By Neil Chatterjee
The U.S. has promised it will hunt down tax evaders.
And it seems tax evaders are on the run.
DBS bank, based in the growing offshore financial centre of
Singapore, told Reuters it had been approached by U.S. citizens
asking for its private banking services. But when told they would
have to sign U.S. tax declaration forms, the potential clients
Swiss banks also approached DBS on the hope they could
offload troublesome U.S. clients to a location that so far has
not been reached by the strong arms of Washington or Brussels.
DBS said no thanks. In fact many private banks and boutique
advisors now seem to be avoiding U.S. clients.
Will this spread to other nationalities, as governments
invest in tax spies and tax havens invest in white paint?
Is this the end of offshore private private banking?
By Neil Chatterjee
Stephan Dolezalek, Managing Director of VantagePoint Venture Partners and Tom Werner, Chief Executive of solar power company SunPower, sat down at Reuters’ Global Climate and Alternative Energy Summit in San Francisco and shared their views on global warming, investment and cleantech.
Hardly a day goes by now without some Chinese firm striking a deal to buy assets overseas, but the country’s best prospects for growth may be right in its own backyard. Vivi Lin in Beijing reports on how the world’s workshop is fast becoming one of the world’s top consumers.
The sprouting of privately-held alternative trading venues has seriously mucked up the trading landscapes in the United States and elsewhere, or so says Thomas Caldwell, chairman and chief executive of Caldwell Financial.
Caldwell, founder of a major exchange investment firm, sees a world that has quickly evolved into one of nimble, electronic players coupled with more and more trading venues with the proliferation of alternative trading systems, or ATSs.
(They’re also called electronic communications networks (ECNs) in the United States and multilateral trading facilities (MTFs) in Europe).
These new venues, which can include the ominously-named dark pools, or alternative venues, where they can secretly match buy and sell orders, leads to, among other things, “deeply flawed” pricing for market participants, in Caldwell’s view.
The idea of bank-backed stock trading venues is also suspect, says Caldwell.
“Publicly-owned exchanges, open and visible trading, an auction market environment,” he said during the Reuters Exchanges and Trading Summit in New York.
“These are centerpieces if you really want an economy to grow and you want to encourage entrepreneurs with access to capital. The more we get into gamesmanship and side products and all this other stuff it depletes from this.”
(Posted by Jennifer Kwan)
from Funds Hub:
Giampaolo was speaking today at the London leg of the Reuters Hedge Fund and Private Equity Summit.
from Global Investing:
Anyone expecting investors to start galloping back into riskier assets in a rush might have something of a wait, according to Kathleen Hughes, who runs money funds for JPMorgan Asset Management in Europe. They are more likely to wander back in.
At the Reuters India Investment Summit we asked Managing Partner of IBM Global Services Sandip Patel about the first thing he would like to outsource from his daily life. His response, perhaps instinctively, was automating the cleanup of thousands of his emails.