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News
Hands off offshore financial centres
The government should steer clear $100bn for international League; and then the two other “The real issue underpinning
of offshore financial centres, development banks to lend to the divisions; league division one, this whole debate is not in fact
according to Geoff Cook, the head poorest nations, and the IMF will who now aspire to join the top transparency, but tax; who collects
of Jersey Finance. Speaking at the raise a further $6bn from selling flight, currently on a yellow card, it and how. It is also about wealth,
Jersey Finance Annual London gold reserves to increase lending and league division two, who creates it, who enjoys it, who
Trusts & Private Wealth for the poorest countries. “Only summarily shown the red card by controls it, and who shares in it.
Conference on 13 May, Geoff said time will tell if it is enough,” the G20 referees; the Financial The arguments are as old as time,
that, “Many commentators have observed Geoff. Stability Forum and the OECD. but have lost none of their
observed that the April G20 The key outcome from the So, Jersey and other potency in exposing societal fault
London summit delivered more summit for Jersey was a pleasing, cooperative, transparent and well lines.”
form than substance, but at least but arguably overdue recognition regulated centres can now rest Editor’s comment: A robust and I
achieved a consensus.” from the G20 nations of its high easy. The ‘Tax Haven’ question is feel justifiable defence of the island’s
The measures agreed were standards of regulation and settled……………or is it? jurisdictional standards by Geoff
$500bn for the IMF to lend to transparency, through inclusion in “If the debate were simply Cooke, head of Jersey Finance. I
struggling economies, $250bn to the top tier of countries. about transparency and disclosure particularly agree with his point that
boost world trade, $250bn for a We have the cooperative, then centres such as Jersey would it is ludicrous to lump all tax
new IMF “overdraft facility” respectable, transparent and well have nothing to worry about. But jurisdictions throughout the world
which countries can draw on, regulated group; the Premier it is not. in the same category.
Stopping the spread Expats in mass
of swine flu
departure from Dubai
Basic standards of hygiene can do and out of Mexico and enhanced
much to stop the spread of swine screening at airports are likely to
flu, according to David Pryor, have little or no effect preventing
Senior Executive Director at the spread of the virus, as
Medicare International. symptoms of swine flu are often
“If people do find themselves not apparent until later. Indeed, to
falling ill abroad and are worried, it be accurately diagnosed, specific
is vital they go to a local doctor and laboratory tests are usually required
ask for tests,” he said. “This kind of to identify the strain of flu virus
process is routine and will be which has been caught.
covered by most international Those who gain treatment in the
medical insurance policies.” early stages are able to use two
Swine flu is suddenly in most drugs, namely Tamiflu and Rilenza,
people’s minds, as experts try and which seem to treat the virus In an attempt to stop the alleged people will be given the most time.
monitor the risk of a worldwide effectively. The initial symptoms of mass departure of expats from Ghobash is at pains to emphasise
pandemic. So far, the information swine flu are similar to normal flu, Dubai, the government has there are more people entering
which has come to light indicates namely a fever, cough, sore throat, revealed plans to extend the visas of Dubai than leaving the city. A total
that the H1N1 strain carries a aches, chills and fatigue. workers made redundant for up to of 662,000 visas were issued in the
lower risk of fatality and serious Editor’s comment: Hard to know six months. six months ending March 2009.
long term illness than bird flu for what to make of this one. Either it’s Financial services firms in the During the same period a total of
example, as to be caught, it requires a storm in a teacup or we’re on the Gulf region have cut jobs in 405,000 were cancelled.
direct contact with infected verge of a worldwide pandemic response to the economic In the recent past Dubai’s image
humans. “However, it is still early that could kill millions. What do downturn. UAE law permits a has been tarnished by tales of
days and new information on the readers think? person one month to find another expats fleeing the emirate after
virus is emerging all the time as job before being required to leave having lost their jobs.
genetic tests are carried out,” David the country. Ghobash maintains this
continued. “One thing is for sure, Saqr Ghobash, the Minister of perception has been exaggerated.
basic hygiene will substantially Labour, has indicated that this Editor’s comment: The darker
reduce your risk of catching this flu situation is likely to change in June. side of the once thriving Emirate.
virus, wherever you live.” From then, it is expected that Don’t be deluded by the superficial
In a world where cheap air travel expats will be given at least three glamour. It should always be
is readily available, viruses such as months, and perhaps as long as six, borne in mind that the Middle
these have the potential to spread to find another job. It is anticipated East is radically different from the
more quickly. Reducing air travel in that professionals and highly skilled West.
May 2009 Investment International www.investmentinternational.com
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