Did you know that Barack Obama has been secretly negotiating the most important trade agreement since the formation of the World Trade Organization? … Read More
US deploys state-of-art warship to Singapore
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101 East – The world’s richest city
http://www.youtube.com/v/ESCk7pmuR4k?version=3&f=videos&app=youtube_gdata Link: 101 East – The world’s richest city
Singapore’s poor lose out to foreign wealth
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Navy’s newest warship has cyber-vulnerabilities
Cybersecurity tests on the USS Freedom — the Navy’s newest warship — found vulnerabilities in the vessel’s computer systems. The warship has nonetheless been deployed to Singapore for eight months, reported Reuters, after the severity of the cyber-vulnerabilities was deemed minimal. As Bloomberg noted, “The concern about cybersecurity adds to previous questions about the $37 billion program to build ships intended to perform missions in littoral waters, those close to shore. The estimated price to build each vessel has doubled to $440 million, and its ability to survive to fight after an attack has been questioned.” Via Reuters:Continue Reading… … Read More
Japan to launch first LNG futures market in 2015
The futures will be for cash settlement in dollars and based on an index price for spot LNG cargoes delivered to Japan, reports Bloomberg quoting Takashi Ishizaki, the director for the commerce policy division at the Ministry of Economy, Trade and Industry. The contracts won’t be for physical delivery, but will allow Exchange Futures for Physical, or so-called EFP, transactions that enable traders to swap their futures positions for a physical holding. “We always seek opportunities to list new futures contracts, although it takes time to develop,” Bloomberg quotes Tadashi Ezaki, the president of Tokyo Commodity Exchange, as saying. “We are keen to create a market that meets the needs of domestic and oversees investors.” Japan is hoping to launch an accessible market for major Asian buyers including South Korea and Taiwan, and will consider asking exchanges in Singapore and the United States to establish similar LNG futures markets, the trade ministry official said. The price of LNG is linked to oil and currently costs more than $15 per million British thermal units (mmBtu) at the Asian markets, while the shale gas revolution in the US has pushed down prices there to just over $4 per mmBtu. Japan consumes around 30% of the global LNG demand. Imports rose significantly after the Fukushima Nuclear Plant tragedy in 2011. The country had to pay a record $64 billion for imported fuel in 2012, which is more than 25% higher than the year before. … Read More
Chasing cheats: US coming after offshore tax-dodgers
By disclosing income of wealthy US citizens which they stash inSwitzerland, India, Israel, Hong Kong, Singapore and elsewhere, theauthorities plan to enrich the federal budget by up to $5 billion,according to estimates from lawyers who are tracking variousprobes. So far, US officials have won back $5.5 billion in unpaidtaxes and penalties in the past four years.US tax officials are greatly relying on Foreign Account Tax andCompliance Act, or Fatca, a federal law that was approved in 2010and takes effect in 2014. Fatca will force foreign institutions todisclose the names of customers who are US taxpayers withoutfail.Countries or individual companies can sign agreements to abideby Fatca rules. In case they decline to sign on for joint battle,then US companies, investment firms and banks must withhold 30% ofpayments such as dividends to account holders.Nine countries so far have signed or provisionally approvedFatca agreements with the US, while another 40 are in negotiations,according to publisher Tax Analysts, the Wall Street Journalreported.However, experts say it’s unlikely China, which includes theSpecial Administrative Region (SAR) of Hong Kong, will comply withthe act. It is also unlikely the US will impose the 30% tax.”This has more to do with politics than taxes,” RobertGoulder, a lawyer with Tax Analysts, told the Wall Street Journal.A Treasury spokeswoman says the department “has engaged with Chinaand will continue to do so.” … Read More
