Daily Archives: June 26, 2017

Royal Caribbean to Introduce New Non-Refundable Deposit Fares – Travel Agent

Posted: June 26, 2017 at 5:38 pm

Effective July 1, Royal Caribbean International plans to introduce a new nonrefundable deposit program.

Nonrefundable deposit fares now give Royal Caribbean an opportunity to simplify our promotional landscape, while also providing our guests with added confidence to book early and our travel partners the reassurance in more qualified, dependable business, the line told agents in its written communications with the trade.

So, basically, what are the prime benefits? And how does the new program work?

First, it providesan early booking incentive. Clients will earn a booking incentive based on the early booking timeframe and stateroom category.

Second, the line believes the new nonrefundable deposit program will build stronger bookings and provide a higher retention of those bookings.

Third, the new program offers flexibility with deposit options.

"It's similar to the Carnival Early Saver rate and I sell a lot of that," saysJohn Gawne, an independent travel agent with Cruises Inc., Virginia Beach, VA. "I haven't had any problem selling the Carnival Cruise LineEarly Saver and don't expect a problem selling Royal Caribbean's."

Key Points

Royal Caribbean says the nonrefundable deposit fare will default at the best rate whenever available, as it will always be priced lower than the regular brand promotion. In other words, clients will get a great deal if they understand the nonrefundable terms and conditions.

The fare name will have No Ref Dep as part of the name to indicate that it is part of the nonrefundable deposit program. So agents can immediately see what type of fare it is and that a nonrefundable deposit is required.

When agents are viewing the pricing screen in Espresso, there will be a button to change the view between the nonrefundable deposit fare and the regular fare, so agents can easily compare the fares.

Before the travel agent makes a nonrefundable deposit reservation, the line insists that the agent inform the client that he or she is creating a reservations for which the fare is nonrefundable.

Gawne concurs, noting that "it's important on both fares [Carnival's and Royal Caribbean's] to ensure the prospect is fully awareof the conditions/restrictions on this nonrefundable deposit fare."

Why? If the client with a Royal Caribbean nonrefundable deposit reservationwishes to change ship or sailing date, that clientwill incur a $100 per person change fee.Or, it's a deduction of $100 from any future cruise credit. Carnival's change fees are $50 for both of those circumstances, he notes.

Early Booking Incentive

If the nonrefundable deposit fare reservation is being made farther out than six months prior to sailing, Royal Caribbean will provide an Early Booking Incentivefor bookings of interior, ocean view, balcony and suite category accommodations.

On cruises of one to five nights, the incentives range from $25 for interior and oceanview stateroom bookings to $50 for balcony stateroomand suite bookings.

On cruises of six or more nights, those early booking incentives are $50 and $100, respectively.

In a help document for agents, Royal Caribbean summarizes thekey points of the new nonrefundable deposit fare andshowsagents how to add in future cruise certificates for the new fare within the Espresso reservations system.

A separate Q&A documenttackles more nitty-gritty questions such as what happens if the client wishes to downgrade from a suite to a balcony stateroom, or is it possible to switch from nonrefundable to a regular deposit fare later?

A trainingwebcast also can be viewed atwww.cruisingpower.com.

Royal Caribbean Most-Requested Contemporary Family Cruise Line

Royal Caribbeans Biggest New Cruise Ship Passes Construction Milestone

Carnival Cruise Line Plans October "Spook-tacular" on Carnival Imagination

Royal Caribbean's Adventure of the Seas Rescues Two Caribbean Sailors

Read the original here:

Royal Caribbean to Introduce New Non-Refundable Deposit Fares - Travel Agent

Posted in Caribbean | Comments Off on Royal Caribbean to Introduce New Non-Refundable Deposit Fares – Travel Agent

US Tourist Shot While on Caribbean Vacation – Newser

Posted: at 5:38 pm


Newser
US Tourist Shot While on Caribbean Vacation
Newser
(Newser) An American tourist vacationing in the Caribbean with his family was medically evacuated to Florida Friday after being shot outside his resort in what police are investigating as an attempted robbery. According to WTVM, Kevin Newman of ...
Dad is left in coma after being shot during robbery on dream holiday to Caribbean paradise islands Turks and CaicosThe Sun
Fundraiser for Tiffany Newman by April Browning Herring : Medical Expenses For Kevin Newman - GoFundMeGoFundMe
American tourist robbed, shot in Turks and Caicos is medically evacuated to USABC News

all 24 news articles »

Read the original here:

US Tourist Shot While on Caribbean Vacation - Newser

Posted in Caribbean | Comments Off on US Tourist Shot While on Caribbean Vacation – Newser

UK Unveils Memorial for African, Caribbean Soldiers Who Served During World Wars – Face2Face Africa

Posted: at 5:38 pm

Troops from the east African division serving in Burma. Photo Credit: DW

The U.K. recently unveiled a monument in remembrance of the thousands of African and Caribbean soldiers who fought and died in the service of the kingdom during the First and Second World Wars.

The monument, formed of two 6-feet (1.8m) long obelisks, is sculpted from Scottish whinstone and weighs just under 5 tons, according to the BBC.

Described as the first of its kind in the U.K., the monument carries the names of the African and Caribbean regiments in both wars.

The world wars memorial in Windrush Square, Brixton Photo Credit: BBC

U.K. Defense Secretary Sir Michael Fallon described the recognition as long overdue Thursday.

I hope this memorial will remind us of the ongoing contribution of our African and Caribbean communities to our country and to the defense of our country, Fallon said.

Black Service

A photo of three African soldiers taken during the Second World War. Photo credit: BBC

Thousands of able-bodied young men from British colonies in Africa and the Caribbean volunteered to serve in the Army and Navy, after Britain joined World War I in 1914.

In some cases, though, men were forcefully conscripted when they went to visit a local market or through the orders of a local chief.

The bulk of their numbers came from British colonies, including Nigeria, the Gambia, Rhodesia (Zimbabwe), South Africa, Sierra Leone, Uganda, Nyasaland (Malawi), Kenya, the Gold Coast (Ghana), and Jamaica.

Many men would go on to fight in the deserts of North Africa, the jungles of Burma, and over the skies of Germany.

A group of colored Royal Air Force officers during World War II. Front row, from left: [1] unknown, from Jamaica or Belize; [2] Dusty Miller, from Guyana; [3] S/L Corbett (liason); [4] Ulric Cross, from Trinidad; [5] Johnny Smythe, from Sierra Leone; [6] Mark Walker, from Trinidad; Second row from left: [1] E.A. Gordon from Jamaica; [4] Percy Messiah, from Trinidad; [5] possibly his brother C.A. Messiah from Trinidad; [6] Vivian Thomas from Manchester, Jamaica; [7] Jellicoe Scoon from Grenada. Third row from left: [1] E.R Braithwaite from Guyana. Photo credit: Caribbean Aircrew

Speaking at the unveiling ceremony, Mayor of London Sadiq Khansaid, Britain owes an enormous debt to the African and Caribbean service men and women who fought alongside their British-based peers during the First and Second World Wars.

These brave individuals, who came from what was formerly the British Empire, sacrificed an enormous amount to defend the freedoms that we now enjoy.

The Department of Communities and Local Government provided 80,000 in funding for the project, which is located at the Windrush Square in Brixton.

Read the original post:

UK Unveils Memorial for African, Caribbean Soldiers Who Served During World Wars - Face2Face Africa

Posted in Caribbean | Comments Off on UK Unveils Memorial for African, Caribbean Soldiers Who Served During World Wars – Face2Face Africa

Europe Stands by Caribbean on Climate Funding – Caribbean360.com (subscription)

Posted: at 5:38 pm

Head of the European Union Delegation to Barbados, the Eastern Caribbean States, the OECS, and CARICOM-CARIFORUM, Ambassador Daniela Tramacere. (Photo Credit: Desmond Brown/IPS)

By Desmond Brown

BRIDGETOWN, Barbados, Monday June 26, 2017, IPS A senior European Union (EU) official in the Caribbean said Europe is ready to continue the global leadership on the fight against climate change, including helping the poor and vulnerable countries in the region.

Underlining the challenges posed by climate change, Head of the European Union Delegation to Barbados, the Eastern Caribbean States, the OECS, and CARICOM/CARIFORUM, Ambassador Daniela Tramacere made it clear that the EU has no plan to abandon the extraordinary Agreement reached in Paris in 2015 by nearly 200 countries.

Climate change is a challenge we can only tackle together and, since the beginning, Europe has been at the forefront of this collective engagement. Today, more than ever, Europe recognizes the necessity to lead the way on its implementation, through effective climate policies and strengthened cooperation to build strong partnerships, Tramacere said.

Now we must work as partners on its implementation. There can be no complacency. Too much is at stake for our common good. For Europe, dealing with climate change is a matter of political responsibility and multilateral engagement, as well as of security, prevention of conflicts and even radicalization. In this, the European Union also intends to support the poorest and most vulnerable.

For all these reasons, the European Union will not renegotiate the Paris Agreement. We have spent 20 years negotiating. Now it is time for action, the worlds priority is implementation, she added.

The 2015 Paris deal, which seeks to keep global temperature rises well below 2 degrees C, entered into force late last year, binding countries that have ratified it to draw up specific climate change plans. The Caribbean countries, the African, Caribbean and Pacific (ACP) countries and the EU played a key role in the successful negotiations.

On June 1 this year, President Donald Trump said he will withdraw the United States from the landmark agreement, spurning pleas from U.S. allies and corporate leaders.

The announcement was met with widespread dismay and fears that the decision would put the entire global agreement in peril. But to date, there has been no sign that any other country is preparing to leave the Paris agreement.

Tramacere noted that together with the global 2030 Sustainable Development Agenda, the Paris Agreement has the potential to significantly accelerate the economic and societal transformation needed in order to preserve a common future.

As we address climate change with an eye on the future, we picture the creation of countless opportunities, with the establishment of new and better ways of production and consumption, investment and trade and the protection of lives, for the benefit of the planet, she said.

To accelerate the transition to a climate friendly environment, we have started to strengthen our existing partnerships and to seek and find new alliances, from the worlds largest economies to the most vulnerable island states. From the Arctic to the Sahel, climate change is a reality today, not a remote concept of the future.

However, to deliver the change that is needed and maintain the political momentum, it is vital that the targets pledged by countries and their adaptation priorities are now translated into concrete, actionable policies and measures that involve all sectors of the economy. This is why the EU has decided to channel 40 percent of development funding towards climate-related projects in an effort to accelerate countries commitment to the process, Tramacere said.

The EU has provided substantial funding to support climate action in partner countries and Tramacere said it will also continue to encourage and back initiatives in vulnerable countries that are climate relevant as well as safe, sustainable energy sources.

For the Caribbean region, grant funding for projects worth 80 million (US$89.7 million) is available, Tramacere said, noting that the aim is twofold: to improve resilience to impacts of climate change and natural disasters and to promote energy efficiency and development of renewable energy.

This funding will be complemented by substantial financing of bankable climate change investment programmes from the European Investment Bank and other regional development banks active in the region. With the Global Climate Change Alliance (GCCA) instrument, the European Union already works with agencies in the Caribbean such as the Organization of Eastern Caribbean States (OECS) or the Caribbean Climate Change Community Center (5Cs), Tramacere said.

In November this year, countries will gather in Bonn for the next UN climate conference COP23 to continue to flesh out the work programme for implementing the Paris Agreement.

Next year, the facilitative dialogue to be held as part of the UN climate process will be the first opportunity since Paris to assess what has been done concretely to deliver on the commitments made. These are key steps for turning the political agreement reached in Paris into reality.

The challenges identified in the Paris Agreement are of unprecedented breadth and scale. We need enhanced cooperation and coordination between governments, civil society, the private sector and other key actors, Tramacere said.

Initiatives undertaken not only by countries but also by regions, cities and businesses under the Global Climate Action Agenda have the potential to transform the impact on the ground. Only together will we be able to live up to the level of ambition we have set ourselves and the expectations of future generations. The world can continue to count on Europe for global leadership in the fight against climate change.

Caribbean countries are highly vulnerable and a significant rise in global temperatures could lead to reduced arable land, the loss of low-lying islands and coastal regions, and more extreme weather events in many of these countries. Many urban in the region are situated along coasts, and Caribbean islands are susceptible to rising sea levels that would damage infrastructure and contaminate freshwater wetlands.

Click hereto receive news via email from Caribbean360. (View sample)

More:

Europe Stands by Caribbean on Climate Funding - Caribbean360.com (subscription)

Posted in Caribbean | Comments Off on Europe Stands by Caribbean on Climate Funding – Caribbean360.com (subscription)

Where is Donald Trump Jr.? First son shares photos of lavish Bahamas vacation – AOL

Posted: at 5:38 pm

Aol.com Editors

Jun 26th 2017 3:51PM

While President Donald Trump and first daughter Ivanka Trump were attending Treasury Secretary Steve Mnuchin's wedding over the weekend, Donald Trump Jr. and his family appeared to be having a great time on a Caribbean vacation.

The first son, his wife Vanessa and their children went scuba diving and fishing during their getaway to the Bahamas.

Trump posted a photo of his wife and his three youngest children -- 5-year-old Tristan, 4-year-old Spencer and 3-year-old Chloe. His two older children, 10-year-old Kai and 8-year-old Donald III, were not featured in any of his Instagram photos from this year's trip.

7 PHOTOS

Donald Trump Jr. and family enjoy Bahamas vacation

See Gallery

Now that's a grouper. Took Vanessa and the kids away for the weekend and it seems we are off to a good start. #fishing #family #weekend

A little morning dive to kick off the day. #scuba #diving

Family boat day. Good times on the water. #family #weekend #familytime #water #sports

Before and after. #conch #freediving

Had some visitors come say hello at the beach today. #family #beach #weekend #bacon

Sun going down in a great weekend.

HIDE CAPTION

SHOW CAPTION

Trump Jr. and his family are frequent visitors to the Bahamas, having vacationed there several times in the last couple years.

Back in Washington D.C., Ivanka Trump, her husband Jared Kushner, President Trump and first lady Melania Trump were spotted at Mnuchin's wedding to actress Louise Linton on Saturday evening. Vice President Mike Pence and his wife Karen were also in attendance.

RELATED: Inside Steve Mnuchin's wedding and relationship with Louise Linton

13 PHOTOS

Inside Steve Mnuchin's wedding and relationship with Louise Linton

See Gallery

WASHINGTON, DC - JUNE 24: United States President Donald J. Trump and first lady Melania Trump depart the White House in Washington, DC on June 24, 2017. The Trumps left to attend the wedding of US Secretary of the Treasury Steven Mnuchin and Louise Linton. The first lady is wearing a Gilles Mendel silk chiffon gown with Manolo Blahnik pumps. ( Photo by Ron Sachs-pool/Getty Images)

WASHINGTON, DC - JUNE 24: United States President Donald J. Trump and first lady Melania Trump depart the White House in Washington, DC on June 24, 2017. The Trumps left to attend the wedding of US Secretary of the Treasury Steven Mnuchin and Louise Linton. The first lady is wearing a Gilles Mendel silk chiffon gown with Manolo Blahnik pumps. ( Photo by Ron Sachs-pool/Getty Images)

WASHINGTON, DC - JUNE 24: United States President Donald J. Trump and first lady Melania Trump depart the White House in Washington, DC on June 24, 2017. The Trumps left to attend the wedding of US Secretary of the Treasury Steven Mnuchin and Louise Linton. The first lady is wearing a Gilles Mendel silk chiffon gown with Manolo Blahnik pumps. ( Photo by Ron Sachs-pool/Getty Images)

WASHINGTON, DC - JUNE 24: (Exclusive Coverage) (L-R) First Lady Melania Trump, President Donald Trump, Secretary of the Treasury Steven Mnuchin, Louise Linton, Vice President Mike Pence, and Second Lady Karen Pence pose at the wedding of Secretary of the Treasury Steven Mnuchin and Louise Linton on June 24, 2017 at Andrew Mellon Auditorium in Washington, DC. Louise Linton is wearing a custom Ines Di Santo gown with wedding ring and earrings by Martin Katz. (Photo by Kevin Mazur/Getty Images for LS)

WASHINGTON, DC - JUNE 24: (Exclusive Coverage) Vice President Mike Pence (C) officiates the wedding of Louise Linton (L) and Secretary of the Treasury Steven Mnuchin (R) on June 24, 2017 at Andrew Mellon Auditorium in Washington, DC. Louise Linton is wearing a custom Ines Di Santo gown with wedding ring and earrings by Martin Katz. (Photo by Kevin Mazur/Getty Images for LS)

UNITED STATES - MAY 18: Treasury Secretary Steve Mnuchin testifies, as his fiancee Louise Linton looks on, during a Senate Banking Committee hearing in Dirksen Building titled Domestic and International Policy Update, on May 18, 2017. (Photo By Tom Williams/CQ Roll Call)

Steven Mnuchin (L) and his financee Louise Linton watch as US President Donald Trump speaks during Mnuchin's swearing-in ceremony as the next treasury secretary in the Oval Office of the White House on February 13, 2017 in Washington, DC. / AFP / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)

US President Donald Trump (L) watches as US Vice President Mike Pence (out of frame) administers the oath of office to Treasury Secretary Steven Mnuchin (2nd L) watched by Mnuchin's fiancee Louise Linton in the Oval Office of the White House on February 13, 2017 in Washington, DC. / AFP / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)

WASHINGTON, DC - JANUARY 20: U.S. Treasury Secretary nominee Stephen Mnuchin and fiancee Louise Linton arrive for the Presidential Inauguration of Donald Trump at the U.S. Capitol on January 20, 2017 in Washington, DC. Donald J. Trump became the 45th president of the United States today. (Photo by Saul Loeb - Pool/Getty Images)

NEW YORK, NY - NOVEMBER 07: Steven Mnuchin and Louise Linton attend the 2016 Library Lions Gala at New York Public Library - Stephen A Schwartzman Building on November 7, 2016 in New York City. (Photo by Gary Gershoff/WireImage)

UNITED STATES - JANUARY 19: Louise Linton, fianc of Steven Mnuchin, right, President-elect Trump's nominee for Treasury secretary, attends his Senate Finance Committee confirmation hearing in Dirksen Building, January 19, 2017. (Photo By Tom Williams/CQ Roll Call)

Louise Linton smiles as her fiancSteven Mnuchin, Treasury secretary nominee for U.S. President-elect Donald Trump, not pictured, speaks during a Senate Finance Committee confirmation hearing in Washington, D.C., U.S., on Thursday, Jan. 19, 2017. Mnuchin defended his record as an owner of a mortgage lender that was accused of unfair loan and foreclosure practices during the financial crisis. Photographer: Andrew Harrer/Bloomberg via Getty Images

HIDE CAPTION

SHOW CAPTION

More from AOL.com: Ivanka Trump faces criticism on social media over off-the-shoulder gown at congressional picnic Poll: Majority think President Trump and the first family should travel less Inside the extravagant wedding of billionaire Treasury Secretary Steve Mnuchin and 36-year-old actress Louise Linton

See the article here:

Where is Donald Trump Jr.? First son shares photos of lavish Bahamas vacation - AOL

Posted in Bahamas | Comments Off on Where is Donald Trump Jr.? First son shares photos of lavish Bahamas vacation – AOL

Celebrity chef injured in gas explosion at new Bahamas restaurant – Palm Beach Post

Posted: at 5:38 pm

A South Florida chef who starred in a cable TV reality cooking show suffered third-degree burns Thursday after a gas explosion at his new restaurant in the Bahamas,Local 10 News in Miami reports.

Ralph Pagano was airlifted to a Miami hospital after the blast at Resorts World Bimini. He was turning on the kitchen's gas burners when the oven blew up. "My hands were on fire, my shirt was on fire, my pants were on fire," Pagano told Local 10 News from Jackson Memorial Hospital.

The chef, who starred in the Lifetime showAll Mixed Up, suffered burns on his face, legs and hands. "I thought I was going to die," he said. "Luckily, I stopped, dropped and rolled."

"I'm going to need skin graphs and about a month in the hospital, but I'm alive," Pagano said.

Pagano has made other TV appearances, including competing onHell's Kitchen andIron Chef. He owns several South Florida restaurants: Naked Taco in Miami Beach, Naked Lunch in Miami and Naked Crab in Fort Lauderdale.

He was opening a new Naked Taco location when the accident occurred.

Here is the original post:

Celebrity chef injured in gas explosion at new Bahamas restaurant - Palm Beach Post

Posted in Bahamas | Comments Off on Celebrity chef injured in gas explosion at new Bahamas restaurant – Palm Beach Post

The Illinois House of Representatives adopted a resolution June 22 to encourage airline travel to the Bahamas. – Madison County Record

Posted: at 5:38 pm

The Illinois House of Representatives adopted aresolutionJune 22 to encourage airline travel to the Bahamas.

In an executive session called after the special session adjourned in just under 11 minutes, House Resolution 290 was adopted via voice vote. State Rep. Marcus Evans, D-Chicago, state Rep. Jehan Gordon-Booth, D-Peoria, and state Rep. Camille Lilly, D-Chicago, sponsored the resolution.

The resolution encourages airlines flying between Illinois and the Bahamas to explore increasing the amount of flights between Illinois and the Bahamas.

And instead of encouraging in-state tourism, HR 290 promotes a newluxury resortin the Bahamas that opened in April.

While encouraging the taxpayers they represent to spend money out of state, Illinois still has no budget.

The Illinois Senate adjourned from special session June 22 after just 11 minutes and 54 seconds, and also failed to advance a budget. The special legislative session will cost taxpayers about $50,000 per day, according to an estimate from the Chicago Tribune.

Both sides of the aisle in Springfieldclaim to want a compromiseon a budgetto prevent Illinois from becoming the first state in the union with a junk credit rating. BothDemocratsandRepublicans have proposed plansto raise taxes by more than $5 billion, which wouldincrease the average Illinois households tax burden by $1,125 a year. But Illinoisans have expressed that they dont want a budget that hikes taxes.

Nearly two-thirdsof likely Illinois voters dont want an income tax hike as part of the state budget, according to polling conducted by Fabrizio, Lee & Associates and commissioned by the Illinois Policy Institute. More than three-quarters of respondentsopposehiking sales taxes. Andnearly 80 percentagree Illinois state lawmakers should pass major structural reforms before passing any tax increase.

The Illinois Policy Institute has introduced a budget proposal that offers real reform without raising taxes. This kind of reform-minded, no-tax-hike proposal is in line with what Illinoisans want. Lawmakers should use that as a framework while taxpayers pay for their costly special session.

The rest is here:

The Illinois House of Representatives adopted a resolution June 22 to encourage airline travel to the Bahamas. - Madison County Record

Posted in Bahamas | Comments Off on The Illinois House of Representatives adopted a resolution June 22 to encourage airline travel to the Bahamas. – Madison County Record

Tradeweb to be main offshore trading platform for China ‘Bond Connect’ – Reuters

Posted: at 5:38 pm

SHANGHAI Tradeweb, a fixed-income trading platform, will connect with China Foreign Exchange Trading System (CFETS) to be the main interface for offshore investors trading in China's bond market through the country's upcoming "Bond Connect" scheme, the company said on Monday.

Talks between Tradeweb and the Hong Kong exchange were exclusively reported by Reuters last August.

Tradeweb, majority-owned by Thomson Reuters, the parent company of Reuters News, matches buyers and sellers of fixed income products across more than 22 international OTC bond markets.

In a statement, Tradeweb said that eligible overseas institutional investors from its network of more than 2,000 clients would be able to trade directly with liquidity providers in the CFETS market through Tradeweb's platform.

Investors trading through Tradeweb will be able to use global custodians to settle through a nominee holding arrangement provided by the Hong Kong Monetary Authority's Central Moneymarkets Unit, the statement said.

Hong Kong and Chinese regulators said in May that they had approved the long-awaited "Bond Connect" program, with only "Northbound" trades - trading of Chinese bonds by foreign and Hong Kong investors - permitted in its initial stage.

Regulators have not yet revealed a launch date for the scheme.

China's bond market is the world's third largest, worth about 65 trillion yuan, or about $9.5 trillion, the Hong Kong Monetary Authority said in May.

(Reporting by Andrew Galbraith; Editing by Shri Navaratnam)

WASHINGTON The U.S. Supreme Court agreed on Monday to consider whether corporate insiders who blow the whistle on their employers are shielded from retaliation if they only report alleged misconduct internally rather than to the government's Securities and Exchange Commission.

WASHINGTON New orders for key U.S.-made capital goods unexpectedly fell in May and shipments also declined, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter.

Visit link:

Tradeweb to be main offshore trading platform for China 'Bond Connect' - Reuters

Posted in Offshore | Comments Off on Tradeweb to be main offshore trading platform for China ‘Bond Connect’ – Reuters

On-shoring offshore funds to India – Livemint

Posted: at 5:38 pm

Foreign investment flowing into India is primarily pooled and managed in offshore jurisdictions. This is because our regulatory framework discourages asset managers based out of India from managing offshore pools of capital. As a result, several offshore funds which target investing in India have fund managers of Indian origin who have relocated to offshore locations. It is high time we enable offshore fund activity to shift to India, giving a boost to the domestic fund management industry.

Of the $43 billion of foreign direct investment (FDI) inflows which India received in FY17, $24 billion was invested via Mauritius and Singapore. Both these jurisdictions have emerged as the preferred destination for fund managers to set up their operations. Compared to this, the domestic pool of capital managed by India-based asset managers under the Securities and Exchange Board of Indias (Sebi) alternative investment fund (AIF) guidelines is only $7 billion. A significant chunk of the offshore capital flowing into India can be managed by fund managers based out of India if regulatory changes are carried out. Unless that happens, fund managers in India who want to attract foreign capital will keep shifting offshore, leading to loss of employment and tax revenue for India.

There are two ways in which regulations can enable fund managers based in India to manage offshore pools of capitalallow them to manage offshore funds from India without taxing the offshore fund as an Indian entity, and permit foreign investors to directly invest in funds set up in India. For both these cases, regulatory changes need to be carried out.

The most important regulatory change required is to ensure that an offshore fund will not be taxed as an Indian entity just because it is being managed by a fund manager located in India. A beginning was made in Finance Bill 2015. Under the newly introduced Section 9A of the Income-tax Act, 1961 (ITA), it was clarified that the income of an eligible offshore fund would not be taxed in India merely because the fund is being managed by a fund manager located in India.

The objective of Section 9A was to allay fears that the presence of a fund manager in India would lead to the offshore fund being taxed in India at domestic tax rates, rather than lower rates specified under various double taxation avoidance agreements (DTAAs). Unfortunately, the conditions specified under the Section are so strenuous that for all practical purposes, they remain unachievable.

For instance, one of the conditions specifies that an investors share in the fund, directly or indirectly, should not exceed 10%. This is a very restrictive condition when it is common for funds to have a sponsor or anchor investor whose share in the fund generally exceeds 25%. Also, most funds are targeted at a specific group of investors, which does not exceed 10. Further, fund managers may consciously want to cater to a small set of investors who can make large investments.

Regulators should relax this condition by looking beyond the investor and also including the investors beneficiaries. This is because an investor in a fund could be a pool of several other investors. Thus look through provisions will enable several offshore funds to be classified as eligible funds under Section 9A. Also, given that Sebi-registered foreign portfolio investors (FPIs) already meet broad-based requirements of being diversified in terms of investor participation, they should automatically be regarded as an eligible investment fund.

Another debilitating condition specified under Section 9A is that offshore funds should not control or manage any business in India. Offshore private equity funds, during the course of the fund tenure, may be required to acquire a controlling stake in the investee companies to protect their initial investment. Further, even in cases where the fund has only a minority stake, exercising any minority interest protection rights could be classified under existing law as resulting in control over the investee company in India.

Furthermore, the benefits of Section 9A are available only to PMS (portfolio management services) asset managers and investment advisers registered with Sebi. Investment managers of AIFs and mutual funds are not covered under the list of eligible investment managers that can make use of Section 9A. This limits the number of fund managers who can make use of the regulatory relaxation.

Given these difficulties, the alternative is to have foreign investors directly invest in funds registered in India. Changes in regulations to permit this have been more encouraging. In November 2015, the Reserve Bank of India permitted automatic approval for foreign investors to invest in AIFs, real estate infrastructure trusts and infrastructure investment trusts. Previously, investment in these vehicles required specific approvals from the foreign investment promotion board. Further, in the Finance Bill 2016, it was clarified that foreign investors investing in India-based funds would be taxed at rates mentioned under the various DTAAs.

However, given that not all foreign investors are comfortable directly investing in India, there is still a need to enable fund managers in India to manage offshore funds. Regulatory changes to permit this can midwife a truly multinational asset management industry in India.

Ravi Saraogi is investment strategist, IFMR Investment Managers Pvt. Ltd, Chennai.

Comments are welcome at theirview@livemint.com

First Published: Tue, Jun 27 2017. 12 13 AM IST

See original here:

On-shoring offshore funds to India - Livemint

Posted in Offshore | Comments Off on On-shoring offshore funds to India – Livemint

US Justice Department wants to take Microsoft to Supreme Court in offshore email case – OnMSFT (blog)

Posted: at 5:38 pm

Microsoft values privacy, even while facing the wrath of the Department of Justice. Recently, the DoJ has been pushing on the tech giant, claiming that the recent rulings in its favor are severely misinterpreting the law. Now, CNN reports that the Department of Justice will be approaching the Supreme Court about Microsofts refusal to provide private information from other jurisdictions.

The case that brought the legislative debate about originated when the federal government wanted information about a potential drug trafficking case. Law enforcement sought Microsoft out for private emails and information stored on its database servers in Ireland. The courts first found that Microsoft should hand over the information, but after appealing to the Second Circuit, it was reversed. After all, if Microsoft gave the U.S. government information stored in Ireland, what was stopping other governments from requesting U.S. information?

The Department of Justice didnt take too kindly to the ruling, now appealing to the Supreme Court for clarification. It believes that if information can be accessed domestically with the click of a computer mouse, then the information is fair game for the U.S. government.

Brad Smith countered the DoJ claiming that it seemed backward to continue the debate in courts. The DOJs position would put businesses in impossible conflict-of-law situations and hurt the security, jobs, and personal rights of Americans, he explained in Fridays blog post.

In less than one year, a new European data protection law will go into effect. Under that law called the General Data Protection Regulation it would be illegal for a company to bring customer data from Europe into the U.S. in response to a unilateral U.S. search warrant.

This isnt the first time Microsofts integrity was called into question regarding transnational information. An employee was criminally charged and the company fined for not complying with a request between the differing laws Brazil and the U.S. Smith believes that no matter who wins the case with the Supreme Court, that the new legislation is still a much needed addition.

See the original post:

US Justice Department wants to take Microsoft to Supreme Court in offshore email case - OnMSFT (blog)

Posted in Offshore | Comments Off on US Justice Department wants to take Microsoft to Supreme Court in offshore email case – OnMSFT (blog)