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USA. President approves sanctions on financing of Iranian petroleum purchases

 

By EDUARDO BRAVO LOSADA, CPA

 

 

President Obama recently determined that there is a sufficient supply of petroleum products in world markets to allow countries to reduce their petroleum imports from Iran significantly. The finding clears the way for new sanctions under Section 1245 of the National Defence Authorisation Act on foreign financial institutions that conduct or facilitate financial transactions related to purchases of petroleum products from Iran.

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LATIN AMERICA. Fund warns of hot money as Latin growth forecast climbs

 

By EDUARDO BRAVO LOSADA, CPA

 

 

Outlook for Brazil remains unchanged but Mexico rises while Peru leads region

 

The International Monetary Fund raised its economic growth forecast for Latin America on an improved global outlook, warning against an inflow of capital that as recently as 2010 caused currencies in the region to surge. The Fund kept its forecast for Brazil unchanged at 3 percent as estimates for Mexico climbed to 3.6 percent. Peru will lead growth in the region by expanding 5.5 percent, Bloomberg reports.   

 

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BAHAMAS. Supreme Court clarifies International Business Companies Act

 

By EDUARDO BRAVO LOSADA, CPA

 

 

In a recent decision the Supreme Court clarified amendments made by the International Business Companies (Amendment) Act 2010. The court held that there is no statutory bar preventing the applicant applying for the restoration of an international business company, even if the company was struck off before the commencement of the International Business Companies Act of 2000.

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AUSTRALIA. Proposed amendments to reduce personal liability of office holders

 

By EDUARDO BRAVO LOSADA, CPA

 

 

The government has released an exposure draft of the Personal Liability for Corporate Fault Reform Bill 2012, which contains proposed amendments to certain Commonwealth laws governing the derivative liability of directors for offences by their company. The majority of the proposed amendments concern provisions of the Corporations Act 2001, but they also extend to other pieces of federal legislation.

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UK. Corporate immigration

 

By EDUARDO BRAVO LOSADA, CPA

 

 

The UK Border Agency has confirmed an increase in the funds required to satisfy the maintenance requirement. As the funds must be held in a bank or savings account for each day of the 90-day period before the visa application, the agency has delayed the implementation date to allow migrants sufficient time to hold these funds before submitting an application.

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GLOBAL. Free trade agreement updates

 

By EDUARDO BRAVO LOSADA, CPA

 

 

In December 2011 the World Trade Organization reached an agreement in principle to implement “historic revisions” to the World Trade Organization Government Procurement Agreement (WTO GPA), a trade agreement covering the public procurement markets in more than 40 WTO member states (including the United States). 

 

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UK. HMRC publishes a summary of responses on its proposed measure to tackle the use of high risk tax avoidance schemes

 

By EDUARDO BRAVO LOSADA, CPA

 

 

The Government has published responses to its consultation on the proposed measure to tackle the use of high risk tax avoidance schemes by “listing” certain schemes in regulations and attaching certain consequences to the use of those schemes, primarily an additional charge on tax underpaid as a consequence of using one of these schemes. 

 

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CANADA. Supreme Court of Canada confirms corporate mind and management test applies to trusts

 

By EDUARDO BRAVO LOSADA, CPA

 

 

The Supreme Court of Canada has confirmed that a trust is resident in the jurisdiction where it makes its management decisions. 

 

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UK. Court upholds ISDA agreement in Lehman Brothers insolvency judgment

 

By EDUARDO BRAVO LOSADA, CPA

 

 

The Court of Appeal has ruled on a joint appeal relating to the application of the International Swaps and Derivatives Association master agreement in insolvency. Considering the position of out-of-the-money parties whose counterparty is subject to an event of default, it held that such parties remain potentially liable, such that they would have to pay if the event of default is cured, even after the transaction ends.

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BRAZIL's central banker is world's most unpredictable

 

By EDUARDO BRAVO LOSADA, CPA

 

 

Alexandre Tombini makes a habit of surprising analysts at policy meetings

 

No central banker in the world's top 10 economies has surprised analysts as frequently as Brazil's Alexandre Tombini. Since taking office 15 months ago, Tombini set interest rates lower than economists expected in three out of 10 policy meetings, including an August reduction that all 62 analysts surveyed by Bloomberg failed to anticipate. 

 

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