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Jayden Griffiths

United Kingdom

Member since March 08, 2013

  • 95700821-hong-kongs_177_


    Hong Kong shares rose for a second day on Friday as coal counters clawed back steep losses from earlier this week, buoyed by favourable stimulus rhetoric from European central banks and ahead of a slew of U.S. and China data.

    Mainland Chinese markets were relatively more subdued, with property-related sectors buoying index gains as investors welcomed a report in official media on long-term efforts to control home prices.

    At midday, the CSI300 of the leading Shanghai and Shenzhen A-share listings was up 0.6 percent, while the Shanghai Composite Index rose 0.2 percent. On the week, they are each up 1.6 percent, headed for their first weekly gain in five.

    The Hang Seng Index, which hit a one-week low on Wednesday, was up 1.5 percent at 20,766.6 points. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.9 percent.

    On the week, they are now down 0.2 and 1.3 percent, respectively. Both have had losses in six out of the previous seven weeks.

    But turnover in Hong Kong was again weak with the United States coming off the Independence Day holiday and with non-farms payroll due later on Friday, which investors are watching for clues on the anticipated tapering of the Federal Reserve's monetary easing.

    Short selling interest accounted for 6.6 percent of total turnover at midday, after having stayed above 10 percent for more than two weeks, versus a historical 8 percent average.

    "There's definitely some more short covering today in Hong Kong...

  • article code 85230150609 CH, the haney group tax news reviews The British Virgin Islands, a Caribbean tax haven, is to open an office in Hong Kong, amid mounting pressure on the city itself to be more transparent as offshore havens open up their financial secrets. The opening of an Asia-Pacific headquarters in Hong Kong is very important to the islands, a British Overseas Territory, said the islands' Premier and Finance Minister, Orlando Smith. "This government has long viewed the establishment of a far east BVI representative office as a major component of the strategy to expand and deepen the commercial footprint of the territory in this most important global market," Smith said. More than 40 per cent of the British Virgin Islands' financial services business comes from Asia-Pacific, Smith pointed out. "There is a very strong financial connection between China, Hong Kong, Singapore and the BVI. This connection will be strengthened with the establishment of a formal physical presence there," he said. The islands' Hong Kong office will officially open this year and service Asia-Pacific, including the mainland, Singapore, Japan and Taiwan, Smith said. The office will act as a point of contact for central banks, monetary authorities and other regulators in the region, he said. John Bruce, Macau director at Hill & Associates, a Hong Kong-based risk consultancy, said the British Virgin Islands account for most of Hong Kong's offshore business. As a financi...

  • EDITORIAL: The sleepy economy

    Community, Communication Design

    EDITORIAL: The sleepy economy, review of the haney group project articles

    Not even Vice President Joe Biden, the barker of bonhomie who sees something good in just about any headline, can put a gloss on Friday’s news: The economy created a net of only 88,000 jobs in March, not the 200,000 or so expected. Unemployment is “down” to 7.6 percent, but only because so many jobseekers have abandoned hope in the face of daunting odds.

    Mr. Biden, of course, isn’t the only one at a loss for words. President Obama has to accept much of the responsibility for failure. Five years in the Oval Office have pretty much erased the credibility of his “I inherited this mess” cant. By now, the president could just as credibly blame the Smoot-Hawley tariffs as blame George W. Bush.

    If Mr. Obama can find a medium — Hillary Clinton, who is said to have had a nocturnal chat with Eleanor Roosevelt in the White House could find one for him — he might conjure the spirit of William Jennings Bryan for a reprise of the Great Commoner’s “Cross of Gold” speech. Something to rally the troops since Mr. Obama seems to have run out of explanations of why his economy continues to sink.

    Mr. Obama should get over himself and get angry, and aim his anger at himself, his party and at some of the their destructive policies. Approving the Keystone XL pipeline would be a start. This would would add thousands of jobs, many of th...

  • A former chartered accountant in Mississauga is off to prison for the next two years for submitting more than $3.6 million in bogus income tax deductions on behalf of clients. Justice Richard Schwarzl of the Ontario Court of Justice sentenced Imad Kutum on Friday to the prison term plus a $100,000 fine, which represents his illegal profits in a scheme featuring fake charitable donation receipts. Kutum, who has voluntarily surrendered his professional accountancy designation, had pleaded guilty to fraud last November for making bogus tax deduction claims of $3,674,000 between 2003 and 2008, which cost Canadians $1,045,111 in unpaid taxes. In his judgment, Schwarzl said Kutum knowingly prepared 487 false personal income tax returns for clients and provided many of them with the bogus charity receipts.

    Further info:

  • Thg_4 Hong Kong The Haney Group News Article Symantec has uncovered a cyber scam duping victims into handing over their financial information using a bogus security guidance web page. The security firm reported uncovering the phishing scam in a blog post on Wednesday. The scam targets its victims using a bogus message masquerading as a security alert from a legitimate, unnamed credit card service provider. "In March, we discovered a phishing site spoofing a popular credit card services company that asked users for confidential information, allegedly for additional security," wrote Symantec's Mathew Maniyara. The message instructed its victims to disclose sensitive banking information that could be used by the attackers to illegally access their finances. "The phishing site prompts users through a three-step procedure for activating their card and adding higher security. The first step asks users for personal and card-related information," wrote Maniyara. "The personal information includes the users' name, date of birth, residential address, phone number, and email address. The card information includes name of bank, name on card, card number, expiration date, and card verification code." Phishing scams and attacks on the financial sector are a growing problem facing the security industry. The attacks range in sophistication, with some targeting the sector with b...

  • Value-added tax fraud is booming in China. As Ren Wei explains on the front page of today's Business Post, a thriving industry has grown up around diddling the VAT man, with mainland businesses buying and selling illicit VAT invoices in order to minimise their tax payments and maximise their profits. The scale of the racket is enormous. According to one recent estimate, more VAT revenue is lost to fraud than is actually collected by the government. Considering that VAT is now Beijing's biggest single source of tax income, that's a swindle of gargantuan proportions. The scam is so big, you could even say VAT fraud is China's national sport. But cheating the mainland taxman isn't solely a domestic game. Indeed, if VAT fraud is really the national sport, then Hong Kong, not the Bird's Nest in Beijing, is China's true national stadium. The fiddle works because of the favourable treatment that foreign-invested companies enjoy on the mainland. Although the authorities have been working hard to eliminate foreigners' tax breaks over recent years - Beijing unified the corporate income tax regime in 2008 and began collecting urban maintenance and education taxes from foreign companies just last month - when it comes to VAT, the playing field is still tilted heavily in favour of foreign-invested companies. To encourage inward investment, local governments of...

  • Virginislands__177_

    the haney group hong kong news article A huge trove of tax-haven data uncovered by the International Consortium of Investigative Journalists (ICIJ) is the result of a three-year investigation by its director, Gerard Ryle, into one of Australia's biggest frauds. That fraud involved a Hong Kong-based firm called Firepower International and offshore havens. Through connections with Australian officials, the governments of Britain, Russia, Romania and other nations were persuaded to believe Firepower had solutions to global warming and the energy crisis. After the fraud was discovered, Firepower's Australian operations were liquidated in 2008. The Australian investigation yielded one of the biggest collections of leaked data gathered by journalists, the ICIJ said. The offshore information totalled more than 260 gigabytes of data and more than two million e-mails. The data originated in 10 offshore jurisdictions, including the British Virgin Islands (BVI), Cook Islands and Singapore. It included details of more than 122,000 offshore companies or trusts, and 130,000 records on the people and agents who run, own, benefit from or hide behind offshore companies. A large number of positions are held by "nominee directors", people who, for a fee, lend their names as office holders of companies they know little about. It is a legal device widely used in the offshore world. To ...

  • Taxes-in-europe_177_

    the haney group hong kong tax news blog Certaines des personnes plus riches et les plus puissants à Hong Kong, sur le continent et ailleurs dans le monde regardent nerveusement comme l'identité des personnes titulaires de comptes dans le sport au large des îles Vierges britanniques (IVB) sont exposés dans ce qui est décrit comme la plus grande fuite d'informations dans l'histoire récente. Plus de 2 millions de documents nommant de nombreux individus et détaillant leurs exploits financiers sont échappées des îles Vierges britanniques à l'américaine International Consortium de d'investigation journalistes (ICIJ). Le groupe travaille avec des dizaines de journalistes du monde entier pour traiter les données et publier l'information financière secrète. L'ICIJ dit que son analyse des données montre la plupart des personnes mise en place d'entités offshore a vécu sur la Chine continentale et à Hong Kong et à Taiwan. « Cela explique pourquoi la deuxième source d'investissement en capital qui se jettent dans la Chine est le paradis fiscal offshore des îles Vierges britanniques, » il a dit. Grande-Bretagne le Guardian, qui collabore avec l'ICIJ, dit que la fuite pourrait provoquer « un choc sismique dans le monde entier à l'industrie offshore en plein essor ». La fuite, en termes de quantité, était 160 fois plus grande que la distance de données politiques le WikiLeaks i...