China seizes $14.5 billion from family, associates of ex-security chief

“Chinese authorities have seized assets worth at least 90 billion yuan ($14.5 billion) from family members and associates of retired domestic security tsar Zhou Yongkang, who is at the centre of China’s biggest corruption scandal in more than six decades, two sources said.  More than 300 of Zhou’s relatives, political allies, proteges and staff have also been taken into custody or questioned in the past four months, the sources, who have been briefed on the investigation, told Reuters.  It may be driven partly by political payback after Zhou angered leaders such as Xi by opposing the ouster of former high-flying politician Bo Xilai, who was jailed for life in September for corruption and abuse of power.”

http://www.reuters.com/article/2014/03/30/us-china-corruption-zhou-idUSBREA2T02S20140330

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China Mulling Implementing FATCA-Like Law To Reduce Tax Evasion

“China is considering implementing rules on the lines of the Foreign Account Tax Compliance Act, or FATCA, which would make it difficult for wealthy people in China to stash away money in Hong Kong, which is a special administrative region of China and, signed an agreement on Tuesday with the U.S. to share tax information about Americans who work or own assets on the island. Since last September, G-20 summits have discussed measures to tackle tax evasion, and member nations, including China, have decided to exchange tax information automatically by 2015.”

http://www.ibtimes.com/china-mulling-implementing-fatca-law-reduce-tax-evasion-mainland-hong-kong-agreed-share-tax-1564261

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Paulson claimed Russia ‘planned Wall Street bear raid’ in 2008

“For me this is pretty jaw-dropping stuff – the Chinese told Hank Paulson that the Russians were suggesting a joint pact with China to drive down the price of the debt of Fannie and Freddie, and maximize the turmoil on Wall Street – presumably with a view to maximizing the cost of the rescue for Washington and further damaging its financial health.  Paulson says this guerrilla skirmish in markets by the Russians and Chinese didn’t happen.  But this kind of intelligence from China on Russian desire and willingness to embarrass the US in a financial sense may help to explain – in a small way – why President Obama shows little desire to understand Crimea as seen by Mr Putin.”

http://www.bbc.com/news/business-26609548

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Sydney Property Agency Accepts Bitcoin Payments to Woo Chinese

“Forsyth Real Estate, a Sydney-based property broker, will accept property deposits and payments from sellers in virtual currency Bitcoin to lure business from Chinese home buyers. The broker is Australia’s first property agency to accept Bitcoin, the most popular digital currency, to respond to an influx of foreign investors and expatriates seeking property in the nation’s most populous city, according to its website. Chinese buyers overtook their U.S. counterparts to become the biggest real estate investors in Australia in the year ended June 30, plowing A$5.9 billion ($5.5 billion) into residential and commercial property, according to the nation’s Foreign Investment Review Board.”

http://www.businessweek.com/news/2014-03-27/sydney-property-agency-accepts-bitcoin-payments-to-woo-chinese

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Canadian immigrant investor program scrapped, replacement planned

“The federal government had announced in the February budget it was axing its immigrant investor and entrepreneur programs, wiping from a backlogged waiting list tens of thousands of people who had been willing to lend $800,000 interest-free in return for permanent residence.  But Alexander told the Post this week a new pilot program to attract wealthy immigrants was on its way.  Under the pilot, wealthy immigrants would lend for more than five years at least double the cash they were made to pay under the old program, according to the Post article. The money would be privately managed under the immigration investor venture capital pilot program.”

http://www.vancouversun.com/business/Hong+Kong+audience+hears+plans+Canadian+immigrant+investor+program/9643664/story.html

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How rumor sparked panic and three-day bank run in Chinese city

“The rumor spread quickly. A small rural lender in eastern China had turned down a customer’s request to withdraw 200,000 yuan ($32,200).  Bankers and local officials say it never happened, but true or not the rumor was all it took to spark a run on a bank as the story passed quickly from person to person, among depositors, bystanders and even bank employees.  Savers feared the bank in Yancheng, a city in Sheyang county, had run out of money and soon hundreds of customers had rushed to its doors demanding the withdrawal of their money despite assurances from regulators and the central bank that their money was safe.”

http://news.yahoo.com/chinas-sheyang-county-says-funds-protected-rumors-spark-010251702–sector.html

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Governments Worldwide Adopting FATCA Style Legislation

“Russia’s Ministry of Finance (Minfin) published last week draft amendments to the nation’s Tax Code relating to the taxation of foreign companies controlled by tax residents of Russia. It is basically the Russian version of FATCA – an all-encompassing tax regime aiming to bring Revenue to the Russian government via legal corporate and investment entities outside of Russia. They even have a name for this new regime: ‘de-offshoring.’  China has also pledged to make international efforts to fight ‘tax base erosion and profit shifting’ by moving funds to low-tax jurisdictions.  This is all part of the G20’s pledge to combat the global practice of shifting funds to low-tax jurisdictions to evade taxes.”

http://dollarvigilante.com/blog/2014/3/24/governments-worldwide-adopting-fatca-style-legislation.html

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Taiwan Police Evict Protesters From Cabinet Building

“Taiwan’s police evicted dozens of protesters from the cabinet building early Monday morning, as tensions continued to spiral between the government and students occupying two major government buildings over a controversial trade pact with China.  Dubbed the ‘Sunflower Movement,’ the students’ seizure of the legislative chamber followed the KMT’s unilateral passage of the pact during a first reading without bipartisan deliberation on March 17.  The protest, once numbering more than 10,000 people, is the biggest student-led protest in Taiwan’s history. It is also the first time that the legislature has been taken over by protesters.”

http://online.wsj.com/news/articles/SB10001424052702303725404579456731907714984

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Bitcoin bugs invest $10m in China’s largest exchange

“Despite China’s recent crackdown, Bitcoin has been given a new lease of life in the world’s second largest economy.  The company that claims to be China’s largest Bitcoin exchange by volume has announced a $10m Series A funding round. Venture Capital firm Ceyuan led the way and was followed by Mandra Capital, Ventures Lab and a string of other Angel investors.  This amounts to one of the largest cases of Bitcoin financing so far.  The investment in the exchange will be used to expand the team, increase security and product research.”

http://www.cityam.com/blog/1395060855/bitcoin-bugs-invest-10m-chinas-largest-exchange

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Leaked Snowden documents: NSA hacked Chinese telecom company

“The U.S. National Security Agency monitored communications of top Huawei executives looking for evidence of ties to the Chinese government and military.  The documents do not confirm those ties, the Times reported.  The NSA was also interested in tapping into Huawei’s extensive networks, enabling it to monitor communications of Huawei customers in other countries, including Iran, Afghanistan, Pakistan, Kenya, and Cuba.  It was unclear from the Times report if those surveillance efforts were followed through on.  The surveillance program, dubbed ‘Shotgiant,’ was also reported by the German publication Der Spiegel.”

http://money.cnn.com/2014/03/23/technology/security/nsa-china-huawei/index.html

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