Tuesday, 23 September 2014
Last updated 5 hours ago
Dec 4 2009 | 9:31am ET
The Danish government has been forced to push an emergency law through parliament to halt VAT fraud involving carbon credits.
Similar laws were passed in the UK, France and the Netherlands this summer to stop the fraud which occurs when a carbon trader buys credits from an EU country free of VAT, then resells them, charging the buyer VAT but not actually passing it on to the tax authorities.
Denmark is ripe for this type of fraud, as registering carbon quotas for the European Emissions Trading Scheme (ETS) is easy and the VAT rate is 25%.
The Danish government says it does not know how much money it has lost to the fraud but believes it runs to the millions – if not billions – of kroner.
A spokesman for the Danish Energy and Climate Ministry, which supervises the carbon quota registry, told the Guardian newspaper that the rules for registration were being immediately tightened so anyone applying to trade carbon would face stringent checks.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.