Sunday, November 11, 2012

AUSTRALIA : FATCA discussions welcomed by FSC

Investors_europe_stock_brokers

'A big part the intergovernmental agreement is to make sure Australian compliance with FATCA happens in a way that reduces its overall burden on Australian business, Treasurer Wayne Swan said in a statement on Wednesday. "This announcement has come at a critical time as the final FATCA regulations are expected before the end of the year," said John Brogden, chief executive officer, Financial Services Council (FSC). Significant compliance costs could be passed on to investors, especially in superannuation, he said. "It is essential that an intergovernmental agreement is established as it is the only way that Australian superannuation funds can be guaranteed an exemption from FATCA", Brogden said. Other low risk investment products could also potentially be exempted, he said. Draft FATCA regulations released in February 2012 sent shockwaves through the industry when it became apparent that superannuation funds would be subjected to FATCA reporting and withholding requirements. The FSC has been in ongoing discussion with senior US Treasury and Internal Revenue Service officials and relevant members of Congress on the impact of FATCA on Australia's financial services industry....'


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AUSTRALIA : FATCA discussions welcomed by FSC

Investors_europe_stock_brokers

'A big part the intergovernmental agreement is to make sure Australian compliance with FATCA happens in a way that reduces its overall burden on Australian business, Treasurer Wayne Swan said in a statement on Wednesday. "This announcement has come at a critical time as the final FATCA regulations are expected before the end of the year," said John Brogden, chief executive officer, Financial Services Council (FSC). Significant compliance costs could be passed on to investors, especially in superannuation, he said. "It is essential that an intergovernmental agreement is established as it is the only way that Australian superannuation funds can be guaranteed an exemption from FATCA", Brogden said. Other low risk investment products could also potentially be exempted, he said. Draft FATCA regulations released in February 2012 sent shockwaves through the industry when it became apparent that superannuation funds would be subjected to FATCA reporting and withholding requirements. The FSC has been in ongoing discussion with senior US Treasury and Internal Revenue Service officials and relevant members of Congress on the impact of FATCA on Australia's financial services industry....'


Source : http://investorseu.com/UBq7HE



  



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Tuesday, October 2, 2012

Big Oil is Funding U.S. Politics

'U.S. Rep. John Boehner, speaker of the House of Representatives, received nearly twice as much financial support from donors tied to the energy sector than did the next-closest recipient, a report from the National Wildlife Federation finds. The 20-page report highlights the role it says oil companies play in U.S. politics, stating energy companies are working behind the scenes on Capitol Hill to influence legislation in favour of oil, natural gas and coal policies. The NWF report finds that the current 112th U.S. Congress has voted one out of every five times against legislation drafted in favour of environmental issues. 

Boehner, R-Ohio, in a press conference this week, spoke out against a stagnant unemployment climate in the United States. The U.S. Labour Department, in an early September report, showed the unemployment rate dropped slightly in August to 8.1 percent, down 0.2 percent from its July level. That's the 43rd consecutive month, however, that the unemployment rate was above 8 percent, the longest period since World War II. The House speaker said this was a sign of President Barack Obama's failure to lead. 

On Friday, Boehner led the House of Representatives in passing the so-called Stop the War on Coal Act, a measure that would block the Environmental Protection Agency from regulating greenhouse gases. It's unlikely to pass through the Senate. 

"We’re the Saudi Arabia of coal and the president wants to shut down coal production and the use of coal in the United States so that we can export it to our economic competitors around the world," saidBoehner in a statement. It's a jobs issue, he said. 

The report from the NWF, released on the eve of the House vote, finds that Oxbow Corp., a private company focused on mining and marketing of coal, natural gas and petroleum, donated more than $80,000 to Boehner's campaign since 2010. The NWF explains that Oxbow was founded by William Koch, whose twin billionaire brothers are among the largest corporate financiers of the U.S. Congress. According to information NWF gathered from The Center for Responsive Politics, energy companies like Oxbow gave more than $814,000 to Boehner's campaign during the current Congress. 

The NWF's report, however, is non-partisan in its effort to showcase the energy sector's monetary influence over U.S. politics. Sen. Joe Manchin, D-W.Va., who serves on the Senate Energy and Natural Resources Committee, ranked No. 2 on the NWF's list. Manchin, ahead of Friday's vote in the House,said it was clear that "the EPA has overstepped its bounds" in terms of action that could target the coal industry. Of the top 10 lawmakers listed in the NWF report, however, Manchin is the only Democrat and received $480,050 compared to Boehner's $814,060. 

The NWF states that the House of Representatives, led by Boenher and his fellow Republicans, voted 109 times since the start of 2011 to weaken environmental laws or some of the safety regulations in the oil industry. 

Larry Schweiger, president and CEO of the NWF, said the report provides a "behind the curtains" look into U.S. politics. 

"America has been losing ground in the climate fight, and much of this is due to gridlock within our political system," he writes. "The resulting inertia is sustained by oil, gas, and coal companies that have spent more than a billion dollars on campaign contributions, public advertising, and lobbying in the past two years alone." '

Source: http://oilprice.com/Energy/Crude-Oil/Big-Oil-Funding-U.S.-Politics.html 

By. Daniel J. Graeber of Oilprice.com


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Saturday, September 29, 2012

Economic Calendar Sep 29, 2012 - Oct 6, 2012


(Timezone: GMT 0.0, DST off)
Date Country Event Impact Previous Consensus
Sunday Sep 30, 00:00 China  Mid-Autumn Festival
Sunday Sep 30, 23:50 Japan  Tankan Large All Industry Capex Medium 6.2% 5.5%
Sunday Sep 30, 23:50 Japan  Tankan Large Manufacturing Index Medium -1.0 -3.0
Sunday Sep 30, 23:50 Japan  Tankan Large Manufacturing Outlook High 1.0 -5.0
Sunday Sep 30, 23:50 Japan  Tankan Non - Manufacturing Index Medium 8.0 6.0
Sunday Sep 30, 23:50 Japan  Tankan Non - Manufacturing Outlook Medium 6.0 6.0
Monday Oct 01, 00:00 Hong Kong SAR  Chinese Mid Autumn Festival
Monday Oct 01, 00:00 Australia  Labour Day
Monday Oct 01, 00:00 China  National Day
Monday Oct 01, 00:00 Korea, Republic of  Export Price Growth (YoY) Low -6.2%
Monday Oct 01, 00:00 Korea, Republic of  Import Price Growth (YoY) Low -9.7%
Monday Oct 01, 00:30 Australia  TD Securities Inflation (MoM) Low 0.6%
Monday Oct 01, 00:30 Australia  TD Securities Inflation (YoY) Medium 2.2%
Monday Oct 01, 01:00 China  NBS Manufacturing PMI Medium 49.2 49.8
Monday Oct 01, 03:00 Indonesia  Core Inflation (YoY) Low 4.14%
Monday Oct 01, 03:00 Indonesia  Inflation (YoY) Low 4.53%
Monday Oct 01, 03:00 Indonesia  Imports Low $16.09
Monday Oct 01, 03:00 Indonesia  Inflation (MoM) Low 0.62%
Monday Oct 01, 03:00 Indonesia  Trade Balance Low $-0.49
Monday Oct 01, 03:00 Indonesia  Exports Low $-8.55
Monday Oct 01, 05:00 Japan  Vehicle Sales (YoY) Low 7.3%
Monday Oct 01, 05:00 Russia  HSBC Manufacturing PMI Low 50.97
Monday Oct 01, 06:30 Sweden  Purchasing Managers Index Manufacturing (MoM) Low 45.1
Monday Oct 01, 06:30 India  Trade Deficit Government Low $15.5
Monday Oct 01, 07:00 United Kingdom  Halifax House Prices (3m/YoY) Medium -0.9% -0.9%
Monday Oct 01, 07:00 United Kingdom  Halifax House Prices (MoM) Low -0.4% 0.0%
Monday Oct 01, 07:00 Poland  Purchasing Manager Index Low 48.3
Monday Oct 01, 07:00 Hungary  Purchasing Manager Index Low 49.5
Monday Oct 01, 07:13 Spain  Purchasing Manager Index Manufacturing Low 44.0 45.5
Monday Oct 01, 07:15 Switzerland  Real Retail Sales (YoY) Medium 3.2% 5.0%
Monday Oct 01, 07:30 Switzerland  SVME - Purchasing Managers' Index Medium 46.7 47.3
Monday Oct 01, 07:30 Czech Republic  Purchasing Manager Index Low 48.7
Monday Oct 01, 07:43 Italy  Markit Manufacturing PMI Medium 43.6 44.1
Monday Oct 01, 07:48 France  Markit Manufacturing PMI Medium 46.0 42.6
Monday Oct 01, 07:53 Germany  Markit Manufacturing PMI Medium 44.7 47.3
Monday Oct 01, 07:58 European Monetary Union  Markit Manufacturing PMI Medium 45.1 46.0
Monday Oct 01, 08:00 Italy  Unemployment Low 10.7% 10.8%
Monday Oct 01, 08:00 Norway  Credit Indicator Low 6.9%
Monday Oct 01, 08:28 United Kingdom  Markit Manufacturing PMI Medium 49.5 49.0
Monday Oct 01, 08:30 United Kingdom  Consumer Credit Medium £-0.2 £0.04
Monday Oct 01, 08:30 United Kingdom  M4 Money Supply (MoM) Low 0.5%
Monday Oct 01, 08:30 United Kingdom  M4 Money Supply (YoY) Low -4.6%
Monday Oct 01, 08:30 United Kingdom  Mortgage Approvals Medium 47.312 49.0
Monday Oct 01, 08:30 United Kingdom  Net Lending to Individuals (MoM) Medium £0.6
Monday Oct 01, 09:00 South Africa  Purchasing Manager Index Low 50.2
Monday Oct 01, 09:00 European Monetary Union  Unemployment Rate Medium 11.3%
Monday Oct 01, 10:00 Austria  Unemployment Low 232.7
Monday Oct 01, 10:00 Austria  Unemployment Rate Low 6.2%
Monday Oct 01, 12:30 Canada  Industrial Product Price (MoM) Low -0.5% 0.2%
Monday Oct 01, 12:30 Canada  Raw Material Price Index Low 0.9% 1.3%
Monday Oct 01, 12:58 United States  Markit Manufacturing PMI Medium 51.5 51.5
Monday Oct 01, 14:00 United States  Construction Spending (MoM) Medium -0.9% 0.5%
Monday Oct 01, 14:00 United States  ISM Manufacturing PMI High 49.6 49.8
Monday Oct 01, 14:00 United States  ISM Prices Paid Medium 54.0 55.0
Monday Oct 01, 14:00 Brazil  Trade Balance Low 3.227
Monday Oct 01, 16:00 United States  FOMC Member Williams speech Medium
Monday Oct 01, 19:00 Korea, Republic of  Trade Balance Low $5.0
Monday Oct 01, 21:00 Argentina

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Wednesday, September 26, 2012

Japan Steps Away from Nuclear Power

Crest_appt

'As Japan and France move away from nuclear energy, is it the endgame for nuclear proponents? 


As the world slouches into the 21st century, one of the global economic realities is that more and more developing nations, much less the "First World," are competing for fossil fuel resources whose production is rising more slowly than demand.

Complicating the picture are the booming economies of two BRIC nations, India and China, a development that ensures that developed nations will be in increasing competition for global supplies of oil, natural gas and coal, whose production is struggling to keep with increasing demand.

An alternative relentlessly pushed by Western corporate interests is nuclear power, whose proponents never c ease to remind their potential audience that nuclear power plants (NPPs), unlike those fired by coal or oil, emit no greenhouse gases, no small consideration in the world community worried about global warming.

But the global nuclear power industry has three strikes against it - cost, catastrophes, whether man-made (Three Mile Island, Chernobyl) or natural (Fukushima Daiichi) and the not inconsiderable problem of disposing of nuclear waste generated by NPPs. Despite civilian nuclear programs dating back to the early 1960s, no country has yet developed an environmentally safe means of disposing of NPP's nuclear by products, and these three issues are forcing a slow but significant worldwide rethink on the viability of nuclear electrical production.

Needless to say, the well-entrenched world nuclear power generation, with trillions of dollars invested and potentially billions more in the form of new NPP contracts, is fighting a furious rear-guard action, but t he ultimate outcome of the titanic struggle is anything but clear, given a number of recent events.

The United States has 104 NPPs in operation, France - 58, Japan's (currently offline)  54, Russia 32, South Korea 20, India 19, Canada 18, Germany 17, China 11, Taiwan six and Pakistan two, while nations with nuclear power reactors under construction include China with 23, Russia - nine, South Korea - six, India four and Taiwan two.

On 14 September, bowing to public opposition, Japan's government joined Germany and Switzerland in turning away from nuclear power after the March 2011 earthquake unleashed a tsunami that destroyed Tokyo Electric Power Co.'s six-reactor Fukushima Daiichi NPP complex. The decision represents a major about-face by the Japanese government of Prime Minister Yosh ihiko Noda, which before Fukushima stated that the nation's energy policy would increase the country's share of atomic energy to more than half of the country's electricity generation. Noda's government intended to ramp up by 300 percent the country's share of renewable power to 30 percent of its energy mix. Noda's decision earlier this year to restart two NPPs to avoid potential summer power outages, flying in the face of public opinion, energized anti-nuclear protests.

Noda's government's decision to phase out the country's NPPs by both refusing to extend nuclear plant operating licenses beyond 40 years and committing to building no new ones provoked an immediate and predictable backlash from Japan's powerful nuclear energy lobby, which argued that the short sighted decision would boost electricity prices, making industry uncompetitive and complicating efforts to reduce greenhouse gas emissions.

Nearly fifty years ago, when the U.S. led the way in deploy ing civilian nuclear electricity NPPS, proponents excitedly maintained that soon electricity would be "too cheap to measure."

But, while this advertising slogan never panned out, a second nuclear power reality overlooked by proponents of its centrality to a nation's power generation base is the uncomfortable fact that it was in fact born from the stupendously expensive U.S. "Manhattan Project," which produced the nuclear weapons dropped on Japan in august 1945, which both ended World War Two and inaugurated the Cold War. The nexus between civilian electrical power generation and weaponry have existed uneasily since then, as evidenced by the recent international campaign against Iran.

So, what to make of Japan's tepid decision to downsize its nuclear energy commitment? Thoughtful analysts might note that Europe's leading technological powerhouses, Germany and Japan, have apparently decided to pursue energy alternatives to nuclear while France, Europe's le ading user of nuclear energy, is also rethinking its position.

Do Berlin and Tokyo know something that other nations do not? Whatever occurs, expect a vigorous rear-guard action by the global nuclear power industry, as it attempts to preserve its multi-billion dollar industry, starting with them suddenly joining the climate change bandwagon by emphasizing that NPPs generate zero greenhouse gases.

Which, of course, is why former Fukushima residents outside the NPP's 12 mile exclusion zone breathe so much more easily.'

 

Source: http://oilprice.com/Alternative-Energy/Nuclear-Power/Japan-Steps-Away-from-Nuclear-Power.html 

By. John C.K. Daly of Oilprice.com



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Wednesday, September 19, 2012

Clearing Processing for USD Offshore Chinese Renminbi (CNH) Futures and E-Micro USD/Offshore Chinese Renminbi (MNH) Futures Launch Sunday, Nov. 18, 2012

CME Group        Clearing Advisory

Date:           September 19, 2012

Notice#:        12-400

To:             Clearing Member Firms; Back Office Managers

Subject:        Clearing Processing for USD Offshore Chinese Renminbi (CNH) Futures and E-Micro USD/Offshore Chinese Renminbi (MNH) Futures to Launch Sunday, November 18, 2012

FOR THE FULL TEXT OF THIS ADVISORY :
400.pdf

This advisory describes CME’s new physically delivered FX futures on the exchange rate between the US Dollar and the Offshore Chinese Renminbi.  These are referred to as Standard USD Offshore Renminbi (USD/CNH) Futures and E-micro USD Offshore Renminbi (USD/MNH) Futures.   The Globex and clearing product codes for the two new futures are CNH and MNH, respectively.

Effective on Sunday, November 18, 2012, for the trade date of Monday, November 19, 2012, CME is launching new Standard-size and E-micro-size U.S. Dollar/Offshore Chinese Renminbi (USD/CNH) Futures contracts on CME Globex and CME ClearPort.  These futures contracts feature physical delivery of Offshore Chinese Renminbi (CNH), priced in interbank terms of Offshore Chinese Renminbi per U.S. dollar with associated daily settlement variation banked in Offshore Chinese Renminbi, and fungible (offsetting) on a 10 to 1 basis between the micro and the full-sized contracts.

These two new contracts are in addition to CME’s other currently listed U.S. dollar vs. Chinese Renminbi products:  Chinese Renminbi/U.S. Dollar futures and options priced in American-terms of U.S. dollars per Chinese Renminbi with daily pays and collects in U.S. dollars (product code = RMB), and Standard-size and E-micro-size U.S. Dollar/Chinese Renminbi futures (product codes, respectively, CNY and MNY) priced in interbank terms of Chinese Renminbi per U.S. dollar, but with daily implied pays and collects in RMB converted and banked into U.S. dollars.  These currently listed dollar/Renminbi products are unchanged and continue to be listed for trading after introduction of the new contracts.

For more information:  For more information, contact CME Clearing at 312-207-2525

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