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Finance Department says it will fix credit-union tax error revealed by auditors

Market Chatter-Corporate finance press digest

The March budget included a measure designed to see credit unions and similar small lending institutions pay the same tax rates as other corporations. The move was a shock that "blindsided" credit unions, says Gary Rogers, a spokesman for Credit Union Central of Canada. And accounting firm Deloitte says amendments passed in late June to implement the changes mean tax rates for credit unions will actually be 13 percentage points higher than those paid by banks and other corporations. NDP finance critic Peggy Nash calls it a radical Conservative tax hike.

Northstar Realty Finance (NRF) Passes Through 9% Yield Mark

government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. * Billionaire Roman Abramovich is close to buying one of the biggest top-end office complexes in Moscow for up to $800 million in what would be Russia's second-largest office deal, three sources told Reuters. * KKR & Co and TPG Capital are out of the running in the auction for Hutchison Whampoa Ltd's Hong Kong supermarket chain ParknShop, people close to the matter told Reuters, after their offers failed to meet the company's expectations. * BlackBerry Ltd is considering spinning off its messaging service into a separate unit, the Wall Street Journal said on Tuesday, quoting people familiar with the matter.

Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 9% would appear considerably attractive if that yield is sustainable. Northstar Realty Finance Corp ( NYSE: NRF ) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S.

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