Jersey raises floodwalls as tax storm brews

Jersey raises floodwalls as tax storm brews

Today, 12:24 am
Reuters James Molony

Jersey's village-like capital features many of the brands typically found in any British town: Ladbrokes betting shop, retailer Marks and Spencer and Boots the drugstore.

But step down a side street on this plush island off the French coast, and almost every other building bears the name of a private equity, wealth management, or banking firm.

The social security office sits almost exactly opposite BNP Paribas Securities Services -- a chance symbol of the British crown dependency's reliance on its status as an offshore banking tax haven, a status that scandal elsewhere has dragged into the limelight.

"The bankers have brought a heck of a lot of money to the island," said Michelle Hervieu, a 40-year old taxi driver who has lived in St Helier all her life.

Jersey has thrived in the past few decades as an offshore centre. Tourists are attracted to the gentle pace of living -- the sole dual carriageway has a 40 miles-per-hour speed limit -- but banks accounted for 60 percent of its economy in 2005.

Now those associated with Jersey's financial services industry are mustering their defences. Multi-billion dollar scandals around U.S. financiers Bernard Madoff and Allen Stanford have nothing to do with their business, they say.

Stephen Platt, chairman of Jersey-based law firm, Baker Platt, points out that the schemes run by Madoff, the U.S. financier at the heart of a $50 billion (35 billion pounds) alleged scam, and Stanford, who is accused of running a similar scheme, were largely centred in the United States.

"Blaming offshore centres for these frauds is a convenient smokescreen designed to play into the hands of populist sentiment," he said in an emailed statement.

CRACKDOWN

European leaders agreed at a summit last month to push for a crackdown on uncooperative tax havens ahead of an international meeting in London on April 2, where the issue is likely to be high on the agenda.

Prime Minister Gordon Brown, in a speech to Labour's National Policy Forum last Saturday, set the tone.

"I want there to be no hiding place for special investment vehicles, for hedge funds or tax havens," he said.

Attention so far has focussed on exotic locales such as Liechtenstein and Caribbean islands, but some tax havens are in Europe's backyard.

Britain's offshore industry holds about $1 trillion of rich client assets in funds, bank deposits, and other financial constructions, consultancy Oliver Wyman estimates.

Jersey is the UK's largest offshore centre, ahead of its fellow Channel Island Guernsey and the Isle of Man.

Bank deposits on the island were 206 billion pounds at the end of 2008, compared with 157 billion pounds in Guernsey, while funds under administration were 241.2 billion pounds, compared with 200 billion pounds in Guernsey.

The banks have brought the island's inhabitants some very solid income.

Jersey's per-capita income was 41,000 pounds in 2007, according to data from its government, well above the 23,000 pounds in Britain.

Stephanie Jarrett, an offshore expert at Geneva-based law firm Baker & McKenzie, said Jersey and Guernsey are near the top of the list of global offshore centres in terms of legal and regulatory oversight.

"It's quite difficult in either jurisdiction to be too involved in illegal tax planning activities," Jarrett said in a telephone interview, citing the recent introduction of anti-money laundering and anti-terrorism laws.

PRESSURE

But international pressure on tax havens is building.

U.S. lawmakers estimate tax havens around the world deprive Washington of $100 billion a year, and the authorities are preparing to get tough on the issue.

Last month, Switzerland's UBS, the world's largest bank to the rich, agreed to pay a fine of $780 million and disclose the identity of some clients after U.S. investigators accused it of helping wealthy Americans dodge taxes.

Newly inaugurated President Barack Obama has said he suspects the Cayman Islands, America's principal offshore centre, of housing tax evaders.

And while Jersey officials say they are confident they have done enough to withstand closer scrutiny, critics say they could do more.

"We regard Jersey and Guernsey as not particularly transparent or cooperative," said John Christensen, a director at the Tax Justice Network, an organisation promoting transparency in international finance.

Baker & McKenzie's Jarrett is under no illusions: "I think there will be more pressure," she said. "I think they're going to dig their heels in, though, because they've got to protect their industry."

Already, the island is preparing for the impact of financial crisis on tourism by ramping up its marketing budget.

-------------------------
Russia to build over 1,000 civilian ships in 20 years - Putin
19:08 | 06/ 03/ 2009

ST. PETERSBURG, March 6 (RIA Novosti) - Russia's United Shipbuilding Corporation will build more than 1,000 civilian vessels in the next 20 years, the Russian prime minister said on Friday.

Vladimir Putin chaired a meeting in St. Petersburg on the development of the shipbuilding industry.

He said the number includes 265 fishing vessels and 791 freighters.

He added that Russian energy majors Gazprom and Rosneft plan to order another 307 vessels by 2030.

Putin said Russia's shipbuilding industry needed comprehensive modernization, diversification, and the construction of new shipyards.

Russia's industry minister said on Friday domestic orders for civilian ships are expected to reach 680 billion rubles ($19 billion) by 2015.

Viktor Khristenko said the volume of orders per year could triple compared with the current amount of annual orders, which total some 30-35 billion rubles.

Some 160,000 people are employed at 168 shipbuilding enterprises across Russia. Most of the enterprises are located in the northwest of the country.

--------------------------
Russia’s First Lady becomes nation’s most successful businesswoman
06.03.2009 Source: Pravda.Ru URL: http://english.pravda.ru/russia/kremlin/107202-russia_first_lady-0

The wife of Russian President Dmitry Medvedev, Svetlana Medvedev, topped the list of most successful businesswomen in Russia, the Institute for Politics and Business said.

Fifteen experts of Russia’s leading analytical agencies made up the list of 25 women to evaluate the results of their activities, their level of political influence, their reputation, charisma, their authority in the business environment and their creativity in administrative decisions.

“Like Michelle Obama, Svetlana Medvedev used her character and intellect to become a very influential political figure, which showed a considerable influence in the making of highly important political decisions,” the experts said.

St. Petersburg governor Valentina Matviyenko took the second place on the list of Russia’s 25 most successful women. Experts named her one of the most influential governors of Russia, who made significant contributions to many decisions of state importance.

Lyudmila Verbitskaya, the president of the St. Petersburg State University, known as Putin’s favorite teacher, was ranked third.

Olga Belyavtseva, a businesswoman, demonstrated her outstanding qualities of a crisis manager when she sold her mineral water and juice-making company to PepsiCo. As a result, Belyavtseva became Russia’s second richest woman after Moscow mayor’s wife Elena Baturina. The latter takes the eighth position on the list.

The list also includes Russia’s Minister for Economic Development and Trade Elvira Nabiullina (7th), the Minister for Healthcare and Social Development, Tatiana Golikova (9th), a member of Vneshtorgbank’s administration Olga Dergunova (13th), first Vice Speaker of the Russian Parliament, Lyubov Sliska (18th) and others.

----------------------------
Western states determined to destroy Sudan in fierce fight for oil
06.03.2009 Source: Pravda.Ru URL: http://english.pravda.ru/world/africa/107199-sudan-0

The West tries to legalize the dismemberment of Sudan. The International Criminal Court in The Hague issued an arrest warrant for the Sudanese President Omar Hassan al-Bashir. The president has been charged with war crimes and crimes against humanity. It became the first time in history when The Hague laid the charges against a sitting head of state.

The Sudanese president has been charged with crimes against the tribes of Darfur, a region in the west of the country. Enormous crude deposits were found on the territories where three Darfur tribes reside. The tribes launched a fight for independence in 2003. The government responded with adequate measures. The combat operations were distinctive for their cruelty on both parts. Janjaweed, a group of armed gunmen in Darfur, scorched out whole villages in rebellious territories. The rebels were not merciful either.

Over 2.7 million people became hostages of the Darfur crisis, the UN said. The number of victims is evaluated between 300-400,000 people. The peacemaking contingent of the United Nations and the African Union was deployed in Sudan in 2007. However, it did not stop the violence.

The above-mentioned case began in July 14, 2008. The Hague Tribunal did not find enough evidence to charge al-Bashir with genocide. Luis Moreno Ocampo, the then-Prosecutor of the Tribunal, stated that he could prove Bashir’s implication in genocide. He referred to the testimony of over 30 “witnesses.”

Sudan does not intend to deliver its president to The Hague. Bashir does not acknowledge his guilt and offered the judges to eat the warrant which did no deserve the ink with which it was printed. Bashir stated that the West was determined to stop the development of his nation.

Vice president of the Academy of Geopolitical Sciencies, Vladimir Anokhin, told Pravda.Ru that The Hague Tribunal showed the absolute disrespect to the United Nations with its decision. “There are documents which restrict the status of the tribunal. In addition, Sudan does not recognize its legitimacy. Therefore, no officials of the Sudanese administration can be delivered,” the expert said.

Thousands of people took to the streets in the capital of Sudan to support their president.

The majority of Arab states, including Egypt, the largest Arab state that borders on Sudan, condemned the single-handed actions of The Hague Tribunal. The rebels hailed the arrest warrant and said that Bashir must stand up in the courtroom and prove himself not guilty, if he is not guilty indeed.

The West also approved the sanction. State Department spokesman Robert Wood stated that everyone, who committed crimes against humanity, must be brought to justice. He continued with saying that any actions against the civil population and against the interests of foreign states in Sudan should stopped.

It goes about oil, first and foremost. According to experts’ estimates, the oil reserves in Sudan may exceed those in Saudi Arabia. Foreign powers have been destroying the largest African country during the recent years through their support of the rebel movement. South Sudan was separated in the 1990s with the participation of Western states.

The events in Darfur unfold in accordance with a similar scenario. The West plans to create at least four countries within one.

Sergei Balmasov

----------------------------
「自民には及ばない」政府高官発言は漆間氏　官房長官明かす

　河村建夫官房長官は8日午前、フジテレビ、ＮＨＫの番組で、西松建設の巨額献金事件に絡み事件が「自民党に及ぶことは絶対ない」と発言した政府高官は漆間巌官房副長官であることを明らかにした。(10:01)

-------------------------
岩倉具視あてに大量書簡　西郷、伊藤らの千数百点発見

　明治政府の最高指導者岩倉具視（1825―83年）にあてて西郷隆盛や大久保利通、伊藤博文ら明治の元勲が送った書簡、意見書など、新発見とみられる千数百点の文書が現存していることが7日、三沢純熊本大准教授、藤井譲治京大教授、佐々木克奈良大教授らの調査で分かった。明治新政府をめぐる文書類は出尽くしたとされており、新史料の大量発見は極めて珍しい。

　政権中枢にいた岩倉の元に各地から多様な情報が集まり、諸政策が決定された過程を裏付ける重要なもので、激動の幕末・明治史の空白を埋める新たな事実の確認が期待される。〔共同〕(07:00)

----------------------------
脊髄損傷：リハビリの不快な痛み、神経の伸び方原因

　脊髄（せきずい）損傷患者がリハビリテーションで感じる不快な痛みは、リハビリによって再生した神経が誤った方向に伸びるため起きることを、自治医科大の遠藤照顕（てるあき）医師（整形外科）らの研究チームがラットの実験で突き止めた。神経を伸ばす物質の働きを抑えることで痛みを減らせることも確認した。欧州の神経内科学誌電子版に発表した。

　実験は、脊髄損傷を起こしたラットに、損傷１週間後から８週間、機械を使ってリハビリさせた。この間、刺激に対する足の動きから痛みの程度を分析すると、訓練期間が長くなるほど小さな刺激でも痛みを感じやすくなった。損傷個所では、痛みを脳に伝える末梢（まっしょう）神経が、正常なラットとは異なり、深い方向に伸びていた。人間の脊髄損傷でもリハビリによって痛みが強まることが知られている。

　末梢神経の増殖にかかわる物質の働きを抑える物質をラットの脊髄内に注入すると、痛みの感受性が正常ラットとほぼ同じに戻り、神経細胞の深い部分への伸びも抑えられた。

　重い脊髄損傷の治療法として、幹細胞移植による神経再生の研究が進んでいるが、この過程でも痛みが起きることがラットの実験で指摘されている。チームの小林英司教授（移植・再生医学）は「同様の仕組みで痛みが起きている可能性がある。今後、人工多能性幹細胞（ｉＰＳ細胞）など万能細胞を使った治療にも成果を応用できる可能性がある」と話す。