Archive for July, 2013

Bank of England helped Nazis sell gold

Bank of England helped Nazis sell gold.

In historic documents published online for the first time yesterday, it was revealed that the Bank of England had a role in one of the most controversial episodes in its history – helping the Nazis sell gold before the outbreak of the Second World War.

The official history, written in 1950, detailed how the “Old Lady” transferred gold held in its vaults to the Germans, despite the UK Government at the time placing a freeze on all Czech assets held in London.

The UK central bank therefore reportedly sold gold in June 1939 on behalf of the Nazis – without waiting for approval from Westminster. The Nazis invaded Czechoslovakia in September 1938 and in March the following year, the Bank of International Settlements (BIS) asked the Bank of England to switch £5.6 million-worth of gold from an account for the Czech national bank to one belonging to the Reichsbank.

Moreover, the history reveals that, “There was a further gold transaction on the 1st June 1939 when there were sales of gold (£440,000) and gold shipments to New York (£420,000) from the No.19 account of the BIS”.

Months later the Government declared war on Germany, following its invasion of Poland.

The documents show how the Bank of England defended itself by insisting that its role in the episode was ‘widely misunderstood’.

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The 10 Differences Between Baby Boomers And Generation-Y When It Comes To Money

Interesting how big difference is ,
I see this daily with clients ,

Article below ,

Tony Evans

Almost all of us are guilty of being envious. We see that someone else has something and automatically want it. Our values change for a split moment, as our minds are wrapped around this fixation. We do a little research and discover that the something we want is only a couple hundred. We decide, “Eh, it’s just a couple hundred.” The keyword ‘just’ is the problem when it comes to money spending habits of Generation-Y. This has become a developing problem for our generation that we all engage in, yet don’t notice it

The 10 Differences Between Baby Boomers And Generation-Y When It Comes To Money

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Is QROPS changing?

QROPS Blog – Is QROPS changing?

Is QROPS changing?
JULY 26, 2013
June 2013 brought a major shockwave in the QROPS industry, as the HM Revenue & Customs has been forced to deliver a policy statement that reviews its policies in selecting and handling qualifying recognised overseas pension schemes.

This policy statement was then delivered on the 12 July – but has not been made public yet.

Experts warned that the delay could be a sign of a major shake-up in the way QROPS will be operated.

We have put together a list of what impact HMRC’s new review may have:

1. Nothing could change

HMRC could simply restate its aims – since it is not technically required to do anything beyond publishing a review of policies. HMRC could simply justify its policies in the public domain and where necessary, provide additional clarification for confused UK pension holders.

2. HMRC may become more selective in QROPS providers

HMRC may become more rigid in the way offshore pension schemes like QROPS are designated.

Fewer schemes could mean better relationships between HMRC and QROPS providers, ensuring that misunderstandings happen far less often.

3. HMRC may try to make QROPS unattractive to savers

HMRC may deliberately make QROPS less attractive to expats by increasing the minimum level which must be set aside to provide savers with an income for life, which is currently set at 70%. The remaining 30% can be taken as tax free lump-sum.

4. HMRC may try to make QROPS unattractive to providers

HMRC could impose charges on providers to maintain their QROPS status, in order to reduce the attractiveness of QROPS.

The option for QROPS providers would be to either pass this cost to their customers, resulting in lower returns, or end their involvement with QROPS all together.

5. HMRC may cancel QROPS all together

The notion of HMRC drastically rebranding the scheme to make it unrecognisable, or removing the UK pension transfer ability altogether, is not beyond the realm of possibility – according to experts. Especially when considering the amount of hassle HMRC faces to maintain QROPS.

Sources: International Adviser

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Barclays calls for £5.8bn cash to fill shortfall

Barclays calls for £5.8bn cash to fill shortfall.

Earlier today Barclays revealed that it plans to issue £5.8 billion in new shares in an effort to build cash and refill a capital shortfall created by new regulatory demands – a move that will make the bank stronger, Barclays said.

In addition, Barclays will also issue £2 billion of bonds that are turned into shares or wiped out if the bank gets into trouble.

The share sale will be done as a rights issue, which means that existing investors will have the opportunity to buy new shares so their stakes will not be diluted.

Notably, within the same breath, Barclays also admitted that adjusted second quarter pre-tax profit fell 17% to £3.6 billion.

The plans enable the bank to maintain its planned level of lending growth, according to Barclays chief executive Antony Jenkins.

“I am certain the decisive and prompt action we are taking will leave Barclays stronger”, he stated.

The Barclays move comes after the banking regulator, the Prudential Regulation Authority, issued tough new capital requirements aimed at ensuring that banks are protected from the risk of investment losses, even in the event of a fresh financial crisis.

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15 Things Happy People Don’t Do .

Happiness: something everyone hopes to achieve in his or her lifetime. Such a simple concept, yet many have trouble realizing how to obtain it. Sometimes we unintentionally create our own obstacles that prevent us from achieving this goal. It is ever so important to realize the ways we are limiting ourselves so we can fully reach happiness.

The article below :

15 Things Happy People Don’t Do

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Warning: Final Salary Schemes’ Deficit Grows « BCCJ Acumen

This is a new article I just published in the British Chamber of Commerce Japan on the pension crisis in the UK .

Warning: Final Salary Schemes’ Deficit Grows « BCCJ Acumen – The Magazine of the British Chamber of Commerce in Japan.

The first article was :
UK Firm Pensions: Is the End Nigh

If you like more info please don’t hesitate to contact me .

Tony Evans
Tokyo

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