ICBC Overseas Assets `Insufficient,' Seeks Acquisition Targets
Industrial and Commercial Bank of China Ltd., the world's biggest bank by market value, has ``insufficient'' assets overseas and seeks more investments abroad, President Yang Kaisheng said, even as he denied the lender plans to buy a stake in Standard Chartered Plc. ``ICBC will pursue a combined strategy of acquisitions and new projects in expanding overseas,'' Yang said yesterday at a finance conference in Beijing. ``Overseas diversification is an important way for Chinese banks to spread risks against cyclical economic downturns.''
Dollar Falls Below 108 Yen on Outlook for More Fed Rate Cuts
The dollar dropped below 108 yen for the first time since 2005 and fell to a record low against the euro on speculation U.S. credit-market losses will prompt the Federal Reserve to lower interest rates.
Dubai Regulator Bans Former Barclays Private Bankers
The Dubai Financial Services Authority (DFSA) has banned two private bankers from carrying out financial services in or from the Dubai International Financial Centre (DIFC). The DFSA accepted Enforceable Undertakings from Ms. Vanita Chatterbhoj and Ms. Sweta Nayar, former Barclays Bank PLC (Barclays) private bankers, for knowingly misrepresenting the terms of financial products sold to their clients. Under the terms of the Enforceable Undertakings, Ms. Chatterbhoj is banned from carrying out any financial services in or from the DIFC for a period of three years. Ms. Nayar is banned from carrying out any financial services in or from the DIFC for a period of six years.
China Foreign-Exchange Reform Smooth, PBOC's Su Says
China is progressing with foreign- exchange reform smoothly and the mechanism plays an important role in `adjusting' the nation's trade balance, central bank Deputy Governor Su Ning said. The rate of the yuan also plays an important role in sustaining the nation's economic growth, Su said today at a financial conference in Beijing.
Bank of Communications Seeks Cooperation With HSBC
Bank of Communications Ltd., part- owned by HSBC Holdings Plc, plans to cooperate overseas with the U.K. bank, the Chinese lender's Chairman Jiang Chaoliang said. Bocom, as the smallest of China's five major state-owned banks is known, seeks overseas acquisitions and plans to set up branches abroad, Jiang said today at a conference in Beijing, without elaborating.
World Bank and PwC Release 'Paying Taxes' 2008 Report
Tax reforms that make it easier for firms to pay taxes can increase government revenues by broadening the tax base, according to 'Paying Taxes 2008', a report published this week. 'Paying Taxes 2008' is the second report in an annual series by the World Bank, IFC, and PricewaterhouseCoopers, covering 178 countries worldwide. The report presents new empirical evidence that there is a win-win opportunity for governments and firms in simplifying tax systems, easing compliance costs on business, and reducing tax rates.
UK Stiffens Money Laundering Regulations
The UK's HMRC has issued advice for Trust and Company Service Providers on changes resulting from new money laundering regulations coming into effect in December this year.The Money Laundering Regulations 2007 require TCSPs to put in place anti-money laundering controls from 15th December 2007.
UAE Tops Expat Tax League
The United Arab Emirates (UAE), Russia and Hong Kong are amongst the world's most benign personal tax environments while Belgium, Denmark and Hungary are the least attractive, according to a survey of expatriate hot spots by Mercer, the global consulting firm. The data also shows that, in general, married employees are better off than single employees, while married employees with two children fare the best. Mercer's 2007 Worldwide Individual Tax Comparator Report analysed the tax and benefits systems across 32 countries, focusing on personal tax structures, average salaries and marital status. This data is used by multinational companies to structure pay packages for their expatriate and local market employees.
