April 2010 Archives

The 2010 gold price is forecast to reach USD1226 (historical peak) again in Q2 of 2010, and in the last quarter, gold is forecast to achieve a new all time high price between USD1300-1360.

Forecast: Q1: Price correction, Q2: Rally, Q3: Correction, Q4 Rally

How can you profit from trading spot gold?

1.) Spot gold trading is different from investing in physical gold, such as gold bars and gold coins. Investing in physical gold, you can only make profits when gold prices rise. While in spot gold trading you can profit when prices rise or fall.

2.) Keys to successful spot gold trading:

a.) Learn and understand what spot gold trading is all about: you can place long positions if you think gold price is rising, or short positions when you think price may fall.

b.) Spot gold trading involves margin trading, and offers a normal leverage of 70:1. And with most online trading platforms, each USD 1 rise in spot gold price, it gives you USD100 profits.

c.) Never use more than 1/3 of your account to trade. As you need plenty of margins to maintain your open positions. (Play safe)

d.) Conduct detailed research and analysis - technical and fundamentals. Technical (charting) analysis is a great way to predict gold price movements both short-term and long-term. Most analysis gives you indications of what the upper levels (resistance prices) and lower levels (support prices) are for the trading day. You can make profits from trading within the specified range.

Fundamental analysis is also important, as macro economic news, key economic indicators often affect the gold price trends.

e.) Read forecasts on gold prices. Many analysts give good predictions of how the overall trend will look like. So you can avoid buying when price is too high, and shorting when price is already at day low price. It is actually not difficult to work out the trading range, as the charting tools are very smart these days.

One of the problems most investors come across once they have moved offshore is how to repatriate their offshore funds.

Sending wires directly back to your home bank account could involve dangerous invasions of privacy, whereas physically going to your offshore bank and withdrawing cash may also breach customs restrictions and invite the risk of theft.

For larger payments, you could ask your offshore bank to wire funds directly to the vendor, but the time and effort this involves would not be appropriate for smaller sums. In this article we look at using offshore credit cards to repatriate funds.

It is widely recognized that the easiest way of spending your offshore money is with an offshore credit or debit card. An offshore Visa or Mastercard will allow you access to your offshore funds from pretty much anywhere in the world. Here are some typical features of offshore cards: -

Offshore Credit Card - almost all good offshore credit cards are secured. This means that along with the offshore credit card application you will have to deposit a certain amount, (usually 100-150% of the credit line), to use one. For a credit line of 10,000USD at 150%, you would need to deposit 15,000 USD for example. Although this means that they are not strictly credit cards, it does mean that credit checks are not required as with most onshore credit cards.

Furthermore, you can expect from an offshore credit card the same privileges as for any major credit card such as cash advances, car rental benefits, insurance, and travel freebies.

Unsecured Offshore Credit Cards - are not issued by offshore banks except to well-known clients. Due to the global nature of offshore banking, credit checks would be too complicated and the risk of non-payment too great.

The vast majority of 'unsecured' offshore credit cards are scams, because such credit lines would simply not be offered without extensive KYC (know your client due diligence). Most unsuspecting investors who are lured into unsecured credit card schemes end up paying an initial card registration fee and then never hearing from the 'bank' or 'offshore service provider' again.

Offshore Debit Card - offshore debit cards function in almost the same way as secured credit cards, the difference being you can only spend what is actually funded on the card. The advantage is that they will offer the same privileges, benefits and worldwide acceptance as a major international credit card.

There have been a number of PIPE Funds that have gained notoriety over the years because of the gains they have been able to attain with this strategy.

It is now categorized as a separate hedge fund strategy along with others like long only, long/short market neutral, special situations, emerging markets and distressed equity.

The strategy is also sometimes referred to as "Reg D" which is short for "Regulation D".

Domestic funds in the U.S. are usually set up as limited partnerships while offshore funds are typically set up as corporations for tax purposes. Here is some more information if you are considering a Hedge Fund Start-up.

PIPE FUND OVERVIEW:

First of all, PIPE stands for Private Investment in Public Equity. Private Investment means the capital comes from a private source like a hedge fund, wealthy investor or investment banker.

Public Equity simply means it is a publicly traded company, so the PIPE Hedge Fund is purchasing stock, usually restricted common stock, in a publicly listed company. So a PIPE Fund is a hedge fund that makes investments in publicly listed companies.

About ten years ago there were only a few of these Funds around. The annual returns for most of these Funds were well above average, and so quite a few more were formed by other managers. Some of them failed because they were run by managers that either lacked the years of experience needed to run such a Fund or they took on too much risk and made investments that were very illiquid.

Second, PIPE Funds are formed either as limited partnerships, if they are made of U.S. investors that are not tax exempt, or offshore corporations, if they are made up of offshore investors or U.S. tax exempt investors.

U.S. tax exempt investors are usually endowments, pension plans and charitable trusts. If the PIPE Fund is set up properly U.S. tax exempt investors can take advantage of investing in these and other types of hedge funds. Of course before investing in any hedge, investors need to conduct thorough due diligence. Some investors hire a hedge fund attorney to help them perform due diligence and discuss issues that evolve during that process.

Third, these investments in public companies can take a number of different forms and structures. They can be straight common stock with a discount to market, common stock with a discount and a reset feature, convertible preferred stock, convertible debentures, a self amortizing loan or even a Warrant structure.

Sometimes these structures have a built in "hedge" sometimes they don't. Obviously, investors in such Funds would prefer to have a hedge, but it is not always possible and some of the PIPE investments in companies with good balance sheets won't have a reset or floorless convertible feature.

Calling Expats Everywhere - Make Sure You Have Your Say!

LONDON, April 27, 2010 - This week marks the official launch of Expat Explorer - the largest global survey of expats - where expats from all over the world can have their say about life as an expat and the challenges and opportunities they face living and working abroad.

2010 is the third year of the highly insightful survey, which in 2009 saw over 3,100 expats participate from more than 50 countries across the globe, making it the largest independent survey of expats, worldwide.

This year, HSBC Bank International is calling for even more expats to take part to ensure that their adopted country makes it into the 2010 survey and features in the league tables published in the Expat Explorer reports.

"Expats from a huge range of countries took part in the survey last year but we couldn't feature some locations because there weren't enough respondents to meet our statistical criteria," said Lisa Wood, Head of Marketing and Communications at HSBC Bank International.

"We would love to have them involved in 2010 and that's why we are asking expats from all over the globe to not only fill in the survey themselves, but to also pass it around to any expat friends, family and colleagues in order to make sure that their country doesn't miss out again."

The 2010 survey will continue to take an in-depth look at expat life, examining how this unique group experience new cultures, new lifestyles and, importantly, how they have been dealing with a new financial landscape as the world continues to recover from the global economic crisis. Last year's survey found that a large percentage of expats had been strongly affected by the global downturn, with a higher number in the UK and US admitting that they were considering a move back to their home country.

April saw the price of gold hit a Sterling and Euro record. While the GBP754 (or 865 Euros) per troy ounce stat still remains 5% below the all time US dollar record, this was nonetheless excellent news for the British investors.

Compare the GBP754/ounce price tag with the price of GBP562 per ounce, as gold stood back in August 2009 and it means that holders of the previous metal have seen the value of their gold soar 34% in value in less than a year.

It's widely thought that the fact that gold is maintaining such a high price per ounce, despite the fact that the US dollar is making a notable recovery, indicates a growing number of people viewing gold as a 'safe investment,' in light of inconsistent currencies and the still prevalent economic uncertainty globally.

Gold is also proving a popular investment for those who, in times of US dollar instability, might have invested in Euros, Pounds Sterling or even Yen. As these currencies also continue to perform inconsistently, following the recent global recession, investors are increasingly turning to gold bullion, which has proven a more sound investment in recent years.

Judge says Trio fraud

INVESTORS with $123 million in an offshore fund managed by Trio Capital have almost certainly been victims of a ''fraudulent scam'', a NSW Supreme Court judge ruled yesterday. Justice George Palmer detailed ''vices'' in Trio's business and ruled it was in the public interest to wind up five schemes that it managed, including the controversial fund Astarra Strategic. He was scathing about Astarra's use of tax havens in the British Virgin Islands, Anguilla, St Lucia, the Cayman Islands, Belize, the Cook Islands and Nevis. More than $400 million invested in Trio has been frozen since October, when fears were raised that the $123 million invested in Astarra was the subject of a Ponzi scheme.

http://www.smh.com.au/business/judge-says-trio-fraud-20100416-skin.html

Seven Ex-UBS Clients Accused by U.S. of Tax Crimes

Seven former UBS AG clients, including two who pleaded guilty, were accused of collectively hiding more than $100 million from the Internal Revenue Service as the U.S. extends its crackdown on offshore tax evasion. U.S. prosecutors in New York today released indictments against Shmuel Sternfeld, Sybil Nancy Upham, Ernest Vogliano and Richard Werdiger, as well as a criminal complaint against Kenneth Heller. Federico Hernandez, 44, and Jules Robbins pleaded guilty today in federal court in New York. Upham, 72, and Werdiger, 62, pleaded not guilty to their indictments.

http://www.businessweek.com/news/2010-04-15/u-s-announces-multiple-tax-prosecutions-in-manhattan-court.html

OECD crackdown on tax havens seen lacking teeth

Over the past year, the number of countries on an Organization for Economic Cooperation and Development "gray list" of tax havens that have not fully implemented internationally agreed upon tax standards has dropped to 17 from more than 40. But some say the havens are getting off lightly, and that it is more or less business as usual. For starters, they say the number of TIEAs a country needs to sign to get off the "gray list" list is far too low at 12. In addition, the countries tax havens sign with may have little money moving offshore. Take the example of the Bahamas, a balmy Atlantic archipelago and international financial center that is home to more than 250 licensed bank and trust companies. It moved off the OECD "gray list" in March after signing 18 TIEAs, surpassing the 12 required bilateral agreements. These included TIEAs with the "Nordic Seven," which include Sweden and Norway, but also Greenland and the Faroes Islands.

http://www.reuters.com/article/idUSTRE63H2BI20100418

Now we know the truth. The financial meltdown wasn't a mistake - it was a con

The global financial crisis, it is now clear, was caused not just by the bankers' colossal mismanagement. No, it was due also to the new financial complexity offering up the opportunity for widespread, systemic fraud. Friday's announcement that the world's most famous investment bank, Goldman Sachs, is to face civil charges for fraud brought by the American regulator is but the latest of a series of investigations that have been launched, arrests made and charges made against financial institutions around the world. Big Finance in the 21st century turns out to have been Big Fraud. Yet Britain, centre of the world financial system,

http://www.guardian.co.uk/business/2010/apr/18/goldman-sachs-regulators-civil-charges

Bloomberg's Offshore Millions

It was a dark time for the city. In 2008, and early into the next year, morale was low, Wall Street was sputtering and Mayor Michael Bloomberg was steeling New Yorkers for pain. Brace for service cuts and tax hikes, he warned--while also pledging to find a way to keep tax money, particularly from the city's richest citizens, from fleeing. "I've said this before, but the first rule of taxation is, you can't tax too much those that can move," Mr. Bloomberg intoned on a radio show late in the crisis. "You know, we're yelling and screaming about the rich. We want the rich from around this county to move here. We love the rich people."

http://www.observer.com/2010/politics/bloomberg%E2%80%99s-offshore-millions

National Bank of Abu Dhabi Added to Sponsor Roster for Next Week's Latin America Mid-East Investors Forum in Abu Dhabi

ABU DHABI, United Arab Emirates, April 21, 2010 - The National Bank of Abu Dhabi is the newest sponsor of next week's Latin America Mid-East Investors Forum, a move that reinforces the growing bond between Latin America and the Middle East in a number of areas including agribusiness, real estate, infrastructure, oil, renewables and more.

The Forum takes place this coming Monday and Tuesday, April 26th and 27th, at the Fairmont Bab Al Bahr in Abu Dhabi, and features senior-level executives from Latin America's corporate and investment community, as well as public sector leaders such as the Brazilian Development Bank (BNDES) and the head of Public Credit for the Republic of Mexico.

Registration to the forum is nearly full, with a few seats left for qualified institutional investors representing SWFs, family offices, asset managers, private equity and direct investors, and high-net worth retail investors. Registration for these delegates is free of charge and must be confirmed before the event starts.

Press is also invited to attend and cover the event at no cost. Visit www.latinfinance.com/la-meif or contact Alex Rubin on
arubin@latinfinance.com, +1-305-357-4216, to register.

Currency, like all forms of abstract value, is based on trust. And trust itself is based - except among the most naïve - on experience, and the repetitive demonstration of fidelity, whether positive or negative. At present, the US dollar, which had experienced a gradual rise during the 20th Century to the position gained well into the Cold War of being the trading world's reserve currency. It had the mass, in terms of volumes of available currency; it had the backing of an indisputably wealthy national asset base to move away from the gold standard; it had stable governmental backing.

All of that is evaporating. Not, in absolute terms, as far as the mass of currency available, because that has dramatically expanded in recent years, and particularly during the past year of the Administration of Pres. Barack Obama. Not in the underlying asset valuation of the US economy, but it has begun to erode as the productive capability of the US to extract that value diminishes due to excess governmental interference and anti-business practices. It is far to say that other countries, from Nigeria to Russia, have vast untapped underlying asset value. That they did not create global reserve currencies from their naira and ruble was due to governance failures.

However, as we are witnessing, good governance as an essential component of currency value and the trust in that currency, can transform overnight, just as we witnessed the post-World War II collapse of sterling, and, now, the shakiness of trust in the US dollar (despite the reality that, at $14.2-trillion in value in 2008, is the world's largest). The age of the US dollar as the global reserve currency is not yet over, but it is threatened, and the trend toward a flight from the dollar (despite occasional returns to it) is evident. At present, however, the dollar is shored up because in many respects there is nothing of its stature ready to replace it. This leads to the essential question:

Are we entering a period in which we may have no global reserve currency?

The People's Republic of China (PRC) has been searching for safe-havens for its holdings of foreign earnings. The US dollar has slipped in its esteem, with some short-term benefits, perhaps for US exports, but with perilous long-term consequences. As a result, and whilst attempting to preserve the intrinsic value of its currency holdings, the PRC has been gradually scaling back its holdings in US currencies or US dollar-denominated instruments.

Where can the PRC go with its hoard? It looked at euro investments, at Canadian and Australian dollar holdings, and so on. The Australian and Canadian economic bases -- at just under a trillion US dollar GDP for Australia, and about $1.4-trillion GDP for Canada -- are insufficiently large to hold much in the way of PRC investments. Nonetheless, these economies have benefited from the PRC dilemma. The euro, however, is, like the US dollar, suffering from a loss of credibility, and unless some profound action is taken the euro may dramatically diminish in credibility, severely hampering the loose confederal structure of the European Union, preventing it from becoming the federal state of Europe to which some (mostly unelected) aspire.

UNI Global Union: Bank workers Demand Their Rights at Demonstration in Frankfurt

"Fair Banking Advice? Fair Working Conditions? NOW!"

European bank workers demonstrated in front of the headquarters of the European Central Bank in Frankfurt this past week to call for a radical change in the sales practices of financial service providers.

UNI Finance Global Union, German union ver.di, bank workers and representatives of finance unions in Europe are in Frankfurt as part of the global action week organised for bank workers to share their stories of unscrupulous sales pressure from banks.

Under the motto "Fair Banking Advice? Fair Working Conditions? Now!" finance workers across the globe will join the push to change what is a global problem for bank workers.

Actions have been arranged in many countries, including France, Iceland and Australia.

"An HSBC bank worker from Latin America reported she had to work from her hospital bed to bring in half a million US$ in a week to reach sales targets and save her chance of promotion," said Head of UNI Finance Oliver Roethig. "Banks cannot continue to make profits through these practices; it's immoral."

The Dow has closed above 11,000, the European Union is bailing out Greece and the U.S. economy seems to be perking up. Is the future as bright as it looks? In fact, it looks pretty good, says Wharton finance professor Jeremy Siegel. While the Dow's 11,000 close doesn't mean much to professional market watchers, it can give ordinary investors a psychological boost, and it focuses attention on the stock market's fine showing over the past year. According to Siegel, the U.S. economy is in a self-sustaining recovery, no longer dependent on government stimulus -- and while the housing market could take years to make up recent losses, the economy should do well. With interest rates likely to rise, it's a risky time to invest in bonds, but stocks could end the year 8% to 10% higher than they are today, Siegel said in an interview with Knowledge@Wharton.

An edited transcript of the conversation can be found here.

UBS Client Pleads Guilty to Tax Fraud

A wealthy client of the Swiss bank UBS pleaded guilty on Monday to tax fraud, the ninth American caught up in an investigation of the bank's offshore private banking services, The New York Times's Lynnley Browning reports. The bank client, Harry Abrahamsen, of Oradell, N.J., pleaded guilty in Federal District Court in Newark to one count of failing to file proper disclosures on his UBS offshore accounts with the Internal Revenue Service, according to court papers filed in the case.

According to court papers, Mr. Abrahamsen used a sham offshore corporation in Panama known as Primrose Properties S.A. to help hide his UBS accounts.

http://dealbook.blogs.nytimes.com/

BVI residents defrauded; Anguilla native charged for allegedly operating pyramid scheme

A former BVI resident has been charged in the United States for running fraudulent pyramid schemes which have defrauded several BVI and USVI residents of more than $3 million. Janice Dorette Rey, 48, a native of Anguilla, was arrested by U.S. Marshalls in February 2010, a press release from the Financial Investigation Agency (FIA) has stated. Rey is now in custody in the United States awaiting trial for various offences relating to fraud, in which she is accused of operating a pyramid scheme titled "Global Cohesive Economics (GCE)" which was used to defraud several BVI residents, the FIA states.

http://bvinews.com/?p=1989

Holders Of Swiss Bank Accounts Should Not Be Branded As Criminals

Julius Baer chairman Raymond Baer has hit out at criticism of Swiss private banking, saying clients of the banks in the Alpine state should not be treated as potential criminals, responding to mounting pressure on the country's bank secrecy laws. "In recent years, virtually no new untaxed European money has flowed into Switzerland," Baer says in a speech to shareholders, according to Dow Jones, citing the text of prepared remarks.

"Swiss bank-client confidentiality, as we have known it, does not exist any longer," Baer said. He also urges European Union member states to "not slam doors on those who are seeking a path to full tax compliance".

www.wealthbriefing.com

A new report provides detailed analysis of the Finance and Banking market

This report introduces Datamonitor's proprietary Tax Amnesty Assessment Index. It is a quantifiable assessment framework of 15 criteria, grouped within five critical amnesty conditions, that can be used by offshore banks to determine the likely impact of any announced amnesty on their assets under management.

Scope

*Presents findings of our Offshore Banks Survey 2010 covering Jersey, Guernsey, Isle of Man, Switzerland, Hong Kong and Singapore

*Introduces our proprietary Tax Amnesty Assessment Index, allowing offshore banks to analyze the impact of any future tax amnesty

*Assesses the success (or failure) factors in four amnesties: US, UK, Italy and Australia

*Identifies 15 critical criteria that make an amnesty a threat to offshore business

Highlights

Nearly 70% of Channel Islands/ Isle of Man's offshore client base is domiciled in Western Europe (and around half are based just in the UK), which is a legacy of the strength of the UK banks in those centres. However this means that these centers risk losing a significant amount of business to a successful UK amnesty.

In Jersey, Guernsey and Isle of Man it is the UK government's future plans that are making banks nervous, because of the reliance they have on UK domiciled clients. And this same reliance on a single country (Germany) is causing banks in Switzerland to keep a close eye on developments there.

Some countries' clients fear for the safety of their wealth rather than their personal safety. This was confirmed by Datamonitor's Offshore Banks Survey, where more than 40% of Swiss respondents cited "They feel their money is safer offshore" as a main reason for clients to put money outside their domicile.

The list of hedge firms launching Ucits III-compliant Newcits funds continues to grow, as five more are revealed. Those announcing Newcits plans this week include Toscafund, Frankfurt-based Trycon GCM, Cheyne Capital and Castlestone Management, while Merchant Capital and Spanish platform Tressis have also teamed up for a new long/short fund. According to Reuters, Toscafund is to launch a Ucits version of its $110 million small and mid cap hedge fund strategy, in response to demand from private clients. It will have the same name as the hedge fund- Tosca Mid Cap- and the firm thinks it will be able to replicate the strategy within a Ucits wrapper. The firm said it will be its first and last Ucits launch.

Another alternatives firm entering the space is Cheyne Capital, which is to launch a mergers and acquisitions Ucits fund, also according to Reuters. Meanwhile in Germany, Trycon is launching a long/short fund called TRYCON Basic Invest HAIG, which will target returns of 8-10% per annum, with a volatility of 6-8%. It will invest in 30 international markets, taking long and short positions in listed derivatives of equity indices, interest rates, bonds and currencies. 'With the Ucits III structure we are preserving the benefits of an absolute return strategy whilst offering the additional advantages of a well-regulated environment, especially with regard to transparency and liquidity,' said Michael Guenther, Trycon's managing director, of the new fund.

Elsewhere, Merchant Capital is targeting high net worth individuals across Europe for its new long/short Merchant European Equity Fund. A market-neutral strategy, it will take twenty long and twenty short positions from its universe of 600 stocks. Its gross exposure will not exceed 180%, while its net exposure will not exceed plus or minus 20%. The fund will be managed by Merchant Capital, but Robert Maxwell from Spanish firm Tressis will act as investment advisor. 'We believe that a fund of this type within the Ucits structure provided by Merchant Capital will be very well received by investors looking for consistent returns with low volatility,' said Maxwell. Merchant Capital, which acts as a platform for hedge funds launching Ucits vehicles, anticipates that it will be involved in further launches in the near future. 'Tressis' fund is an excellent example of how we wish to facilitate innovative investment managers with the essential operational and regulatory support to bring their investment ideas quickly to market,' said George Cadbury, a director of Merchant Capital. 'We are now in advanced discussions with a number of other fund management companies looking seriously at how they can use us to launch Ucits funds this year.'

The new launches do not end there: Castlestone Management has launched a Ucits III-compliant version of its offshore Intelligent Portfolio (IQ) Asset Allocation fund. The fund, which had been scheduled for release last year but was delayed because of complications adapting it to fit Ucits III rules, is an actively managed portfolio investing in global equities, bonds, commodities, hedge funds, money markets and property. It aims to provide an absolute return for investors over the long term, using diversification across asset classes to give investors capital preservation and growth, and Castlestone said the fund was designed to be a core part of investors' portfolios. The fund - which is domiciled in Dublin and which has a range of share classes including sterling and euro denominations - currently has 40% invested in global equities, 30% in alternatives and 10% in real assets such as property and commodities. It also has 10% in fixed income and 10% in cash. The IQ fund is the third offering Castlestone has introduced to investors, having already launched Ucits-compliant versions of its Aliquot Agriculture Fund and the Aliquot Commodity Fund.

Online Specialist Discounter for Electrical and Electronic Appliances Opts for Payment Solutions From a Single Source

MUNICH and GRASBRUNN, Germany, April 11, 2010 - redcoon GmbH, headquartered in Aschaffenburg, has decided in favor of the payment services of Wirecard AG. The redcoon company has meanwhile become one of the leading European specialist discounters for entertainment electronics, white goods, computers, photography articles and sports equipment.

The agreement signed with Dutch subsidiary redcoon B.V. comprises the processing of credit card payments along with an additional risk management package as well as credit card acceptance (Acquiring) services via Wirecard
Bank AG. The redcoon online shops established in nine European countries at present will gradually be integrated one by one: Germany has already been integrated, to be followed soon by Denmark and, step by step, Belgium, Italy,
Spain, Poland, Portugal, Austria and, finally, the Netherlands.

In its online shops, redcoon sells entertainment electronics, white goods, photographic and computer products as well as sports equipment. In the process, not only does redcoon concentrate on a large selection of articles at favorable prices, but also on excellent service and speedy delivery.

"To maintain our low level of prices, short and efficient processes are a key prerequisite. In Wirecard AG, we have found a partner who can provide all solutions in the field of payment processing from a single source. High
service quality, flexibility and, in particular, availability are of primary importance to us," says Michaela Langpap, General Manager at redcoon GmbH in describing the benefits of this collaboration.

"In cross-border trading, not only is smooth, seamless processing and settlement of payment transactions of enormous importance; merchants like redcoon, operating on an international scale, assign increasing importance to professional risk management. This is where our expertise and experience really count," says Christian Reindl, Vice President E-Commerce & Consumer Goods at Wirecard AG.

New Fixed Rate 5 Year Account Offers 4.5%Gross/AER

ST HELIER, Jersey, April 9, 2010 - A new sterling 5-Year Fixed Rate Saver account offering 4.50% gross/AER has been launched by Jersey based Abbey International. The account is aimed exclusively at new and existing Premium Banking clients. Premium Banking from Abbey International is an enhanced service suitable for those clients requiring a more personalised service from their offshore bank, with preferential early access to selected products and services and preferential interest rates on qualifying products.

The Premium Banking service is built around the core of Abbey International's Gold account, a multi currency, internet enabled current account which offers a range of benefits including Visa Infinite deferred debit cards and Monthly Offshore Saver, a high interest regular savings account.

A second version of the 5-Year Fixed Rate Saver account paying an attractive 4.00% gross/AER is also available for clients who have not signed up for Premium Banking which is linked to an Abbey International Call account, again offering multi currency banking facilities and internet access.

In both cases, a minimum deposit of GBP50,000 is required to open the account, with no additional deposits or withdrawals permitted during the five year term, although additional accounts can be opened to accommodate further deposits, if the account is still available. Interest is paid annually on the anniversary date of the account opening and either transferred to a Gold or Call account, depending upon which option the client has selected.

Commenting on the new account, Head of Client Experience Jane Matthews said, "This new account offers our clients a known and stable rate of return for the next five years and complements our other shorter term fixed rate savings accounts, such as our 18 month account. As a part of our Premium Banking services, clients can expect a more personalised service, ideally suited to the demanding lifestyle many of our clients may have."

SandRidge Energy's agreement this week to acquire Arena Resources, a producer of conventional oil in West Texas, for $1.6 billion is the latest example of natural gas companies seeking to balance their portfolios with more oil as the two resources decouple in price.

Natural gas prices have fallen more than 25% this year to below $4 a million British thermal units while oil prices have risen 8% and are now testing the $85 a barrel level, with some analysts forecasting $90 to $100 a barrel for later this year. The price ratio between the two fossil fuels has widened to more than 20-to-1 after staying closer to 10-to-1 in the past, even when oil rose to $147 a barrel.

SandRidge CEO Tom Ward said last month at the Howard Weil Energy Conference that companies can make "10 times more money" producing oil rather than gas. SandRidge has been acquiring oil properties over the past two years to achieve greater balance.

Gas accounted for 85% of SandRidge revenue at end-2008. Currently, oil represents only 28% of production but accounts for 54% of revenue.

The Arena Resources acquisition is SandRidge's second in West Texas since November, when it spent $800 million to acquire properties from Forest Oil.

Other producers at the Howard Weil conference - including Noble Energy and Cabot Oil & Gas - said they were shifting investment to oil rather than gas.

When you want to invest in the Cayman Islands, the place that you should be contacting is the Chamber of Commerce, as this is the best center to get any kind of business related information. This island has been a favorite spot for most business ventures for a long time now, since it has many potentials for investing in a Cayman Company.

There are many options to choose from in the Caymans, whether you want to invest in real estate, mutual funds or perhaps a business partnership, as any investments done on this island would be a lucrative venture. It is said, that investments flourish on this island simply because of the expansion in the population and the tourism industry.

In addition, there are also some key factors such as:

The stability in the government; the strong economic climate based on tourism; the intercontinental banking options and also the cutting edge national infrastructure.

The fact that investors would not have to pay the local taxation, such as capital gains, non-resident tax, income tax or any other comparable taxes that you will find in Cayman.

There are absolutely no restrictions on investors in regards to purchases.

There is maximum privacy and the investors don't have to worry about reporting earnings or ownerships to the government agencies.

Anxious US Taxpayers Who Disclosed Foreign Bank Accounts and Await Their Call From the IRS Need to Decide Whether to Accept the "Offshore" Penalty or Withdraw From the Program, Says Marks Paneth & Shron Director and Former IRS Special Agent The Call From the IRS Will Come; Once It Does, US Taxpayers Must Make Tough Decisions About Whether to Accept the 20% Offshore Penalty or Dispute It by Showing "Non-Willful" Failure to File an FBAR via an Audit, Says David Gannaway.

US taxpayers who disclosed their foreign bank accounts under the government's Offshore Voluntary Disclosure Program are growing anxious as they wait to hear from tax authorities.

But instead of worrying about whether the call from the IRS will come, they should be more concerned with the decisions they'll have to make once they're contacted, says David Gannaway, a former IRS special agent with the Criminal Investigation Division who is now a Director in the Litigation and Corporate Financial Advisory Services Group at New York accounting firm Marks Paneth & Shron LL.

According to Mr. Gannaway, anxiety is mounting among the more than 15,000 US taxpayers who submitted applications before the October 15, 2009 deadline and who complied with the Information Document Request due on January 15, 2010. "The IRS is working through its backlog of cases," Mr. Gannaway says. "US taxpayers can rest assured that they will hear from the IRS in due course."

"What they need to be concerned about is the decision they'll have to make once the IRS does call -- should they accept the standardized penalty, or contest it by asking for an audit. An audit can be difficult and time consuming, but it could drastically lower the 20 percent 'offshore' penalty amount that taxpayers will have to pay," Mr. Gannaway says.

If you are looking for a new, innovative approach to online trading then read on...

There are many Forex programs and brokers that claim to offer the perfect answer to the Forex trader. We decided to do some investigating and see which of the many brokers and programs really lived up to its name. After a lot of searching and testing, we found a new and unique trading platform where, on the same screen and at the same time you can trade in foreign currency pairs, financial indexes and stocks and commodities. You pay no commission on any of your trading activities; it's all in the spread between purchase price and selling price just like FOREX.

The first thing we did was to see how easy it was to set up shop and start trading. Nothing could be easier or quicker than downloading and installing the program. The entire process is simple and clear and enables you to open an account, either real or "Demo" and begin trading within a surprisingly short time.

Then we started to see how the program works. We have seen and checked a lot of Forex trading programs. Many do an excellent job but are clumsy and have a steep learning curve making it difficult for the novice, and even the experienced, trader to work. We were surprised at the ease of this system, clear, logical and it's obvious that a great deal of thought has gone into the development of the platform. Even when performing relatively complex tasks such as moving from one currency pair to another or a foreign currency pair to financial indexes or shares; the system works quickly, smoothly and efficiently. Every transaction takes place on the screen in front of you - you have total control and constant up to date information. If you want a number of investment channels, you don't need to open different accounts. The same account and the same program can be used even if you decide to divide your investment portfolio over a wide spread of investment opportunities and channels.

You are working with one broker with customer service available 24 hours a day. And if that isn't enough, the system provides you with real-time quotations taken from alternative stock markets, options for Trailing Stop trading and the ability to concentrate each of your investment channel's on the most popular and favourable options whether currency, stocks or indexes . Also, if you prefer, you can show in one window your most important investments. This makes tracking your transactions much easier and your trading experience more enjoyable and more efficient and, more profitable!

The platform exists and is ready for you to download and to start trading today. It is constantly being updated and developed to provide you with the best and most professional trading platform available.

Program characteristics:
• "Demo" Trading - Yes and with no time limits.
• Minimal first investment required - 100$.
• Deposits and withdrawals possible with - Credit card, bank transfer, internet account and more.
• Spread - 2-5 with the more popular investments (foreign currency). Permanents: do not change during the trading session.
• Leverage - Up to 1:200.

Tools for the trader:
• Technical and professional support - 24 hours a day.
• Trading courses - the site provides basic trading knowledge and information.
• Range of currency pairs, stocks, financial indexes and commodities - a range of foreign currency pairs, financial indexes, stocks, and commodities.
• Language interface - support for over 12 languages.
• Bonuses - 20$ no-deposit plus 30% on first deposit.
• Trading platform - Downloadable to any computer. Easy to use, trade, track and supervise transactions.
• Allows for foreign currency trading and differential index trading, commodities and stocks all with the same program.

Advantages:
• Innovative and original approach to trading.
• Ease of use.
• Excellent range of pairs, indexes and shares.
• The platform allows for multiple trading over a wide range of investment channels all at the same time and on the same screen.
• No commissions, calculations on the basis of spread only with complete transparency
• An easy to understand, up to date picture of the current situation.

From today the Investment Management Association (IMA) is including offshore funds in its sector classification system. A total of 91* funds will be included in 17 different IMA sectors. This is up from the 71 funds announced on 23 March,* as since then the IMA has received outstanding data from more funds that now meet the requirements.

In total, the IMA received admission requests from 180 funds, and there are now 69 pending, awaiting the finalization of queries and data from the funds. Once they are complete, they will be added to the appropriate sectors.

To be included in IMA sectors, funds need to be domiciled in the EU, as well as authorized in their own country, comply with UCITS regulations and be registered for sale in the UK. To satisfy UK domiciled retail investors, transactions should be in sterling. Therefore, most funds offer a sterling share class or one that is hedged back to sterling. However those that don't will typically provide a currency dealing facility. Funds must also have either Distributor or Reporting Fund status for tax purposes.***

IMA will shortly be calling for submissions to the second phase of entry for offshore funds. A third phase is anticipated in the last quarter of 2010.

Commenting, Jane Lowe, Director of Markets at the IMA, said:

"Funds are being admitted to 17 different IMA sectors, with the largest number, 42, going into the Specialist sector. It's pleasing to see the number of offshore funds that will be included initially. We expect the number to grow during the course of this year.

"Setting out clear criteria means that investors can compare offshore funds on a like-for-like basis with UK domiciled funds. Advisers and investors need to be aware that there are some differences when purchasing offshore funds, so the IMA has produced a factsheet."

The offshore funds will be fully integrated into the existing sector classification system, allowing comparisons between funds to be made on a like for like basis. However, the IMA will flag which funds are offshore so that investors and IFAs may search for this data if they so require.

World Gold Council and ICBC Enter Into Strategic Partnership to Promote China's Gold Market

BEIJING, April 1, 2010 - World Gold Council ("WGC") and Industrial and Commercial Bank of China ("ICBC") have signed a memorandum of understanding (MOU) for strategic cooperation within China's gold market. This agreement will enhance the exchange of market information between WGC and ICBC to promote domestic demand for gold, encourage investment into China's gold market, as well as jointly develop and market new gold investment products within the country.

Under the terms of the MOU, WGC and ICBC will share their resources and international gold market data to provide personnel training, research, and product development, as well as trade analysis. ICBC will also offer integrated services in gold investment and trading through its investment channels and client resources.

Both parties will explore and jointly develop new gold investment products tailored to the Chinese market, and conduct surveys and studies on the domestic retail gold investment market, facilitating financial innovation and product diversity. In addition, WGC and ICBC Precious Metals Business Department(s) will set up an ICBC/WGC Gold Business Strategy Board to discuss and plan strategies for their cooperation, as well as an Action Team to oversee the implementation of the decisions and initiatives adopted by the Strategic Group.

Aram Shishmanian, CEO of World Gold Council, commented at the MOU signing ceremony in Beijing:

"WGC will continue to develop strategic partnerships in China, in order to provide a stable and sustainable service to Chinese gold investors, and therefore help them achieve wealth preservation."

ICBC is the largest commercial bank in China and also the largest bank by market value and the most profitable commercial bank in the world. By the end of 2009, ICBC had 16,224 offices both in China and abroad, offering a wide range of quality financial products and services to 212 million individual customers and 3.63 million corporate clients around the world. WGC is the gold industry's key market development body and, as such, works with multiple partners and to promote the use of gold in all its forms. As a leading country in gold production and gold consumption, China is one of the most important strategic markets for WGC. The alliance between two major players, WGC and ICBC, will not only enable ICBC to better integrate in the domestic and foreign precious metals market but also stimulate the development of the gold market in China.