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  • UBS is no more offering offshore banking and securities services to U.S
  • Andorra
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  • World news June 27, 2008
  • Offshore News June 26, 2008
  • The fall of offshore stocks
  • Global stocks and dollar fall on weak financial sector
  • Federal Reserve Bank leaves interest rates 2%
  • Private Banking
  • Offshore Investment
  • Offshore News 3rd June 2008
  • Advantages of offshore company
  • Offshore company jurisdiction
  • Offshore company formations
  • Offshore Bank Interest Rates

Offshore Bank World News

News Stories for offshore bank
- - Bank to shift Queensland jobs offshore
- - Blue Mountains Gazette - Jun 25 1:28 PM
- - The personal loan details from hundreds of thousands of National Australia Bank’s Queensland customers are heading offshore to India as the bank prepares to axe more than 120 jobs at its Coorparoo lending centre.

- - TEL Offshore Trust Announces Second Quarter 2008 Distribution
- - Centre Daily Times - 1 hour, 30 minutes ago
- - TEL Offshore Trust (NASDAQ:TELOZ) announced the Trust’s quarterly distribution for the second quarter of 2008. The amount available for distribution will be $2,619,375 or $.551272 per Unit. The second quarter distribution will be payable on July 10, 2008 to unitholders of record on June 30, 2008.

- - Yuan up vs dollar but lags c.bank reference rate
- - Reuters via Yahoo! Malaysia News - Jun 26 8:22 PM
- - SHANGHAI, June 27 (Reuters) - The yuan was up against the dollar on Friday but failed to reach the central bank’s reference rate, as traders became more cautious about the chances for continued appreciation in coming weeks after a series of post-revaluation highs.

- - (AFX UK Focus) 2008-06-26 15:59 Scorpion Offshore to raises funds for newbuild programme via private placement
- - Interactive Investor - Jun 26 8:31 AM
- - OSLO (Thomson Financial) - Scorpion Offshore Ltd said it is planning to issue 5.4 million new shares via a private placement to raise funds for its newbuild programme.

- - RM1 BLN FUND LAUNCHED TO TAKE ADVANTAGE OF GLOBAL SHIPPING AND OFFSHORE SECTOR
- - Bernama via Yahoo! Malaysia News - Jun 24 12:57 AM
- - KUALA LUMPUR, June 24 (Bernama) — Asian Finance Bank Bhd(AFB) and AmanahRaya Investment Bank Ltd, Labuan (ARIB), today launched the RM1 billion (US$300 million) Safeena Islamic Fund with the aim of participating in the robust global shipping and offshore sectors.

- - International Briefing
- - Miami Herald - Jun 27 12:19 AM
- - Brazil’s President Luiz Inacio Lula da Silva said Thursday that the country will at least triple its oil reserves from exploration of a new offshore area that includes the Western Hemisphere’s largest discovery since 1976.

- - Trustnet News and Research / Research archive
- - TrustNet - Jun 27 7:22 AM
- - Offshore funds manager Castlestone Management offers a broad array of alternative investment funds including a range of commodity funds. The fund will mirror the exposure provided by the Aliquot Commodity Fund, but will also offer the flexibility to change exposure to individual commodities.

- - Ease deposits tax: NAB chief
- - The Australian - Jun 27 7:00 AM
- - NATIONAL Australia Bank has called for improved tax haven treatment of deposits as a way of easing the pressure on mortgage interest rates and reducing the nation’s vulnerability to external shocks like the global liquidity crisis.

- - Brazil Oil Reserves Will at Least Triple, Lula Says
- - Bloomberg.com - Jun 26 2:19 PM
- - June 26 (Bloomberg) — President Luiz Inacio Lula da Silva said Brazil will at least triple its oil reserves by exploring a new offshore area that includes the Western Hemisphere’s largest discovery since 1976.

- - Brazil Oil Reserves to at Least Triple, Lula Says (Update1)
- - Bloomberg.com - Jun 26 12:19 PM
- - June 26 (Bloomberg) — Brazil’s President Luiz Inacio Lula da Silva said the country will at least triple its oil reserves from exploration of a new offshore area that includes the Western Hemisphere’s largest discovery since 1976.

Offshore Bank World News

Bank of America Corp., the second- largest US bank, will cut about 7500 jobs after buying Countrywide Financial Corp. …Bank of Congress Wall Street JournalBanking gamble: That fat yield on Bank of America stock Los Angeles TimesCountrywide shareholders OK sale to Bank of America AFPEarthtimes , Bank of America to Cut 7500 Jobs on Countrywide Deal - Bloomberg

But with inflation fears brewing, an eventual rate hike could spell more trouble for embattled banks. The Economist print edition EconomistAsia Times Online?- Banks should fear a rate hike - CNNMoney.com

MarketWatchBank of America sees 7500 job cuts after Countrywide closeMarketWatch?- 41 minutes ago”The reductions will take place throughout the country,” Bank of America said in a statement. “Final decisions on all specific associate groups and …Kodak Extends ‘Rally,’ Countrywide and Your Taxes, Bud Slow To Choose Barron’s BlogsThe barbecue at Countrywide turns into a forest fire BloggingStocksCountrywide Stockholders Approve Transaction With Bank of America CNNMoney.com
Bank of America sees 7500 job cuts after Countrywide close - MarketWatch

Think of the fortunes made in the wake of America’s savings-and-loan debacle, or by the acquirers of Japan’s Long-Term Credit Bank, since renamed Shinsei. …Bank Of America moves forward in Countrywide acquisition Bizjournals.com

Dozens of Palestinian and foreign protestors demonstrated early on Thursday in the village of Ne’leim near the West Bank city of Ramallah against the …Two security forces lightly hurt in West Bank anti-fence protest Ha’aretzKing of the West bank IndependentIslamic Jihad will coordinate ‘responses to Israel’s actions’ Palestinians wounded in anti-wall protest in West Bank - Xinhua

Swiss Franc Rise as Stock Drop Reduces High-Yield Demand. The pound appreciated to a seven-week high against the dollar after Bank of England Governor Mervyn King said policy makers will do what’s needed to stem …Euro rises versus dollar, hits yen high AFP* Dollar steady after fall on trimmed rate hike expectations guardian.co.ukDollar higher against the euro The Associated PressBloomberg
Yen, Swiss Franc Rise as Stock Drop Reduces High-Yield Demand - Bloomberg

Turkish PressAre sanctioned Iranian banks actually sponsoring anti-Western terror?: On the Web site of the largest bank in Iran, Bank Melli (also known as the National Bank of Iran), there are no details that could interest intelligence …Bank unhappy over Iran sanctions InTheNews.co.ukEurope warned not to provoke Tehran Financial TimesIran bank’s UK unit to challenge sanctions Reuters South AfricaTehran Times
Are sanctioned Iranian banks actually sponsoring anti-Western terror? - Ha’aretz

KBCI CBS 2US STOCKS-Dow falls to Sept. 2006 low; banks, GM, Citigroup fell 5.6 percent to $17.79; Merrill dropped 4.5 percent to $33.85 and Bank of of America declined 4.8 percent to $25.34. …Stocks trade higher ahead of Fed decision The Associated PressUS Stocks and economy starts plunge in the third wave , a Dow … India DailyStocks gain on Fed move CNNMoney.comUSA Today
US STOCKS-Dow falls to Sept. 2006 low; banks, GM weigh - guardian.co.uk

Daily MailMilitant Hamas as reluctant moderatorChristian Science Monitor, In a statement after Islamic Jihad’s rockets fell on Israel , hours after a series of Israeli offensives in the West Bank , Hamas leader Khalil al-Haya said …Rocket hits Israel, second violation of Gaza truce The Associated Press
New rocket strike on Israel as Gaza truce enters second week AFPDeposed Hamas gov’t warns of violating the truce with Israel XinhuaReuters South Africa
Militant Hamas as reluctant moderator - Christian Science Monitor

Stocks in Europe fall on bank, dollar: After the Fed move, the euro hit a new record against the yen on Thursday, as investors fretted that the European Central Bank will be the first of the big, Stocks in Europe fall on bank, dollar jitters - MarketWatch

The fall of Hong Kong stocks after the Federal Reserve keeps rate firm.

1. Hang Lung supplemented 0.2 percent to 25.3 HK dollars.
2. Hong Kong’s local lender Hang Seng Bank outperformed the entire market by gaining 2.42 percent to 165 HK dollars.
3. Conglomerate Hutchison enhances 1.77 percent to 77.8 HK dollars.
4. Garment producer and exporter Esprit Holdings forced 4.07 percent to 82.5 HK dollars. Agency for retailers and brands Li & Fung dived 6.72 percent to 25 HK dollars.

China Enterprise Index, or H-shares, which was collected of 43 companies registered on the Chinese mainland, cut down to 100.27 points, or 0.82 percent, to close at 12,095.98.

Most Chinese banks and insurers listed in Hong Kong were lower. Heavily traded ICBC, China’s largest lender, lost 1.27 percent to 5.46 HK dollars. China Life, the country’s largest insurance company, dropped 1.06 percent to 28 HK dollars. Bank of China, the country’s second largest bank, dipped 0.28 percent to 3.51 HK dollars. China Construction Bank, the third largest bank in China, slid 0.93 percent to 6.37 HK dollars. Bank of Communications shed 0.87 percent to 9.11 HK dollars. China Merchants Bank slumped 2.2 percent to 24.45 HK dollars.

Hong Kong stocks were overturned early expansion and stirred into pessimistic territory with a loss of 0.79 percent on Thursday after when the U.S. Federal Reserve left  interest rate unchanged and didn’t mention any expecting changes in the future.

The benchmark Hang Seng Index gone up to 107.38 points, or 0.47 percent, to open at 22,742.54 and once expanded  the increase by 250.19points, or 1.1 percent, to the day’s uppermost 22,885.35 during the morning session.

Momentum of the market curved approximately in the afternoon as investors sold blue-chip companies such as China Mobile, Peotro China and Esprit, dragging down the index by 179.49 points, or 0.79 percent, at closure rate of 22,455.67, barely off the intra-day low 22, 441.47.

Turnover was enhanced to 59.46 billion HK dollars (7.62 billion U.S. dollars) from Wednesday’s 37.90 billion HK dollars (4.86 billion U. S. dollars) in shortened trading due to tropic storm Fengshen, which decrepit Hong Kong on Wednesday morning.

Blue-chip strengthens HSBC, whose accounts for the largest weighting of the Hang Seng Index remain unaffected with 124 HK dollars.

Heavily dealt with China Mobile, the largest mobile phone operator in the country and the market’s largest stock measured by capitalization was gone down 1.21 percent to 106.2 HK dollars, down warding the index by 33.6 points alone.

Energy companies was cut down as well  as oil prices eased at around 134 U.S. dollars a barrel in Asia trade. PetroChina, the country’s largest oil producer, was gone to 10.34 percent from 1.34 HK dollars, pulling down the index by 12.7 points. Sinopec, Asia’s largest refiner, curved in 0.52 percent to 7.59 HK dollars. China’s largest offshore oil producer CNOOC knock down 1.94 percent to 13.18 HK dollars, dragging the index by 19.97 points alone.

Most of Hong Kong’s property companies were knocks down after the U.S. Federal Reserve held its interest rate steady. Sun Hung Kai Properties, the largest house developer in Hong Kong, lean-to 1.34 percent to 110.8 HK dollars. Cheung Kong, one of the biggest housing companies proscribed by tycoon Li Ka-shing, lost 1.08 percent to 110.4 HK dollars. New World Development flaccid 1.58 percent to 16.22 HK dollars. Henderson Land fell 1.28 percent to 50.35 HK dollars. Sino Land dipped 0.13 percent to 15.6 HK dollars.

Last Updated: 26/6/2008 17:15:00 HKT
Top 20 Stock data
Stock Code     Stock Name     Nominal
Price($)     Change     Change(%)     Turnover
(’000)     Volume
(’000)     Related Information
8292     HC INTL     0.7     0.2     40.00     235     382
1192     TITAN PETROCHEM     0.385     0.09     30.51     69,802     189,690
181     FUJIAN HOLDINGS     0.71     0.15     26.79     1,793     2,740
8196     LAUNCH TECH     0.73     0.15     25.86     2,808     4,065
8136     RICHFIELD GROUP     0.082     0.011     15.49     1,977     25,972
639     FUSHAN ENERGY     6.07     0.8     15.18     183,018     31,546
2340     SYNERGIS HOLD     1.49     0.19     14.62     19,319     13,224
938     MAN SANG INT’L     0.84     0.1     13.51     5,071     6,159
526     MAGICIAN IND     0.44     0.05     12.82     105     244
2327     JIWA BIO-PHARM     0.195     0.022     12.72     2,385     12,864
556     PAN ASIA ENVIRO     2.75     0.3     12.24     680     264
8227     HAITIAN ANTENNA     0.28     0.03     12.00     2     8
8221     LEE’S PHARM     0.48     0.05     11.63     14     30
40     GOLD PEAK     1.22     0.12     10.91     59     53
818     HI SUN TECH     1.35     0.13     10.66     6,089     4,569
439     CLIMAX INT’L     0.204     0.019     10.27     235     1,144
979     GREEN ENERGY GP     1.1     0.1     10.00     598     566
3899     ENRIC HOLDINGS     5.5     0.5     10.00     372     74
8151     ESSEX BIO-TECH     0.219     0.019     9.50     66     300
2379     ZHONGTIAN INT’L     0.29     0.025     9.43     5     16

Global stocks and dollar fall on weak financial sector. Trouble is in the horizon for World Banking and financial sector.

The euro rose to $1.5672 from $1.5574 Wednesday afternoon in New York.
The pound rose to $1.9781 from $1.9678.
The dollar fell to $107.93 from $108.24,1.0345 Swiss francs from 1.0416 francs.
U.S. light crude futures for August delivery fell 38 cents to $134.17.
U.S. stocks succumb to bleak outlook U.S. data paints
Dollar falls; U.S. consumer confidence at 16-year low
Oil rises on Iranian tensions, fear of Nigeria strike

The declines occurred when the U.S. Federal Reserve Bank kept its interest rate policy unchanged. On Wednesday, the Fed announced, “Although downside risks to growth remain, they appear to have diminished somewhat, and the upside risks to inflation and inflation expectations have increased,” . Thierry Lacraz, a strategist at Swiss said, “The Central Bank decision was not a surprise, and anyone can read what he wants into the Fed’s statement, The move today is driven by the fact that people are realizing banks need more and more capital, and by the fact that Goldman has added Citi to its sell list”

When the European stock markets and most Asian indexes were knocked out on Thursday, and when one more European bank was stimulated to raise capital the Goldman Sachs assumed huge losses on US brokerages. The Dutch banking group Fortis has losses on 11% on Brussels Trading, the Belgian-Dutch financial services group declares that they would shore up its capital position by more than 8 billion, partially by selling of stock. Fortie said it will issue more 1.5 billion new shared up to 2 billion for non- dilutive preferences shares. It will accumulate 1.3 billion by not paying the interim dividend 2008. it will sell of those unnecessary assets and let out to real state. Goldman incise its vision on U.S. brokerages to “neutral” from “attractive” and added Citigroup to its “conviction sell” list, assuming that the bank would book $9 billion of write-downs in the second quarter.

During the morning, the trading of FTSE 100 index in London was 0.6 percent lower, while the DJ Euro Stoxx 50 index, a barometer of euro zone blue chips, was down to 1.1 percent. The CAC 40 in Paris was cut down to 1 percent, and the DAX in Frankfurt was down to 0.8 percent.

In Asian trading, the Tokyo benchmark Nikkei 225 stock average chops down to 0.1 percent, whereas the Hang Seng index decreased to 0.8 percent. The S&P/ASX 200, the Sydney market gauge, climbed 1.3 percent, jump over the trend.

The European Central Bank (ECB), by next focusing only on inflation keeps on increasing its main rate which was target to 4.25.The Bank of England has signaled that it will hold rates stable at 5 percent for now. The Bank of Japan is expecting to keep its overnight rate target up to 0.5 percent for a while. The high interest rate gap in favor of European assets gives investors an encouragement to sell dollars and yen and buy euros and pounds.

The euro gone up to $1.5672 from $1.5574 on Wednesday afternoon in New York. The pound get higher to $1.9781 from $1.9678.

U.S. light crude futures for August delivery fell 38 cents to $134.17. Gerard Burg, a commodities analyst at National Australia Bank in Melbourne stated, “The surprise rise in U.S., the basic stocks has keen for declining demand outlook in the U.S.,The market will focus on the U.S. economic data due later today to get a clearer picture of the economy and its impact on oil demand.” Investors were expecting to the discharge later Thursday of U.S. data, including a revised final first-quarter gross domestic product, existing-home sales for May and weekly jobless claims.

Federal Reserve Bank (The United States central bank) leaves interest rates 2%

The United States Federal Reserve on Wednesday June 25th 2008 left a key interest rate unchanged as it shifted its focus to inflation control from US economic growth. Chairman Ben Bernanke and his team decided merely to talk tougher about inflation, signaling that they may lack the will to tighten money in an election year.

The United States central bank’s decision to hold the line interest rate cuts dating back to Aug. 7, 2007. During that span, the Fed cut the federal funds rate to two per cent, down from 5.25 per cent. The Federal Reserve said it expects inflation to moderate later in 2008 and 2009. Looks like United States central bank continues to run a highly accommodate monetary policy. The consumer real price index is rising at a rate roughly double the central bank funds rate. Annually producer prices in May were up 7.2%, and that’s before continued increases in the prices of fuel cost, energy, credit crunch, the housing slump and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains very high plunging consumer confidence push the economy toward a slowdown.

[It was only a couple of months ago that Frederic Mishkin, Donald Kohn and other Fed Governors were asserting that “inflationary expectations” were “anchored.” In fact, those expectations are soaring, which means that they will soon begin to show up in wage demands and price increases throughout the economy. The more deeply those expectations become embedded, the harder they are to change and the more the Fed will have to tighten money to uproot them.] - from The Wall Street Journal

Private banking is term refers to banking, speculation and other fiscal services which are available to private individuals through the bank for setting out generous possessions.

The word “private” means that customer services are focused on more individually rather than bulk customer or retail banking which more likely to go for transaction personally more than cooperation and other banks often by means of devoted bank advisers. Private banking and private bank is two different thing, they should not be confused with each other as private bank are not integrated.

Private banking are more likely to be considered as very elite, which only targeting on high net worth individual along with liquidity over $1 million. Well in many cases private banking accounts are opened with an amount of $50000 for classified financier.

An organization’s private banking sectors availables lot of services which includes wealth management, savings, legacy and tariff planning for their customers.

Offshore investments mean where money is kept in the jurisdiction of the own and other country as well.

Its common tactic of reducing unnecessary tax burden imposed on most countries having large and small economies of scale. The chosen offshore who are at their own base is regularly monitored and considered as haven by some people, which is being used for obscure and defend illegally earned wealth from law enforcement in the financier’s country. Legal financier also takes benefits of elevated rates of interest of  earnings or pay inferior rate of tax on earning availed by operating using local based offshore. The benefits of this kind of operation are they are both legal cost effective than the solution availed by the financier’s country or onshore.

Offshore are investment are available to anyone who can meet up the least amount of  venture or pay the obligatory fees need to establish an offshore investment entity.

Tax is the main attraction behind the offshore activity. Offshore solutions enable a financier to carry out the investment tricks feasibly.  Frequent imposition of taxation on any investment by the local financier country causes difficulties to reach an optimum profit level. So employing home based offshore gives an investor an option to have less burden and get greater profit generally.

Offshore investment is better comparing to onshore investment due to having minimization of regulation and the attitude of the offshore investment contributor is cooperative and supportive.

Reasons for offshore investment are:

1. Avoidance of forced heir ship- (forced heir ship is law that edges the prudence of the testator  to allocate wealth according to will).
2. Safeguard for wealth
3. Minimum regulation
4. confidentiality
5. Tax havens
6. Tax break

Reasons against offshore investment are:

Assets bring in the taxed economy is consider to be out of transmission. It is sometimes not to be consider as ethical because it is not into much regulation for financial dealings. It persuade  competition between states, provinces, countries and regions on which avail them with less operating cost and  lessen wages every where.

India cbank to let oil firms hedge imports offshore
Source: Reuters
MUMBAI, June 3 (Reuters) - The Reserve Bank of India on Tuesday said it would allow Indian oil firms to hedge crude imports on overseas exchanges, and increased the limit on firms’ investments in the overseas energy and natural resources sectors.

Abbey launches Issue 8 Base Rate Tracker Term Account
Source: Easier (press release), UK
3 June 2008
Abbey International has launched Issue 8 of its Base Rate Tracker Term Account as part of its range of deposit accounts offering consistent and competitive rates of interest offering savers rates of up to 5.30% gross/AER, one of the highest rates available from a leading offshore bank.

EFG goes back to basics
Source: Wealth Bulletin, UK
Traditional offshore Swiss private banking – might still be growing – but at a less rigorous pace than in the last five years – many private banks are .

Dollar dips on rate outlook, credit woes
Source: The Age, Australia
The Australian dollar nudged lower against the US currency and dropped against the yen on Tuesday, after the central bank said local rates would remain steady and fresh concerns about the financial sector emerged. As expected, the Reserve Bank of Australia left its cash rate unchanged at a 12-year high of 7.25% and, in a statement released after its monthly board meeting, said monetary policy was appropriate for the time being amid a significant slowdown in demand.