An explosion of interest in contemporary Chinese art has helped China unseat France from its traditional number three spot for the first time, according to Art Market Trends report. It is suggested that though China remains third with 7.3 per cent of global auction revenues, against 43 per cent for New York and 30 per cent for London, it may not be long before the Asian powerhouse begins to challenge these once untouchable capitals, the report suggests. (Source: ftchinese.com)

The Dubai Financial Services Authority (DFSA) and the Hong Kong Securities and Futures Commission (SFC), have announced a joint regulatory initiative to enhance access to Islamic financial products in Hong Kong and the Dubai International Financial Centre. The initiative comes in the context of a Memorandum of Understanding between the two regulators. The SFC has also agreed to play a part in the DFSA's graduate training program by offering short-term placements to UAE nationals employed by the DFSA. (Source: Tax-News.com)

A growing number of professionals are being forced to declare income earned overseas as the Australian Tax Office intensifies its surveillance of international tax havens. The tax office has received 583 disclosures from Australians who admitted having money tied up overseas, some in complex investment structures located in offshore tax havens. The new admissions cover $24.7million in taxable income and it has emerged that 39per cent of the money withheld from the tax office was kept in overseas bank accounts. (Source: theaustralian.news.com.au)

Italy narrowed its trade deficit with non-European Union countries in February 2008, which was EUR1.33 billion, compared with a EUR1.74 billion deficit a year earlier, as exports in most sectors rose. It was boosted by exports of refined petrol and machinery and an improvement in exports to the U.S. Exports to non-E.U. countries rose 17.7% on the year to EUR12.88 billion, while imports from such countries increased 12% to EUR14.21 billion. (Source: djnewswires.com)

HSBC has launched private banking services in China, adding to the push by foreign banks to exploit the country's rapidly-growing market for services to wealthy clients. Chinese regulators have given HSBC approval to offer private banking services in Shanghai, Beijing and the southern city of Guangzhou. The UK-based banking group will target individuals with a minimum net worth of $10 million, while the minimum initial deposit for an account will be $1 million. (Source: wealthbriefing.com)

Japanese corporate bankruptcies rose 23.0% on year in March to 1,127 cases, a new high, private credit research agency Teikoku Databank Ltd. said. The result marked the highest figure since the survey first started being conducted in April 2005. The think tank said 45 firms went out of business in March due to rising crude oil prices. The number of failed construction companies also rose to 307, compared with 241 a year ago. (Source: djnewswires.com)

China is inching closer towards the long awaited launch of internet services on mobile phones after China Mobile started trials of 3G wireless technology in eight cities on April 1. The trials are considered a test of TD-SCDMA, the 3G mobile technology that is favored by the Chinese government but is not commercially proven. Beijing has promised some form of 3G mobile services for the Olympic Games, and China Mobile's trials will run from April to July. (Source: ftchinese.com)

Geneva-based Union Bancaire Privée, the world's second largest alternative asset manager will buy 50 per cent of the total outstanding ordinary shares of Banco Popolare's Aletti Gestielle Alternative a fund of hedge funds business with € 3.6 billion in assets under management, to create the largest alternative asset manager in Italy. Banco Popolare will receive cash from UBP at closing and a deferred cash payment over the following years. The cash consideration is expected to generate a net capital gain of approximately € 80 million at closing for Banco Popolare. (Source: wealthbriefing.com)

Costa Rica has reportedly reached a compensation settlement with the US in a long-running dispute over legislation which has shut out foreign internet gaming companies from operating in the US market. The Central American country has accepted a US offer of greater access to other service markets, including research and development, storage, technical testing and analysis, in compensation for the closure of the US online gaming market to Costa Rican operators. (Source: LawAndTax-News.com)

Swiss bank UBS AG said it expected to post first quarter net losses of 12 billion Swiss francs (US$12.1b) and would seek 15 billion Swiss francs (US$15.1b) in new capital. The bank said its move to raise capital through a rights issue would be fully underwritten by four leading international banks and would enable it to remain "one of the world's strongest and best capitalized banks." (Source: money.cnn.com)

Shanghai World Expo looms and will be with us in 2010. Now Sinotrans (China National Foreign Trade Transportation), a comprehensive logistics services provider with business in several overseas countries, is the first confirmed sponsor in the field of logistics. It was among the first batch of 44 supporting corporations during China's bid to host Expo 2010, providing logistics services to the bidding team in 2002. (Source: chinaeconomicreview.com)

Ferrero, the Italian confectioner, had won a landmark court decision in China against a domestic rival for imitating its signature gold-wrapped Rocher chocolate. The Supreme Court in Beijing fined Montresor (Zhangjiagang) Food Rmb500, 000 ($71,400, €45,400, £36,000) and ordered it to modify its packaging after a four-year legal battle. However, such judgments in the past have proved hard to enforce and the popular Tresor Dore may continue to sit next to it on supermarket shelves. (Source: ftchinese.com)

Hungary's current interest rate level of 7.5% could allow the National Bank of Hungary to meet its 2009 inflation goal of 3% given current economic trends, Monetary Policy Council member Judit Nemenyi wrote in her article. Also, she warned that monetary policy could only keep inflation at a low level without real economic sacrifices if the government was committed to low inflation through its wage, tax and regulated price policies. (Source: djnewswires.com)

The Tax and Information Exchange agreement concluded last year by the Netherlands and Jersey went into effect at the beginning of March, 2008. On 20 June, 2007, the Netherlands and Jersey signed two agreements: the agreement for the exchange of information relating to tax matters and the agreement on the access to mutual agreements procedures in connection with the adjustment of profits of associated enterprises and the application of the Netherlands participation exemption. (Source: Tax-News.com)

The World Bank further cut its forecast for China's 2008 economic growth to 9.4 percent in a report released on Apr.1, after an earlier cut to 9.6 percent in February. Louis Kuijs, senior economist of World Bank's Beijing office, said the adjustment was made purely out of concerns over external factors of Chinese economy. He was still optimistic about the domestic performance of Chinese economy, being confident of expected powerful investment and robust consumption domestically. (Source: chinadaily.com.cn)

Governments are racing to strike secretive barter and bilateral agreements with food-exporting countries to secure scarce supplies as the price of agricultural commodities jump to record highs. The moves coincide with a significant tightening of the global food market as leading exporters of agricultural commodities ban foreign sales. The government-to-government contracts could bypass those restrictions. (Source: ftchinese.com)

The Canada Revenue Agency has begun a crackdown on tax evasion schemes such as the use of fictitious Registered Retirement Savings Plans and over 300 investigators have been executing search warrants in 50 separate locations across the western region of the country. The tax authority is urging Canadians to be cautious and to check the legitimacy of RRSP funds and other investment opportunities before investing. (Source: wealthbriefing.com)

A legal assistance agreement has been signed on April 3rd by Hong Kong and Indonesia. It will allow for a wide range of reciprocal assistance to be offered in the investigation and prosecution of criminal offences and in the proceedings relating to criminal matters. The agreement will come into force 30 days after the date on which both parties have notified each other in writing that their respective requirements have been complied with. (Source: LawAndTax-News.com)

Germany has joined over European countries to help each enforce national tax laws and collection. It is the sixteenth member of the OECD-Council of Europe Convention on Mutual Administrative Assistance in Tax Matters, joining France, UK and the US. (Source: bestpracticemagazine.co.uk)

The Philippines has taken delivery of 500,000 metric tonnes of rice as the government sought to assure an edgy public that supply of the staple food was adequate. The rice from Vietnam and Thailand would be used as a buffer for lean harvest months between July and September. An additional 700,000 metric tonnes is expected to arrive between April and June with 80 percent from Vietnam and the balance split between Thailand and Pakistan. (Source: afxnews.com)

Viet Nam and Oman signed an agreement tackling double taxation avoidance and income tax evasion on Apr.18, the first of its kind between Viet Nam and a Middle Eastern country, which is designed to create favorable conditions to boost economic and investment ties between Viet Nam, Oman and the Middle East and aims to ensure Viet Nam's preferable tax system for foreign investment. (Source: vietnamnews.vnagency.com.vn)

Tony Brown, Chief Minister of the Isle of Man, has announced the publication of Service Delivery Plans for the individual Departments, Boards and Offices of the IoM Government. The documents set out what the 21 bodies aim to achieve over the next three years, in line with the Government Strategic Plan, which highlighted the four main policy priorities: Income, Employment and the Economy; Government Spending and Revenues; Legislation and Regulation; and Quality of Life. (Source: Investors Offshore.com)

The European Council adopted a package of measures aimed at simplifying value-added tax arrangements for businesses. The measures will, as a general rule, come into force on January 1, 2010. A compromise was made in respect of the change of the place of supply for business-to-consumer supplies of telecommunications, broadcasting and electronically supplied services. The suggested changes in this sector will be postponed until January 1, 2015. (Source: bakerxchange.com)

The new trust legislation in Guernsey, approved in July 2007, came into force on March 17th, 2008. The changes overall are designed to create a more flexible framework for the local trust industry, and to ensure that Guernsey, as a jurisdiction for the establishment and administration of fiduciary structures, remains well placed and competitive. (Source: Tax-News.com)

Washington Banking and Frontier Financial have announced that WBCO shareholders have approved the principal terms of an agreement and plan of merger by and among Frontier and WBCO, Frontier Bank and Whidbey Island Bank. The shareholders owning 73.27% of the total outstanding shares voted in favor of the merger, representing 95.56% of the shares voted. The closing of the merger is subject to the approval of the Federal Deposit Insurance Corporation. (Source: banking-business-review.com)

【Chief Editors: Jane Lu & Cynthia Ding 】

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