Monthly Archives: June 2014

A Trip To Iran

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“Iran Aseman are the only airlines that fly direct to Shiraz, Iran from Dubai, and was also a good opportunity to fly a new aircraft/airline too. No online booking and had to buy the ticket with cash at their agency in Dubai. They also only set their schedule ~3 weeks in advance so made planning the trip a bit more difficult, but apart from that I had no major issues.  The flight was less than an hour long but was still served a decent meal for dinner. Me and an Emirati guy were the only tourists on the flight.”

http://www.flyertalk.com/forum/trip-reports/1573810-trip-iran.html

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Living in: The world’s most affordable cities

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“Moving overseas can seem like a costly proposition, at least with all the upfront expenses – but relocating to some cities can actually save you money in the long haul. According to the March 2014 Worldwide Cost of Living Index, affordable cities can be found on almost every continent. The report compares prices of 160 goods and services, from cars to bread to wine, across 131 cities. For reasons of geographical diversity – as well as to include cities whose international communities, career opportunities and levels of safety would particularly appeal to expats – we focused on what it would be like to live in five of the 10 cheapest cities on the Economist’s index.”

http://www.bbc.com/travel/feature/20140523-living-in-the-worlds-most-affordable-cities/1

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Tiny ‘Shoebox’ Apartment in London Costs $1,200 Per Month

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“London, England: where a ‘shoebox’ apartment that barely fits a double bed and costs $1,200 a month is rented in less than 16 hours.  That’s right. The Guardian reported that a single-room apartment listed with a firm called Relocate Me sparked a number of interested calls and emails. The unit was off the market that same day, despite the fact that it looks more like a prison cell than an apartment in one of the nicest cities in the world.  The report said that the listing didn’t include dimensions for the apartment, so feel free to venture your own educated guess since it’s basically the size of a double bed plus a couple of feet.”

http://www.boston.com/real-estate/news/2014/06/04/tiny-shoebox-apartment-london-costs-per-month/SyV5Nlu3xJ3p7ZeP8wojWJ/story.html

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NYC Woolworth Tower Condo Priced at Record $110 Million

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“Developers are seeking $110 million for the penthouse apartment in the pinnacle of the 58-story tower, the highest-ever asking price for a condominium in downtown Manhattan, according to Jonathan Miller, president of appraiser Miller Samuel Inc.  The $110 million penthouse is about 8,975 square feet with a 584-square-foot terrace. The four-bedroom condo with a private elevator spans nine stories, with the primary living space on the 50th and 51st floors, according to the offering plan. A great room and wine cellar make up the 53rd floor, and the 55th through 58th levels in the cupola include a library or media room and an observation deck at the top, the plan shows.”

http://www.bloomberg.com/news/2014-06-02/nyc-woolworth-tower-condo-priced-at-record-110-million.html

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Median CEO Pay Crosses $10 Million in 2013

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“While the S&P 500 notched a 30% gain in 2013, chief executives saw their compensation packages soar to the eight-figure mark for the first time, with median pay coming in at a cool $10.5 million, up 8.8% from 2012. Stock rewards alone grew 17% on the year, to $4.5 million.  Given the 1.3% rise in salary the average U.S. employee received last year, these latest figures should help keep the pay disparity conversation going strong.  Of course, there’s also plenty of disparity within the rarefied CEO universe, with a $36.8 million compensation gap between just the top and 10th-highest earners on AP’s list.”

http://finance.yahoo.com/news/median-ceo-pay-crosses–10-million-in-2013-195636213.html

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Bill Bonner: This Should Make Every American Angry…

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Bill-Bonner2

“When the price of money goes down banks’ profit margins go up; by moving to zero interest rates, the Fed handed them higher earnings. And by guaranteeing the debt of the weakest institutions, the Fed gave big bonuses to the worst managers.  Now, the alcohol is taking effect. All around the world markets stagger. Economies slur their words. Investors have severe memory loss. Businessmen can’t tell up from down. And the poor consumer gets a headache every time he checks his bank balance.  Some people have access to the free money. Others don’t.  Those with the access tend to be in the financial elite. It is no wonder the rich get richer; the game is rigged.”

http://www.bonnerandpartners.com/this-should-make-every-american-angry/

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Swiss Freeports and the Invincible Tax Evader

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“Freeports have an impressive history. They arose from the legal exemption that items ‘in transit’ receive from taxes and tariffs. It was expected that this exemption would only be temporary as shipped goods transferred between planes or were temporarily stored while awaiting shipment to their final destinations. But investors quickly realized another, more profitable use for them. Because there was no limit on how long something could be ‘in transit,’ freeports offered an innovative solution for avoiding taxes and tariffs on high-value assets.  This system allows stored assets to appreciate in value, and it also allows for tax-free sales.  Demand for space has surged to unprecedented levels.”

http://www.fee.org/the_freeman/detail/swiss-freeports-and-the-invincible-tax-evader

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Lebanon’s financial sector prepares to open books to Uncle Sam

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“The Lebanese banking sector has been preparing for FATCA like the teacher’s pet not because it is a major advocate of reining in tax havens — Lebanese law explicitly allows companies set up with offshore tax status — or greater taxation transparency and new tax laws in the country. Rather, the sector is exceedingly wary of international regulators, specifically of falling foul of the US Treasury. This is due to Lebanon’s immense exposure to American leverage: some 70 percent of local deposits are held in US dollars; [..] no one wants a repeat of the 2011 Lebanese Canadian Bank fiasco, when the bank was accused by the US of money laundering and subsequently closed its doors.”

http://www.executive-magazine.com/business-finance/finance/lebanon-financial-sector-braces-for-fatca

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77,000 Foreign Banks To Share Account Info With IRS

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“Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans’ assets overseas.  Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.   The law requires American banks to withhold 30 percent of certain payments to foreign banks that don’t participate in the program — a significant price for access to the world’s largest economy.  The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not.”

http://bigstory.ap.org/article/77000-foreign-banks-share-tax-info-irs

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The Next Shot Has Been Fired at Your IRA

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“The case of Bobrow v. Commissioner places new limits on a maneuver known as an IRA rollover.  The court ruled that taxpayers can only do one rollover per 12-month period.  Prior to the ruling, the IRS had long allowed—and officially sanctioned in Publication 590—doing one rollover per IRA in every 12-month period. For example, this meant that if someone had two separate IRAs, they could perform two rollovers each 12-month period.  The new ruling, however, throws this completely out the window despite the fact that it had appeared in IRS guidance. Now you can only have one rollover in a 12-month period, regardless of how many retirement accounts you have.”

http://www.internationalman.com/articles/the-next-shot-has-been-fired-at-your-ira

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