And the undervaluation isn't just limited to Starwood and Caterpillar.
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"For us there is undervaluation because of the stichting," D'Andlau said on Thursday.
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He said that the Japanese currency's recent strength reflected concerns about excessive undervaluation.
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"Currency misalignment is different from currency manipulation and currency undervaluation," the official said.
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It's impossible to identify the yuan's "true market value," and hence its undervaluation or overvaluation.
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Argentina's peso has a similar REER reading while the lira notches up an almost 30% undervaluation.
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The perceived undervaluation has led the businessman to consider a management buyout in the past, Son said.
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Our culture doesn't support artists the way it should, and we internalize the chronic undervaluation of ourselves.
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But they will be united by one particular reason to strike: The undervaluation of everything that women do.
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Storch's exit underscored the board's attempt to "buy time and placate investors to address underperformance and undervaluation," Litt added.
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And, in the last five, six years, yen has stabilized around 110 to 120 or something, which is not undervaluation.
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The department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.
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Qualcomm also urged Broadcom to negotiate further over the price of the deal, after having called previous offers an undervaluation.
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Levenberg argues that Trump's undervaluation of the property is taking money away from children in the local Briarcliff School District.
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"A whole class of people say 'I'm out' because of that uncertainty, and that leads to (the stocks') undervaluation," he said.
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Land & Buildings has no confidence that the board will take the action necessary to address the undervaluation of its shares, Litt said.
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They are trading 30 basis points lower than high-yield bonds versus an historical average of 60 basis points — suggesting slight undervaluation.
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They jump on undervalued companies when there are windows to correct the undervaluation and the chance to win a majority vote at shareholder meetings.
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"Shareholders are getting impatient because the changes needed to remedy Hess's severe undervaluation are substantial and need to be announced without delay," Pike said.
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In a February note, brokerage Evercore ISI estimated the undervaluation of Renault's Nissan stake at 40 percent, arguing for a partial sale of the holdings.
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"If a deal materializes, then the pound, by virtue of its large undervaluation, can benefit quite strongly," said Joel Kruger, market research analyst at LMAX Exchange.
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At an earnings briefing on Wednesday Son made a 90-minute presentation outlining SoftBank's investment strategy and what he sees as the chronic undervaluation of its shares.
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His China trade policy is failing, and unless he addresses an overvalued dollar and tackles China's fundamental currency undervaluation, America will keep racking up larger trade deficits.
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Inaccurate land records, undervaluation of sale deeds and the absence of land markets in rural areas have led to lower compensations and more litigation, the report showed.
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The department did not identify the specific criteria that it would use to evaluate whether U.S. pricing of a product was artificially low because of currency undervaluation.
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In all, the analysis points to a potentially significant undervaluation of the entire company relative to its pieces, said John Freeman, who follows Google for CFRA Research.
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"We are not expecting a sharp convergence to PPP anytime soon, but this highlights the extent of sterling undervaluation and the scope of a recovery," UBS Wealth said.
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"The euro continues to be undervalued and the market is eager to correct that undervaluation after Draghi's comments," said Kit Juckes, a strategist with Societe Generale in London.
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"Either Salesforce is overpaying for the acquisition, or the amounts assigned to other intangible assets might be lower (potential undervaluation)," Chaney said in an email to Business Insider.
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"Undervaluation, superior financial strength plus generous dividend payouts should be a winning combination, especially if managements are employing self-help measures to improve profitability through greater operating efficiency," she added.
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These moves are expected to favor internal and external rebalancing which the IMF considers useful as its staff "still see a small undervaluation of the euro exchange rate," the document said.
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The Fund said it expects Mexico's undervaluation to reverse as risks of protectionist U.S. policies dissipate, but South Korea needed to stimulate domestic demand to reduce a large current account surplus.
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Economists from the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development, the Federal Reserve, the U.S Treasury, think tanks, and academia were all producing different estimates of undervaluation.
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Shareholders of Imperial obtained a temporary court order to block the move by KDIC and the disposing of any assets saying it might lead to a lack of transparency and undervaluation of assets.
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Against the dollar, sterling plunged nearly a percent but is still up more than 4 percent so far this year as investors snapped up the pound citing its undervaluation relative to other currencies.
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They also brought up what some described to Business Insider as an "aggressive" two-week deadline to accept the deal, as well as what seemingly everyone felt was an undervaluation of their properties.
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"We need to look at the estate tax and certainly the issue that is raised by this investigation about the undervaluation of assets and gifts and the use of the various devices," Rep.
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Companies buy back their stock for various reasons — to take advantage of undervaluation, to reward stockholders by increasing the value of their shares or to make the company look more attractive to investors.
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But for Germany that undervaluation was anywhere between 10 and 20 percent, making it the most undervalued exchange rate for any of the 29 countries and jurisdictions around the world covered in the report.
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Section 85003(b)(1) directs the president (through the Treasury secretary) to engage in bilateral negotiations with countries identified as currency manipulators and urge them to adopt policies to correct undervaluation and significant surpluses.
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"Probably, the general undervaluation of our market on the back of a record high oil price in roubles supports a stable demand for Russian shares from many investors," BCS brokerage analysts wrote in a note.
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Funded by proceeds from the bumper IPO of its domestic telco, Son said the buyback — the company's largest ever, according to Reuters — was driven by what he sees as a chronic undervaluation of SoftBank's shares.
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"We still think this represents a huge undervaluation, but given poor performance by management in defence so far, we would expect this to get done," Gary Greenwood, analyst at Shore Capital, said in a note.
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A common undervaluation occurs when the heirs of a wealthy business owner claim the separate stakes in the business they've received are not readily marketable and therefore they should receive a "minority interest" valuation discount.
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"While it is difficult in this case to quantify the economic value of the violations to the company, there is good reason to believe $5 billion is a substantial undervaluation," Slaughter wrote in a dissenting statement.
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"This is yet another tool at the disposal of policymakers in Beijing and it's something that's not been in focus over the past couple of years - the undervaluation of the yuan against the dollar," said Esiner.
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The measure, S. 433, would utilize U.S. trade law to counter the economic harm to U.S. manufacturers caused by foreign currency manipulation and provide consequences for countries that fail to adopt appropriate policies to eliminate currency undervaluation.
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"While it is difficult in this case to quantify the economic value of the violations to the company, there is good reason to believe $5 billion is a substantial undervaluation," Slaughter wrote in a statement to CNBC.
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The report said that while China's yuan was broadly in line with its fundamentals, IMF models showed wide divergences with desired policies from an 11.5% undervaluation to an 8.5% percent overvaluation due to uncertainties over Beijing's policy outlook.
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Similarly, Judge Barry benefited from the gross undervaluation of her father's properties when she and her siblings took ownership of them through a trust, sparing them from paying tens of millions of dollars in taxes, The Times found.
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Despite the gloom around the retail sector, investors have added to their sterling holdings in recent weeks betting that a steep undervaluation on a trade-weighted basis against its rivals would disappear amid growing appetite for risky assets.
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It is already up 2 percent in the opening weeks of the year as hedge funds and investment banks brought sterling into their currency portfolios, betting that its extreme undervaluation against some of its rivals might start to disappear.
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The report said that while China's yuan was broadly in line with its fundamentals, IMF models showed wide divergences with desired policies from a 10 percent overvaluation to a 10 percent undervaluation due to uncertainties over Beijing's policy outlook.
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Expectations of an economic rebound and the pound's undervaluation with respect to its peers would also draw in more participation from mutual funds and central banks who have so far been on the sidelines, leaving hedge funds to dominate trading.
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So if just 22017% of the homes at risk were a complete loss in a wildfire, given the increase in reconstruction costs over the last two years (250%), the undervaluation of that 1% would be $25 million if insurance coverage is not current.
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The pound's rise to around $1.30 after Prime Minister Theresa May in April called a general election has reduced its undervaluation and the scale of market bets on further weakness, currency analysts at the U.S. investment bank said in their mid-year outlook.
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"We remain constructive on the Norwegian krone given its still-huge undervaluation according to our models...but will probably wait for more evidence of rising inflation at home and more-stable markets before proposing this trade again," UniCredit strategists said in a note.
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"We are quite constructive about the outlook for the pound in the short term as a hard no-deal Brexit has been completely removed with the pound's relative undervaluation becoming an attractive proposition," said Nikolay Markov, a senior economist at Pictet Asset Management in London.
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"We expect the triggering of Article 50 to initiate a 'sell the rumour, buy the fact' rebound in GBP from historic undervaluation as ambiguity over Brexit recedes," currency strategists at Barclays wrote, saying the markets had overestimated the downside to the pound resulting from Brexit.
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"There's a bit of undervaluation creeping in because of potential threats around Brexit, real or imagined, and that can make companies quite attractive, and then many are willing sellers because of the same reason," Odeluga added, pointing to CME's bid for NEX Group last week.
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"We're going to be able to defend ourselves against currency undervaluations because, as part of this deal, there's a very nice side deal agreement that the secretary of Treasury is negotiating over currency undervaluation," Peter Navarro, a top trade adviser, told NPR in March.
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After long eras of over-valuation, like the period we have been in since the late 1990s (with the notable exceptions of the lows after the 2000 and 2007 crashes), stocks have also often transitioned into an era of undervaluation, often one that lasts for a decade or more.
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The court case against Lagarde dealt with an arbitral award of $425 million to Bernard Tapie, a French businessman, after he sued French government-owned Credit Lyonnais for the undervaluation of his sale of a majority share of the Adidas sportswear company when he went into government in France.
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Sherrod BrownSherrod Campbell BrownThe Hill's Campaign Report: Battle for Senate begins to take shape Dayton Democrat launches challenge to longtime GOP rep Dayton mayor: Trump visit after shooting was 'difficult on the community' MORE (D-Ohio) is the primary sponsor of the Currency Undervaluation Investigation Act S 433.
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This undervaluation of gold lasted until the ratio was changed to 15.5 in 1857, by which time most gold coin had been exported.
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Mudrick Capital, Our Team Mudrick Capital typically seeks an event, such as a balance sheet restructuring, a spin-off of assets or the modification of a corporate strategy, that can allow it to capture an undervaluation spread.
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The sum of KSh 1.3 billion was calculated from Bidco Africa's undervaluation of value added tax and duty payable on the contract due to tariff misclassification and undervaluation of goods. In November 2016 the Ombudsman, the Commission on Administrative Justice received a complaint against Kenya Revenue Authority for allegedly delaying to collect tax arrears from Bidco Africa as per the 2012 High Court order. The Ombudsman said the delay in recovering the taxes owed, since the initial demand in September 2009, has been compounded by an "abuse of the judicial process by Bidco". Contrary to these allegations the article, published in The Star, further reveals that following the dismissal of their petition, Bidco sought temporary stay orders pending an appeal, which was granted.
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In 2010, the United States had a $270 billion trade deficit with China (Chinese imports totalling $360 billion compared to only $90 billion in American exports) in part to what most U.S. economists warn as an undervaluation of the Chinese currency, Yuan, which in turn gives its exporters a significant advantage in the global economy.
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Nor is there much discussion on building techniques, nor industrial architecture, nor on Art Deco buildings, omissions that his critics hold have led to those subjects undervaluation and neglect.Harries, Pevsner, p. 393. Nevertheless, Pevsner's synoptic study brought rigorous architectural history to an appreciative mass audience, and in particular he enlarged the perception of the Victorian achievement in architecture.
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A high dividend yield indicates undervaluation of the stock because the stock's dividend is high relative to the stock price. High dividend yields are a particularly sought after by income and value investors. High-yield stocks tend to outperform low yield and no yield stocks during bear markets because many investors consider dividend paying stocks to be less risky.
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A reform of the Hukou system is planned, but the realization has yet to be started. Meanwhile, the businesses profit from these developments, which provides them with a flexible and mobile workforce with low wages. This fact, combined with the undervaluation of the Yuan, is at the core of the rapid development and growth of the Chinese economy.
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Moreover, managers of private firms often prepare their financial statements to minimize profits and, therefore, taxes. Alternatively, managers of public firms tend to want higher profits to increase their stock price. Therefore, a firm's historic financial information may not be accurate and can lead to over- and undervaluation. In an acquisition, a buyer often performs due diligence to verify the seller's information.
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Commission of Inquiry into Equal Pay Equal Pay in New Zealand (September 1971) at [2.3]–[2.4]. Systemic undervaluation of skills is not mentioned, nor is there any discussion of s 3 of the Government Service Equal Pay Act, which the Court of Appeal considered to be relevant. The Commission rejected the United Kingdom’s approach to equal pay with very little discussion, and rejected the Australian approach with little more.
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School attendance is lowest in rural areas due to lack of provision and the presence of alternative occupations. In later grades the secondary curriculum covers more subjects at a higher level than curricula in most other countries. Low pay and undervaluation of teachers contributes to poor quality teaching, exacerbated by large class sizes and poor resources—resulting in poor performance in national assessments. There is also evidence of corruption including forgery of certificates.
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By 1971, the yen had become undervalued. Japanese exports were costing too little in international markets, and imports from abroad were costing the Japanese too much. This undervaluation was reflected in the current account balance, which had risen from the deficits of the early 1960s, to a then-large surplus of US$5.8 billion in 1971. The belief that the yen, and several other major currencies, were undervalued motivated the United States' actions in 1971.
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Comparison across sectors for the purpose of identifying systemic undervaluation was deemed to fall outside the scope of the EPA. In response to the case, the Department of Labour commissioned a study on wage equality. It concluded that there was still a substantial gender pay gap in New Zealand, and that occupational segregation was one of its main sources.PJ Hyman and A Clark Equal Pay Stud Phase One Report (Department of Labour, 1987).
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Internal contradictions within the party exploded during the 1969 congress when Alain Guyader challenged the charter of the UDB and proposed a line inspired by Rosa Luxemburg's ideas. Moreover, he refused to condemn the Soviet invasion of Czechoslovakia in 1968. The conflict led to the exclusion of Jean- Yves Guiomar and Alain Guyader in 1970 for "rejection of democratic centralism, constant undervaluation of the adversary, impatience and the theory of active minorities, and the idolization of spontaneity".
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It is true that the conversion of Constantine the Great affected the life of the Church so profoundly that the reign of this first Christian emperor is generally accepted as marking a sub-division in the first period. In the second period, especially prominent personalities usually mark the limits of the several sub- divisions, e.g. Charlemagne, Gregory VII, Boniface VIII, though this leads to the undervaluation of other important factors, e. g. the Greek Schism, the Crusades.
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One effort to do so is the Global Burden of Disease framework. It aims to create a standardized method of measurement. The principle components of the approach involve 1) the measuring of premature mortality as well as disability, 2) the standardized usage of DALYs (disability-adjusted life years), and 3) wide spread inclusion of diseases and injury causes with the estimation of missing data. However, the DALY has been criticized as a 'systematic undervaluation' of disease burden.
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The arrival of the Dowager Queen Adelaide aboard HMS Hastings at the Grand Harbour, Valletta, 1838, painted by Anton Schranz The Admiralty purchased Hastings on 22 June 1819. It paid about half of what the vessel had cost the shareholders in Calcutta that had subscribed to her construction. The belief in Calcutta was that the jealousy of the Thames shipbuilders led to the undervaluation of the ship. In 1838 Hastings took the new governor, Lord John Lambton, 1st Earl of Durham, to Canada.
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Laudelina de Campos Melo (12 October 1904 – 12 May 1991) was an Afro-Brazilian activist, rich organizer and community worker. A domestic worker for most of her life, she recognized early in life the discrimination against and undervaluation of working women. Throughout her life, she strove to change public perception and policy vis-à-vis domestic workers, and was successful in establishing organizations for domestic workers to lobby for being recognized as a class of workers entitled to labor rights.
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Despite such laws on a national level being few and far between, there are calls for regulation on an EU level. A recent (as of December 2015) resolution of the European Parliament urged the Commission to table legislation closing the pay gap. A proposal that is substantively the same as the UK plan was passed by 344 votes to 156 in the European Parliament. The European Commission has stated that the undervaluation of female work is one of the main contributors to the persisting gender pay gap.
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This is contrary to the "infinite arbitrage" that is generally assumed to exist, and to eliminate deviations from fundamental value. Utilizing these assumptions together with differential equations, they predicted the following: (a) The bubble would be larger if there was initial undervaluation. Initially, "value-based" traders would buy the undervalued asset creating an uptrend, which would then attract the "momentum" traders and a bubble would be created. (b) When the initial ratio of cash to asset value in a given experiment was increased, they predicted that the bubble would be larger.
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Faculty of color face racism within institutions of higher education as they challenge widely held beliefs regarding race relations in America. Structural inequality may be ignored under the assumption that racism will disappear within its own time. Racism is manifest in a variety of ways, including but not limited to, undervaluation of research, unwritten rules and policies regarding the tenure process, and a lack of mentorship for faculty of color. Women of color faculty are often caught within a double bind as they face discrimination based on both race and gender.
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The port has been nicknamed the "Cave of Ali Baba and the 40 Thieves" due to longstanding reports of corruption, including evasion of customs duties at the port due to bribery schemes and the undervaluation of imports.Timour Azhari, Beirut blast: Tracing the explosives that tore the capital apart, Al Jazeera (5 August 2020). In the early 2010s, Public Works and Transportation Minister Ghazi Aridi estimated that tax evasion at the port amounted to more than $1.5 billion annually.Customs brushes off claims of tax evasion at Beirut Port, Daily Star (24 November 2012).
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Some scholars argue that China's growing trade surplus is the result of industries in more developed Asian countries moving to China, and not a new phenomenon. China's trade policy, which allows producers to avoid paying the Value Added Tax (VAT) for exports and undervaluation of the currency since 2002, has resulted in an overdeveloped export sector and distortion of the economy overall, a result that could hamper future growth. Foreign investment was also liberalized upon Deng's ascension. Special Economic Zones (SEZs) were created in the early 1980s to attract foreign capital by exempting them from taxes and regulations.
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If a country is labeled a currency manipulator under this Act, "The President, through Treasury, shall take specified remedial action against any such countries that fail to adopt policies to correct the undervaluation of their currency and trade surplus with the United States." It has been argued that the concept of "currency manipulation" is hypocritical, given that the US already has the privilege of having the main reserve currency of the world, which is needed for international trade. Besides, massive interventions of the Federal Reserve since the financial crisis of 2008, such as Quantitative Easing and interventions in the REPO market, could very easily be interpreted as currency cheating.
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One of the major obstacles in implementing the sustainable management mangroves is their undervaluation due to institutional failures. It is important for government agencies to recognize the importance of CBMM initiatives, as the value provided by the mangroves like coastal protection and erosion control minimizes investment on expensive civil engineering projects, thus making mangroves an economically viable solution. There is also a difference in perception from one community to another regarding the valuation of mangrove ecosystems. For example, in Mexico, local communities in one area give importance to mangrove ecological services like fisheries and storm protection while the other community give importance to traditional wood-based activities.
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Mary also focuses on how the family turned on her after Fred Sr.'s death, including cutting off her and her brother's health insurance, resulting in precarious conditions for her brother's child. Mary decides to settle by allowing the rest of the family to buy out her partnership of a family corporation at what she now understands to be a significant undervaluation. She eventually learned the true value of her family's wealth by acting as an anonymous source in the Pulitzer Prize-winning New York Times investigation. In Part Four: The Worst Investment Ever Made, the author provides her view of the period when Donald Trump mounted a successful campaign for the US presidency.
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During the Great Depression, the Grand Ducal family fell upon hard times. Grand Duchess Charlotte sought an agreement with the government of Luxembourg under which the Grand Duchy might divest personal properties to the government, which would then allow the Grand Ducal family to use them as official residences. In 1934, such an arrangement was reached on Berg Castle, with the castle changing hands (along with much of the Grünewald forest). The two properties changed hands for 40m francs, of which 20m francs were denoted for the castle; this was viewed by the government as an undervaluation (as was the price of the Grünewald), as they had assessed the castle as being worth 22m francs.
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Since this was a major undervaluation, the company was unhappy with its compensation, resulting in further lobbying in Washington, particularly through U.S. Secretary of State John Foster Dulles, who had close ties to the company. The UFC also began a public relations campaign to discredit the Guatemalan government; it hired Edward Bernays, who mounted a concerted misinformation campaign for several years which portrayed the company as the victim of a communist Guatemalan government. The company stepped up its efforts after Dwight Eisenhower was elected U.S. president in 1952. These included commissioning a research study from a firm known to be hostile to social reform, which produced a 235-page report that was highly critical of the Guatemalan government.
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Ms Bartlett was a caregiver at a rest home, an occupation in which 92% of workers are female. She claimed that even though she was paid the same wage as her male colleagues, both her and their pay rate was artificially low because of the predominance of female workers in the caregiving sector.Terranova Homes & Care Limited v Service and Food Workers Union Nga Ringa Tota Incorporated [Terranova] [2014] NZCA 516 at [6]. Reversing the decision in Farmers Trading, the Court of Appeal of New Zealand held that wage comparisons between female and male-dominated sectors can be made under the Equal Pay Act in order to determine whether systematic undervaluation is occurring in female-dominated occupations.
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The Vienna System was popular among Austrian players before World War II. In 1935 Dr. Paul Stern devised the Vienna system using the Bamberger scale, which ran 7-5-3-1 with no value assigned to the 10. In fact, if we consider that a deck has 13 tricks, and that Aces and Kings win most of the tricks, the evaluation of 4 for an Ace is an undervaluation. Real Ace value is around 4.25, a King is around 3, a queen less than 2. But the simplicity of the 4-3-2-1 count is evident, and the solution to better evaluate is to rectify the total value of the hand after adding the MW points.
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Kreutziger's actions clearly demonstrated his power; he was very aggressive in the negotiations and was able to unilaterally modify the price for his own benefit. Kreutziger was also unable to demonstrate that the deal was in any way fair, as the price was one-quarter of the true value of the boat and license. The court rescinded the contract because of the unconscionability of the underlying transaction, ruling that the buyer was trying to take advantage of the seller's lack of knowledge of the value of the license, and ordering Kreutziger to return the boat and license to Harry, and Harry to return the payment of $3,930 to Kreutziger. However, severe undervaluation of property and sorely inadequate consideration in and of itself is not a determination of whether a transaction is unconscionable.
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The key flaw in the tax farming system is the tension between the state, which seeks a long-term source of taxation revenue, and the tax farmers, who seek to make a profit on their investment in as short a time as possible. As a result, tax-farmers often abuse the taxpayers in various ways, tending them to switch their economic activity from strategic long-term projects to short-term revenue generation. A common abuse by tax farmers is the undervaluation of goods received in lieu of taxes, allowing the tax-farmer to re-sell the goods to create a second profit source. Such abuses stifle economic growth by restricting the ability of the tradesman to reinvest in his business, thereby limiting the quantity of taxes generated over the long-term.
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Vueling's head office in El Prat de Llobregat, Spain In November 2012, International Airlines Group, whose subsidiary Iberia held a 45.85% stake in Vueling, offered to buy the remaining 54.15% of the company with both Iberia and IAG owning both shares and not resulting in the company being wholly owned by IAG through 100% of shares. IAG, also the owner of British Airways, plans to use Vueling to help stem losses at Iberia. However, market trends (increased profits and improved figures from Vueling resulting in a higher share-price) had made IAG's offer a significant undervaluation of the airline. Vueling had urged its shareholders to reject IAG's offer and its shareholders had until the 8th of April 2013 to decide upon the recommendation. On 27 March 2013, IAG improved its offer for Vueling, raising its offer per share from €7 to €9.25.
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The project began in February 1963 under the direction of Dr. Wing, who asked for proposals from nine teachers. One of the teachers, Mabel Addis, proposed an expansion of an idea made by Moncreiff at the summer workshop: an economic model of a civilization, intended to teach basic economic theory. Moncreiff had been inspired by prior research, especially the paper "Teaching through Participation in Micro-simulations of Social Organization" by Richard Neier, and by the board game Monopoly, and wanted to use the ancient Sumerian civilization as the setting to counter what he saw as a trend in school curriculum to ignore pre-Greek civilizations, despite evidence of their importance to early history. Addis, a fourth-grade teacher at Katonah Elementary School, agreed with Moncreiff about the undervaluation of pre-Greek civilizations in schools, and had studied Mesoptamian civilizations in college.
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Joseph F. Guffey, Docket No. 33-590 George W. Storck, the Justice Department accountant, claimed that Guffey allegedly mishandled interest generated by the deposits of government funds in thirty-two banks while obtaining personal loans from the same banks. It was known that Guffey suffered financial setbacks in Mexico in his oil speculation during World War I. In 1926, Guffey was named in another federal indictment involving alleged undervaluation of property and collusion of interest in bidding regarding the sale of the Bosch Magneto Company taken over by Alien Property Custodian as an enemy-owned asset. Joseph Patrick Tumulty, former President Wilson's personal secretary and Guffey's attorney asserted that all allegation against his client were politically motivated. His defense was that Guffy did not withhold the accrued interest in the sum of approximately $400,000, but merely was holding it until his retirement from the office.
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This charge was dismissed mainly because one of Dutton's witnesses was considered to be "unconvincing". Playing into Duttons' hands was the gross undervaluation of the abbey's assets as reported to the royal commissioners of the Valor Ecclesiasticus of 1535; as a result of which the net annual income of the abbey was recorded, falsely, as falling below the £200 () threshold that would subsequently be chosen for the first round of dissolutions in 1536, although whether this subterfuge was due to the machinations of Dutton or the abbot (or both) remains unclear. Brereton and the abbot appear to have attempted to have the dissolution cancelled subject to the payment of a fine, as was the case in large numbers of other houses in similar circumstances; but in the abbot's absence dissolution commissioners arrived unannounced at the abbey in early October 1536. There was considerable opposition, the commissioners being menaced by around 300 local people; for whom the abbot, rushing back, threw an impromptu feast complete with roasted ox.
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The target shares would rise sharply in price, at which point Pickens would dispose of his interest at a substantial profit.Famous Texans: outline history of Pickens and Mesa, see para 5 Gulf management and directors took the view that the Mesa bid represented an undervaluation of the Gulf business as a long-term going concern and that it was not in the interest of Gulf shareholders. James Lee, Gulf's CEO and chairman, even claimed during the November 1983 shareholders meeting to address the Mesa ownership that Pickens' royalty trust idea was nothing more than a "get-rich-quick scheme" that would undermine the corporation's profit potential in the coming decades. Gulf, therefore, sought to resist Pickens by various means, including refiling as a Delaware corporation, voiding the ability of shareholders to cumulatively vote (fearing that Pickens would use his shares to gain control of the board) and listening to offers from Ashland Oil (which would double Gulf's price from its pre-Mesa level), General Electric (two years before it took over the media company NBC/RKO) and finally Chevron to act as its white knight in late 1984.
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