FHA Weekly Report (August 11, 2016)

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FRANHENDY ATTORNEYS WEEKLY REPORT

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TAX

Big banks are backing a proposed law that would require companies to disclose more information about their ownership, citing the help this would provide in fighting financial crime as the same time as it might reduce compliance costs. The Clearing House Association, a payments and advocacy organization owned by some of the globe’s largest banks, sent a letter to key U.S. lawmakers pushing for the passage of the Incorporation Transparency and Law Enforcement Assistance Act, which sits before the House and Senate. Read more

Despite Western opposition, the 134-member Group of 77 is continuing to pursue a longstanding proposal for an inter-governmental UN-affiliated tax body aimed at combating corporate tax dodging and curbing illicit financial flows, including money laundering and off-shore banking. Read more

Why India Must Keep This International Tax Reform On Top Of BRICS Summit AgendaThe annual BRICS Summit of the five major emerging national economies — Brazil, Russia, India, China and South Africa — will take place on 15-16 October 2016 in Goa. And this weekend, negotiators from the five governments will meet in Bhopal to continue discussing which issues should be on the agenda later this year. Read more

With the advent of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan, greater compliance and accountability in taxation and commerce are coming to the forefront of nternational trade. The impact of the 15 Action Items for BEPS will have a profound influence on how companies conduct business in the years ahead. Read more

HM Revenue and Customs claimed victory in a tax avoidance battle over schemes run by Ingenious Film Partnership and Icebreaker, worth more than £820m. Read more

The Commonwealth Secretariat has published a report on the results of a survey of its 53 member states on the challenges posed by the loss of correspondent banking relationships, as a result of “bank de-risking.” According to the report, the principal concern among Commonwealth Caribbean and Pacific nations is the loss of correspondent banking relationships, while African and South Asian members expressed concern about rising remittance costs. Read more

Top 5 barriers to wealth migration. Migration implications of global security threats Exclusions from investor citizenship programmes are not new: Iranian, North Korean, and Afghani nationals already face restrictions. St Kitts and Nevis has suspended, and Antigua and Barbuda is ‘actively’ considering excluding, Syrian nationals from its Citizenship by Investment Programme. The impact of lifting sanctions on Iran remains to be seen in 2016. Read more

AmCham Azerbaijan has said it welcomes the recent Executive Decree of the President of the Republic of Azerbaijan Ilham Aliyev on “Directions of tax reforms to be implemented in 2016 and improvement of tax administration” issued on 4 August, 2016.”We are pleased to see that a number of recommendations on improvement of tax administration and easing doing business in the country submitted to the Government of Azerbaijan Republic by the Chamber earlier this year have been reflected in the Decree,” Natavan Mammadova, Executive Director of AmCham in Azerbaijan, said. Read more

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TRADE

 “Logistics performance – both in international trade and domestically – is central to the economic growth and competitiveness of countries, and the logistics sector is now recognized as one of the core pillars of economic development.” So reads a 2016 report by the World Bank titled Connecting to Compete 2016: Trade Logistics in the Global Economy.Read more

It looks like the tide is turning in China. China’s trade data was weak in July, with lower-than-expected export and import growth at -4.4% and -12.5%, respectively.Read more

Joseph Stiglitz: Why we need new rules to tame globalization Read more

Brexit: Norway could block the UK from rejoining the Economic Free Trade Area Senior officials have warned they can veto UK’s admission into the group. Read more

With the advent of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan, greater compliance and accountability in taxation and commerce are coming to the forefront of international trade. The impact of the 15 Action Items for BEPS will have a profound influence on how companies conduct business in the years ahead. Read more

I took that trip to learn why Africa doesn’t trade with itself. Pulling away from your neighbours is a recipe for failure, as the African experience proves. I took that trip to learn why Africa doesn’t trade with itself. But it taught me something about trade more generally and what lies behind the wealth of nations: if you want to be wealthy you need to trade with your neighbours.Read more

Reagan Wouldn’t Recognize Trump Trade Rhetoric: Clinton Adviser. Supply side, “trickle-down” tax plan Donald Trump is advocating in his campaign has been a “bust,” Hillary Clinton’s economic adviser Jared Bernstein tells Bloomberg Radio.Says former President Ronald Reagan would recognize elements of Trump’s tax plan, but would reject his trade policies. Read more

How we cooked our goose at WTO. In both the poultry dispute and the fight over domestic sourcing In both the poultry dispute and the fight over domestic sourcing clause in the country’s solar power programme, it was a case of too many cooks spoiling the broth.clause in the country’s solar power programme, it was a case of too many cooks spoiling the broth. Read more

the first six months of the year.

Mexico’s Release of its National Cluster Map: A Testament to the Strength of the U.S.-Mexico Partnership. A neighbor, an ally, and our third-largest trading partner: Mexico — and its relationship with the United States — has never been more important. As part of the ongoing work to reinforce that relationship, Mexico has published a new and innovative National Cluster Map, which identifies areas for investment and job creation and enhances regional economic development between the United States and Mexico.Read more

 Now in its 4th Edition, the East Africa International Arbitration Conference  (EAIAC) has grown to become an authoritative platform in East Africa promoting the region’s legal capacity, and highlighting Arbitration as an alternative investment dispute mechanism. Read more

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 INVESTMENT

Gold investment at highest ever level – 16% above previous record. For the first time, investors were the largest buyers of gold for two consecutive quartersHedge funds and other western investors have been piling into gold this year, pushing investment to a record high and driving the price of bullion to its biggest first-half gain since 1980. Read more

Banking giants Bank of America and HSBC have teamed up with the Singapore government’s IT and telecom agency on a project that applies blockchain to trade financeRead more

At least 900 delegates are expected to attend the Global African Investment Summit (TGAIS) – Common Market for Eastern and Southern Africa (COMESA) next month….As the host, President Kagame invited heads of regional trade blocs – COMESA, SADC and EAC – for an interactive panel on creating a harmonized TFTA.Read more

African real estate has become an increasing part of real estate investment portfolios over the past twenty years, which prompts the question as to their prospects for the next 5-10 years. Is it a good time to invest? While acknowledging market volatility, there was consensus that there remain attractive opportunities in African real estate. Favourable economic and demographic characteristics in certain countries, coupled with the trend towards urbanisation, underpin good long-term fundamentals, but there is a clear need for selectivity and rigorous due diligence. Read more

Pension funds and insurance companies – which tend to invest in long-dated UK bonds to match their liabilities – rejected the central bank’s attempt to buy £1.2bn of long-dated gilts despite receiving above market level offers. Read more

In theory, a poor country with a low saving rate but good growth prospects can build up its capital stock by running a large and sustained current account deficit. A substantial number of countries in recent decades have been able to run large current account deficits for as long as ten years, but such episodes typically do not end happily. Foreign finance does not appear to be the cure for countries with low domestic savings. Read more

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 BREXIT

 A cautionary tale today from Greenland, the only country that’s managed to leave the EU. Uffe Ellemann-Jensen, who handled the negotiations for Greenland’s exit in 1985, says there’s no way the U.K. can get the job done in the two years set out by Article 50. Read more

UK’s largest insurer by value, has said it is considering shifting funds from M&G, its assets management business, to Dublin or Luxembourg following UK’s vote to leave the EU. Read more

For over four decades, the EU has managed most international trade policy on behalf of the UK. After Brexit, the UK government will have to reconstitute trade links with EU, with third nations while disentangling the UK from the commitments that the EU made on its behalf in the WTO.

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Uk Treasury looks at quitting the single market as City rejects Norway option after Brexit. The Government has begun considering leaving the single market for the first time, as the Treasury and the newly created Brexit department hold detailed talks with finance leaders over the best way to pull out of the EU. Read more

www.franhendylaw.com   The FRANHENDYATTORNEYS Daily Report

 

August 11, 2016

 

 

 

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