News

Facebook may be the year’s hottest stock issue – but try getting a piece of it. Small investors will find the line long and hurdles high to get even a handful of shares. And membership in Facebook’s social network won’t help, no matter how much you ‘like’ the company. Facebook already bumped up the price … more »

Discussions between Cyprus Government and “Noble Energy” concerning the planning for the transfer of natural gas from gas reserves to the island founded in Cyprus’ Exclusive Economic Zone, enters its final stage. The process is going according to schedule and decisions are imminent by the end of May. “Noble Energy”, a Houston-based company, received concessions … more »

Strict standards await individuals and organisations that would like to register patents in Singapore. New proposed changes to the law aim to strengthen Singapore’s patent regime. A key change proposed for the Patent Act is to move from a self-assessment patent system to the positive grant patent system, to raise the overall quality of patents … more »

In a review of Luxembourg’s economy, the International Monetary Fund voiced its concerns over the small country’s position and warned Luxemburg of the possibility of a ‘political accident’ due to Eurozone crisis. IMF said that Luxemburg’s position is vulnerable economically and financially. The review of IMF did not specify the possible source of the accident, … more »

Cyprus’s Popular Bank is in negotiations with the government over possible state financing to help it recapitalise from exposure to Greek toxic debt. . The bank confirmed that it was discussing the possibility of the Republic of Cyprus underwriting the capital issue, offering incentives for existing and new investors to participate. Popular Bank is the … more »

The Registrar of Companies of Hong Kong has announced that the capital duty currently levied on Hong Kong companies will be abolished from June 1, 2012. Capital duty is currently levied in Hong Kong on a company having a share capital at a rate of HKD1 for every HKD1,000 (USD129) or part thereof, subject to … more »

Facebook co-founder Eduardo Saverin officially gave up his US citizenship for the tax-friendly residency status of Singapore. At the moment there is no information about when he will take up Singapore citizenship. His renunciation was published by the Internal Revenue Service at the end of last month and then reported by Bloomberg.  Announcement became public … more »

The biggest US bank, PMorgan Chase, has announced a surprise trading loss of at least $2bn (£1.2bn) on complex investments made by its traders. Chief executive Jamie Dimon blamed “errors, sloppiness and bad judgement” for the losses and warned “it could get worse”. The risky hedging strategy could cost the bank an additional $1bn, he … more »

Cyprus Chairman of the House Legal Affairs Committee Ionas Nicolaou announced some significant changes and amendments in Cyprus the law on personal data. It will allow Cyprus Inland Revenue Department (IRD) to do its job in dealing with tax evaders. According to the DISY deputy, the committee decided in favour of amending the law in … more »

Cyprus Finance Minister Vasos Shiarly confirmed that Cyprus Government is ready and willing to bail out the island’s banks should they need assistance. Cyprus state may have to provide availability of €1.5 billion to Popular Bank to cover losses on a Greek debt, if the bank’s own recapitalisation attempts should fail. Cyprus has been shut … more »

In a globalized economy where multinational companies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expectations, Cyprus provides a complete value proposition. Now those companies who wishing to make a large scale investment will be able to invest easily into Cyprus and its infrastructure. ALL THAT remains is … more »

The head of the International Monetary Fund urged indebted countries in Europe and elsewhere to reduce their budget deficits gradually to avoid further damaging their economies. Christine Lagarde said in a speech in Zurich that steep cuts tend to slow an economy, particularly if a nation is already suffering from weak growth. The head of … more »

Speaking at the Cyprus-US Commerce Chamber’s Annual Award Dinner where Noble Energy, its Chairman and CEO Charles Davidson were awarded the 2012 Distinguished Merit Award, Davidson announced Noble’s recent success in the Eastern Mediterranean, where 35 trillion cubic metres of natural gas have been discovered, in Cyprus’ and Israel’s EEZ. The amount of natural gas … more »

10 Southeast Asian countries  and China, Japan, South Korea meet in Manila  and agreed to enlarge and strengthen their emergency liquidity program, while continuing Euro zone uncertainties and high oil prices as key economic risks. Finance ministers from the 13 countries, including members of the Association of Southeast Asian Nations (ASEAN), met on the sidelines … more »

Singapore has moved up two places to become the world’s fourth most desirable spot to live and work, while the top three relocation destinations remained the same the US, Britain and Australia. Singapore has become a popular destination for multinational corporations and company formation over the past few years, the study was conducted by recruitment … more »

Construction work on the €350 million Limassol Marina is continuing at a “staggering pace”, sales contracts of luxury residences integrated into the project have reached €55m. The first yachts and residents are on schedule to arrive by the end of the year while those interested in securing one of the 650 berths will get their chance in … more »

Singapore’s OCBC Bank yet again has been named the world’s strongest bank for the second year running. Rating was given by an annual ranking by Bloomberg Markets Magazine. Singapore OCBC bank was selected out of 78 global banks with total assets of US$100 billion (S$124 billion) or higher as of mid-March. The banks were assessed … more »

In a May Day message Singapore Prime Minister Lee said that the Singapore economy growth was 4.9%, which is a very creditable figure considering the external uncertainties. Singapore workers have benefited from this robust performance. Many good jobs were created, and Singapore unemployment rate of 2% was the lowest in 14 years. However, Prime Minister … more »

The giant gadget maker Apple avoiding billions of dollars in taxes by setting up subsidiary companies in tax-free or low-tax states and countries. Apple, based in California, but uses a small office in state-tax-free Nevada to manage and invest its profits, allowing it to bypass California’s 8.84% corporate tax rate. Apple’s Nevada-based subsidiary asset management … more »

Cyprus Commerce Minister and Mayor of Ayia Napa signed approval for construction of Ayia Napa Marina. New project will have multiple benefits and investment for Agia Napa area with creation of 3,000 jobs. The project itself was valued at €230 million while the infrastructure works including new sewerage system and extra road network had amounted … more »

Saxo Bank, the specialist for online trading and investment, has announced opening of its new office in Cyprus. New Branch will provide for Cypriot investors access to the international financial markets and will serve as a regional business centre, which geographic cover will service Central and Eastern Europe. One of the reasons for attracting Saxo … more »

The Chinese Investment Promotion Council (IPC) delegation visited Cyprus to explore the investment opportunities for Chinese businesses in Cyprus. IPC has the power to advise and approve Chinese companies’ investments abroad. Cyprus remains a trusted business hub, with geographic and other features that make it an ideal destination for investment and other economic activities in … more »

Inland Revenue Department of Hong Kong has confirmed that business registration fees reduction for one year has came into effect on April 1, 2012. Reduction was announced in the Hong Kong’s 2012/13 Budget, the government’s series of initiatives in the attempt to support small and medium-sized businesses (SMEs), including an enhancement to the SME Financing … more »

Hong Kong’s finance secretary announced tougher standards for new share listings due to growing concerns about fraud in the world’s biggest market for initial public offerings (IPOs). New securities regulations currently being discussed and new position should strengthen Hong Kong’s position as a premier capital formation centre. With new regulations all listed corporations will be … more »

Substantial Gas find off the coast of Cyprus would in theory act as a catalyst for peaceful political-economic dynamics, but seems to have created escalating tensions and confrontation between Cyprus and Turkey in the eastern Mediterranean. With the Cyprus and Turkey reconciliation talks at a deadlock point and inactivity and with evidence that there are … more »

Cyprus will not going to increase its 10% corporate tax rate as a result of the “harmonization pact” proposed by German Chancellor Angela Merkel and French President Nicolas Sarkozy. Cyprus Chamber of Commerce and Industry published a press release stating that there will be no increase to the country’s corporate tax rate as a result … more »

Plans for a huge investment in Cyprus by Canadian-American conglomerate Triple Five are back on track and will include the acquisition of a Cyprus bank. High-level talks were held in Cyprus by seven representatives of the multi-national organisation including its European and the Middle East vice-chairman George Constantinou. Main topics of conversation were Investment in … more »

Residential property sales in Singapore to foreign buyers plummeted by 78% in the first quarter 2012, due to a government decision in 2011 to apply a higher stamp duty as a preventative measure for the market from overheating. Only 293 sales were recorded in the first three months of 2012 compared with 1,358 in the … more »

Latest statistics released on Singapore company formation point towards renewed business confidence in the Singapore economy. In the first quarter of 2012 business incorporations increased to 14,596 entities representing a jump of 11% over last quarter of 2011. Furthermore, Exempt Private Company (EPC) formations recorded a 16% growth increase and emerged as the most preferred … more »

Finance Minister  of Cyprus has expressed confidence that Cyprus will be able to meet the deficit reduction targets agreed with Europe and its Russian creditors. Although Cyprus amidst fiscal problems, there is cause for optimism, with the nation’s deficit on a declining trend, since hitting 6% of gross domestic product (GDP) in 2011, which had … more »