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Diamond the size of a tennis ball could fetch more than $100 million

Stuff Business - Thu, 05/05/2016 - 01:54
It's a rock for the ages.
Categories: Economic News

Jim Sinclair: Have you been damaged by the manipulation of gold and silver ?

By Jim Sinclair
JSMineSet.com
Tuesday, May 3, 2016

I have been exploring and analyzing the present and proposed litigation of gold and silver precious metals. I have reached some conclusions and want to share my views and offer you an important opportunity to join with me to address this problem in a never-before-used litigation approach.

Are you a precious metals share investor? A precious metals producer? A company whose business was injured as a result of the manipulation and suppression of the price of gold or silver? If so, please e-mail me as soon as possible and provide contact information for me to confer with you. If your entity meets the above criteria, I will speak with you as soon as possible.

I have investigated class-action suits and other conventional causes of action. I have not been satisfied by my findings. We need not only a cause of action; we need a prevailing case. We need a winning plan of action, not just another lawsuit on top of the heap of other emerging lawsuits. ...

... For the remainder of the commentary:

http://www.jsmineset.com/2016/05/03/have-you-been-damaged-by-the-manipul...

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Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

http://fmturl.com/gata/


Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Categories: Goldbugs

EY's Rebecca Sellers and Ken Wallace outline the risks and requirements NZ companies with European customers face under the EU's new stringent data privacy regime

Interest.co.nz News - Thu, 05/05/2016 - 01:45

Rebecca Sellers & Ken Wallace*

 If you’re a New Zealand company with customers in Europe, you must pay attention to this! 

Europe’s stringent new data privacy regime, the General Data Protection Regulation (GDPR), received final approval from the European Parliament last month. This will replace the inconsistent laws of many EU countries, and non-compliant organisations risk fines of up to €20 million, or 4% of their total worldwide annual turnover. EU member states may impose additional penalties. 

New Zealand companies can be subject to the same penalties as EU companies. They are affected because of the GDPR’s territorial scope. The new regime will impact every entity holding or using European personal data, both inside and outside Europe. 

The regulation is a stark reminder of the rigorous penalties globally, including prison time, for data breaches. If your business holds personal data or targets consumers overseas, you are at risk. 

New Zealand business is embracing the opportunities the digital economy brings. But if we want to play globally, we must play by the global rules. In this case, businesses must make changes to comply with the GDPR. 

What’s in the fine print? 

The GDPR applies to companies outside the EU if they process data about people within the EU in connection with “offering goods or services” or “monitoring” user behaviour within the EU. 

The GDPR defines specific breach notification guidelines. Data breaches must be reported within 72 hours unless there is reasoned justification for not doing so.

Such reports must discuss the likely consequences of the data breach, and how the breach can be addressed and mitigated. The GDPR codifies a right to be forgotten, allowing individuals to request that their personal data is deleted. There will be more rigorous rules around collecting personal data, requiring that it occur only where individuals have made a statement or clear affirmative action that they agree. 

New Zealand currently has favoured status with any European Union country. It is one of the few countries with a legal regime deemed by the European Commission to provide for an “adequate” level of personal data protection. This makes it easier for New Zealand companies to hold the data of EU citizens. With such privilege however, comes responsibility. Unless companies here make changes in line with Europe’s new, demanding regime, they too could become exposed to liability. 

To comply with the GDPR, your business must consider many changes. For example, businesses must assign clear responsibility to a Data Protection Officer and develop formal privacy accountabilities for operations and reporting. They must also demonstrate capability to deliver “privacy by design”. This means building privacy up-front into the design specifications and architecture of new systems and processes. 

Europe is not alone in moving to mandatory breach reporting. Many of the countries where New Zealand companies do business have proposed mandatory breach notification schemes that are likely to be enacted. 

These include Australia, Canada and the US Federal Government. In the US, most states already have a mandatory breach reporting regime. California has the stringent threshold of requiring notification following any breach of unencrypted information; Australia and Canada both have the more lenient threshold that there must be reasonable grounds to believe a serious data breach has occurred. 

New Zealand’s current regime is not yet as exacting. The Privacy Act 1993 governs data protection in New Zealand, including how agencies collect, use, disclose, store, retain and give access to personal information. For example, agencies must hold personal information securely and disclose it to other entities only in constrained situations. There is no mandatory requirement to report an interference with privacy. 

Our lighter (and old) regime could risk our privileged position with the EU. This would significantly impact New Zealand businesses that hold data on EU citizens or target EU citizens as part of their export market. 

Our New Zealand regime is ready for reform. Such reform will likely include a two-tier mandatory breach notification. The first tier would require New Zealand companies to notify all material data breaches to the Privacy Commissioner and the second tier would see agencies required to notify the Privacy Commissioner and affected individuals for more serious breaches in which there is a real risk of harm. 

Non-notification of breaches would be a criminal offence with a maximum fine of $10,000.

Data protection globally is an important risk to manage. On August 8, 2014, a Shanghai court found a British couple guilty of illegally collecting personal information. They were sentenced to jail terms of at least two years each, as well as fines. China has since increased its penalties with breaches of privacy able to attract prison sentences of three to seven years. Penalties are similarly harsh in a number of other jurisdictions New Zealand does business with. Businesses need to consider the risk of harsh penalties to both individuals and organisations and act accordingly.

Given the severe laws around the world to which New Zealanders can be subject, the proposed new breach notification scheme and the trend towards more demanding data protection requirements and big penalties globally, now is the time for New Zealand businesses to understand their exposure and ensure they have processes in place to protect themselves. The two year grace period provided by the GDPR provides organisations with the perfect window of opportunity to start playing by the global rules.

-----------------------------------

* Rebecca Sellers is Financial Services Leader at EY Law, and Ken Wallace is a partner and technology risk leader at EY.

Categories: Economic News

BNZ profits fall 16 per cent

NZ Herald - Thu, 05/05/2016 - 01:45
A 16 per cent drop in the Bank of New Zealand's net profit after tax was due mainly to lower gains on financial instruments, affected by the falling kiwi dollar. The local unit of National Australia Bank reported how its $536 million...
Categories: Economic News

Hong Kong to gain as China streamlines cross-border gold trade

By Enoch Yiu
South China Morning Post, Hong Kong
Wednesday, May 4, 2016

Gold trading between Hong Kong and China is expected to rise with the People's Bank of China announcing today a rule change from June 1 to simplify cross-border shipment procedures that would help speed up gold imports into the country.

Companies that frequently import and export gold and gold products will be allowed to apply for a single permit that can be used for up to 12 shipments, the central bank said in a statement on its website.

China currently has only 15 authorised gold importers, including major banks such ICBC, which need to register every single shipment.

Gold traders said the rule change would benefit not just mainland Chinese gold importers but also Hong Kong gold traders that deal with mainland importers. ...

... For the remainder of the report:

http://www.scmp.com/business/money/investment-products/article/1941353/h...

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Visit us at www.europesilverbullion.com.

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Categories: Goldbugs

Chinese-owned milk powder company donates $25,000 to National Party

NZ Herald - Thu, 05/05/2016 - 01:30
A Chinese-owned milk powder company reprimanded by Prime Minister John Key for using his photo without permission in its advertising in 2012 has donated $25,400 to the National Party.Donation returns released yesterday show National's...
Categories: Economic News

Worker fired for age and disability

NZ Herald - Thu, 05/05/2016 - 01:27
A man has been awarded $5000 after the Employment Relations Authority found that he was unfairly fired from a job and discriminated against for his age and having Asperger's Syndrome.Lichen Wang worked at east Auckland warehouse...
Categories: Economic News

TEDxAuckland 2016 Live Stream

NZ Herald - Thu, 05/05/2016 - 01:25
Join us as 28 thought leaders, innovators and global action makers take to the TEDxAuckland stage at Shed 10 on Auckland's waterfront. This years' theme Flipside speaks to the perspective you get from seeing an old problem in a...
Categories: Economic News

Winemakers braced for top vintage

NZ Herald - Thu, 05/05/2016 - 01:24
As the last of Clearview Estate's syrah grapes were carefully hand-harvested yesterday, co-owner and winemaker Tim Turvey had one word to describe the 2016 vintage."Amazing."The syrah, which has lingered about a fortnight later...
Categories: Economic News

John Key's $22m Budget reveal: New cybercrime unit to tackle online espionage

NZ Herald - Thu, 05/05/2016 - 01:21
Prime Minister John Key has unveiled plans to spend $22.2m from this month's Budget on a unit to battle cybercrime and online espionage.Known as the Computer Emergency Response Team (CERT), the unit will "enable a significant advancement...
Categories: Economic News

Cheerleaders' uniforms as art? Ask the Supreme Court

NZ Herald - Thu, 05/05/2016 - 01:20
The Supreme Court of the United States has announced that it will decide a fascinating copyright case about cheerleaders' uniforms. It's a big deal because the case isn't just about cheerleaders — it could determine whether...
Categories: Economic News

Robyn Pearce: The time-saving chart that made the car company money

NZ Herald - Thu, 05/05/2016 - 01:15
Many clients over the years, both in groups and one-on-one coaching with me, have shared the frustration of trying to keep up with follow-up of some kind — either with hot prospects, referral partners, customers or suppliers....
Categories: Economic News

NZ's foreign trust review slammed as 'limited' by Transparency International

Stuff Business - Thu, 05/05/2016 - 01:14
An anti-corruption organisation has slammed the Government inquiry into New Zealand's foreign trust rules, saying its limited scope won't tackle the risks of financial crime links to the country's companies and trusts.
Categories: Economic News

Huge fee hike approved for Overseas Investment Office

Stuff Business - Thu, 05/05/2016 - 01:07
The Overseas Investment Office (OIO) will hike its fees and hire up to an extra 10 staff to perform checks on foreign buyers of sensitive land and assets.
Categories: Economic News

The "Casino" Is Opening!

Jim Sinclair's Mineset - Thu, 05/05/2016 - 01:07

Dear CIGAs, We have had a run in gold/silver and the shares far greater than nearly anyone had anticipated. And as you know, the buildup of “commercial shorts” particularly in silver are at all-time highs. By rights, if history is any guide we should experience a sharp pullback. This has been the case for several... Read more »

The post The "Casino" Is Opening! appeared first on Jim Sinclair's Mineset.

Categories: Goldbugs

Is China's media tycoon Jack Ma the new Rupert Murdoch?

BBC Economics - Thu, 05/05/2016 - 01:03
Is China's Jack Ma the new Rupert Murdoch?
Categories: Economic News

Median house prices up 3.9 percent in county - Mail Tribune

Google NZ House Prices - Thu, 05/05/2016 - 00:57

Median house prices up 3.9 percent in county
Mail Tribune
The median sales price for existing houses in Jackson County rose 3.9 percent, year over year, for the three months ending April 30. Whether that modest gain is masking a potential surge during the months ahead is to be seen. County-wide figures ...

and more »

Housing Minister says Government does not believe there is a housing crisis; sees a "challenge"; says rising house demand a 'good news story' that requires supply response; Seymour asks how affordable housing would be with 9% mortgage rate

Interest.co.nz News - Thu, 05/05/2016 - 00:50

By Bernard Hickey

Housing and Building Minister Nick Smith has denied New Zealand faces a housing crisis, describing media reports of a crisis as a beatup and instead insisting the situation was a "challenge" where a supply response was needed to meet strong demand, which was a "sign of success."

Prime Minister John Key later also told a business audience on Thursday that Auckland's house prices and congestion issues were a "sign of success".

Smith was asked in Parliament by Labour Housing Spokesman Phil Twyford if he stood by previous statements that reports of a crisis were a "media beat up."

"The Government’s position is that it is not a crisis, but that there is a challenge. New Zealand is doing so well that it is attracting New Zealanders home and an increasing number of people want to live in New Zealand, and as a consequence of that good-news story, we need to make sure that we build more houses," Smith said.

He was then asked about an IMF report that showed New Zealand had the second-fastest real house price growth in the world in the last year (behind Qatar) and the fastest house price to income multiple growth in the last four years. The report also showed New Zealand's house price to income ratio had grown the second fastest in the world in the last five years behind Turkey.

"I would note on the IMF chart—if that was to be the test—that the most affordable houses and the best places to live are Syria, Greece, and Spain. Actually, this Government’s ambition is not to be like any of those three countries," Smith said.

Prime Minister John Key then intervened to question Smith about the difference between the Government's policies and Labour's while in Government from 1999 to 2008.

"The first step this Government took was to remove depreciation for buildings, which affects the demand side of investment housing. The second step the Government took was the first phase of Resource Management Act reforms. The Government then introduced the HomeStart scheme—that is a $420 million investment. The Government has provided for increased housing standards, with 290,000 houses insulated," Smith said.

Claiming credit for lower interest rates

Shortly afterwards, ACT Leader and Epsom MP David Seymour then challenged Nick Smith's comments that housing affordability had improved under National. Smith agreed that higher interest rates would stress home owners, given prices were now substantially higher than in 2008.

"If interest rates return to 2008 levels of over 9 percent, it would put families with a mortgage under extreme pressure. That is why good economic management that keeps interest rates low for longer is absolutely critical for families and home ownership," Smith said.

He then agreed that he did not have much influence over interest rates, but that they would be higher if the Government had been profligate. National MP then asked Smith about the AMP 360 Housing Affordability reports produced by Interest.co.nz.

Smith said these reports showed housing was 24% more affordable now than in 2008.

"Why was the Minister prepared to take the credit for falling interest rates, which he has conceded he cannot control, when the factors, such as supply, which he says he can control, have deteriorated over the period referred to in his quote?" Seymour asked.

"I do accept the key element of housing that I do have responsibility for is supply. I note in the period that I have been the Minister house construction has gone from 13,000 a year to 27,000 a year. In fact, the housing build rate has increased more in the last 3 years than it has at any time in New Zealand history," Smith responded.

Key also sees success

Key told an Employers and Manufacturers Association event that Auckland's problems were a good problem to have.

"If you look at the challenges Auckland has at the moment - and you know, they're well documented from housing to transport - they are in a funny kind of way a quality problem to have because what they reflect is that Auckland is doing well," Key said, as seen in this NZ Herald video.

"You've got net migration not just strong from India, China and Australia but actually net migration from around the country," Key said.

"If you look at cities that are doing badly, yip, they may not have issues on their housing and may not have as much traffic jams - although I will point out last Thursday I was in Te Kuiti in a traffic jam - but the point being, in a way what would we rather have?" Key asked.

"And the truth is we would rather be having to deal with the challenges of growth and say 'OK we've got to deal with those issues but gosh they're signs that as a city we're doing incredibly well and actually as a country we're doing incredibly well'."

(Updated with comments from John Key)

Categories: Economic News

Government promises fee hike will help to improve pace and efficiency of overseas investment applications

Interest.co.nz News - Thu, 05/05/2016 - 00:41
Image sourced from Shutterstock.com

The Government's hiking Overseas Investment Office application fees by as much as 166% in a move it says will enable the OIO to assess applications faster and shore up investor certainty.

The changes, which are the result of a review that has been underway since last year, are expected to take place from July 4 this year and will see OIO fees "restructured and increased" by between 8.7% and 166% for different application fee types.

The top 166% increase is going on to the 'delegated' fee for 'sensitive land and significant business assets', which rises to $52,000 from $19, 524. The smallest (8.7%) increase is on fishing quota applications, which rises to $40,000 from $36,800.

The full list of fees is included in the table at bottom of the article.

The Government says changes will also be made to the policy that underpins the overseas investment regime before the end of the year, once the regulatory process has been completed.

Finance Minister Bill English says the Government welcomes beneficial overseas investment and is committed to ensuring the efficient operation – and continual improvement – of the system.

“We’ve heard concerns from investors that the rationale for screening certain investment types is unclear and decisions by the OIO are taking too long.

“The introduction of targeted exemptions will not only clarify guidelines, but will also reduce costs for affected investors, and allow the OIO to focus its efforts on the most sensitive applications, as well as ensuring applicants are meeting their on-going obligations,” he says.

Minister for Land Information Louise Upston says increased fees will enable the OIO to hire up to 25% more staff to reduce the time it takes to assess applications and improve monitoring and reporting.

“The OIO will improve its processes and communication with applicants to provide them with greater certainty as their application is assessed.

“Fee increases will also allow the OIO to undertake more responsive monitoring and enforcement, with site inspections of some high risk land investments,” she says

Categories: Economic News

Jim’s Mailbox

Jim Sinclair's Mineset - Thu, 05/05/2016 - 00:39

Jim/Bill, This is very bullish for gold going forward. Kneejerk reaction by weakening of Euro. In reality, the less currencies for income to hide, the greater the value of gold as a proxy. (Actually, currencies are a proxy for gold!) CIGA Wolfgang Rech The War On Paper Currency Officially Begins: ECB Ends Production Of €500... Read more »

The post Jim’s Mailbox appeared first on Jim Sinclair's Mineset.

Categories: Goldbugs
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