Sunday, October 22, 2006

With online gaming in persistent worlds becoming more prevalent, a US congressional committee has begun to look into the tax implications of these booming online economies. Games such as World of Warcraft and Second Life have large player driven economic systems in which – either following the rules or against them – real world currencies are exchanged for in-game currencies. With the GDP of some of these economies rivaling that of some small countries, the US government is wondering if it is missing out on a potential source of tax revenue: or as some gamers might put it, the IRS is asking “You buy gold?”.

In cases where exchange of a real world currency for in-game currency is permitted by the rules of the game, some of these online games such as Second Life require that players report any income generated by these means to his or her government. In most on-line games however, a black market exists where players buy and sell in-game currencies in direct violation of the game’s rules; situations involving black markets are notoriously hard to tax.

Compounding the issue of currency exchange is the existence of in-game assets. In the real world if someone wins a luxury vehicle, he or she is expected to pay a capital gains tax on his or her winnings. If a 40 person “raid” in World of Warcraft gets a rare “drop,” worth up to thousands of dollars if sold illegally, should they be required to pay a capital gains tax?

Even if the issue of capital gains is ignored, there is still the matter of sales tax. In many of these games, non-player characters and players alike sell items to one another. If sales tax is to be applied, at what rate should it be charged and to what State does it go? Questions such as these have just recently been answered in much less hazy situations such as online versions of brick and mortar establishments.

Dan Miller, senior economist for the Joint Economic Committee had this to say on the issue, “I found that talking about this issue with some of the other economists on the committee, they are not really familiar with what a virtual economy is. The idea of Second Life or World of Warcraft or some of these other synthetic universes, they have trouble wrapping their head around it. So there’s an educational hurdle to overcome here.”

The preliminary findings of the committee state that virtual economies deserve clarification of existing tax laws, not new taxes.

Saturday, June 4, 2005

Partygaming Plc, the worlds largest online poker company, has announced that it intends to float on the London Stock Exchange by the end of this month. Although it has not yet set a price, analysts in The City are speculating that the flotation could value the firm at up to STG£5bn. Such a valuation would make the flotation the largest in four years.

The Gibraltar-based company, which owns the Partypoker brand, intends to sell 23% of the company in the flotation. If the company’s initial public offering is successful, the firm will enter the FTSE 100 Index (the top 100 firms on the exchange by value). Its value would be greater than that of both British Airways and Boots.

Partygaming Plc was founded in 1997 by Anurag Dikshit and has since grown at a huge rate – doubling profits in the past year alone to STG£371m. At peak times it attracts 70,000 simultaneous players.

Wednesday, September 26, 2007

Suzanne Fortin is running for the Family Coalition Party in the Ontario provincial election, in the Nepean-Carleton riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Monday, May 1, 2006

Bolivian President Evo Morales has ordered that all foreign-owned natural gas fields be turned over to the national government of Bolivia.

President Morales signed a decree that orders troops to seize the fields “immediately” to ensure gas production. The decree also says that companies have 180 days to sign over their fields or leave the country.

The fields are owned by such companies as the United States‘ Exxon-Mobil Corporation, Brazil‘s Petroleo Brasileiro SA, Spanish-Argentine Repsol YPF SA, and Great Britain‘s BG Group PLC and BP PLC.

“The looting by the foreign companies has ended. We are not a government of mere promises, we follow through on what we propose and what the people demand. We want to ask (the Armed Forces) that starting now, they occupy all the energy fields in Bolivia along with battalions of engineers,” said Mr Morales after signing the decree.

“The time has come, the awaited day, a historic day in which Bolivia retakes absolute control of our natural resources,” added President Morales.

One of Morales’ vows in his presidential campaign was to “recover” the country’s natural resources by renationalizing them. President Morales explained, on a visit to Brazil in January, that renationalising the industry would not mean expelling foreign companies or expropriating foreign property. “Foreign companies have every right to recover investments and make profits, but profits should be balanced”.

Bolivia has the second largest supply of natural gas in South America after Venezuela.

Saturday, July 26, 2008

A Saturday, July 26th, meeting of the United States Senate resulted in the passing of a $300 billion housing aid bill designed to help homeowners facing foreclosure by providing financial aid. In addition, the bill created a government emergency fund for mortgage companies, Fannie Mae and Freddie Mac. The legislation is expected to benefit up to 400,000 homeowners. The Congressional Budget Office said that between now and December 31, 2009, that if any bailout for the companies was needed, they expected it to be less than $25 billion.

The House on July 23th, passed the bill with a final vote of 272 in favor and 152 against. The final vote in the Senate was 72 in favor and 13 against. President Bush had initial woes about the bill based upon a $3.9 billion part of the legislation allowing for repurchase and improvement of foreclosed homes by the stricken neighborhoods.

The Bush Administration believed that this could be a potential problem, because it created a incentive for mortgage companies to foreclose homes. Bush has since changed his mind on the matter and is expected to sign the bill in the near future.

The bill has been considered one of the most important pieces of housing legislation in years. Senator Christopher Dodd of Connecticut said that “this bill is going to make a difference almost immediately.” Despite the bill’s overwhelming support, it has had its dissidents. “We are pretending to chain a monster here and we are, instead, letting that monster loose,” said Arizona Representative Jeff Flake. Originally a supporter of the bill, Senator Charles Grassley of Iowa has changed his opinion because of the addition of the emergency fund for Fannie Mae and Freddie Mac. “This bill has fallen prey to the special interests on Wall Street and K Street at an unjustifiable expense to taxpayers and homeowners on Main Street,” said Grassley.

Sunday, August 21, 2005

A robotic system at Stanford Medical Center was used to perform a laparoscopic gastric bypass surgery successfully with a theoretically similar rate of complications to that seen in standard operations. However, as there were only 10 people in the experimental group (and another 10 in the control group), this is not a statistically significant sample.

If this surgical procedure is as successful in large-scale studies, it may lead the way for the use of robotic surgery in even more delicate procedures, such as heart surgery. Note that this is not a fully automated system, as a human doctor controls the operation via remote control. Laparoscopic gastric bypass surgery is a treatment for obesity.

There were concerns that doctors, in the future, might only be trained in the remote control procedure. Ronald G. Latimer, M.D., of Santa Barbara, CA, warned “The fact that surgeons may have to open the patient or might actually need to revert to standard laparoscopic techniques demands that this basic training be a requirement before a robot is purchased. Robots do malfunction, so a backup system is imperative. We should not be seduced to buy this instrument to train surgeons if they are not able to do the primary operations themselves.”

There are precedents for just such a problem occurring. A previous “new technology”, the electrocardiogram (ECG), has lead to a lack of basic education on the older technology, the stethoscope. As a result, many heart conditions now go undiagnosed, especially in children and others who rarely undergo an ECG procedure.

Saturday, June 27, 2009

The death of Michael Jackson on Thursday has caused retail demand for his songs and for memorabilia to increase.

Yesterday, the top nine selling items at Apple’s iTunes Store were albums by Jackson, with first and second being a “hits” album and the 1982 album Thriller.

Amazon.com similarly reported selling more Jackson merchandise in the 24 hours following his death than it had sold in the preceding 11 years, and that sales of Jackson CDs accounted for 60% of its total business on Thursday. Yesterday morning the top seller in the album chart for Amazon’s U.K. division was Off the Wall, followed by Bad and Thriller in second and third places, respectively.

Many stores, including Graywhale CD Exchange in Salt Lake City, several record stores in Danville, Virginia, and many retailers in New Zealand, have all reported selling out of Jackson’s CDs and DVDs. The flagship store of Tower Records Japan, in Shinjuku, sold out of several of Jackson’s DVDs and ran low on several other items including CDs. The Danville Register Bee recommended to its readers that if they had record players they should investigate antique and charity shops, after one antique shop reported discovering three Jackson Five vinyl albums in its basement.

The effect of the increase in sales had an effect on stock prices. Midday yesterday, Apple shares rose around 2%, Amazon shares rose around 1.3%, and eBay shares rose by 0.64%. Stock market analysts predict that this will be a short-term effect, however. Scott Fullman, an investment strategist at WJB Capital Group in New York, stated “This is going to be one of these events that will have an immediate impact and then wane out in a week or two.”.

In Las Vegas, 21 items of Jackson memorabilia, including handwritten lyrics for Jackson’s song “Bad” and the shirt that Jackson wore on his Victory Tour in 1984, sold at auction yesterday at the Planet Hollywood Resort and Casino for a total of USD$205,000, with the shirt, at USD$52,500 the most expensive individual item.

eBay has reported an increase in individuals auctioning Jackson memorabilia. These range from records to a Fedora hat signed by Jackson.

Also for sale on eBay and elsewhere are tickets to the This Is It concerts, at the O2 arena, where Jackson had been scheduled to perform. Ticket sellers such as Ticketmaster, Seatwave, and AEG Live have announced that they will be refunding concert tickets. But under standard contract law such refunds only apply to the original purchasor of the ticket, who dealt with the ticket companies directly. Anyone buying a ticket on eBay only has recourse against the seller on eBay that they bought from, and even then only if it was explicitly stated in the terms and conditions of the particular eBay sale that a refund was available.

At the 2009 Glastonbury Festival, stalls have been selling commemorative T-shirts to Festival attendees, with various different slogans including “Michael Jackson R.I.P 1958–2009” and “I was at Glasto 09 when Jacko died”. T-shirt vendors also appeared outside of the UCLA Medical Center where paramedics took Jackson, proferring for USD$10 T-shirts with the slogan “in loving memory of Michael Jackson” and a silhouette of Jackson, although they had few takers.

In Union Square in New York, one street artist was selling hand-made buttons that have pictures of Jackson’s album covers on them. In Times Square, another T-shirt vendor was selling T-shirts printed with copies of the front page of USA Today that reported Jackson’s death.

One observer, Allison Southwick (a Better Business Bureau spokeswoman), commented “I’m honestly expecting to see a Web site pop up by the end of the day selling Michael Jackson commemorative plates.” Whilst such commemorative plates have yet to appear, collectors have been offering commemorative stamps of Jackson for sale on eBay and elsewhere. Several commemorative stamps of Jackson already exist. Saint Vincent and the Grenadines issued $5, $2, $1, and 60¢ Michael Jackson stamps in 1985, as part of its Leaders Of The World series. Tanzania issued a 350s stamp, part of a Famous Black Entertainers set, in 1990. Guinea issued a 500f stamp in 1991. St Vincent issued another $2 Jackson stamp in 1991, as part of Famous Entertainers series. And Grenada issued a 60¢ Jackson stamp, part of its Gold Record Winners series in 1992.

Gore Vidal once remarked of the death of rival Truman Capote that it was a “good career move”. The death of an artist does serve to increase the popularity of their works. People have speculated whether this will be a temporary or a permanent thing for Jackson.

Jim Lentz, who is the Chief Operating Officer of American Royal Arts (a memorabilia dealership in Boca Raton), asked “Is he Elvis or Marilyn Monroe, or is he Mike Tyson?”.

Elvis Presley died at 42, officially of heart failure. Stores sold out of his records and souveniers within hours of the news of his death. In the 20 years following his death, RCA Records sold approximately 400 million of his recordings.

In the days and weeks immediately following Presley’s death, RCA had to sub-contract pressing to other companies, as it was unable by itself to keep up with demand. Sony Corporation announced yesterday that it had received “unprecedented” levels of orders for CDs of Jackson’s music, and was considering boosting production. It had received 150,000 orders for CDs at its music unit in Tokyo. “The amount is unprecedented for one day and we think we need to consider increasing the production of CDs that we plan to sell from July.” said a spokesman for the company. Amazon has been informing customers buying Jackson CDs that they might have to wait between 1 and 3 weeks for their orders to be shipped.