Tag Archives: Money

Hong Kong stocks soar as investors flood market

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“Many of China’s biggest companies are dual-listed in Hong Kong and Shanghai, and savvy investors have long turned a profit by playing off the different share prices in the two markets.  Trading activity is also flooding Hong Kong through the ‘stock connect’ pilot program, which linked trading in the Hong Kong and Shanghai markets starting late last year.  The much-anticipated program drew lackluster interest from investors at first. But now, the China Securities Regulatory Commission has started letting mutual funds invest through the ‘stock connect,’ boosting trading volume.  The program has a daily quota for trading activity in both directions — from mainland China to Hong Kong, and the reverse.”

http://money.cnn.com/2015/04/09/investing/hong-kong-stocks-surge/index.html

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Nick Giambruno: Securing Your Assets When Financial Privacy Is Dead

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“You never hear of financially sound countries, like Switzerland, Singapore, or Hong Kong, advocating privacy-killing measures like FATCA. You never hear their governments denouncing the supposed ‘danger’ of tax havens. It’s only the bankrupt states drowning in debt – like the US, France and the UK – that have become hostile to privacy. The hostiles have won. Practically speaking, financial privacy is dead. Given what has happened, it’s only prudent to assume that sooner or later all the details of your financial life will come to rest in a government computer – if they’re not sitting there already. You should plan accordingly.”

http://www.thedailybell.com/exclusive-interviews/36224/Daily-Bell-Staff-Nick-Giambruno-Securing-Your-Assets-When-Financial-Privacy-Is-Dead/

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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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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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Ukraine’s Economic Blockade Boosts Bitcoin Usage in Separatist East

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“This is the first time in modern history when such a large swathe of territory with a pre-war population of 3.8 million people has been left with no banking services whatsoever. All business and personal accounts were closed and ATMs stopped operating leaving businesses and millions of people without any means of accessing their money. CoinTelegraph spoke with the Head of the Cryptocurrency Foundation Russia (CCFR), Igor Chepkasov on how cryptocurrencies are being used in these runaway regions and whether the Ukrainian or Russian governments are capable of doing anything to stop this.”

http://cointelegraph.com/news/113926/kievs-economic-blockade-boosts-bitcoin-usage-in-separatist-east

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Australia To Start Taxing Bank Deposits

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“The Federal Opposition has accused the Government of breaking an election promise by planning to introduce a tax on bank deposits.  The former Labor Government put forward the policy in 2013 to raise revenue for a fund to protect customers in the event of a banking collapse.  Shadow Assistant Treasurer Andrew Leigh said Treasurer Joe Hockey criticised the proposal at the time. ‘When we put it on the table Joe Hockey said that it was a smash and grab on Australian households just aimed at repairing the budget,’ he said.  The banking industry has raised concerns about a deposit tax, saying it will have to pass the cost back onto customers.”

http://www.zerohedge.com/news/2015-03-29/australia-start-taxing-bank-deposits

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IRS apologizes after seizures hammer small businesses

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“Top IRS officials, under intense pressure from Congress, apologized on Wednesday to small business owners for seizing their bank accounts after they structured bank deposits that just barely avoided federal reporting requirements.  The seizures, actions that are usually aimed at stopping drug dealers from moving large amounts of cash out of the country, cost the business owners tens of thousands of dollars to undo.  The tax agency said it is changing its policy so that businesses that obtain their money legally would not have their accounts seized. By law, bank deposits and withdrawals over $10,000 must be reported to the IRS. It’s a felony to ‘structure’ transactions to avoid that law.”

http://nypost.com/2015/02/11/irs-apologizes-after-seizures-hammer-small-businesses/

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Prove You’re Not a Terrorist

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“Recently, France decided to crack down on those people who make cash payments and withdrawals and who hold small bank accounts. The reason given was, not surprisingly, to ‘fight terrorism,’ the handy catchall justification for any new restriction governments wish to impose on their citizens. And so, in future, people in France will not be allowed to make cash payments exceeding €1,000 (down from €3,000). Additionally, cash deposits and withdrawals totaling more than €10,000 per month will be reported to Tracfin—an anti-fraud and money laundering agency.  Anyone changing over €1,000 to another currency (down from €8,000) will be required to show an identity card.”

http://www.internationalman.com/articles/prove-youre-not-a-terrorist

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Bill Bonner: The Day the ATMs Run Out…

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“You will have a credit card with a $10,000 line of credit. You have $5,000 in your debit account. But all financial institutions are staggering. And in the news you will read that your bank has defaulted and been placed in receivership. What would you rather have? Your $10,000 line of credit or a stack of $50 bills?  You will go to buy gasoline. You will take out your credit card to pay.  ‘Cash Only,’ the sign will say. Because the machinery of the credit economy will be breaking down. Whose lines of credit are still valuable? Whose bank is ready to fail? Who can pay his mortgage? Who will honor his credit card debt?  No one will know the answers. Quickly, they will stop guessing… and turn to cash.”

http://bonnerandpartners.com/day-atms-run/

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