Yearly Archives: 2013

Overpicking threatens Greek herbs

"Forestry officials on the Greek island of Crete have slapped a five-year ban on the collection of a variety of wild herbs snipped to near-extinction, the state-run ANA agency said. The forestry department of Hania, one of the island’s main towns, placed restrictions on picking sage, marjoram, oregano and sideritis, better known as Cretan mountain tea, in protected areas. Special permission is required for commercial collection, and an allowance of up to 500 grammes is made 'for personal use'. And Cretan dittany, a therapeutic plant prized since antiquity that is exclusive to the island, is off the table altogether." Continue reading →

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Europe’s ‘recovery’ is a conjuring trick

"Stock market indices in Portugal, France and Spain are up by about 30 per cent. That’s pretty impressive for economies running on empty but is completely outshone by Greece, where the main index is now 64 per cent higher than in June 2012. There’s a temptation to look at the direction of travel and conclude that, even for the eurozone’s weaklings, the point of maximum danger is history. This is what EU leaders and the European Central Bank would like us to believe. At the core of this 'recovery' is a bluff that has yet to be called. In August last year, the European Central Bank’s president, Mario Draghi, promised to do 'whatever it takes' to defend the euro." Continue reading →

Continue ReadingEurope’s ‘recovery’ is a conjuring trick

IMF approves 1.7 bn euro loan payout to Greece

"The International Monetary Fund released 1.72 billion euros ($2.29 billion) in aid for Greece on Monday after completing a review of the country's performance under the international rescue program. The latest disbursement means that Greece has received a total of roughly 8.24 billion euros ($10.94 billion) from the IMF under the bailout coordinated with the European Union and the European Central Bank in March 2012. Greece was first bailed out for 110 billion euros in 2010 but when that failed, got a second rescue worth 130 billion euros plus a private sector debt write-off totaling more than 100 billion euros." Continue reading →

Continue ReadingIMF approves 1.7 bn euro loan payout to Greece

Paris tax hunt sends French to Switzerland

"France has made highly publicized efforts in recent months to crack down on tax evaders including French nationals who inherit from wealthy Swiss residents. However, some say the move will simply persuade French to up sticks and take their wealth with them. The change still needs to be ratified by both the Swiss and French parliaments and which is not set to take effect until 2015 at the earliest. But when it does it will dramatically increase the tax burden on French heirs of estates in Switzerland, which caps its inheritance tax at 7.0 percent, compared to 45 percent in neighbouring France." Continue reading →

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A Western Alternative to the West

"Investors in Dubai needed patience. Even in 2011, stocks dropped another 20% before hitting rock bottom. The recovery started only last year, with shares up 20%. But the rally this year has been truly spectacular at 63% on the Dubai Financial Market. That’s against a falling trend in other emerging markets. The market has also massively outperformed the S&P 500. Indeed, it ranks among the best stock market performances in the world this year. It’s trounced the S&P 500. House prices have also recovered very strongly, though we are still a little shy of the peak valuations of 2008. For rental increases, Dubai is ranked No. 1 in the world this year." Continue reading →

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Overstock.com CEO: Steve Cohen Responsible For Corruption That Cost Hundreds Of Thousands Of Jobs

"Overstock.com CEO Patrick Byrne colorfully explained in his own words why he took out a full page ad in the Wall Street Journal mocking SAC Capital's Steve Cohen Saturday. Since 2005 Byrne has been saying that powerful market actors have been working to destroy his company. In 2010 he identified them as Michael Milken and SAC's Steven Cohen. Two years later, emails accidentally leaked by lawyers representing a number of Wall Street banks described how the banks were allegedly naked short-selling Overstock.com stock and advising their hedge fund clients on how to do the same. SAC Capital, as you know, is one massive hedge fund client." Continue reading →

Continue ReadingOverstock.com CEO: Steve Cohen Responsible For Corruption That Cost Hundreds Of Thousands Of Jobs

Obama offers ‘grand bargain’ on corporate tax rate, infrastructure

"Obama wants to cut the corporate tax rate of 35 percent to 28 percent and give manufacturers a preferred rate of 25 percent. He also wants a minimum tax on foreign earnings as a tool against corporate tax evasion and the use of tax havens. Obama wants the money generated by a tax overhaul to be used to fund such projects as repairing roads and bridges, improving education at community colleges and promoting manufacturing, senior administration officials said. Republicans contended that by spending the revenue, it would violate Obama's previous commitment to a 'revenue-neutral' overhaul of corporate taxes." Continue reading →

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Japan now reconsidering sales-tax hike

"Japan's Prime Minister Shinzo Abe may ditch a long-planned hike in the national sales tax, a senior official said Sunday, according to Kyodo News. Abe had intended to help shore up Japan's finances by raising the 5% national consumption tax to 10% in two steps, slated for April 2014 and October 2015. But Kyodo quoted Chief Cabinet Secretary Yoshihide Suga as saying in a television interview that Abe would reconsider the issue 'after revised data are released in September on preliminary figures for April-June gross domestic product, and before a fall extraordinary Diet session.'" Continue reading →

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‘Way Harder’ For Goldman And Morgan Stanley To Get Out Of Commodities Than JP Morgan

"Goldman Sachs and Morgan Stanley two decades ago became known as the 'Wall Street Refiners' for their mastery of both financial and physical commodities. But since 2012 Morgan Stanley has looked at selling its commodity arm and Goldman has made moves to scale back its physical operations. Letters between the banks and the Federal Reserve, received by Reuters under the Freedom of Information Act, show both banks are in discussions on conforming or divesting activities that fall outside the normal scope of commercial banks." Continue reading →

Continue Reading‘Way Harder’ For Goldman And Morgan Stanley To Get Out Of Commodities Than JP Morgan

Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy

"The new facility is 30 percent booked at the opening, said Joshua Rotbart, precious-metals general manager at owner Malca-Amit Global Ltd. The storage will add to the firm’s five vaults at the Singapore FreePort, which are fully reserved for gold, he said in an interview. The repository can hold $128 million of silver at today’s prices. The number of individuals with $1 million or more in investible assets climbed to 3.68 million in the Asia-Pacific region in 2012. The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax on investment-grade precious metals in 2012. " Continue reading →

Continue ReadingSilver Vault for 200 Tons Starts in Singapore as Wealthy Buy