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Ethiopia pressed to reveal details of secret prisons
International | 2007/04/06 04:17

Canada, Sweden and Eritrea are pressuring Ethiopia to reveal details regarding the foreign nationals it has allegedly detained in secret prisons in collaboration with the FBI and CIA. The existence of prisons in which US government agencies have interrogated individuals suspected of having ties to al Qaeda was disclosed on Tuesday after Human Rights Watch reports claimed that the US, Kenya, and Ethiopia were cooperating with the transitional government of Somalia to detain refugees from the recent conflict there.

Among those believed to be imprisoned in Ethiopia are Canadian citizen Bashir Makhtal, three Eritrean citizens who were turned over to Somalia after their arrest by Kenyan authorities in January, and two Swedish citizens. Nationals of France, Saudi Arabia, Tanzania, Rwanda, Morocco and Tunisia are also thought to be detained there. Investigations of the US rendition program have so far focused primarily on Europe, where reports revealed that sixteen EU member states were involved at some level in the operation of CIA secret prisons and rendition flights.



Overlooked tax benefits can become advantage
Tax | 2007/04/06 03:56

With a little over a week left before the federal income tax-filing deadline, local tax preparers and the Internal Revenue Service are urging taxpayers to take a moment before they file their returns to be sure they do not overlook several important benefits.

"Time is running out for tax filers to take advantage of the special telephone excise tax refund and other benefits such as the Earned Income Tax Credit," IRS spokesman Dan Boone said in prepared comments.

"If you don't claim it, you don't get it. That's money down the drain for thousands of Tennesseans."

In addition, many taxpayers also overlook free services available to them, such as free tax help and the Free File program.

Still others lose out by not filing a return at all. Even if a taxpayer does not owe tax and is not required by law to file a return, he may miss out on a refund or tax credit.

Here are some refunds, credits or services Boone says are frequently overlooked:

Telephone Excise Tax Refund - This is a one-time refund of long-distance excise taxes available on 2006 income tax returns. The refund applies to charges billed from March 2003 through July 2006.

The IRS offers a standard refund amount of $30 to $60, or taxpayers can calculate the actual tax paid. Even if the taxpayer does not normally have to file a return, Form 1040EZ-T can be used to request this refund.

Businesses and exempt organizations can also request it. Taxpayers can visit IRS.gov for more information on this special payment.

"Tennesseans have already left more than $12 million on the table by failing to request this special refund," Boone said.

IRS Free File - Nearly 20 companies are offering free electronic filing to taxpayers whose 2006 adjusted gross income was $52,000 or less. That means 1.9 million Tennesseans can take advantage of the IRS-sponsored Free File program.

"Free File users get all the benefits of IRS E-file: a faster refund, a virtually error-free return, and confirmation that the IRS received your tax return," Boone said. A link to Free File offerings is located on the IRS.gov homepage.

Earned Income Tax Credit - Earned income of less than $39,000 in 2006 may qualify a taxpayer to claim the earned income tax credit.

This credit could be worth up to $4,536.

When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a return. An electronic special "EITC Assistant" is available on IRS.gov to help taxpayers determine whether they are eligible.

Taxpayers can access more information on this credit by visiting IRS.gov and clicking on "1040 Central."

"More than half-a-million Tennesseans claimed EITC last year, but the IRS estimates that another 20 to 25 percent could be claiming it," Boone said.

Unclaimed Refunds - Refunds totaling approximately $30.8 million are waiting for about 27,600 Tennesseans who failed to file a federal income tax return for 2003.

In order to collect the money, a return for 2003 must be filed no later than April 17.

The IRS estimates that half of those who could claim refunds would receive more than $600. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return.



New Century gets financing approved
Bankruptcy | 2007/04/06 00:24

New Century Financial Corp. (NEWC.PK: Quote, Profile, Research), the largest U.S. subprime lender now under bankruptcy protection, was authorized on Thursday to obtain up to $150 million of financing to keep operating under Chapter 11.

The package, which was announced Monday as the company announced its bankruptcy filing, includes up to $150 million of debtor-in-possession financing from The CIT Group and Greenwich Capital Financial Products Inc.
 
According to the Associated Press, U.S. Bankruptcy Judge Kevin Carey said he would agree to the interim financing. Carey earlier granted the lender interim authority to pay "its utility bills, remaining employees and other necessary expenses until the company's assets can be sold next month" the AP reported.

The Irvine, California-based company collapsed amid rising delinquencies and defaults, a federal criminal investigation into its accounting and trading in its securities, and orders by or agreements with at least 17 U.S. states to stop lending.

New Century has said it agreed to sell its loan servicing unit to hedge fund Carrington Capital Management LLC for $139 million, and some loans to Greenwich Capital for $50 million.



Police arrest mom who forced her kids to panhandle
Court Watch | 2007/04/06 00:23

Police say an unemployed suburban mother of five found a quick way to make ends meet: turning her children into panhandlers. Antoinette Jones, 37, pleaded not guilty to endangering the welfare of a child, a misdemeanor, at an arraignment Tuesday in Yonkers, a New York City suburb. A judge issued an order that bars her from her five children, and released her without bail.

It was not immediately known where the children were placed. Police said the case was referred to Child Protective Services, but agency officials declined to comment.

Police said they discovered the panhandling when Jones' 11-year-old son was reported missing at a Pathmark supermarket Monday night.

When police arrived, Jones' 18-year-old daughter told them that her mother had made them walk several miles from their home to the supermarket, where they were told to stand outside and beg for money, police said.

The boy returned to the store several hours later; police didn't know where he had gone. The 18-year-old told police her mother frequently forced the children to beg at stores, saying they often picked up $30 to $40 at a time.



Law Firms Compete For Chinese IPO Action
Venture Business News | 2007/04/06 00:23

Private Chinese companies drawn to U.S. initial public offerings by the cachet and strong returns from a U.S. stock offering are being courted by a cadre of American corporate law firms jockeying for a piece of the burgeoning China market.

A spate of U.S. IPOs by Chinese companies since last year has engaged lawyers as managers' or issuers' counsel from such firms as Latham & Watkins; Shearman & Sterling; Skadden, Arps, Slate, Meagher & Flom; and Sullivan & Cromwell -- all of which have offices in China and Hong Kong.

Even firms without an Asian presence, such as Loeb & Loeb and Philadelphia's Cozen O'Connor, have found room on the field. Cozen, for example, has represented special purpose acquisition corporations (SPACs), a type of public equity fund formed to target companies with a certain industry or geographic profile, such as a Chinese company.

Private equity investment in China is driving the trend toward U.S. listings and fueling the need for U.S. lawyers to assist Chinese companies and attorneys. The bottom line for Chinese companies is often just that: the chance to raise more cash in the public markets than they could by listing elsewhere, such as Hong Kong.

"In China, everyone wants to get registered to raise funds in the public markets in the U.S.," said Latham's David Zhang, a partner in the firm's Hong Kong office who has worked on many such deals. "It's a good opportunity for firms like us in the U.S."

Strong interest from the Chinese companies in the U.S. markets, coupled with the intricacies of such deals, translates to a glut of corporate work for those with the language skills, ties to the investment banking community and Chinese deal-making experience to stake a claim in the China market.

Work can include setting up an offshore holding company in the British Virgin Islands or the Cayman Islands, instructing the Chinese companies in the U.S. regulatory requirements, drafting the prospectus of the offering for the Chinese law firms and helping to oversee the company's shift to U.S. accounting standards. Once the deal is closer to fruition, U.S. lawyers perform the standard work with the U.S. Securities and Exchange Commission and the chosen stock exchange.

"Our role is to be the international law firm that knits it together, that weaves together the various threads," said Skadden's Michael Gisser, a Los Angeles lawyer who co-leads the New York firm's Asia Pacific practice. Skadden was issuer legal adviser for the IPOs of JA Solar Holdings Co. Ltd. and 3SBio Inc., both of which were listed on Nasdaq in February.



U.S. commander denies attack on Iran soon
International | 2007/04/06 00:22

Visiting commander of U.S. Central Command Admiral William J. Fallon on Thursday denied an attack on Iran soon, saying that the Iranian issue should be solved through diplomatic channels.

Fallon made the denial to reporters after his meeting with Egyptian President Hosni Mubarak in Egypt's Red Sea resort Sharmel-Sheikh, the official MENA news agency reported here.

Asked whether the United States would attack Iran soon, especially as Washington beefed up military presence in the Gulf region recently, the top U.S. officer gave a negative answer.

"Washington already had its hands full in Iraq and Afghanistan," he explained.

Talking on the Iranian nuclear issue, Fallon told the reporters that Iran should be convinced through diplomatic channels that seeking to possess nuclear weapons is not a good idea.

He, meanwhile, expressed that the United States in general does not encourage nuclear proliferation in the Middle East region and is keen on maintaining the peace and security of the region.

Enhanced military nuclear capabilities of countries in the region would be counterproductive and even unwarranted, he said, while being asked about the danger posed by Israel's nuclear weapons to regional security and stability in light of the U.S. hardline stance towards the Iranian nuclear program.

The U.S. stance towards Tehran is as clear and firm as that of UN member states, Fallon said, accusing Iran of pursuing a program leading to producing nuclear weapons, which were "Gulf leaders' concerns about Iran's intentions".

Tehran has denied the allegation.

Fallon's visit to Egypt is part of his first regional tour since he assumed post last month succeeding General John P. Abizaid.

He has already visited Saudi Arabia, Qatar and Kuwait, where he met with the countries' leaders and top officials to listen to their views on regional issues and discussed bilateral cooperation with them.



Chinese Premier eyes early FTA deal with ROK
World Business News | 2007/04/06 00:22

Chinese Premier Wen Jiabao on Thursday said he expected China and the Republic of Korea (ROK) to speed up study of a China-ROK Free Trade Area (FTA). "China and the ROK should come up with a win-win FTA proposal at an early date so as to pave the way for the FTA," Wen said in a joint interview with journalists from 19 ROK news organizations. The interview came ahead of Wen's ROK trip scheduled for April 10-11, the first by a Chinese premier in eight years.

China appreciated the fact that the ROK recognized China as a full market economy, Wen said. China-ROK trade volume has increased by 26 times since the two countries forged diplomatic ties in 1992, to 130 billion dollars in 2006.

"The close trade ties between China and the ROK are based on the principles of equality, mutual benefit and complementarity," Wen said. Wen cited a target set by Chinese President Hu Jintao and ROK President Roh Moon-hyun of trade worth 200 billion U.S. dollars by 2012.

The target was set by Hu and Roh during their meetings in 2005 and 2006.

Hu and Roh also agreed on five investment and trade liberalization measures and defined 12 key areas of cooperation. "As a result of economic globalization, China-ROK trade ties have entered a new era, requiring us to expand cooperation, improve quality and cope with challenges together," Wen said.

Wen urged the two countries to work more closely on energy preservation, environmental protection, high-tech and information industry.

Wen also proposed the two countries step up consultations in the framework of the World Trade Organization, the Asia-Pacific Economic Cooperation forum and other international mechanisms.

Wen's two-day visit coincides with the China-ROK Exchange Year, which includes 47 China-sponsored exchange programs.

Wen will unveil the exchange year with ROK leaders in Seoul. "I believe the exchange year will promote cultural exchanges between the two countries," Wen said.

On the six-party talks aimed at resolving the Korean Peninsula nuclear issue, Wen said the relevant parties should consult further so that a peace mechanism can be established on the peninsula.

In response to a question about the unification of the Korean Peninsula, Wen said it would be up to the ROK and the Democratic People's Republic of Korea (DPRK) to resolve the issue "independently and peacefully."

We hope the ROK and the DPRK will develop mutual trust and mend ties through negotiation and dialogue. This is a pre-requisite for independent and peaceful unification, Wen said. "The Chinese government will continue to play a positive role in this regard."

Wen will visit the ROK at the invitation of ROK President Roh Moon-hyun.




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