CLibertyC

Is this one of the world’s most expensive suits, at HK$1 million?

"A tailor in Hong Kong has produced what he claims to be one of the world's most expensive suits. With 22-carat gold stitching, a gold waistcoat and diamond-encrusted gold buttons, the one-off was sold on May 29 for HK$1 million (US$129,000). It took Apsley Tailors 200 hours to make the suit from the finest wool, with gold woven into the fabric. Apsley Tailors is based at Punjab House in Tsim Sha Tsui. It is famous for its bespoke suits. Established in 1889, it became the go-to tailors for the British forces stationed in Hong Kong, making officers' uniforms as well as civilian attire." Continue reading →

Continue ReadingIs this one of the world’s most expensive suits, at HK$1 million?

Golden threads for the undie drawers of the wealthy

"Hertli, the chief executive of Rococo Dessous, discovered the missing sparkle while a consultant in oil-rich Qatar. Speaking to private banking clients there, he realized wealthy people's love of all things gold was going unfulfilled in the under-there department. After moving to the U.S. and enrolling in Columbia Business School, he teamed up with former Victoria's Secret designer Breanna Lee to launch the first fashion line using gold thread sourced from Switzerland, according to the company. 'The materials are surprising soft and durable,' Lee wrote in an email." Continue reading →

Continue ReadingGolden threads for the undie drawers of the wealthy

Federal judge: Bitcoin, “a currency,” can be regulated under American law

"In the case of a Texas man accused of massive Bitcoin-based fraud, a federal judge has ruled that bitcoins are 'a currency or form of money,' and are therefore subject to relevant US laws. The case revolves around Bitcoin Savings and Trust (BTCST), a virtual Bitcoin-based hedge fund that many suspected of being a scam. BTCST shut down in August 2012, and the Securities and Exchange Commission (SEC) last month formally charged founder Trendon Shavers with running a Ponzi scheme." Continue reading →

Continue ReadingFederal judge: Bitcoin, “a currency,” can be regulated under American law

“Startup Cities,” Honduras, and Experiments in Freedom

"Tom W. Bell, a law professor at Chapman University and a legal consultant to the Honduran 'startup city' project, spoke at Reason's Los Angeles headquarters about why libertarians should be interested in the potential for new forms of governance within the proposed 'zones of economic development' (ZEDEs) being pushed in Honduras. He addressed various legal challenges and setbacks that prior efforts faced, such as Paul Romer's failed RED zones. Bell also discussed other experiments in municipal governance, such as Co-op City in the Bronx and Sandy Springs, GA." Continue reading →

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Tax jurisdiction: Is space the final frontier?

"The United Nations is boldly going where no international body has gone before. At a meeting of its Economic and Social Council last week one of the items on the agenda was 'whether a satellite in geostationary orbit could constitute a permanent establishment' for tax purposes. The hydra-headed attempt to crackdown on tax havens risks failing because it could simply create a whole new patchwork of rules which can be just as easily gamed as the current lot. Alternatively, complexities for firms created by new rules could bring about the most unexpected of unintended consequences……… off-globe finance. In space, no-one can hear you tax plan." Continue reading →

Continue ReadingTax jurisdiction: Is space the final frontier?

First Tax Haven in Armenia Launched

"Senior Armenian and Russia officials inaugurated over the weekend Armenia’s first-ever tax-free business zone which is meant to mainly cater to high-tech manufacturing companies. The Free Economic Zone is located in the premises of an electronics plant and a research institute in Yerevan that were handed over to Russia, along with several other Armenian enterprises, a decade ago in payment for Yerevan’s $100 million debt to Russia. Companies will be exempt from profit, value-added and property taxes as well as import duties. The government hopes that this privileged business environment will help to attract more foreign investment to Armenia." Continue reading →

Continue ReadingFirst Tax Haven in Armenia Launched

Liechtenstein bank to pay $23.8M in US tax evasion case

"U.S. Attorney Preet Bharara in Manhattan and Liechtensteinische Landesbank AG, located in Vaduz, announced the agreement, saying the bank will forfeit $16.3 million, representing revenue it earned for maintaining the undeclared accounts, and will pay $7.5 million in restitution to the Internal Revenue Service. IRS official Richard Weber said the parliament of Liechtenstein, an alpine country between Switzerland and Austria, also changed tax laws to make it easier to identify non-compliant U.S. taxpayers to the United States. Since then, Liechtenstein has transferred more than 200 files of U.S. taxpayers to the U.S. Department of Justice." Continue reading →

Continue ReadingLiechtenstein bank to pay $23.8M in US tax evasion case

Lebanon’s Banks Have the Highest Cash Reserve Ratios in the World

"There are three features that distinguish the Lebanese financial system: 1. The banks have the highest cash reserve ratios in the world. 2. The central bank holds the second highest gold reserves on a per person basis. 3. Real financial privacy. Lebanon is also one of the few countries left in the world that still has real financial privacy, both in theory and in practice… just not for Americans, though, thanks to FATCA, which Lebanon has indicated it will comply with. Additionally, Lebanon ranks only behind Switzerland in terms of gold reserves per person according to this chart below from The Economist." Continue reading →

Continue ReadingLebanon’s Banks Have the Highest Cash Reserve Ratios in the World

IMF to Germany: “Fiscal over-performance should be firmly avoided”

"The two have clashed at each stage of the crisis, with the Bundesbank deriding the IMF as the 'Inflation Maximising Fund' under the control of Keynesians who have overstepped their 'institutional and legal' authority. The rebukes have infuriated the IMF Board members, especially those from Asia, Latin America, which think the Fund has been doing Germany’s work for it. They grumble that the IMF has been dragged into ill-designed rescue packages, and that the lion’s share of IMF resources have been used to prop up the currency experiment of rich countries well able to clean up their own mess." Continue reading →

Continue ReadingIMF to Germany: “Fiscal over-performance should be firmly avoided”

Foreign embassies in London hard hit as HSBC closes their bank accounts

"HSBC bank has told dozens of foreign missions in London that it will close their bank accounts, an official said Sunday, news that has sent diplomats across the capital scrambling to find a new place to put their money. Bernard Silver, an former honorary consul who serves as president of the Consular Corps of London, said he was told by British officials that more than 40 different embassies, consulates, and high commissions were affected. The Papal Nunciature — the Vatican’s mission to London — was affected, as was the Papua New Guinea High Commission, and the honorary consul from Benin." Continue reading →

Continue ReadingForeign embassies in London hard hit as HSBC closes their bank accounts