a £2 billion pledge to social care over the next three years, saying he was aware of the stress the ageing population is having on the NHS and social care. Liberal Democrat Norman Lamb described the amount as “wholly inadequate”, saying much more is needed to pay for an increase in care demands due to the ageing population. The lowest threshold at which shareholders pay dividend taxes is to be lowered from £5,000 to £2,000 claiming that the taxes for dividends provided “an extremely generous tax break for investors with substantial share portfolios”. Other budget announcements include an additional £325 million for the NHS, £90 million transport spending for the North of England, £20 million to support campaigning against violence against girls and women and a slight increase in funding for the devolved governments.

Saturday, July 10, 2021

The number of patients in England waiting for treatment by the National Health Service reached 5.3 million in May, data Thursday indicated, the highest since records began in April 2007 for the second consecutive month.

Those on the health institute’s waiting list increased by over 600 thousand in the past three months. However, the average wait time of just under eleven weeks has been steadily declining since the start of the COVID-19 pandemic, which drove total admissions to hospital down, according to The Guardian.

Total admissions for surgery and normal treatment have increased fourfold to nearly pre-pandemic levels from 54,550 last year to 242,064 in May, according to Sky News. In May 2019, there were 295,881 admissions for routine treatment.

The rise in demand is primarily due to a surge in non-COVID-related admissions: over two million people visited the accident and emergency department (A&E) last month, for example, in the busiest ever June. A blog post published Wednesday by the NHS Confederation warned increasing demand in urgent, non-COVID-related healthcare in both children and adults are “putting severe and unprecedented strain on the urgent care system, with unsustainable numbers of people now visiting A&E, seeing their GPs [general practitioners] and calling ambulances.”

Wait times are trending downward, according to Sky News. Between April and May, the number of people waiting over 52 weeks for treatment fell by 50 thousand, though still thirteen times higher than last year. Patients waiting over eighteen weeks dropped by 83 thousand in the same time, “for the first time this year”, according to NHS medical director Stephen Powis. However, the percent of those who received treatment within eighteen weeks, 67%, remained below the NHS standard of 92%, according to The Guardian.

The average wait time for elective care of 10.8 weeks was down 29% from May last year, according to the NHS Confederation’s chief executive Matthew Taylor. In a blog post on the organisation’s web site he remarked the “treatment backlog of 5.3 million patients” nonetheless “show[s] that while waiting lists are still rising, more people are coming forward for care, which is encouraging, as this is exactly what the NHS is there for.”

Taylor went on to say “our urgent care system [is] running a winter-like service in the middle of summer”, adding “we must go into this next phase with our eyes wide open, and acknowledge much of the care the NHS can provide to patients is likely to be disrupted further, including in the community.”

The Guardian reported other issues, including that nearly 25% of patients in A&E waited over four hours to be seen. Only 75% of cancer patients were seen within two weeks of cancer screening, below a target of 90%, or a GP’s urgent referral, below a target of 85%. An October analysis by Macmillan Cancer Support estimates from the year before, 50 thousand fewer people were diagnosed with cancer, a backlog it warned could grow by four thousand missed diagnoses per month to over 100 thousand this October, and urgent referral activity in England for August was 11% behind 2019 levels.

The NHS has said it budgeted one billion GBP on restoring services and clearing the waiting list, according to The Guardian.

32,551 new COVID-19 cases in the United Kingdom were reported on Thursday and another 35 attributable deaths, according to Sky News, up over four thousand from the week before, and the highest since the week of January 27 . This comes after health minister Sajid Javid said cases of COVID “could go as high as 100,000” ahead of the expected lifting of all remaining lockdown restrictions on July 19, dubbed “Freedom Day”, as reported by Sky News and The Guardian.

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Wednesday, September 12, 2007

The second landing gear failure on a Scandinavian Airlines System (SAS) de Havilland Canada Dash 8 (also known as a Bombardier Q400 following Bombardier’s purchase of de Havilland Canada from Boeing) within the space of a week has prompted the grounding of many of the twin-engined turboprops.

On September 9, Scandinavian Airlines Flight 1209 suffered a right landing gear failure during landing at Aalborg Airport, Denmark. A fire broke out during the crash, and five people sustained injuries. This was followed today by the similar crash of Scandinavian Airlines Flight 2748 at Palanga Airport, Lithuania. No-one was injured.

The accidents have resulted in Bombardier recommending the grounding of all Q400s, which have undertaken more than 60,000 flights, as a “precautionary measure”. This affects leading carriers around the world, including SAS, Alaska Air ‘s Horizon Air subsidiary, Flybe, Japan Airlines, Austrian Airlines Group and Augsburg Airways, and covers around 60 aircraft.

SAS and Horizon Air have grounded 27 and 15 aircraft respectively, while Flybe have grounded six. Another airline, Porter Airlines, which operates the type exclusively against any others, have pointed out that their aircraft have not undertaken enough flights to be affected by the measures.

The landing gear are manufactured in the United States by Goodrich Corporation. One industry analyst, Cameron Doerksen, said that he felt that although the incidents and groundings obviously constitute bad publicity, he feels it would not influence the decision of a carrier considering whether to purchase Q400s. Bombardier declined 17 cents, or 2.7 percent, to C$6.23 on the Toronto Stock Exchange and SAS fell 6 kronor, or 4.8 percent, to 118 kronor in stock exchanging in Stockholm. Goodrich stock rose 19 cents to $64.96 on the New York Stock Exchange.

The groundings have caused hundreds of flights to be cancelled, leaving thousands of passengers stranded every day. The cost to SAS alone is estimated at 10-15 million Swedish kronor per day.

Sunday, May 18, 2008

An HIV-positive man was sentenced to 35 years in prison Wednesday, one day after being convicted of harassment of a public servant for spitting into the eye and open mouth of a Dallas, Texas police officer in May 2006. The United States Centers for Disease Control and Prevention says that no one has ever contracted HIV from saliva, and a gay-rights and AIDS advocacy group called the sentence excessive.

A Dallas County jury concluded that Willie Campbell’s act of spitting on policeman Dan Waller in 2006 constituted the use of his saliva as a deadly weapon. The incident occurred while Campbell, 42, was resisting arrest while being taken into custody for public intoxication.

“He turns and spits. He hits me in the eye and mouth. Then he told me he has AIDS. I immediately began looking for something to flush my eyes with,” said Waller to The Dallas Morning News.

Officer Waller responded after a bystander reported seeing an unconscious male lying outside a building. Dallas County prosecutors stated that Campbell attempted to fight paramedics and kicked the police officer who arrested him for public intoxication.

Prosecutors said that Campbell yelled that he was innocent during the trial, and claimed a police officer was lying. Campbell’s lawyer Russell Heinrichs said that because he had a history of convictions including similarly attacking two other police officers, biting inmates, and other offenses, he was indicted under a habitual offender statute. The statute increased his minimum sentence to 25 years in prison. Because the jury ruled that Campbell’s saliva was used as a deadly weapon, he will not be eligible for parole until completing at least half his sentence.

The organization Lambda Legal (Lambda Legal Defense and Education Fund), which advocates for individuals living with HIV, says that saliva should not be considered a deadly weapon. Bebe Anderson, the HIV projects director at Lambda Legal, spoke with The Dallas Morning News about the sentence. “It’s been 25 years since the virus was identified, but there are still lots of fears,” said Anderson.

The Dallas County prosecutor who handled the trial, Jenni Morse, said that the deadly weapon finding was justified. “No matter how minuscule, there is some risk. That means there is the possibility of causing serious bodily injury or death,” said Morse. Dallas County District Attorney Craig Watkins stated: “If you look at the facts of this case, it was clear that the defendant intended to cause serious bodily injury.”

A page at the CDC’s website, HIV and Its Transmission, states: “HIV has been found in saliva and tears in very low quantities from some AIDS patients.” The subsection “Saliva, Tears, and Sweat” concludes that: “Contact with saliva, tears, or sweat has never been shown to result in transmission of HIV.” On Friday the Dallas County Health Department released a statement explaining that HIV is most commonly spread through sexual contact, sharing needles, or transfusion from an infected blood product.

Monday, February 16, 2009

The United States military Strategic Command (STRATCOM) has said that the ‘fireballs’ spotted over areas of Texas in the United States on Sunday February 15, are not related to the collision of a U.S. and Russian satellite in space. According to spaceweather.com, NASA says the object was a meteor.

“There is no correlation between the debris from that collision and those reports of re-entry,” said STRATCOM military spokeswoman Major Maj. Regina.

“It’s a natural meteor, definitely,” said Bill Cooke, an astronomer at NASA’s Meteoroid Environment Office.

On Tuesday, February 10, the American civilian communications satellite Iridium 33, launched in 1997, and the defunct Russian military communications satellite Kosmos-2251, launched in 1993, collided over Siberia. On Friday February 13, the National Oceanic and Atmospheric Administration (NOAA) issued an alert for falling debris from the satellites, following reports of “explosions and earthquakes” along with “flashes in the sky” in Jackson and Louisville, Kentucky.

Then again on Sunday, calls to 9-1-1 began to come in to Williamson County, Texas sheriff’s office around 12:30 p.m. (Central time) that burning debris and fireballs were seen falling from the sky onto parts of Austin, Houston, Waco and San Antonio.

“The Federal Aviation Administration (FAA) reported to local law enforcement on Friday that these events are being caused by falling satellite debris. These pieces of debris have been causing sonic booms, resulting in vibrations felt by some residents, as well as flashes of light across the sky,” said the NOAA on Friday in an public information alert posted on their website. The FAA says the burning material over Texas is not related to this alert.

“We don’t know what it was [over Texas],” said Roland Herwig, a spokesman for the FAA on Monday. The alerts still remain in effect in Kentucky until further notice.

Residents in Texas reported their homes and windows shaking and large explosions on Sunday morning. After a search of several areas, the Williamson county sheriff’s office reported that no debris or impact sites were found. Earlier unconfirmed reports had said the debris could have been the result of a small plane exploding.

There was previous speculation was that the object in Texas could have been a meteor. Doctor Marco Ciocca, a professor at Eastern Kentucky University told WKYT on Sunday that it’s too early for the debris from the satellites to be reentering the planet’s atmosphere. “[It could] be months” before any of the satellite wreckage enters the earth’s atmosphere. “The debris doesn’t simply fall out of its orbit. It will either vaporize or stay in orbit for some time before falling into earth’s atmosphere.”

However, the Union of Concerned Scientists (UCS) said on February 12 that the debris could have taken 10 days or less to reenter over portions of the planet.

“Within 24 hours of the collision, the U.S. space tracking system had identified 600 pieces of debris. This large number suggests that the collision must have been relatively head-on. If the two satellites hit head-on, rather than a glancing blow, the energy of the collision would completely disintegrate both satellites into clouds of debris,” said the UCS in a statement on their website who also added that the collision took place in “the same region of space where China destroyed a defunct Chinese weather satellite with an anti-satellite (ASAT) weapon” in 2007. “That January 2007 test created a massive amount of debris.” There have been at least eight major satellite collisions since 1991.

The satellites, both of which had a mass in excess of 450 kilograms, and were traveling at approximately 17,500 miles per hour (28,150 km/hour), collided 491 miles (790 km) above the earth. Scientists say the explosion caused by the collision was massive. They are still trying to determine just how large the crash was and how the earth will be affected. STRATCOM continues to track the debris. The results of a plotting analysis will be posted to a public website.

Monday, March 28, 2005

San Jose, California — As the April 15 deadline for U.S. private citizens to file their 2004 income tax returns draws near, the government is reminding sellers on eBay that they may have to report any proceeds from sales on the auction site as taxable income.

This could be a surprise to some of the 135 million registered eBay users who consider trading on San Jose-based auction site to be a non-taxable hobby. Complicating matters, eBay says it doesn’t report individual sales figures to the government – users are responsible to report any profits on their own tax returns.

The amount of money traveling through eBay is big business. $33.8 billion worth of merchandise was sold on the site in 2004, up from $5.2 billion in 2000.

Although eBay pays taxes on its share of the sales (5.25 percent cut from each transaction as of Feb. 18), the IRS fears some small businesses are using the site to dodge tax responsibility. Adding to the confusion, some sellers may legally be a taxable business without realizing it.

The U.S. Internal Revenue Service has a nine-point checklist it uses to determine whether or not a money-making activity is legally a business, which means money made is taxable, or a simple hobby – where it is not taxable. The IRS can consider a person to be a legal “business” even though they never incorporated or claimed to be one.

According to Woodbury, New York-based accountant Bart Fooden in an Associated Press interview, the IRS looks for such things as evidence that the auction seller depends on the eBay sales income to pay for activities other than maintaining the hobby, acts in a businesslike manner when selling on auctions or puts enough time and effort into the eBay activities that there is an obvious intent to make a profit.

But Fooden said in the same interview casual users probably have nothing to worry about. Those cleaning out closets or the garage and selling off junk for less than the original price paid are not turning a profit, so that money is not considered income and is not taxable.