Mediaboss Marketing

CAIRO: Egypts presidential election, set to be the freest the country has ever had, began for citizens abroad Friday after a caustic televised debate between two candidates that produced no clear favorite to lead the most populous Arab nation.

Egyptians who overthrew President Hosni Mubarak as uprisings hit the Arab world last year are savoring the spectacle of politicians competing for their votes. The streets are abuzz with arguments over who is the best man to tackle poverty and corruption and uphold their new-found freedoms.

With no obvious winner for now, the fewer than 1 million expatriates registered to vote in consulates between May 11 and 17 may help swing the election. Recent polls suggest the race is wide open, with many citizens yet to make up their minds.

Expatriates who have registered to vote are a minority among the 6 to 8 million Egyptians who live abroad, mostly in Europe, North America and Gulf Arab states, according to official figures cited by local media.

In France, Abd al-Aal Shady, 55, an agriculture engineer living in Paris, said he had voted for the leftist Hamdeen Sabahy.

He is the black horse of this presidential election because he is the most famous to have fought the former government since he was a student, Shady said. If [Amr] Moussa wins, it is catastrophic for the people. It leads to a second revolution.

Hundreds of Egyptians queued in front of their embassy in the Saudi capital Riyadh to cast their votes.

For the first time in my life, I take part in elections, and I dont know how it will end or who will win, said one of them, Mahy Samir.

In Rome, Aiman Younes, 45, a pizza maker, said he had voted for Abol Fotouh because he deemed him honest. I think it will get better. We are going through some difficulties but I hope things will improve, we just need a bit of time, Younes said.

Egypt is not used to this sort of thing. Slowly people will get used to it. I want the new president to focus on helping poor people, and making sure everyone has enough to eat.

Originally posted here:
Egyptian expats vote as leadership race heats up

11 May 2012 Last updated at 11:11 ET

Egyptian expatriates have started voting in the first presidential elections since an uprising forced Hosni Mubarak to step down last year.

But electoral officials say fewer than 600,000 of the nearly 10 million Egyptians abroad have registered.

Many failed to do so because of difficulties in obtaining new identity cards, which are required to vote.

Voters in Egypt will go to the polls on 23 and 24 May. A run-off will be held in June if no-one wins 50% of the vote.

On Thursday, two of the front-runners took part in the first presidential election debate live on Egyptian TV.

Millions watched the head-to-head between Amr Moussa, the former head of the Arab League, and the moderate Islamist, Abdul Moneim Aboul Fotouh.

Each was asked a wide range of questions - from how their powers should be limited as president to ensure they did not turn into a dictator, to more traditional topics such as health and education.

Overall neither dealt a decisive blow against the other, says the BBC's Yolande Knell in Cairo.

But in a reflection of the political dynamic since last year's uprising, some of their sharpest attacks concerned issues of Islamism and links to Mr Mubarak, our correspondent adds.

More here:
Expats vote for Egypt president

Mauritius Banking Act 2004 integration of onshore and offshore banking licences provides for greater confidentiality on client information, such that any request under POCA [Prevention of Corruption Act 2002], or under Financial Development Services Act 2001, or under the United Revenue Act will require formal applications to a Judge in Chambers. Prior to Promulgation in October 2004, I had intervened as Chief Economist of the Barclays Group, on behalf of the Mauritius Bankers Association Chairman, on matters of substance pertaining to regulatory loopholes and consistency in banking guidelines deemed to be within the spirit of the Act. The Seal of enhanced Confidentiality and Lifting of Corporate Veil to establish Economic Substance in 'offshore' global business operations were bound to become an uneasy thorn in our international economic diplomacy. Tax Information Exchange Agreements (TIEA), signed by Mauritius, effectively removed our Jurisdiction off the potential "grey list" of offshore tax havens listed by the Organization for Economic Cooperation and Development. The upcoming Global Forum on Transparency and Information Exchange [Mexico, September 2012] will create a new organization to oversee the progress of Tax Information Exchange Agreements. The Forum guides the OECD's work in the area of tax evasion. The postponement of India's GAAR (General Anti-Avoidance Rules to counter aggressive tax avoidance practices via overseas jurisdictions) hails an opportune moment for Mauritius to seize the economic diplomacy window and query offshore policy fundamentals. GAAR is a watershed opportunity to sanitise the World Investment image of Mauritius in the global business sector. GAAR Provisions conceptually plugs the loopholes within our Tax Jurisdiction, and performs the due diligence role relinquished by the Financial Services Commission [FSC], and other regulatory and tax authorities of Mauritius. GAAR highlights the hazy status prevailing in our Treaty Shopping image, and the ensuing opacity in our international economic diplomacy since 1995. Notwithstanding the application timing of GAAR, who will bear the responsibility of a rigorous assessment and a formal regulatory ruling pertaining to the adequacy of commercial and economic substance of a Third Party seeking the cloak of a TRC [Tax Residency Certificate]? Has the FSC relinquished its prerogative to establish a comprehensive list of all Global Business transactions which could be legally construed as colourable devices [a dubious method or subterfuge clothed with apparent dignity] as per the Mc Dowell ruling? Is it not an opportune moment for FSC Mauritius to upgrade its own operational standards to internalise the core essence of GAAR, without duress or undue external diplomatic pressure? GAAR should not be viewed as an obstacle to be circumvented, but a Global Business Policy Tool to be rendered statutory within the FSC Regulatory Framework in a bid to cleanse the opacity and apparent breach of international confidence in the sanctity of our TRC status. Prime Minister Ramgoolam letter to India's PM Manmohansingh creates more mistrust in the Offshore quagmire. Why does Prime Minister Ramgoolam display such eagerness to urge a forgiveness of all Tax Residency Certification beneficiaries prior to GAAR's potential implementation? The Government of Mauritius had a clear responsibility since 2006 which hailed the diplomatic exasperation of our staunchest ally on the World stage - Mother India. India tags our Government's 'unwillingness' to carve a path to thwart Treaty Shopping and global business transactions devoid of economic substance. The Government of Mauritius has a duty of care towards the international economic community to issue an unambiguous Policy Statement to FIIs [Foreign Institutional Investors] using the shield of our TRC status, that Treaty Shopping shall be deemed not to be conducive to our Special Relationship Status with India. India hinted that no relief would apply to Vodafone-type overseas deals involving Capital Gains Tax on sale of domestic assets, whereby proposed retrospective changes to Income Tax Act would apply. Finance Minister Duval may bring soft pressure to bear on local auditing firms whose Partners are local Directors of hundreds of Global Business Companies with Mauritius TRCs. Thus it is most feasible for these Auditors, bound by UK Chartered Accountancy Codes of Practice, to disclose to FSC Mauritius the nature of those TRC beneficiaries who may be deemed to lack commercial and economic substance. Goodwill and Good Faith, in lieu of GAAR Legislation from India, will ventilate a new phase in our international economic diplomacy. The Government's failure since 2010 to launch a goodwill-based credible economic diplomacy with India, and the diplomatic faux pas of Finance Minister Duval's absence in the Government Mission to India led by PM Ramgoolam speaks volumes as to our lack of synchronicity and calibration of our international economic diplomacy and our national economic development program. Foreign Minister Boolell should have been in the front line of staunch lobbying preceding GAAR Legislation proposals in April 2012. Has our economic diplomacy been outsourced to Global Investor Forums with no mandate from Government, thereby operating ultra vires with respect to speaking with a 'coherent single voice' to Indian Authorities? The last gasp lobbying attempt by non-specialist Investor Forums in lieu of technocratic void in our Diplomatic Mission in India and the non-existent role given to Finance Minister Duval in India by Prime Minister Ramgoolam, do not seal our case in the right direction. The serious concern of India regarding the shortfall in Tax receipts from Global Business platforms and the impact on its development strategies and equitable share of global transactions may not be casually underestimated by our Policymakers and economic diplomacy strategists. Is Mauritius an economic partner or a tax parasite vis--vis its Global Protector - India? GAAR should highlight our tactical ability to forge farsighted international economic relations beyond the safety nets of DTAs, AGOA, and crumbling bilateral trade agreements in the long term. Is Singapore Model our salvation?

Continue reading here:
INDIA's GAAR: OFFSHORE, Mea Culpa

LONDON (ShareCast) - - Wall Street up on consumer sentiment - JP morgan plunges after $2bn trading error DOW (NYSE: DPD - news) : +0.3% S&P 500 (SNP: ^GSPC - news) : +0.35% NASDAQ (Nasdaq: ^NDX - news) : +0.62% Wall Street was up in afternoon trading despite an early slump following a massive trading error at JP Morgan. The $2bn loss at JP Morgan has seen the stock slump 7.9% after what the company's boss, Jamie Dimon, described as "egregious mistakes". Other financial stocks were affected by JP Morgan's misfortune, including Goldman Sachs (NYSE: GS - news) (-5.5%). More broadly the picture was positive with tech stocks doing well. Graphics chip maker Nvidia (Xetra: 918422 - news) climbed 7.9% after releasing better than expected sales forecasts. The internet television firm Netflix (NasdaqGS: NFLX - news) was also strong, gaining 6.8% through the morning. The market is benefiting from the preliminary reading of the University of Michigan-Thomson Reuters (Toronto: TRI.TO - news) index which showed US consumer sentiment rose to its highest levels since January 2008. The index showed a reading of 77.8 for May, up from 76.4 the month before. BS

Original post:
US Midday: JP Morgan dives but most stocks up

By David Benoit and Brett Philbin

UBS has hired a new top banker in its real-estate, leisure and lodging investment banking unit, according to an internal memo.

Peter Baccile will join the Swiss giant from J.P. Morgan where he spent the past 25 years building a rolodex of clients that include Simon Properties, MGM and Wynn.

This follows several big hires by UBS including grabbing from Bank of America Andrea Orcel and Jim Forbes. It also follows the hiring of a managing director, Simon Leopold, in the real-estate group from KBW.

Though UBS hasnt been without departures in the Wall Street revolving door, with Alex Wilmot-Sitwell leaving for BofA; internet analysts Brian Fitzgerald and Brian Pitz leaving for Jefferies; and Roland Phillips leaving for Centerview Partners.

Heres the memo from UBS Simon Warshaw and Matthew Grounds, the joint global heads of investment banking.

Building on our strengths in Real Estate Investment Banking

We are very pleased to announce that Peter Baccile will be joining our firm as joint Global Head of Real Estate, Leisure and Lodging within IBD (RELL), working in partnership with Jackson Hsieh. Upon joining UBS in mid-June, Peter will report to Matthew Grounds and Simon Warshaw.

The global co-head model for the RELL group was the vision of Jackson Hsieh, in his effort to provide additional banking coverage in the Americas and abroad. Together, he and Peter will work to significantly grow our firms RELL market share, a business where we already enjoy a strong global franchise, with Ken Cohen running CMBS and Fergus Horrobin covering EMEA and APAC RELL.

Peter is widely recognized as a leader on Wall Street in real estate investment banking, with clients such as Starwood Capital, Simon Properties, Vornado, EQR, SL Green, MGM, Wynn and Colony Capital.

The rest is here:
UBS Hires J.P. Morgan Real Estate Banker