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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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BBC’s Panorama shows staff admitting nominee directors are often a sham

Category : Business

Undercover reporters offered advice on how to hide funds by creating an offshore structure with a nominee director

Staff at agencies that set up companies in the UK and abroad have been filmed undercover, making it clear that nominee directors are regularly used as shams.

The startling footage is from a parallel investigation by BBC Panorama, to be broadcast late Monday.

In one section, an undercover reporter told James Turner of York-based Turner Little: “I’ve got this money in a Swiss bank and I haven’t paid the tax on it. So what I need to do is get it out of there.”

Turner suggested an offshore structure with a foundation in Belize: “It doesn’t link back to you, it doesn’t link back to your family. So it gives you complete confidentiality.”

Nominee directors would be used, he said, because “they don’t know who you are, they’ve never heard of you … They won’t even know that they are a director, they just get paid … We have a stamp of the nominees’ signatures. Which is kept in my safe. So the nominee never sees any paperwork at all.”

Another undercover reporter, using a different cover story, told a representative of the Dubai-based Atlas Corporate Services that confidentiality was a fundamental condition for him. Atlas administrator Luke Pidgeon suggested using nominee directors. He explained this would keep the client’s name away from the company itself. Pidgeon claimed half of the nominees on Atlas’s books were not even aware of the companies to which they were appointed. They simply provided signatures as necessary, he said.

The BBC’s undercover team filmed the Atlas founder, former Sark islander Jesse Hester, at his Mauritius headquarters in the Indian Ocean, advising on how to dodge British tax on the £6m in a Swiss bank. He suggested, “off the record”, that they use an offshore entity in Panama.

“If there’s a tax issue … they won’t disclose any information on that foundation under Panamanian law,” he said.

The odds on the British tax authorities catching up with the potential customer were low, he promised: “Tax authorities don’t have the resources to chase everybody down … They reckon it’s probably the same rough odds as probably winning the lottery.”

Another incorporation agency operator told the undercover reporters: “My risk in all of this is I could be seen to be helping somebody evade tax, or something like that yeah and so that’s where the risk is.”An undercover reporter also approached Readymade Companies Worldwide, a firm in Bushey Heath, Hertfordshire, saying he represented Indian government figures who wanted to hide their funds.

Its managing director, Russell Lebe, gave assurances about not releasing information to tax authorities: “If we were approached by the Indian tax authority … and they’re doing tax evasion, we wouldn’t give a monkey’s.”

He and a colleague agreed that they would accept a false statement about who was the beneficial owner, in order to keep the names of the real clients off the books.

“As far as all our files will show, obviously you’ll be down as the owner … So there’ll be no emails and nothing in writing to say that anyone else is the owner and it’ll all go under your name. Absolutely fine. You know, this is a confidential – this is a confidential discussion we have, as far as anyone is concerned you’ll be the owner.”

Panorama’s report, Undercover: How to Dodge Tax, is to be broadcast on Monday at 8.30pm on BBC1.

Canadian Mark Carney in charge of the Bank of England – unthinkable?

Category : Business

Mark Carney, governor of Canada’s central bank, has reportedly been approached as a candidate for the Threadneedle Street job

On 17 August 1931, the Montreal Gazette contained the following report: “Montagu Norman, Great Britain’s ‘man of mystery’ and Governor of the Bank of England, has dropped pressing work on the problem of solving Great Britain’s economic difficulties and boarded the steamer Duchess of York at Southampton for Canada.”

“I have had a very hard time lately,” poor Norman explained as he obeyed his doctor’s orders. “I have not been so well as I would like to be.”

Eight decades later, with another global financial crisis taxing the current governor, the tale of Norman’s crossing appears to be being told in reverse.

Mark Carney, the governor of Canada’s central bank, has reportedly been approached as a potential candidate to shoulder the stress that comes with being the Bank of England governor, when the current incumbent Sir Mervyn King sails off next year.

Rarely are foreigners allowed to command any central bank, so for a 318-year-old institution to attempt the experiment would be a sensation. In the UK we borrow Zimbabwean cricket coaches (thank God), Italian and Swedish football managers (never again) and French or German monarchs. But a Canadian (even one who was accepted at Oxford) ruling Threadneedle Street? Unthinkable. Well, almost. The bookies give Carney a 9% chance of landing the job, even though we don’t know if he actually wants the gig. For now, he remains Canada’s man of mystery.

Odds on the next governor of the Bank of England

Source: Paddy Power

Adair Turner 5/2

Paul Tucker 5/2

John Varley 11/4

Stephen Green 11/4

Gus O’Donnell 5/1

Mark Carney 10/1

Kate Barker 20/1

Hector Sants 25/1

Gordon Brown 200/1

Fred Goodwin 300/1

Harry Redknapp 500/1

George Galloway 500/1

Bryan Adams (Canadian rocker) 1000/1

Adam Friedman Associates Announces Proposal by a Consortium to Acquire 100% of the Common Equity of DEPFA Bank PLC

Category : Stocks, World News

NEW YORK, NY–(Marketwire – Mar 19, 2012) – On February 10, 2012, an ad hoc committee of holders of listed securities issued by DEPFA who currently manage over US$40 billion of assets globally (the “Consortium“) approached Hypo Real Estate Holding AG (“HRE“) with an indicative proposal to acquire 100% of the common equity of DEPFA at a price of 0.2 to 0.4 times the current book value of common equity of DEPFA.

See the original post here: Adam Friedman Associates Announces Proposal by a Consortium to Acquire 100% of the Common Equity of DEPFA Bank PLC

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64% Salmon Fishing in the Yemen

Category : Entertainment

When Britain’s leading fisheries expert (Ewan McGregor) is approached by a consultant (Emily Blunt) to help realize a sheikh’s (Amr Waked) vision of bringing the sport of fly-fishing to the desert, he immediately thinks the project is both absurd and…

Read the original here: 64% Salmon Fishing in the Yemen

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Gas prices continue steady climb

Category : Business

The nationwide average for gasoline prices approached $3.74 a gallon Thursday, continuing a steady rise for the 23rd consecutive day, according to the motorist group AAA.

More: Gas prices continue steady climb

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