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Google Questioned by SEC Over Earnings in Low-Tax Countries

Google Inc. (GOOG) received questions from the U.S. Securities and Exchange Commission in December about earnings in other countries that may have reduced the company’s tax bill, according to regulatory filings released today.

SEC officials asked Google for “disclosures to explain in greater detail the impact on your effective income tax rates and obligations of having proportionally higher earnings in countries where you have lower statutory tax rates,” according to a Dec. 2 letter.

The company responded to the requests for information, the filings show. The SEC said in a Feb. 3 letter that it had completed its review of Google’s filings, and has “no further comments at this time on the specific issues raised.”

Google, owner of the world’s most-popular search engine, has used a strategy that has gained favor among some U.S. companies to reduce taxes. Google cut its income taxes by $3.1 billion over three years by shifting the bulk of foreign profits to Ireland, then the Netherlands and eventually to no-tax Bermuda, according to regulatory filings in the U.S. and abroad.

The tax-cutting strategy, involving a pair of techniques known as the “Double Irish” and the “Dutch Sandwich,” helped cut the company’s income-tax rate to 2.4 percent on the profits it attributed to its foreign subsidiaries during the three-year period, filings show. The statutory corporate income tax rate in the U.S. is 35 percent.

Google rose $15.44 to $576.50 at 4 p.m. New York time on the Nasdaq Stock Market. The shares have declined 2.9 percent this year.
Overseas Profits

U.S. multinational corporations had more than $1 trillion in profits stashed in overseas subsidiaries on which they had paid no U.S. income tax as of the end of 2009, according to data compiled by Bloomberg.
Read More: http://www.bloomberg.com/news/2011-03-21/google-questioned-by-sec-over-earnings-in-low-tax-countries-1-.html
Pakistan News

Winter sports energised by snow

Winter sports energised by snow The early start to Scotland's winter sport season has brought an economic boost to parts of the country.
Nearly 15,000 skiers and snowboarders took to the slopes over the new year holiday weekend, prompting a surge in hotel bookings.
All five snow sport centres enjoyed a good start to the season, capitalising on the record-breaking snowfall last year.
Sports Minister Shona Robison said: "This year's winter sports season has got off to a terrific early start and is already shaping up to be a record-breaker, with Cairngorm, Glenshee, the Nevis Range, The Lecht and Glencoe all opening early this year and recording a phenomenal 77,000 skier days since the end of November - a considerable increase on this time last year.
"This builds on the growth we saw during last year's bumper ski season which was the best we had seen for 14 years and contributed at least £37.5 million to Scotland's economy.
Read Winter sports energised by snowhttp://www.berwick-advertiser.co.uk/news/winter_sports_energised_by_snow_1_438604

Sports associations given 1 month to present plans for athletes

MANILA, Philippines -- The Philippine Sports Commission has given all national sports associations a month to submit their respective programs for the year and the budget they require for them.
PSC commissioner Chito Loyzaga said the NSAs should be ready to present a bird’s eye view of their proposals during a meeting of sports agency officials and association heads early next week.
“We’ll inform them of [the PSC’s] objectives for 2011 and we will ask for their programs,” said Loyzaga.
The NSAs were told to submit a calendar of tournaments for their athletes and the budget needed to bankroll the year-long program.
“There’s a strict timetable for this and it should be done before the end of the month,” said Loyzaga.
But he said not all proposals would get financial support from the government sports agency.
Read More: Sports associations given 1 month to present plans for athletes

JJB Sports names Mike McTighe chairman as it plans £30m fundraising

JJB Sports, the struggling high street retailer, is embarking on a boardroom shake-up that will see chairman John Clare step down to make way for Mike McTighe, a former chief of global operations at Cable & Wireless.
Clare, a former chief executive at Dixons, has been at the company for a year after taking over as acting chairman from David Jones, who retired owing to ill health in January.
It is understood that McTighe has been recruited for his corporate restructuring skills.
JJB also plans to raise £30m after warning this month it was likely to breach the terms of a £25m loan. It is raising cash from leading shareholders Harris Associates, Crystal Amber and a foundation controlled by Bill Gates, the Microsoft founder.
The new funding will see the company through the crucial Christmas trading period. Like many retailers, it has been hit hard by the freezing weather and is pinning its hopes on clearance sales next week and through the new year.
view full post : JJB Sports names Mike McTighe chairman as it plans £30m fundraising

Sports ministry open to hiring overseas hockey coach

NEW DELHI: The sports ministry is open to hiring a coach from overseas for the men's hockey team despite its bitter experience in the past.
Hockey India (HI) has once again approached the International Hockey Federation (FIH) to short-list the candidates from overseas, but the ministry is opposed to a foreign coach if he is not of stature.
The past experience with foreign coaches may not have been all that happy, but that cannot be the only reason for rejecting outright the appointment of another. I agree Ric

Charlesworth left abruptly, but Jose Brasa completed his contracted tenure. We are still open to hire a foreign coach, but we can't have one for the sake of it," Injeti Srinivas, joint secretary in the sports ministry, said on Thursday.
view full post : Sports ministry open to hiring overseas hockey coach

Team sports may be no guarantee that kids are getting enough exercise

Many parents encourage their kids to take part in team sports, thinking they'll get their recommended daily activity. But a new study suggests that children who play sports might not get enough daily exercise, and teens may get even less.

The study, released today in the journal Archives of Pediatrics & Adolescent Medicine, looked at how much exercise 200 kids age 7 to 14 got while playing team soccer, baseball or softball. The children wore accelerometers that tracked movement and intensity during team practice time, which ranged from 40 to 130 minutes for soccer and 35 to 217 minutes for baseball and softball.

Researchers discovered that among all participants, only 24% got the recommended 60 minutes of physical activity during practices. The news for teens was even worse -- only 10% of children age 11 to 14 reached that amount. All participants averaged about 45 minutes of moderate to vigorous activity.

The sports, chosen for their popularity and different activity levels, did show disparities. Soccer players were active for an average of 13.7 minutes more than those who played baseball or softball.

Boys outdid girls during practice, spending on average 10.7 more minutes being active. And both boys and girls were inactive for an average 30 minutes per practice.In the study, the authors wrote, "The health effects of youth sports could be improved by adopting policies and practices that ensure youth obtain sufficient physical activity during practices: emphasizing participation over competition, sponsoring teams for all skill levels across all ages, ensuring access by lower-income youth with sliding scales for fees, increasing practice frequency, extending short seasons, using pedometers or accelerometers to monitor physical activity periodically during practices, providing coaches strategies to increase physical activity, and supporting youth and parents in obtaining adequate physical activity on nonpractice days."
Read More:Team sports may be no guarantee that kids are getting enough exercise

U.S. to tighten security after WikiLeaks disclosure

The White House ordered tighter security on Monday to prevent leaks like the release of more than 250,000 State Department cables that have embarrassed the U.S. government and some of its allies.

Sunday's release of documents obtained by the whistleblower website WikiLeaks exposed the inner workings of U.S. diplomacy in recent years, including candid assessments of world leaders and disclosures on issues such as Iran's nuclear and missile programs.

U.S. authorities also were conducting a criminal investigation of the leak of classified documents, which WikiLeaks provided to five media groups that published reports on them, the Justice Department said on Monday.

Among the revelations was that Saudi King Abdullah repeatedly urged the United States to attack Iran's nuclear program. The documents cited him as saying: "cut off the head of the snake," according to the Guardian newspaper of Britain.

The New York Times also reported impolitic comments about foreign leaders, including a description of Russian President Dmitry Medvedev, Russia's head of state, as playing "Robin to (Prime Minister Vladimir) Putin's Batman."

The White House, which harshly condemned the release and said the disclosures may endanger U.S. informants abroad, ordered government agencies to tighten procedures for handling classified information.

The new procedures would ensure "that users do not have broader access than is necessary to do their jobs effectively," and would put restrictions on the handling of classified material, according to a directive from the White House Office of Management and Budget released on Monday.
Read More: U.S. to tighten security after WikiLeaks disclosure

WikiLeaks: Hillary wanted Indians spied over UNSC bid

Amidst the massive debris of confidential, secret and unclassified information contained within United States diplomatic cables across the world and exposed by WikiLeaks, notable comments on India have begun to emerge, including the U.S. viewing India as a “self-appointed frontrunner” in the race for a permanent seat on the United Nations Security Council.

The whistleblower website headed by Australian Julian Assange had, by Monday evening, put out over 240 out of a quarter of a million communications between State Department officials in Washington and in numerous U.S. diplomatic outposts.

In addition to the reported comment on India’s bid for the UNSC seat, the dispatches published thus far also described a conversation between Abu Dhabi’s Crown Prince Mohammed bin Zayed, and visiting National Defence University President Lieutenant General Michael Dunn.

In the discussion, classified as secret by United Arab Emirates Ambassador Michele Sison, the Crown Prince, dubbed “MbZ,” was described as hinting about Pakistani President Pervez Musharraf’s interest in the UAE obtaining Predator drones from the U.S..

These drones are “hunter-killers,” often armed with Hellfire missiles, as opposed to mere reconnaissance drones, and India has expressed concern in the past that any Pakistani access to such drones could inflame tensions on the border.

According to the cable, during the conversation the Ambassador “asked about MbZ’s visit the week before to Lahore to meet with Pakistani President Musharraf. MbZ chuckled and asked why the U.S. government “always” convinced the Pakistanis to delay news of the capture of senior al-Qaeda operatives such as Abu Faraj al Libbi.”

The cable went on to add that the Crown Prince congratulated Washington for its decision to allow U.S. firms to bid for contracts to provide F-16 combat aircraft and other defence technology to Pakistan, adding that even if “the Indians had and would continue to balk at the decision, the region needed Musharraf to stay strong.”

Further the cable quoted the Crown Prince as saying that the F-16 decision would not tip the military balance between India and Pakistan. “Even if it had, India's strength as a stable democracy would ensure that it would not ever be in as risky a situation as its neighbour,” he said.

The cable then said that “MbZ slapped his knee and said “You will never guess what Musharraf asked me...he asked me whether the UAE had received approval for the Predator!”
Read More: WikiLeaks: Hillary wanted Indians spied over UNSC bid

A who’s-who of the WikiLeaks allegations

THE MIDDLE EAST: The Guardian newspaper said some cables showed King Abdullah of Saudi Arabia repeatedly urging the United States to attack Iran to destroy its nuclear program. The newspaper also said officials in Jordan and Bahrain have openly called for Iran's nuclear program to be stopped by any means and that leaders of Saudi Arabia, the United Arab Emirates and Egypt referred to Iran 'as evil,' an 'existential threat' and a power that 'is going to take us to war', 'the paper said. Those documents may prove the trickiest because even though the concerns of the Gulf Arab states are known, their leaders rarely offer such stark appraisals in public.
Read More: A who’s-who of the WikiLeaks allegations

Saudi Arabia urges US attack on Iran to stop nuclear programme

King Abdullah of Saudi Arabia has repeatedly urged the United States to attack Iran to destroy its nuclear programme, according to leaked US diplomatic cables that describe how other Arab allies have secretly agitated for military action against Tehran.

The revelations, in secret memos from US embassies across the Middle East, expose behind-the-scenes pressures in the scramble to contain the Islamic Republic, which the US, Arab states and Israel suspect is close to acquiring nuclear weapons. Bombing Iranian nuclear facilities has hitherto been viewed as a desperate last resort that could ignite a far wider war.

The Saudi king was recorded as having "frequently exhorted the US to attack Iran to put an end to its nuclear weapons programme", one cable stated. "He told you [Americans] to cut off the head of the snake," the Saudi ambassador to Washington, Adel al-Jubeir said, according to a report on Abdullah's meeting with the US general David Petraeus in April 2008.

The cables also highlight Israel's anxiety to preserve its regional nuclear monopoly, its readiness to go it alone against Iran – and its unstinting attempts to influence American policy. The defence minister, Ehud Barak, estimated in June 2009 that there was a window of "between six and 18 months from now in which stopping Iran from acquiring nuclear weapons might still be viable". After that, Barak said, "any military solution would result in unacceptable collateral damage."

The leaked US cables also reveal that:

• Officials in Jordan and Bahrain have openly called for Iran's nuclear programme to be stopped by any means, including military.

• Leaders in Saudi Arabia, the United Arab Emirates and Egypt referred to Iran as "evil", an "existential threat" and a power that "is going to take us to war".

• Robert Gates, the US defence secretary, warned in February that if diplomatic efforts failed, "we risk nuclear proliferation in the Middle East, war prompted by an Israeli strike, or both".

• Major General Amos Yadlin, Israeli's military intelligence chief, warned last year: "Israel is not in a position to underestimate Iran and be surprised like the US was on 11 September 2001."
Read More: Saudi Arabia urges US attack on Iran to stop nuclear programme

WikiLeaks documents send shock waves around the globe

A massive document dump – more than 250,000 U.S diplomatic cables made public Sunday by WikiLeaks – sent shock waves around the globe as the Obama administration coped with the fallout of revelations ranging from stunning to salacious as its policies and methods of dealing with friends and foes were embarrassingly laid bare.
The trove reveals candid assessments of foreign leaders, secret details of the global anti-terrorist campaign and embarrassing details of American diplomats gathering sordid details of the sex lives of foreign leaders.
Canada barely rates a mention, so far. The documents were apparently stolen earlier by someone inside the U.S. government with the security clearance and the computer access to classified files.
Among the revelations in the secret diplomatic messages: America’s close Arab allies have urged it to strike Iran – by bombing nuclear sites and decapitating the ruling Islamic theocracy; cyberwarriors from China’s communist politburo have attacked U.S. government computer networks.
“Cut off the head of the snake," King Abdullah of Saudi Arabia said, referring to Tehran, a call to arms he has repeatedly made to both the Bush and Obama administrations. It was a bellicose call, one echoed by Egyptian and other Arab leaders who regard the rising Iranian power across the gulf as an ``existential threat.”
Read More: WikiLeaks documents send shock waves around the globe

Analysis: Wikileaks expose hidden Gulf views on Iran

The disclosure in leaked U.S. cables that Gulf Arab leaders want Washington to destroy Iran's nuclear programme exposes long-hidden views that will kill any chance of detente with Tehran.

From Saudi Arabia, the world's biggest oil exporter, to tiny Bahrain, Gulf Arab rulers revealed a reality they had spent years trying to hide publicly.

The views in the cables released by the WikiLeaks website contrast with the public stance of those Sunni rulers whose statements on their religious rivals in Shi'ite Iran and its nuclear programme have until now been far more conciliatory.

The revelations, however, do confirm the depth of suspicion and hatred of the Shi'ites among Sunni Arab leaders, especially in Saudi Arabia, the leading Sunni power and which regards Iran as an existential threat.

That concern was intensified by the rise of the Shi'ites in Iraq after the U.S.-led invasion of 2003 -- the first time the Shi'ites have controlled an Arab heartland country for nearly a millennium.

For Sunni Gulf rulers, seeing Iraq fall under Shi'ite influence was shocking enough, but the fear of a nuclear Iran is something they find even more alarming.
Read More: Analysis: Wikileaks expose hidden Gulf views on Iran

PPP suspends Naheed Khan’s party membership

Online U.S News: KARACHI: The Pakistan People’s Party on Monday suspended the party membership of Naheed Khan after she accused the party leadership of nepotism and cronyism.

Naheed Khan’s membership was suspended on the charge of violating party discipline despite warnings.

Earlier on Sunday, disgruntled PPP activists led by Naheed Khan had accused the party leadership of promoting cronyism and nepotism in the party and the government at the cost of ideologues and ‘true workers’.

The charges were part of a resolution adopted at a ceremony organised by the dissident group in Lahore on Sunday at the residence of Sardar Hur Bukhari to mark the 44th Foundation Day of the party.
Read More: PPP suspends Naheed Khan’s party membership

Struggling Heat should consider the lessons of Team USA

There was a time not so long ago when the effort in constructing the American roster was about as scientific as Joe Fan punching an All-Star ballot. The names made sense. The results didn't, as USA Basketball lost games and its aura of invincibility.

"They learned the hard way," said Richard Jefferson, a member of USA Basketball teams from 2003-04.

Jefferson remembers players just being shuffled through the national team without much rhyme or reason. He must have played with more than 20 teammates during his short stint, he said. Chemistry and continuity were difficult to establish.

"At first they just threw the superstars out there and said, 'OK, we can beat everybody with our talent,'" said Tyson Chandler, the starting USA center at the recent World Championship. "Well, it doesn't always work that way because some superstars can't play with each other. A lot of superstars in our league are used to dominating the ball and controlling the tempo of the game."

Is there a parallel in Miami? Duh. LeBron James, Dwyane Wade and Chris Bosh are franchise talents sharing the same franchise. As the only NBA team that can approach the wattage of previous Team USA offerings, they're learning to share the ball, responsibility and spotlight. The scrutiny is a given.

"We're all critics," LeBron said, echoing a one-time Nike slogan from those bygone Cleveland days.

The pedestrian 9-8 start, punctuated by four losses in their last five games, is weighing on the Heat even if they insist that outside critiquing rolls off their backs. Internally, the strain is beginning to show. Bosh yelled at his teammates during a timeout Saturday in Dallas. Spoelstra and James bumped into each other during another stoppage, with neither budging or acknowledging the jacket-displacing jolt.

"Yeah," Spoelstra said when asked about it. "That's the way it should be."

He spoke about the hurt associated with losing: "Until we feel that pain and accept it enough to make a change these will be the results." An accountability session followed the 11-point loss, as the players closed the locker room for 45 minutes to say what needed to be said.

LeBron, Wade and Bosh were supposed to address the media together when the doors finally opened. LeBron and D-Wade delivered the state of the union, with their 6-foot-11 counterpart noticeably absent. Heat leadership appears to be a two-man job. And for now it's a delicate balancing act between the homegrown BMOC and the (chosen) one who's led everywhere else he's been.

So what's the solution? Chandler believes Miami needs more dirty-work guys willing to do the intangibles -- set picks, d-up, accept their roles, blend. USA Basketball had that this summer, he said, in Kevin Love and Danny Granger. Short of Riley trading for Love and Granger, the mindset of the latest USA squad would also play in Miami.
Read More: Struggling Heat should consider the lessons of Team USA

Why Miss New York crashed Miss USA's Macy's Parade float

On Thursday morning, she donned her official sash and crown and hit the parade route with her sister, Ashley.
Looking the part of Miss Congeniality, she signed autographs and flashed a winning smile while her sister asked a parade official which float Miss New York was supposed to ride.
A man with a clipboard pointed them to Float No. 9, where Miss USA was ruling the roost atop the "Pep Rally" float.
There was no lying, because that's bad karma," Reeves said.
"At first, it was just fantastic!" said Reeves, who swanned onto the float as if she belonged there. Fakih "was surprised but happy to see me."
But with the hometown crowd cheering the local beauty a bit too loudly, Reeves wore out her welcome with Fakih's handlers.

"Someone asked me to take off my crown, because Miss USA wasn't wearing her crown," said Reeves, who willingly stuffed her tiara into a backpack.

But she didn't pack away her chutzpah. Still hamming it up, she was kicked to the back of the float five blocks later.
Read More: Why Miss New York crashed Miss USA's Macy's Parade float

Leaked classified documents lift curtain on U.S. foreign policy

Tens of thousands of confidential U.S. government communications spanning several years were published Sunday after being leaked by the whistle-blower website Wikileaks.
Reports on the documents' contents, and in some cases the documents themselves, were posted on the websites of five newspapers around the world -- The New York Times, The Guardian in England, Le Monde in France, Der Spiegel in Germany and El Pais in Spain -- that had prior access to them.

However, WikiLeaks had not posted the documents after saying earlier in the day it was under cyber attack. CNN has not had advanced access to the documents because the company declined to sign a confidentiality agreement with WikiLeaks.

The documents posted include candid and often unfavorable commentaries on foreign leaders, as well as coverage of almost every major issue of recent years. The United States had warned WikiLeaks editor-in-chief Julian Assange that publishing the papers would be illegal and endanger peoples' lives.

White House Press Secretary Robert Gibbs condemned the release of secret documents, including diplomatic material.

In a statement Sunday, Gibbs said, in part, that "such disclosures put at risk our diplomats, intelligence professionals, and people around the world who come to the United States for assistance in promoting democracy and open government."

"By releasing stolen and classified documents, Wikileaks has put at risk not only the cause of human rights but also the lives and work of these individuals," Gibbs' statement said. "We condemn in the strongest terms the unauthorized disclosure of classified documents and sensitive national security information."

In its statement on Twitter, Wikileaks said it was experiencing a distributed denial of service (DDOS) attack. That's an effort to make a website unavailable to users, normally by flooding it with requests for data.
Read More: Leaked classified documents lift curtain on U.S. foreign policy

Seattle Marathon Will Affect Fremont Traffic

The Seattle Marathon is coming to town Sunday and while the route doesn’t go through Fremont, you can expect it to have an impact on your daily routine.

The race begins and ends at Seattle Center so expect to see an increase in traffic diverted our way between 6:30am and 3:00pm.

There will also be periodic usage of the PA system on 5th Avenue near Mercer between 6:30am and 10:30am. Chances are you won’t hear that, but, just in case…
Read More: Seattle Marathon Will Affect Fremont Traffic

Champs Sports Bowl

The Notre Dame Fighting Irish (7-5) are likely on their way to the Champs Sports Bowl after defeating the USC Trojans (7-5) yesterday with a final box score of 20-16.
We brought the fight back in the Fighting Irish," Kelly said.
This is Notre Dame's first winning season since 2006That said, the Irish's postseason fate seemed to clear up fairly significantly with the 20-16 win over the Trojans. Asked if anything is near settled with the Irish's bowl fate, Swarbrick flatly said, "Absolutely not."

"For us, right now, we're going to enjoy the victory and we're going to let our athletic director do his job," Irish coach Brian Kelly said. Your team is relying on you, and coach did a great job keeping me focused."

USC's lone touchdown "drive" was a four-play, two-yard sequence after a Rees fumble in which it ultimately punched in a score on a Mitch Mustain quarterback sneak. "My heart dropped," said Irish safety Harrison Smith, who was beat on the play. Said Mustain: "It's part of the game, you drop balls. The absurdity of Notre Dame's bowl situation was underscored by the fact that both Boise State's upset loss to Nevada and a game between two hyphenated Louisiana schools on Saturday (UL-Monroe and UL-Lafayette) actually tinkered with their bowl
Win, and the Irish were logically headed to the Champs Sports Bowl, Dec. 28 in Orlando to play an ACC team.

Now imagine the same scenario with an 8-4 or 9-3 Irish team. Once the Irish play the Champs Sports chip, they cannot return there during the length of the contract, which runs through the 2013 season.
Read More: Champs Sports Bowl

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