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April 2009
03
I nves tme nt
I NTE RNATI ONAL
Comment
Contents
Jonathan Ball, editor
4 News
7 Letter from America
T
he most significant event of this month was unquestionably the G20
summit on 2 April. This magazine’s American correspondent has
The G20
The magazine’s United
delivered an excellent, perceptive assessment of the occasion – see
States correspondent
page seven. But perhaps he has been too polite.
claim
analyses the recent G20
The French President’s performance was distinctly unimpressive.
summit in London
Threatening to walk out of a meeting of the world’s major economic pow-
ers unless you get your way is the type of conduct most of us grew out of
“The era
9 Caxton FX – transferring
when we were six years old. It apparently comes as second nature to
money abroad
Monsieur Sarkozy.
Your bank is not the only
of banking
On a more serious level, one must be concerned by the range of interests
means of cost–effectively
present at the summit.
transferring funds
Sure there were developing countries at the meeting - Brazil, China,
secrecy
overseas
India, Indonesia, Argentina and South Africa were represented at the table.
11 Custom House But let no one fool themselves that they were looking after the interests of is over.”
Dermot Butler, CEO, the entire developing world. They were concerned with their own interests,
outlines the attractions of and it is doubtful that many of them understand the difficulties and chal-
But is it?
Dublin’s fair city lenges facing small states.
14 AXA PPP healthcare
Conspicuously absent from the meeting were small island states, the
The quality and cost of
world's poorest states, and countries regarded as "tax havens", even though
healthcare varies
the latter were the subject of much attack before the G20 summit and they
enormously from country
were linked in the Communiqué to the statement: "We stand ready to
to country. Karen Teasdale,
deploy sanctions to protect our public finances and financial systems. The
Marketing Manager of AXA
era of banking secrecy is over." But is it?
PPP healthcare, provides
There is no evidence whatsoever that public finances and financial sys-
the details
tems were threatened by jurisdictions with offshore financial services. Yet,
17 Shariah finance
without one of these accused jurisdictions present to argue the unfairness of
An explanation of the basic
the statement, it was made by the G20 including the large developing
principles of this rapidly
nations such as Brazil, China and India.
growing area of finance
But not a single mea culpa was contained in the communiqué. There was
not a word of admission that the global crisis was caused by the financial
18 Guernsey Finance goes to
establishment in the G7 countries. Nor was there a word of condemnation
China
from the large developing countries that were present. Instead, there was the
The CEO of Guernsey
sanctimonious line: "A global crisis requires a global solution." Well, if that
Finance describes the
is so, why weren't countries represented at the meeting in a global way?
growing links between his
Why were representatives of small states, the very poor and so-called "tax
organisation and the
havens", not at the meeting?
world’s rapidly expanding
Of even greater importance, why did the countries of the South - the
economic superpower
developing world - not get together before the G20 Summit to devise an
21 There’s gold in them there
agenda of their own? China, India and Brazil will not inspire the confidence
hills
of the rest of the developing world unless they take the initiative to gather
Adrian Ash of BullionVault
them together to take their views into account.
outlines the company’s
groundbreaking service
Editor Issue 224: April 2009
Jonathan Ball, 0207 490 0739
23 Focus on savings
Jonathan@thepublishinggroup.co.uk
I nves tme nt
ADVICE TO READERS
Barclays Wealth on how
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Offshore Funds Tables
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www.investmentinternational.com April 2009 Investment International
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