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Henry Barbour: ‘Two Sides to Every Issue

Henry Barbour: ‘Two Sides to Every Issue

Henry Barbour, a member of the Republican National Committee and one of five GOP members tasked with developing a new GOP strategy following the failed 2012 elections, refused to say if climate change is one of the focal points his party should address, stating “there are two sides to every issue.”

During a Thursday appearance on NPR to discuss the Republican Party’s post-election revamping, Barbour fielded a question from a caller who lambasted the Republicans for ignoring climate change as a and refusing to accept its standing as a legitimate concern.

“The Republican Party has to be concerned with fixings its own problems,” said Barbour, a Mississippi Republican. “Whether it’s looking at the environment or whether it’s dealing with education, security or spending, or whatever it is.”

The program’s host then pressed Barbour on the caller’s question by saying, “you can’t fix these issues unless you acknowledge them first.”

“There are certainly two sides to every issue and I’m not going to site her and give you a position on climate change,” Barbour replied. “As a party, we must focus on the ideas that help improve the country, whatever those might be, we need to focus on the ideas that unite us and not divide us.”

Barbour, the nephew of former Mississippi Governor Haley Barbour, was elected to the Republican National Committee in 2005 and has held crucial roles in several GOP campaigns. Last month, Barbour was appointed to the Growth and Opportunity Project, an initiative aimed at broadening the party’s appeal and responsible for examining where candidates failed during the 2012 election cycle.

“We must articulate our policies in a manner in which people can tell the benefit of what we’re trying to do,” Barbour told Bloomberg news. “Democrats were better at connecting with people in this regard and I think we came across as the old accountant too many times.”

Recent data suggests that climate change is an area where voters from both sides show great concern. Various polls released last month show that 83 percent of Democrats and over 70% of Republicans acknowledged rising temperatures, and 80 percent of total respondents stated that global warming is a serious problem.

These comments echo the GOP’s political tip-toeing when it comes to climate change. The bulk of GOP members feel that climate change is a non-issue. 

Yahoo Defending No-Work-At-Home Polic

Yahoo Defending No-Work-At-Home Polic

 

Internet giant Yahoo is responding to backlash of a decision to prohibit employees from working at home, claiming it is the right move for the company. 
 
“This is not a broad industry view on working from your home, this is about what is right for Yahoo at this time and going forward,” said a company spokesman in a statement issued to the media on Wednesday morning. 
 
The no-work-at-home policy prompted widespread criticism since it was announced in an e-mail to all employees earlier this week from Jackie Reses, the head of human resources who was hired by CEO Marissa Mayer.
 
“To become the best place to work, collaboration and communication will be principal, so we will need to be working as a team, side-by-side,” said the e-mail. “It is critical that we are all present in the office each and every working day.”
 
Yahoo did not reveal how many of its 11,500 employees currently work from home, claiming it does not comment on internal matters. 
 
Many have criticized the policy as impacting morale, claiming it could even turn-off or chase away talent. 
 
“We wish to give our employees the freedom to work where they choose, safe in the knowledge that they have the talent and drive to perform exceptionally, whether they are in the office or in their kitchen. I have never worked at a traditional office, and I never will” said Virgin CEO Richard Branson on his blog.” 
 
Others claim that the policy itself isn’t the issue, but how it was presented—via e-mail without comment from Yahoo’s Chief Executive Officer– to the company. “The new Human Resources policy is shocking in its measure, and harsh delivery,” opined Fortune’s Patricia Sellers. “The chief issue is how the new policy got communicated to the employee base.”
 
A study by Telework Research Network found that working from home or remotely increased nearly 75% from 2005 to 2011 in the United States. 
 
 
Source: Associated Press
 

The Rich get Richer: Forbes’ Rankings finds 210 New Billionaires

The Rich get Richer: Forbes' Rankings finds 210 New Billionaires

 

The Forbes Rankings, which lists the wealthiest men and women in the world, was released today and revealed a record 1,426 billionaires spread throughout the world. According to the latest tally from Forbes, rising stock prices and a shift to normalcy in the markets added 210 new members to the exclusive 10-figure club. 
 
The rankings also revealed Mexican telecom giant Carlos Slim to be the richest person in the world; this is Silm’s fourth year on top of the prestigious list with an estimated $73 billion, up from $69 billion last year. Slim edged out Microsoft founder Bill Gates, who was once again ranked as the second richest person in the world with his $67 billion fortune. 
 
Gates’ good friend Warren Buffet dropped out of the top three for the rights since 200, as head of Spanish retailer Zara, Armancio Ortega, took third place. Ortega’s wealth of $57 billion is a massive gain of $19.5 billion from 2012, the largest gain of any person on the list. Ironically, Buffet’s fortune posted the second largest increase on the list; Buffet’s estate increased $9.5 billion to 53.5 billion as shares Berkshire Hathaway, Buffet’s investment firm, increased a dramatic 17% in 2012. 
 
The United States is home to the most billionaires with 442, a net gain of 17 from 2012. 386 billionaires call the Asia-Pacific region home and 366 of the world’s wealthiest reside in Europe. 
 
Excluding those who passed away or split their wealth with family members, 60 people who were represented on the 2012 Billionaire’s list feel out of the prestigious club this year. Notable dropouts include Mark Pincus, CEO of online gaming company Zynga, whose stock fell more than 75% last year and former Chesapeake Energy CEO Aubrey McClendon. 
 
Mark Zuckerberg, founder of Facebook wins the dubious award of suffering the biggest loss of wealth for any American billionaire, as his worth plunged $4.2 billion to $13.3 billion. 
 
That said, there were far more winners than losers on the 2013 list. In total, the 1,426 billionaires possess a combined net worth of $5.4 trillion, up from $4.6 trillion in 2012. The majority of the net gain is due to larger membership as the average net worth of each billionaire was $3.8 billion or an uptick of $100 million from 2012.  
 
 
Source: CNN

Hess to Quit Retail Gasoline Business

Hess to Quit Retail Gasoline Business

 

The Hess Corporation is set to discontinue its retail gasoline operations along with its marketing and energy trading businesses to focus on production and exploration, the company announced on Monday. 
 
Hess also announced it will boost its yearly dividend to $1 per share and buy back up to $4 billion in company stock. Upon release of this news, Hess stock increased $2.45 a share or $3.68 percent to $68.99 on Monday. 
 
Hess also said it will nominate five independent directors for election to its board at the annual shareholders meeting in May. Moreover, the company named a six director that will be up for election at the 2014 shareholder’s meeting. Six of the oil giant’s current directors will announce their retirement from the board in the upcoming months.
These announcements come just over a month after prominent Hess investor Elliot Management pushed for alterations at the company and began lobbying for new management. The plea from Elliot with regards to changing leadership was based on an accusation that the board partook in poor oversight and engaged in a “decade of failures.”
 
Hess has already issued plans to sell domestic oil storage facilities and close a New Jersey refinery as it leaves the volatile refining sector. ConocoPhillips, Murphy Oil and Marathon Oil have all syphoned and split their refining businesses in recent years to place a greater emphasis on production and exploration. 
 
 
Source: CNN

Is the Cure for HIV at Risk because of Budget Cuts?

Is the Cure for HIV at Risk because of Budget Cuts?

 

Dr. Deborah Persuad of Johns Hopkins Children’s Center spearheaded a remarkable treatment plan that cured the HIV virus in a toddler. However, the budget cuts undertaken by the United States Federal Government will reduce funding delivered to the National Institutes of Health, which co-founded the incredible achievement. 
The cuts in federal spending, known as sequestration, could slash critical medical research, including the recently unveiled treatment plan that cured the toddler.
 
The National Institutes of Health, which co-administered the study, is set to lose over $1.6 billion of its $31 billion budget through September of this year as a result of the sequester. As the most prominent supporter of biomedical research in the United States, it could reduce funding for hundreds of research programs, such as the HIV case. 
 
The National Institutes of Health, in conjunction with AIDS research foundation, funded the treatment plan used to treat the child. 
 
Chris Collins, the vice president of public policy for the AIDS Research Foundation said there was a “brutal irony” to the timing of the HIV cure discovery and the budget cuts. “As we have heard this exciting news about HIV cure research, the entire AIDS research field is undergoing a significant setback,” said Collins. “If we are in the business of ending this virus, this would be the time invest, not to cut back.”
 
Doctors at Johns Hopkins Children’s Center used a mix of antiretroviral drugs to eliminate the HIV virus out of the Mississippi toddler, who was born to a woman with AIDS and is now free of the infection. 
 
The toddler was given a cocktail of drugs including Epivir, Viramune and Zidovudine. The child was then treated with a Kaletra drug mix to sweep-out the virus. This combination of drugs costs several hundred dollars when produced in a generic fashion in developing nations. 
 
The budget cuts would reduce funding to long-running research programs that the National Institutes of Health is already committed to, claims Dr. Anthony Fauci, the director of the National Institute of Allergies and Infectious Diseases. 
 
Dr. Fauci claims that the budget cuts will damage the program and its initiatives in the long run. Moreover, Fauci said the budget cats may also keep future research projects from materializing. 
 
 
Source: Whitehouse.gov

Waterproof Tablets and Phones set to make a Splash

Waterproof Tablets and Phones set to make a Splash

 

Consumer electronics and water seldom mix, and for many users, there are few things more annoying than a tablet or smartphone that’s been accidentally dropped in water.

A trip to the bathroom or a rainy day used to require babysitting our expensive devices. “I cannot tell you how many users I know who have accidentally dropped their device in the toilet or their kid spilled a drink all over it,” said senior writer Maggie Reardon.

A soaked tablet or phone has traditionally meant shelling out a few hundred for a replacement; however, new technology has moved rugged cell phones and waterproof cases to withstand pesky situations or adverse conditions. Several smartphones and tablets highlighted at this  year’s Consumer Electronics Show, and Mobile World Congress Convention suggests the future is bright for tablets and phone that are both powerful and waterproof—or at least water resistant.

Sony debuted the Xperia Tablet Z at last week’s Mobile World Congress; the item is drawing praise for its functionality, sleek design and ability to withstand getting drenched by water or other liquids.

“If you are taking a bath and want to enjoy a movie and you accidentally drop the tablet into the water, it will be okay,” said Zperia Z product manager Sharath Muddaiah.

Makers of the Xperia Z claim the tablet can withstand sprays of water and can submerges in up to 3 feet of water for up to 30 minutes.

The tablet does not boast special coating; however, the device’s parts are all water-persistent. The water-resistant features of the new tablet do not come with the bulky characteristics associated with the so-called rugged phones.

Although far more water-resistant than most smart devices, Sony cautions that the tablet’s port covers must be sealed up to hold water. The device’s micro-USB and headphone sockets are lined with rubber port covers that must be flipped up for access.

Sony is not the only electronics company making an effort to provide a sturdier smart device as Fina’s Huawei dunked its Ascend D2 phone in a tub of water for attendees at the Mobile World Congress Convention.

Other electronic companies trying to solve the liquid-incompatibility problem are reciting the same mantra: water-resistant features are incorporated on these devices to help in case of accidents, and not to make a device that is safe for scuba diving. In the meantime, there is always the traditional fix if your device has gone for an unplanned trip to a liquid sanctuary: grab a bowl and pick-up a bag of rice. 

 

 

Source: AP

Depreciation

Depreciation


What is Depreciation?
As a financial term, “depreciation” refers to the following separate, but related concepts: 
o Depreciation may refer to the decline in the value of assets
o Depreciation may also refer to the allocation of the cost of assets to periods where the assets are used
• The first definition of depreciation affects the values of goods, assets, businesses and entities, while the latter predominantly affects net income. 
Different entities will define depreciation in an assortment of ways; however, in a general sense, the term refers to the diminishing value attached to a good, asset or business organization as a result of the underlying object’s wear and tear, obsolescence or deterioration. For example, if a consumer purchases a television, with the most updated technology, that particular television will invariably undergo depreciation within the next five years, as newer and better televisions hit the market. 
Depreciation in Accounting:
When determining the profits (net income) from a specific activity, the receipts from the activity must be reduced by the appropriate costs. One such cost is the expense of the underlying assets used, but not necessarily consumed, in the activity. The cost of an asset is the difference between the amount paid for the asset and the amount expected to be received upon its forfeiture, sale or disposition. 
Depreciation refers to any method of allocating such net costs to those periods expected to benefit from the use of the asset. As a result, depreciation is a method of allocation and not valuation in accounting. 
Any business using tangible assets may incur costs related to the aforementioned asset groups. When the assets produce a benefit in future periods, the costs must be deferred rather than treated as current expenditures. The business will then record depreciation expenses as an allocation of such costs for financial reporting purposes. When evaluating deprecation as an accounting concept the following criteria must be analyzed: the cost of the asset, the estimated useful life of the asset, a method of apportioning the cost over such life and the expected savage value or residual value of the asset.
How does the IRS define Depreciation?
The Internal Revenue Service defines depreciation as an income tax deduction that allows a taxpayer to recover the cost of certain property. Depreciation, in regards to taxation, refers to the annual allowance for the wear and tear, deterioration or obsolescence of the property.
The majority of tangible property (with the exception of land), such as buildings, vehicles, machinery, furniture and equipment are depreciable. In order for a taxpayer to be allowed a depreciation deduction for a property, the investment must meet all the following requirements:
o The taxpayer must own the property
o The taxpayer must use the property in business or in an income-producing activity.
o The property must possess a determinable useful life of more than one year.   

SEC

SEC

What is the SEC?
The SEC is an acronym for the Securities and Exchange Commission, which is the regulatory body mandated by the Federal government of the United States employed to investigate and regulate matters involving financial and investment activity of the public, commercial market.
The History of the SEC
The SEC was founded in 1934; many historians attribute the formation of the SEC to the stock market crash, which had occurred only years prior in 1929 – this stock market crash is oftentimes referred to as ‘The Stock Market Crash of 1929’. Subsequent to this crash of the stock market, a national depression and economic recession swept over the United States, credited in part to the crash of the stock market. Although no definitive attribution exist with regard to the exact reasons for the Stock Market Crash of 1929, both historians and economists have managed to place the some of the responsibility for the crash – and subsequent economic downturn – to a drastic decline in the valuation of stocks traded within the stock market at the time:
As the stock prices began to fall, a panic swept over a multitude of investors who quickly rushed to exchange their respective stocks prior to further decreases in value
The economic devastation resulting from the Stock Market Crash of 1929 prompted to the Federal Government to create an agency to regulate trade and exchange activity occurring within the open market in order to avoid the repeat of such a catastrophic event; this resulted in the creation of the SEC
What is the Open Market?
Public trading conducted within the realm of the stock market, which is oftentimes referred to as the ‘Commercial Market’ or the ‘Open Market’ must be undertaken in methodologies authorized by the SEC; these guidelines ensure that the activities occurring with regard to both invest and finance are conducted in a manner that is conducive to any and all legality expressed within applicable legislature – the following activities are both regulated and authorized by the SEC:
The commercial trade and exchange of securities, which include bonds, security certificates, and bank notes
The commercial trade and exchange of stock or shares belonging to publically traded companies
The behavior and activities undertaken by both private investors, as well as investors represented by financial and investment firms
The professional activity of financial firms, publically-traded companies, conglomerate organizations, financial firms, and investment institutions
What Does the SEC Do?
The creation of the SEC allowed for the Federal Government to undertake regulation of investment activity with regard to the procedures undertaken by any or all individuals participating in commercial market activity; in theory, SEC regulation is considered to allow for the Federal Government to enact a measure of damage control with regard to addressing legal, financial issues prior to catastrophic development:
The SEC undertakes the regulation of commercial trade activity
The SEC enacts the mandating of any or all lawful and ethical trade and exchange activity taking place
The Sec provides commercial investors and potential investors alike with documented reporting and information with regard to the background, legality, financial history, and legal review of all publically-traded companies
 

Traditional IRA

Traditional IRA

The traditional IRA was established by the Tax Reform Act of 1968.  The purpose of the traditional IRA is to help individuals save for retirement through presently tax exempt contributions to a traditional IRA.  A traditional IRA, like a Roth IRA is an individual retirement account.  
Unlike a Roth IRA, the only requirement for eligibility in a traditional IRA is that the individual have sufficient income to contribute to the traditional IRA.  However, even though you can contribute to the traditional IRA at any point there are requirements in order to take advantage of the tax incentives that go along with a traditional IRA.  In order to have these available an individual must meet income, filing status other requirements of the IRS, including the availability of other retirement plans.
If you qualify for the tax incentives of a traditional IRA you will be able to take advantage of tax exclusions to interest, dividends, and capital gains produced by the traditional IRA.  When contributing to a traditional IRA, all the funds that you allocate from your income to the traditional IRA is not included in your taxable income.  This is a major advantage in that it will lower your currently taxable income.  However, the funds from the traditional IRA will become taxable at their dispersement.  If you feel that your income in the future will be less than it is now then the traditional IRA is a great way to reduce your lifetime tax burden.
The limitations for investing in a traditional IRA are standard.  If you are under the age of 50 you will be allowed to contribute up to $4,000 per year to your traditional IRA.  If you are 50 or over that limit increases to $6,000.  
There are some disadvantages to having a traditional IRA.  At the time you reach 70 and a half you must begin making automatic yearly withdrawals from your traditional IRA.  If you neglect to do so then the IRS will automatically confiscate one half of the mandatory amount.  In addition, if you are below the age of 59 and a half you may not withdraw funds from your traditional IRA without incurring a 10% early withdrawal penalty.
You may rollover your traditional IRA once every 12 months.  This means that you may remover your funds from one traditional IRA account into another without incurring an early withdrawal fine.  The transfer must be made within 60 days of removing the funds from the traditional IRA account.

Student aid

Student aid

What is Student aid?
Student consists of government assistance as well as private assistance through scholarships to help students pay for the costs of education including bachelor’s degrees, graduate and professional degrees and for other forms of continuing education.  Student aid can take many forms including grants, scholarships, loans, tax credits and deductions, and work study programs.  In order to qualify for student aid a student must complete a FAFSA form and submit it to the federal government.  The FAFSA form will contain all information relating to the student, and his, or her, families financial needs and will award government assistance for student aid based on that information.
What kind of federal financial aide can I be eligible for?
Your FAFSA form will allow you to apply for numerous kinds of loans and grants that are funded by the federal government. These include Pell Grants, Federal Supplemental Educational Opportunity Grants, Perkins Loans, Stafford Loans, PLUS loans, and Federal Work Study programs.
A Pell Grant is a form of financial aide furnished by the United States Department of Education that helps students who could not normally afford the luxury of a secondary education, the opportunity to attend college or, in some cases, post-bachelor’s degree education. The federal Pell Grant helps 5.4 million individuals pay for college every year through the United States Department of education, which allots $17 billion a year towards the funding of Pell Grants. Grants, unlike loans, never have to be repaid to the federal government..  A Pell Grant will allow a student to receive student aid in a yearly amount of $4,705 that does not need to be repaid to the federal government.
If the funding from a Pell Grant is not enough for your student aid requirements you may also use your FAFSA form to apply for Stafford loans.
Stafford loans are forms of student aid that are sponsored by the federal government through lending institutions. The way they work is that you apply for a loan, through FAFSA, and upon your approval you will be allotted a certain amount of student aid for you education. 
There are two main types of Stafford loans. The first are subsidized and the second are not. The subsidized loans are the first type you will want to get from the federal government’s department of education.  The amount that will be allotted per student through subsidized loans is low, but usually allows around $12,000 per year. The benefit of these loans is that they do not garner interest until the completion of your education. Federal Stafford Loans are subsidized in that the interest that accumulates while you are pursuing your education is paid for by the federal government. 
In contrast, unsubsidized Stafford loans through the federal governments department of education will begin accumulating interest upon the time that your loans are dispersed to you. Because of this reason it is always beneficial for students to avoid unsubsidized loans through either the federal government department of education or through a private lending institution.
The interest rates that are associated with Stafford loans are relatively low. Due to the guarantee of repayment by the federal government a lending institution will charge a lower interest rate and the loan is almost guaranteed to be granted if you meet the requirements. Under current regulations the annual percentage rate of interest for a federal subsidized Stafford loan is 6.6% annual interest for those students who are enrolled in higher education for at least half time. This is going to change under the 2011 amendments under the Budget Control Act of 2011. Under the Budget Control Act new, starting in July 2012, interest rates for both federally subsidized and unsubsidized Stafford loans will be fixed at 6.8% annual interest. In addition, under the Budget Control Act, individuals who are seeking graduate or professional degrees will be ineligible for subsidized loans as of July 1, 2012.
A Perkins Loan is a form of student aid that operates in much the same way as a federally subsidized Stafford loan in that it is a subsidized loan guaranteed by the federal government. The difference is that where a Stafford loan operates by going through a private lending institution to gather funding for the loan, a Perkins Loan takes its funding directly from your educational institution. So the federal government is borrowing money from your university and guaranteeing repayment upon graduation, or the dropping of the student from at least half time status. Federal Perkins loans have an interest rate of 5% per year that begins to accumulate at the time of graduation, or dropping below half time registration. A Perkins Loan will guarantee an undergraduate student as much as $5,500 per year in student aid with a lifetime allowance of $27,500 in student aid; and post-graduate, and professional, students up to $8,000 per year with a lifetime allowance of $60,000 in student aid.
In addition to loans and grants a student may apply for federal work study programs as another form of student aid. Federal work study is a form of student aid that allows a student to work in the community or in their field of study part time in conjunction with their education to help pay for their education. A student who meets the financial needs requirements may be placed in a federal work study program in which the federal government will pay up to 75% of the salary that the student garners through their work study program.
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