Pair charged with theft of plywood

first_imgAn off-duty officer spotted two suspicious people driving a truck early Wednesday in an area under construction on Peach Tree Drive in Chatham.Chatham-Kent police reportedly found the truck leaving the area at a high rate of speed with the tailgate down and several sheets of plywood in the back.The officer who began a traffic stop saw 11 sheets of plywood in the box of the truck valued at approximately $500.A 34-year-old Wallaceburg woman was arrested and charged with theft under $5,000 and being in possession of property obtained by a crime under $5,000. She was released with a court date.The second woman, a 38-year-old woman of no fixed address, was arrested and charged with theft under $5,000 and being in possession of property obtained by a crime under $5,000. She was also arrested on an outstanding warrant for failing to attend court. She was held for bail.Assault chargeA vehicle parked without permission in a person’s driveway sparked a Tuesday night argument between the property owner and his unwanted visitors.A female passenger in the vehicle exited during the squabble and allegedly struck the man. The vehicle then fled prior to police arrival.Through investigation, police identified the woman and she was arrested later that night.The 23-year-old woman was charged with assault and released with a court date.Man charged with theftPolice responded to a shoplifting complaint last week at Sobeys in Blenheim.Through investigation, police identified the man wanted for allegedly stealing $190 worth of groceries.On Tuesday afternoon, police found the man in Chatham and he was arrested.The 33-year-old Chatham man was charged with theft under $5,000. He was released with a court date.Warrant arrestOn Tuesday night, police arrested a man wanted for reportedly breaching conditions of his probation order.The 25-year-old Chatham man was arrested and released with a court date.The man, also wanted by the OPP, was then turned over to their officers for court purposes.Crash investigatedEmergency crews responded to a two-vehicle collision on Communication Road near Drury Line Tuesday morning.Two vehicles were travelling south on Communication Road when one vehicle rear-ended the other, causing it to hit a hydro pole, police said.A 24-year-old Chatham woman and her two-year-old daughter were taken to hospital as a precaution.A 29-year-old Chatham man was charged with careless driving.Total damage was estimated at $25,000.Tool theftSome time over the past couple of days, someone entered a shed on Dufferin Avenue and stole a welder, two chainsaws and various tools.Anyone with information is asked to contact Const. Kyle Bakker at kyleba@chatham-kent.ca or 519-436-6600 ext. 87320.Anonymous callers may call Crime Stoppers at 1-800-222-TIPS (8477) and may be eligible for a cash reward.Break and enterPolice responded to a break and enter Wednesday morning at the Subway restaurant on St. Clair Street in Chatham.Damage to the front glass doors was estimated at $1,000.Police believe the suspect is a thin, 5’6″ white man in his early 20s. He was last seen wearing a red bandana, a red ball cap, a black hoodie, baggy dark-coloured pants and white running shoes.Anyone with information is asked to contact Const. Will Sharrow at willsh@chatham-kent.ca or 519-436-6600 ext. 84996, or Crime Stoppers.last_img read more

JOBS Act to Change Startup Funding Landscape

first_imgWhy Tech Companies Need Simpler Terms of Servic… Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… Number of U.S. IPOs by year, 1980-2011, with pre-IPO last 12-month sales less than (small firms) or greater than (large firms) $50 million (2009 purchasing power). [Credit: Prof. Jay Ritter, for testimony before the Senate Banking Committee]The fact that a great deal of the content produced by tech news sites concerns startup companies might make an observer from another planet think America is a veritable nursery for brilliant business ideas. The real truth is, since the “Internet bubble” burst in 2001, initial public offerings have not resumed the vitality levels of the late 1980s, let alone the boom years of the ’90s.This week, President Obama is scheduled to sign into law a bill that eases the Sarbanes-Oxley (SOX) auditing and reporting requirements on new companies looking to go public, as well as effectively legalizing the principle of crowdfunding – pooling the resources of micro-investors to make small batches of seed capital available to early-stage startups. It’s a move that’s not without controversy, and not even the people who are happy with it are completely happy with it. But it could affect one thing right away: the level of buzz and information surrounding young IPOs, which no longer have to keep mum.Make Way for the On-RampThe most important belt that the Jumpstart Our Business Startups Act loosens concerns the amount of capital a new company may raise through the sale of securities in a 12-month period. Previously $5 million, the securities sales cap will be raised to $50 million. That cap will now specifically apply to a broader group of small companies: those with annual gross revenues of $1 billion or less (adjusted for inflation), within a five-year interval from the sale of its first security.We’d better get used to the new phrase, emerging growth companies (EGCs). It’s the term proposed by the National Venture Capital Association (NVCA) in a proposal last October (PDF available here), and this week it will be codified into law. It refers to this specific, new group of young, low-revenue companies for whom some of the SOX reporting regulations will no longer apply.The NVCA recommended the five-year period as part of what it called the “IPO on-ramp.” As the proposal read, “We recommend that companies with total annual gross revenue of less than $1 billion at IPO registration and that are not recognized by the SEC as ‘well-known seasoned issuers’ be given up to five years from the date of their IPOs to scale up to compliance. Doing so would reduce costs for companies while still adhering to the first principle of investor protection.”In testimony before the Senate Banking Committee last December, Kate Mitchell, former head of the NVCA and currently Managing Director at Scale Venture Partners, stated that EGCs were overdue for relief. Her case was that the reporting requirements applicable to public companies like Exxon and Apple were strangling small companies, making them less attractive to investors.“As someone who has spent the last 15 years seeking out, evaluating, investing in, and helping to build promising young companies, I cannot overemphasize the value of a robust and accessible IPO market,” stated Mitchell. “In our survey of emerging growth company CEOs, 86% of respondents listed accounting and compliance costs as a major concern of going public… Over 85% of CEOs said that going public was not as attractive of an option as it was in 1995. Given these concerns, for CEOs of successful companies deciding between pursuing an IPO or positioning themselves for an acquisition, the scaled disclosure and cost flexibility provided by the bill could help make an IPO the more attractive option.”Because EGCs were under the same burdens to remain quiet as the larger, established ones, Mitchell and NVCA argued, they couldn’t generate enough buzz. You read that right: Not a lot of people are that interested in startups.This argument raised objections from Prof. Jay Ritter of the University of Florida’s prestigious Warrington College of Business Administration. In testimony before the same Banking Committee last month (PDF available here), Prof. Ritter alluded to what appeared, at least to him, to be a plethora of news sources emerging in just the past few years devoted in large part to emerging tech startups – perhaps you’ve read a few yourself. Citing data from a study he conducted in conjunction with two Hong Kong universities last month entitled “Where Have All the IPOs Gone?”, Ritter acknowledged that the reporting requirements were a burden for EGCs, but argued it wasn’t enough of a burden to keep the tech bubble of the ’90s deflated throughout the 21st century.“I agree with the conventional wisdom that these factors have discouraged small companies from going public, but I believe that only a small part of the drop in small company IPO volume can be explained by these factors,” stated Prof. Ritter. “Instead, I think that the more fundamental problem is the declining profitability of small firms. In many industries, over time it has become more important for a firm to be big if it is to be profitable. Emerging growth companies are responding to this change in the merits of being a small, stand-alone firm by merging in order to grow big fast, rather than remaining as an independent firm and depending on organic (internal) growth.”The hole in the NVCA’s data, the professor alleges, comes from a factor that perhaps would be obvious if anyone bothered to read those non-existent venture sites: mergers and acquisitions. In short, small companies aren’t entering the IPO state because they had no desire to be independent in the first place. The earnings, the UF team believe their data indicates, come from being part of someone else’s desire to scale up.States the Florida/Hong Kong study, “Our explanation is that earnings are higher as part of a larger organization that can realize economies of scope and economies of scale, and this regularity is the main reason why many small firms are choosing not to remain independent, but instead merging as a way of getting big fast. If our explanation is correct, regulatory reforms aimed at restoring the IPO ecosystem will have only a modest ability to affect IPO volume.” Two’s Company, 2,000’s a CrowdThe crowdfunding business is already well under way, as evidenced by the existence of online marketplaces such as Appbackr.com. The business itself was technically illegal, although its practitioners were never prosecuted. Once the JOBS Act is signed, new statutes will effectively legalize the practice, while limiting the sale of all crowdfunding transactions with a particular business to $1 million per year.While The Economist hailed the passage of the bill as a whole, it cast a skeptical eye on simply enabling crowdfunding sources to exist without firmer regulations. “Crowdfunding is an efficient way for entrepreneurs to raise seed capital,” the editors wrote. “But it is also a good way for hucksters to fleece suckers.”The magazine’s comments play into the now-legendary testimony last November of Columbia Law School Professor John Coffee, who dubbed the crowdfunding bill that was later incorporated into the JOBS Act “The Boiler Room Legalization Act of 2011.” Coffee took issue with an aspect of that bill – which will indeed be signed into law – that increases the minimum shareholder number threshold for SOX reporting restrictions from 500 to 2,000. “There is no need for such an open-ended exemption, largely benefitting larger firms,” he told Congress, “or for such a dramatic retreat from the principle of transparency that has long governed our securities markets in order to spur job creation at smaller firms.”But in her arguments for the JOBS Act, the NVCA’s Mitchell stated that rolling back these requirements could save EGCs as much as $2 million each per year, suggesting that startup firms may have owed more in reporting costs than it was ever possible for them to raise through crowdfunding alone.Stock image by Shutterstock. scott fulton Related Posts 8 Best WordPress Hosting Solutions on the Market Tags:#start#startups last_img read more

Ohio Issues Aviation Fuel Dealer Rule

first_imgA new Ohio Department of Taxation rule addresses monthly aviation fuel dealer reports. Under the rule, such reports must contain:the seller’s name and address;the seller’s tax identification number and Ohio motor fuel/aviation fuel account number;the purchaser’s name;the purchaser’s tax identification number;the the the city and state of origin of the aviation fuel;the destination of the fuel by street address;the type of fuel;the total gallons sold to Ohio airports;the number of gallons of fuel sold by product type; andthe number of gallons on which sales tax was not charged.Rule 5703-11-05, Ohio Department of Taxation, effective January 18, 2018Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more

Wetaase Platform Launched in Uganda to Help Victims of Human Trafficking

first_imgWetaase to utilize its data to track and reduce incidences of human trafficking by monitoring domestic and transnational trafficking. (Photo Courtesy) Advertisement Pollicy, a civic technology organisation in Uganda, has joined the fight to combat human trafficking by developing a platform named Wetaase that will provide relevant, timely information to citizens seeking to travel abroad as well as utilize open data to track and reduce incidences of human trafficking in East Africa, as well asWetaase (a vernacular word meaning ‘help yourself’) is an online and mobile platform serving high-risk individuals, victims and survivors of human trafficking from Uganda. The automated toll-free line is available 24 hours a day, 7 days a week in major Ugandan languages and will also be staffed by trained counselors.Wetaase provides vital information, legal advice and aftercare support through different channels and partnerships. – Advertisement – The platform utilizes this data to track and reduce incidences of human trafficking by monitoring domestic and transnational trafficking. Eventually, the platform aims to be available in countries where Ugandans are most often trafficked to serve as a first line of defense.The Wetaase platform has officially opened its online doors to all those who need any information and help related to human trafficking. There will be a main launch at a private event later on this month.Esther Ndagire the Program Manager of Wetaase expressed her optimism in the platform and believes it will create a positive impact on Ugandans seeking opportunities abroad. She briefly remarked upon the launch of the platform.“We are excited to launch this platform which we have been working on tirelessly for the past couple of months to ensure that we launch a service with our end users in mind. We have engaged key stakeholders working on human trafficking to ensure that the platform is well-trusted,” she said in a press statement.“Wetaase has also recruited a team of dedicated youth community champions who will visit different communities across Kampala to educate and empower communities with knowledge on safe migration and access to information, services and resources,” she concludes.Pollicy works with governments and civil society to effectively use data and technology to improve public service delivery for citizens. Along these lines, the organization is also building up the civic technology ecosystem in Uganda by bringing together enthusiasts from different sectors, backgrounds and organizations to share knowledge and network.last_img read more