Monthly Archives: April 2015

Iran Stock Fever Reaches London as Firms Rush to Build Funds

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“London-based money managers including Charlemagne Capital Ltd. and First Frontier Capital Ltd. are putting together sanctions-compliant funds to allow investors to buy Iranian equities ahead of the buzz that they expect a final agreement would generate.  While there’s the possibility, of course, that the preliminary pact Iran carved out with global powers doesn’t lead to a full-fledged deal, the money managers are in essence saying they’d rather run the risk of arriving too early than miss a rally in Tehran’s $110 billion equity market. Even amid the standoff, the gauge jumped 300 percent in dollar terms in the five years through 2013.”

http://www.bloomberg.com/news/articles/2015-04-15/iranian-stock-fever-is-on-now-as-foreigners-rush-to-design-funds

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In Jungle Long Known for Cocaine, a Rare Nut Is Now All the Rage

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“Suddenly, the cacay (pronounced kahk-ai) has become a red-hot commodity, providing the key ingredient to anti-aging facial creams that can fetch $200 an ounce in beauty shops in Los Angeles and London.  While most of the nuts come from wild trees in remote areas, new plantations are popping up in impoverished parts of Colombia that were better known for cocaine and anti-government rebel groups.  It was Albert Jaramillo, the head of Bogota-based Kahai SAS, who found a market for the oil after attending trade shows and hiring a trial study of the oil’s use in skincare. Kahai, which buys nuts from growers and scavengers, expects to double sales this year.”

http://www.bloomberg.com/news/articles/2015-04-14/in-jungle-long-known-for-cocaine-a-rare-nut-is-now-all-the-rage

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Investors are lining up to get into Iran

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“At the moment, international sanctions make it nearly impossible for anyone outside of Iran to invest there. Even those in other Middle Eastern countries have largely stayed away. But all that could change if the nuclear deal is approved and sanctions are removed.  Iranians are certainly optimistic. The Tehran Stock Exchange has surged nearly 8% since the deal was announced on Thursday. Interest in doing business in Iran started long before last week. Everyone from investors to banking institutions to auditors have been analyzing the possibilities. The country has large natural resources and, equally as important, a well-educated workforce.”

http://money.cnn.com/2015/04/07/investing/iran-nuclear-deal-sanctions-investment/index.html

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Russia Rebounds, Despite Sanctions

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“Some 78 percent of the Russian companies in the Micex index showed greater annual sales growth than their global peers, even though the shares of these Russian companies lagged behind their international competitors, according to data compiled by Bloomberg. That’s consistent with a two-year improvement in the relative value of Russian companies.  One possible reason for the growth? Sanctions. With foreign goods unavailable, Russians had to choose homegrown products and services. The shares outstanding of the largest U.S.-based exchange traded fund tracking Russian companies  surged 5 percent so far this year.”

http://www.bloombergview.com/articles/2015-03-20/russia-rebounds-despite-sanctions

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Iceland plans “stability tax” at removal of capital controls

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“Iceland’s finance minister said on Tuesday the government was working on a tax aimed at cash transfers to other countries from the estates of the country’s collapsed banks to prevent an exodus as it starts lifting capital controls.  Prime Minister Sigmundur Gunnlaugsson has promoted such an exit tax, or ‘stability tax’, since before his Progressive Party came to power in 2013 in a coalition together with the Independence Party. It has however not been clear whether he had enough backing by the government for the idea. It was not clear whether a tax would be imposed only on money transferred from the estates from the failed banks or on other transfers as well.”

http://www.reuters.com/article/2015/04/14/iceland-tax-idUSL5N0XB4G320150414

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Iceland Companies Push to List as Krona Controls Spur Demand

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“Icelandic companies are rushing to raise money and sell shares to local public as the government prepares to remove capital controls.  Reitir hf, a real estate company, this week started trading after Iceland’s biggest initial public offering since the 2008 crisis. The company was the first of at least three planned IPOs this year on the Nasdaq Group OMX Inc. Reykjavik exchange.  Capital controls trap about $5.3 billion in assets on the island, which are now boosting the local stock market and have also triggered a surge in home prices. Reitir became the 15th company on the exchange, up from just seven in 2010. The exchange had 75 companies 16 years ago.”

http://www.bloomberg.com/news/articles/2015-04-09/icelandic-companies-push-to-list-as-krona-controls-spur-demand

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Cyprus lifts all capital controls as banks recover

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“Cyprus is lifting the last remaining capital controls it imposed on its banking system during the financial crisis of 2013.  Cyprus was the only crisis-hit eurozone country to restrict capital transfers, as it faced a run on the banks.  The controls were eased in January.  There will no longer be a monthly cap of €20,000 (£15,000; $22,000) on transfers by individuals to foreign banks, or of €10,000 for travellers moving money out of the country. Cyprus received a €10bn bailout from the EU and International Monetary Fund (IMF) after its biggest banks nearly collapsed in March 2013 because of huge losses on their Greek investments.”

http://www.bbc.com/news/world-europe-32194092

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Judge Agrees: The Constitution Is a Sham

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“I took the opportunity to ask the judge how many laws there are. He said he had no clue – and that nobody knows. Yet ignorance of the law is not a defense, even as the law is selectively applied and enforced by the government to suit its own purposes. After all we reportedly commit an average of three felonies per day.  The chronically low polling opinion of politicians paired with low voter turnout signify something positive. People instinctively sense that the system is a sham.  The Constitution either authorized the vast and ever-sprawling monstrosity that ‘regulates’ literally every aspect of our lives, or it was completely powerless to prevent it.”

http://bananas.liberty.me/2015/04/14/judge-agrees-the-constitution-is-a-sham/

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Shaming Those Who Skip Out on Taxes

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“Nearly two dozen states — among them California, Massachusetts and New York — publish online lists on state websites revealing the identities of tax delinquents.  We sent letters to 34,344 individuals who were publicly listed as tax delinquents in Kansas, Kentucky and Wisconsin. The lists included detailed information about these individuals, including their full names and addresses. They owed from $250 to $150,000 per person.  We divided recipients into two groups. In the first, only the recipient was chosen to get information about an online list of tax delinquents. In the second, the recipient and other people from the same community were given that information.”

http://www.nytimes.com/2015/04/15/opinion/shaming-those-who-skip-out-on-taxes.html

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A Powerful Weapon of Financial Warfare: The US Treasury’s Kiss of Death

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“Recently Banca Privada d’Andorra (BPA) received the financial kiss of death from FinCEN. FinCEN accused BPA of laundering money for individuals in Russia, China, and Venezuela—interestingly, all geopolitical rivals of the US.  Shortly after FinCEN made its accusation public, BPA’s global correspondent accounts—which allow it to conduct international transactions—were closed.  BPA was effectively banned from the international financial system.  This predictably led to an evaporation of confidence by BPA’s depositors. To prevent a run on the bank, the Andorran government took BPA under its administration and imposed a €2,500 per week withdrawal limit on depositors.”

http://www.internationalman.com/articles/a-powerful-weapon-of-financial-warfare-the-us-treasurys-kiss-of-death

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