Insight and investigations from our expert reporters
On Tuesday, a Reuters Special Report called “A Little House of Secrets on the Great Plains ” explored the questionable – and sometimes illegal practices – of several businesses incorporated at a single-family home in Cheyenne, Wyoming. The 1,700-sq. ft, brick house is the address of a business incorporation specialist called Wyoming Corporate Services, which has set up more than 2,000 companies there, according to incorporation records.
The article launched a Reuters series which will explore the extent and impact of corporate secrecy in the U.S., which stands in stark contrast to its call for greater transparency in global transactions to lift the veil on shadowy money flows.
In an interview published Wednesday by the Wyoming Tribune Eagle, the local newspaper in Cheyenne, Wyoming Secretary of State Max Maxfield defended the state’s business incorporation laws, while acknowledging they can still be improved.
Maxfield said legislation enacted in 2009 had allowed the state to “dissolve 7,000 phony or fraudulent shell” companies, according to the story, and banned companies from operating in the state without a physical presence. Reuters cited the change in Wyoming law in its Special Report. Maxfield added that “many of the troublesome companies registered to the 2710 Thomes Ave. address were dissolved in recent years,” according to the Wyoming Tribune Eagle.
A Reuters exclusive today describes a method China used recently to hide some of its U.S. Treasury purchases – “US caught China buying more Treasuries than disclosed.”
Treasury officials said they were simply modernizing outdated procedures two years ago when they revamped the rules for participating in government bond auctions.
Part one, a special report by Brian Grow and Kelly Carr, focuses on a little house in Cheyenne, Wyoming that is home to more than 2,000 companies.
It seems every day brings news of another data breach, from defense firms to banks and even the U.S. Senate.
By Rebekah Kebede
You wouldn’t think you’d have to make hotel reservations months ahead of time in Karratha, a small, dusty town on the edge of the Outback a 16-hour drive from Perth, the nearest city. But with Australia’s commodities boom, Karratha is bursting at the seams and nowhere is it more apparent than when trying to find a place to stay.
(Above photo: A kangaroo stands atop iron ore rocks outside the remote outback town of Karattha in Western Australia. Reuters/Daniel Munoz)
Andrew Neff of IHS Global Insight sums up the issue in this section:
If in a modern, stable democracy, there could be apparently lax regulatory oversight, failure of infrastructure, and a slow response to a crisis from authorities, then it begs the question of how others would handle a similar situation.
Robin Emmott has been covering the drug wars in Mexico for the past four-and-a-half years, based in the north industrial city of Monterrey. Robin’s special report “If Monterrey falls, Mexico falls” examines the sharp rise in violence in recent years and how the country’s richest city is dealing with it. (Read the story in multimedia PDF format here.)
Here’s what Robin had to say about working on the story:
“Don’t worry about the violence,” the elderly priest said to the congregation in a middle class suburb of Monterrey last month. “Get out there and live your lives. When it’s your time to die, God will decide,” he said in his Sunday sermon as the distinctly bemused churchgoers looked up at him from the pews.