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Expats or second-home owners in Europe (Chicago Options: ^REURUSD - news) could see property values dramatically slashed if Greece was to exit the euro.

Greek properties would be the hardest hit with prices falling as much as 50 per cent, according to startling estimates made by foreign currency specialists HiFX . It has seen enquires from Britons looking to sell their European homes rise by almost 200 per cent since 2008.

Its (Euronext: ALITS.NX - news) research shows that 39 per cent of Britons are looking to sell up in Greece, 34 per cent in Spain and 23 per cent in Portugal.

Mark Bodega, marketing director at HiFX, said: "As many European governments tackle their deficits, second-home owners, especially those based overseas, have become easy targets for tax increases and as a result many are selling up and returning their assets to the UK."

James Price, head of international residential development at Knight Frank , said that many Britons had previously seen European properties as attractive short-term investments for their rental incomes. That has now changed.

"What people are looking at now is the security of their asset in the long term," he explained.

The Greeks go to the polls for the second time next month to decide who will take control of a government that needs to implement tough budget cuts if it is to remain a member of the eurozone.

While thousands of Britons are selling up and bringing money back into sterling, some brave investors are doing the opposite and buying euros, in the hope of picking up a European property on the cheap or renovating properties they already own.

Desirable locations are still the south of France, Tuscany and the Balearics for investors looking for a bargain.

Forex firm MoneyCorp says that while euro-to-sterling deals have doubled in the past month, it has also seen transactions the other way mushroom.

Link:
Britons rush to sell European properties

DUBLIN--(BUSINESS WIRE)--

Research and Markets (http://www.researchandmarkets.com/research/b4jgvx/global_transfer_pr) has announced the addition of the "Global Transfer Pricing Solutions: Eighth Edition" book to their offering.

8th edition of Global Transfer Pricing Solutions, a Special Report on the most important and up-to-date legal, tax and practical considerations for building a global business strategy.

When entering a global market, business professionals will encounter tax compliance policies that, without proper foresight and preparation, may compromise profit margins. Global Transfer Pricing Solutions details the often complex transfer pricing and tax compliance policies of local authorities around the globe. In this Report, professionals will ascertain critical issues and innovative strategies for growing their multinational business while maintaining an aggressive market strategy.

Global Transfer Pricing Solutions garners insights from experienced practitioners of international legal and accounting firms and senior international transfer pricing professionals at the largest multinationals. Articles offer full coverage of the major worldwide transfer pricing regimes with in-depth analysis of proactive transfer pricing management, e-commerce, intellectual property, and much more.

This one-of-a-kind resource explores key topics such as:

- Unwrapping the New Cost Sharing Regulations in the U.S. (Miller & Chevalier)

- Transfer Pricing Documentation Strategies Across Multiple Jurisdictions (Ceteris)

- Transfer Pricing Strategies in China: Moving Toward Certainty - New Entrants and Increased Enforcement (PricewaterhouseCoopers)

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Research and Markets: Global Transfer Pricing Solutions: Up-to-Date Legal, Tax and Practical Considerations for ...

THE central bank has lifted its ban on Zimplats from using the local banking system after the company complied with an order to shift foreign accounts onshore.

In a statement Wednesday, the RBZ said: Following compliance by Zimplats to close its offshore accounts and transfer these balances onshore in line with the government policy on localisation of offshore accounts, the administrative penalties instituted against the company have been lifted with immediate effect.

The revocation of these administrative penalties follows Zimplats compliance with the Reserve Bank ultimatum to localise all its offshore accounts.

As per exchange control directive . . . Zimplats is now free to use the local banking system for its international and local banking activities.

Last Friday the RBZ ordered local banks to stop processing and facilitating international or any cross-border payments for Zimplats, accusing the company of defying an ordered issued in February for all miners to bank locally.

Zimplats had denied the allegations saying 75 percent of its total spending went through the local banking system, with the balance relating mainly to the servicing of offshore loans which were raised with the knowledge, support and approval of the central bank.

Management however said talks with the central bank were continuing.

Management is working closely with the RBZ to ensure that the localisation of the off-shore bank accounts is implemented smoothly and that the provisions of the companys agreements including its off-shore loans, are honoured, the company said in a statement.

Link:
Zimplats banking ban lifted

RICHARD MEADOWS

The New Zealand sharemarket rose today, following offshore leads across the Tasman and in Asia to shrug off the latest round of bad news out of Europe.

The NZX50 index rose 0.46 per cent, or 16.04 points, to 3,478.29. Within the index, 16 stocks rose and 19 fell. Fisher & Paykel Appliances led gainers, and Rakon fell.

First NZ Capital head of institutional equities James Lee said the Australian market had performed strongly and the wider Asia region was also on the rise.

"We've seen some of the leaders in Aussies turn around from being down one per cent to being up half a per cent, and New Zealand's just followed suit", he said.

The Hong Kong Hang Seng exchange closed 158.87 points higher, or 0.85 per cent, while the Japanese Nikkei was recently up 0.65 per cent.

There was no trading in the United States overnight due to the observation of Memorial Day. However, news that the heavily indebted Spanish government planned to effectively nationalise its third largest lender failed to put a damper on local markets.

"It didn't really affect US/European markets last night either- that'd be the key thing", Lee said. "Until we see it affect the local markets, i.e. the European market, it's not going to really affect our market."

Bluechip stocks Fletcher Building and Telecom were the two main leaders on the day, he said, with no decliners of any real significance.

"A point here and a point there- but most of the market's up on the day."

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NZX follows offshore leads to rise

Facebook Inc shares slid below $29 to a new low on Tuesday as nervous investors fled the company's shares, concerned about the social network's long-term business prospects and an initial offering price that proved too rich.

Shares of the No. 1 social network fell 10 percent to an all-time low of $28.65, before recovering slightly to $29.01.

Since its market debut on May 18, the eight-year-old company has shed approximately $25 billion in value -- roughly equivalent to the market capitalization of Morgan Stanley, the lead underwriter of Facebook's IPO.

Wall Street has harbored concerns that Facebook, while boasting nearly a billion users worldwide and dominating Internet social-networking, would have difficulty translating its growing presence on smartphones and other mobile devices into revenue. Rivals Google Inc and Apple Inc are currently more dominant in the mobile arena.

The increasing urgency of Facebook's quest to monetize mobile is spurring widespread speculation over its next moves. Technology bankers say the company will benefit from tacking on mobile operating software through an acquisition of Norway's Opera, which has been on the auction block for a while.

The New York Times over the weekend also cited sources dredging up a longstanding rumor that Zuckerberg was pondering building a Facebook phone, with the new wrinkle that an easy way to acquire the hardware expertise needed was to buy troubled Research in Motion.

Analysts say apart from the challenge of earning money off smartphone and tablet users, Facebook -- which relies on advertising for the majority of its revenue -- may also find it difficult to lure large advertisers.

Days before Facebook's market debut, General Motors announced it was pulling out of paid advertising on the social network, citing Facebook's unproven track record and echoing potential concerns about the lack of evidence that advertising on Facebook yielded strong returns on investment.

"Facebook is in a transition in their business model," Walter Price, portfolio manager of the Wells Fargo Advantage Specialized Technology Fund, told Reuters Insider. "It was easy to get the first 5 to 10 percent of an advertising budget to try it on Facebook and do some brand advertising, but getting the next 5 to 10 percent, you've got to displace TV and that's a lot more difficult to do.

"Facebook still doesn't have the metrics to prove profitability and prove growth and awareness from their platform," he added.

Originally posted here:
Facebook stocks reach new low, close below $30 a share