Sunday, August 20, 2017

Tag: Offshore

China’s Army of Global Homebuyers Is Suddenly Short on Cash

China's escalating crackdown on capital outflows is sending shudders through property markets around the world. In London, Chinese citizens who clamored to purchase flats at the city’s tallest apartment tower three months ago are now struggling to transfer their down payments. In Silicon Valley, Keller Williams Realty says inquiries from...

India, U.S. Discover Major Natural Gas Reserve in Indian Ocean

A joint expedition by India and the U.S. discovered a major deposit of natural gas in the Indian Ocean, offering the potential to significantly expand energy production in a region that’s currently a big importer. India's Ministry of Petroleum and Natural Gas and the U.S. Geological Survey struck a large,...

Global Wealth 2016: Navigating the New Client Landscape

The growth of global private wealth hit a speed bump in 2015, especially in the developed markets, with all regions other than Japan experiencing a slowdown relative to last year. This development, combined with the ongoing decline of revenue and profit margins—all amid shifting client needs in both traditional...

Russia Inks $1B Offshore Rig Contract with Iran

Iran has awarded a contract worth more than US$1 billion to a Russian shipbuilder for the construction of five offshore drilling rigs to be used in Iran’s section of the Persian Gulf shelf, a company official told Reuters. The company, Krasnye Barrikady, had been in discussions with the Iranian government...

Syria Asks Russia for Help Rebuilding Oil Industry

Russian Energy Minister Aleksandr Novak said that Russian companies have received requests from Syria to help rebuild the country’s oil and gas industry. "Syria has asked our companies to participate in rebuilding oil and gas projects, infrastructure development, and pipeline construction...the companies are currently studying the proposals,” Novak said. According to...

0.0001 Percent of People and Companies Named in Panama Papers Are American

The U.S. economy is the largest in the world. Trillions of dollars flow in and out of it each day. It touches every foreign market, from Europe to Asia to South America. But according to a new batch of Panama Paper documents released Monday, just a handful of Americans...

US corporations have $1.4tn hidden in tax havens, claims Oxfam report

Charity analysis of the 50 biggest US businesses claims Apple have $181bn held offshore, while General Electric has $119bn and Microsoft $108bn. US corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a...

David Cameron admits he profited from father’s Panama offshore trust

PM sold stake in Blairmore investment fund, which featured in Panama Papers, for £31,500 four months before entering No 10. David Cameron has finally admitted he benefited from a Panama-based offshore trust set up by his late father. After three days of stalling and four partial statements issued by Downing Street...

Will the Panama Papers Be a Catalyst for Change?

It’s not about Vladimir Putin’s cronies or crooked billionaires. If real reform is going to come, it’ll have to be based on popular anger at the merely well-off using tax havens to move money. If it were not for the sheer enormity of the data dump, the “Panama Papers” scandal...

A Key Similarity Between Snowden Leak and Panama Papers: Scandal Is What’s Been Legalized

FROM THE START of the reporting based on Edward Snowden’s leaked document archive, government defenders insisted that no illegal behavior was revealed. That was always false: Multiple courts have now found the domestic metadata spying program in violation of the Constitution and relevant statutes and have issued similar rulings for other mass surveillance programs;...

How secret offshore money helps fuel Miami’s luxury real-estate boom

At the end of 2011, a company called Isaias 21 Property paid nearly $3 million — in cash — for an oceanfront Bal Harbour condo. But it wasn’t clear who really owned the three-bedroom unit at the newly built St. Regis, an ultra-luxury high-rise that pampers residents with 24-hour room...

The World’s Favorite New Tax Haven Is the United States

Moving money out of the usual offshore secrecy havens and into the U.S. is a brisk new business. Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes. His...

The world’s wealth is going to just 62 people

Wealth just keeps growing for the 62 richest people in the world. Collectively, this ultra-wealthy group controls $1.76 trillion, which is about the cumulative worth of the poorer half of the world’s population, or around 3.5 billion people. And since 2010, wealth has become more and more concentrated in favor...

Eni Discovers Massive Gas Field in the Mediterranean

Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea. The deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels...

China, Vietnam pledge peaceful resolution for sea dispute

(Reuters) - China and Vietnam have pledged to look for a peaceful resolution to their dispute in the South China Sea via talks, following a meeting between China's president and the head of Vietnam's Communist Party, state news agency Xinhua said on Wednesday. A joint communique carried by Xinhua said...

Arctic Nightmares

If Sarah Palin were president, we’d know just what it was: a drill-baby-drill administration. Of course, there’s no mama grizzly in the White House, yet these last years have been a grizzly tale of the expansion of American oil and natural gas exploration and drilling from the fracking fields...

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