Hong Kong

David Cameron realizes it will be difficult for him to stake his claim to be the world’s foremost fighter against tax avoidance while his country’s own territories—the Caymans, the British Virgin Islands, Bermuda—top the world’s list of financial havens. So he’s asked them to cut it out.

Well, one current British Overseas Territory and one former have made it very clear that they’ve no intention of doing so. Read more »

At a time when U.S. exchanges seem to have lost the capacity to competently manage an initial public offering, one might expect Hong Kong’s securities honchos to sense an opening. They have apparently gotten a different message. Read more »

On February 11th Goldman issued four warrants tied to Japan’s Nikkei index which were described in three separate filings amounting to several hundred pages. Buried in the instructions to determine the settlement price was a formula that read “(Closing Level – Strike Level) x Index Currency Amount x Exchange Rate”. It is Goldman’s contention that rather than multiplying the currency amount by the exchange rate, it should have divided by the exchange rate. Oops. [Economist via BI]

Attempt 1: “The financial community here is buried in white powder.Read more »

Despite the fact that his co-star Shia Labeouf has the accumulated wisdom of several lunches with top brass at the Encino branch of Charles Schwab, sitting in on rounds 17-23 of the Goldman Sachs interview process, and months of studying for the CFA’s Level I exam only to come down with a stomach virus the day of the test, it was retired investor Mike D who will be talking shop at CLSA’s investor conference in Hong Kong this September. For those who question whether or not Douglas knows anything about investing in real life, and why he and not another I don’t know– THE GUY WHO HAS BLOOMBERG ON SPEED-DIAL– was invited, rest assured, MD knows what he’s talking about here. Read more »

Apparently that is wrong in HK, and they should not have done that. What they should have done was either a) take the ferry to Macau, “the Vegas of Asia,” or b) done some horse betting, which is cool with the authorities. Read more »