I recently received an email from a board member of a corporation concerned that one of the company’s foreign subsidiaries was having compliance issues. I immediately interrupted and asked if there were any local bodies on the ground at the company’s foreign subsidiary. I wasn't exactly surprised to learn that there were not. In fact, no one from the U.S. office had visited … [Read more...]
The Cayman Islands: Paradise for Foreign Workers. Not So Much for Tax Dodgers.
There's been a sharp rise in the number of foreign workers in the Cayman Islands. This according to a recent report from Justin Harper of Reuters. Despite increased taxes, the number of foreign workers in the island paradise has gone from 19,927 at the end of 2011 to nearly 21,000 by December 2012. The increase is largely the result of less stringent immigration laws that now … [Read more...]
The U.S. Should Focus on Globalizing Domestic Small Businesses.
In the past few weeks I’ve worked with a number of small business clients looking to go international. In what I perceive as a definite sign of a strengthening economy, the increase in small businesses looking to capitalize on international business opportunities has skyrocketed in the past six months. Increasingly, these international business enterprises are getting … [Read more...]
EU Banks Resisting Stricter Transparency Laws.
European banks are facing the threat of having to reveal their taxes and profits on a country-by-country basis in the latest twist to the EU negotiations over rules to make banks safer. The European parliament is pressing for the tougher disclosure regime along with a demand for strict curbs on bankers’ bonuses as part of the law implementing the Basel III international … [Read more...]
Clean Energy Cases Are Heating Up the World Trade Organization.
I'll be heading to Washington, D.C. next week to meet with White House officials and members of Congress to discuss the President's clean energy agenda. So it's no surprise that I’m a big advocate of the global clean energy industry, which last year alone generated almost $269 Billion in international business. In somewhat of a tribute to the growing importance of clean … [Read more...]
U.S. and E.U. Trade Negotiations: A Complete Waste of Time?
Last month I wrote about the Obama Administration’s plan to negotiate a U.S. and E.U. Free Trade Agreement in the next few years. Lots of folks think its an excellent idea. And so do I. However, there is at least one commenter who thinks that U.S. and E.U. trade negotiations is a terrible idea. … [Read more...]
International Trade Skyrockets in Miami Customs District.
The venerable Mimi Whitefield of the Miami Herald is reporting that 2012 was a record-breaking year for international trade in the Miami Customs District with $124.73 billion worth of trade being exchanged. According to Whitefield, Miami district exports increased to a record $73.3 billion, up nearly 6 percent from the previous year, and imports totaled a record $51.4 … [Read more...]
SEC Takes Immediate Action in Freezing OffShore Accounts Tied to Heinz Insider-Trading.
Yesterday it was announced that Warren Buffet’s Berkshire Hathaway partnered with Brazilian equity fund 3G to purchase iconic American ketchup maker Heinz in a blockbuster $23 Billion deal. Just a day after the deal, the SEC obtained an emergency court order to freeze assets in a Zurich, Switzerland-based trading account that was used to reap more than $1.7 million from … [Read more...]
U.S. Consumers May Spend the Most on Valentines Day But the Philippines Love the Most.
Valentine’s Day is big business around the world. In the U.S. alone, customers will spend around $18.6 billion on Valentine's Day, with the average person spending around $131, according to a survey conducted by the National Retailers Association. In the U.K., consumers will spend an estimated $2 Billion. Whether you’re in China, Japan, Europe or Latin America, there’s … [Read more...]
Don't Miss the 11th Annual International Litigation and Arbitration Conference March 1, 2013.
The Florida Bar's International Law Section will be hosting its 11th annual International Litigation and Arbitration Conference on March 1, 2013. The event will be held at the stunning Biltmore Hotel in Coral Gables, FL, located a short distance from Miami International Airport. I will be speaking on the panel "How Should Counsel Use Trade Agreements in Commercial … [Read more...]