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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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Dell to Icahn: Show us the money

Category : Business, Stocks

Dell’s special committee told Carl Icahn that it needs more information about his offer to buy the company, including where he intends to get the debt financing.

Original post: Dell to Icahn: Show us the money

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Buyer Group International, Inc. (BYRG: OTC Pink Current) | Buyer Group International, Inc. (BYRG.PK) Receives Copy of Executed Deed of Agreement From Lender Regarding Cash Backed Assets For Joint Venture on Feldspathic Sand/ Feldspar Aramco Mineral…

Category : Stocks

April 26, 2013 – Austin, TX

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LIG Assets, Inc. (LIGA: OTC Pink Current) | LIG Assets and The Gillmann Group Circling Potential Casino Deals

Category : World News

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LIG Assets and The Gillmann Group Circling Potential Casino Deals

PR Newswire

HENDERSON, Nev., April 11, 2013


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Yippy, Inc. (YIPI: OTCQX U.S.) | Yippy, Inc. (YIPI) Reaches Preliminary Terms on Acquisition Financing

Category : Stocks, World News

Yippy, Inc. (YIPI) Reaches Preliminary
Terms on Acquisition Financing

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RusHydro JSC (RSHYY: OTCQX International Premier) | Results of the Board of Directors on March 29, 2013

Category : Stocks, World News

Results of the Board of Directors on March 29, 2013< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces that the Company’s Board of Directors held a meeting in absentia on March 29, 2013.


The Board of Directors approved the report on 2012 business-plan execution (including report on implementation of investment program, comprising report on implementation of generating facilities modernization program in 2012).

Electricity generation and output by RusHydro’s power plants for the 2012 totaled 105.2% and 105.9% of the planned volumes respectively. The slight overshoot was a result of favorable hydrological conditions and regimes allowed by the Federal Water Resources Agency.

In 2012, as a part of RusHydro`s investment program implementation a number of construction works were completed, including:

  • two hydropower units were installed at the Zagorskaya pumped storage plant No. 2 (420 MW);
  • hydropower units No.1-6 (1,998 MW) were commissioned at the Boguchanskaya HPP.

Technical upgrade and reconstruction works and capacity installation at the Volzhskaya HPP (15.5 MW), the Kamskaya HPP (9 MW) and the Kabardino-Balkaria branch (2 MW) were also completed.

In 2012, three new hydropower units (1,920 MW) at the Sayano-Shushenskaya HPP and three hydropower units at the Baksanskaya HPP (25 MW) were also commissioned.

Financing of investment program in 2012 including projects of comprehensive modernization program for 2012-2025 amounted to RUR 97.07 bn or 99% of financing plan.

Actual financing of technical rehabilitation and modernization projects totaled RUR 33.12 bn or 127% of the annual plan of RUR 26.13 bn. The increase of financing was due to the additional reconstruction of hydro turbines at the Volzhskaya HPP, the Zhigulevskaya HPP, the Kamskaya HPP and other HPPs.


The Board of Directors approved RusHydro`s business-plan for 2013, including the investment program, quarterly and yearly KPIs and quarterly financing plans for 2013. Furthermore, the Company’s Board of Directors approved the Company’s business plan for 2014-2017, including the investment program for 2014-2017.

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Hedge fund boss must pay millions of pounds in tax after court ruling

Category : Business

Patrick Degorce promises to appeal after HMRC persuades court to throw out film investment scheme

One of London’s most successful hedge fund managers, Patrick Degorce, has been forced to part with millions of pounds in tax after Revenue and Customs persuaded the courts to throw out a complex film financing investment which sought to shelter earnings of almost £19m.

The discredited scheme was marketed to the Kensington-based fund manager, best known for co-founding the Children’s Investment Fund with Chris Hohn, by financiers from Goldcrest Pictures. Goldcrest was behind films such as Gandhi, The Killing Fields, Chariots of Fire and A Room with a View.

The treasury minister David Gauke said the Goldcrest structure was a “dubious avoidance scheme” and that HMRC was getting increased powers and resources to clamp down on such activities. “The government has made it clear that we will not allow marketed avoidance schemes to deprive the UK of vital tax revenues.”

It is the latest in a long line of film investment schemes to be challenged by the taxman. Desperate to get on top of the backlog of such cases, in December Revenue and Customs wrote to investors in certain film financing structures – many of them among the UK’s wealthiest bankers, financiers and celebrities – urging them strongly to settle. Settling was “the best opportunity to resolve these disputes in a way which was cost-effective and consistent with the law”, investors were told.

HMRC said its victory over Degorce underlined how weak the credibility of many tax avoidance structures were that involved, or purported to involve, film investments. “Sadly, many people have been tempted by similar schemes which we also believe don’t work, and we have opened a settlement opportunity to get them back on the straight and narrow,” said Jim Harra, HMRC director general. “I would urge anyone in this position to sign up for this facility quickly.”

Goldcrest is owned by the veteran film financier John Quested, 77, who lives in Switzerland. Its outlawed scheme had been sold to 11 other wealthy investors in addition to Degorce who had sought to reduce income taxes by incurring combined losses of £47.6m. If successful, they would have benefited by £17.7m.

Artificial “losses” of £18.8m created for Degorce by the Goldcrest-devised investment structure would have benefited the fund manager by £7.5m. In a statement, a spokesperson for Degorce – who set up a $700m (£466m) hedge fund called Theleme Partners, based in Mayfair, three years ago – said he was disappointed that the tax tribunal had thrown out his appeal against HMRC’s decision and would appeal against the judgment at the earliest opportunity. “HMRC’s public statement … is riddled with errors,” the spokesman said.

“Mr Degorce believes his film business has been conducted in full accordance with UK tax rules. He devoted substantial resources and time to create this successful business, which will pay several millions in tax in the coming years. As soon as HMRC first questioned the business arrangements in 2009, Mr Degorce suspended his film activity pending clarity on the taxation issue.”

During the dispute, it emerged that Degorce, a former Merrill Lynch banker and one-time French naval officer, had also participated in separate film financing schemes devised by Ingenious Media which were also under investigation by tax inspectors, though the tribunal was not asked to consider their merits. Further investments by him in other Goldcrest schemes were also being examined. The tribunal only considered investments in 2006-2007, involving the purchase and assignment of rights in two Hollywood comedies – Mike Myers’s The Love Guru and Ben Stiller’s Tropic Thunder.

Tax avoidance schemes involving film finance have attracted the ire of MPs on the public accounts committee, with the chair, Margaret Hodge, describing some as “immoral” when representatives from the industry appeared before parlliament in December.

The Ingenious Media founder and chief executive, Patrick McKenna, told MPs: “I can tell you categorically that we are not involved in the business of tax avoidance or the marketing of tax avoidance schemes. We are in the business of creating much-needed commercial investment for the creative industries.”

Hodge responded: “For heaven’s sake, Mr McKenna, have a little bit of common sense. I was involved, as culture minister, in that film tax. I was involved in trying to encourage a lot of film production here in the UK, and it was the most disappointing thing, particularly from a company such as yours that pretended to be at the heart of supporting the creative industry … Actually you were exploiting a well-intentioned tax relief to try to get individuals, and God knows who else, to mitigate their taxes.”

McKenna said this was not correct.

Kingsrose Mining Ltd (KGRSY: OTC Link) | Home Country News Release – Credit Suisse Provides US$15m Financing Facility

Category : World News

Kingsrose Mining Ltd has filed a Home Country News Release – Credit Suisse Provides US$15m Financing Facility To view the full release click here (link to PDF).

Continued here: Kingsrose Mining Ltd (KGRSY: OTC Link) | Home Country News Release – Credit Suisse Provides US$15m Financing Facility

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ADP Delivers the Automotive Industry’s First Completely Electronic End-to-End, Dealer to Lender Financing Process Solution

Category : World News

Volkswagen Credit and Audi Financial Services Become the First Manufacturer’s Captive Finance Arms to Successfully Execute a Fully Electronic Financing Process Between Dealer and Lender

Continue reading here: ADP Delivers the Automotive Industry’s First Completely Electronic End-to-End, Dealer to Lender Financing Process Solution

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Category : Stocks

Novo Resources Corp.

1980 – 1075 West Georgia Street

BC V6E 3C9

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Norse Energy Corp. (NSEEY: OTC Link) | Norse Energy US Subsidiary Appoints Chapter 11 Advisor

Category : World News

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that its US subsidiary, Norse Energy Corp. USA, has appointed a financial advisor, Next Point LLC, to assist the company in obtaining Debtor in Possession (“DIP”) financing.

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