As currency dies, Zimbabweans will get $5 for 175 quadrillion local dollars

4 Hours Ago -  Reuters

Zimbabweans will start exchanging "quadrillions" of local dollars for a few U.S. dollars next week, as President Robert Mugabe's government discards its virtually worthless national currency, the central bank said on Thursday.

The southern African country started using foreign currencies like the U.S. dollar and South African rand in 2009 after the Zimbabwean dollar was ruined by hyperinflation, which hit 500 billion percent in 2008.

At the height of Zimbabwe's economic crisis in 2008, Zimbabweans had to carry plastic bags bulging with bank notes to buy basic goods like bread and milk. Prices were rising at least twice a day.
From Monday, customers who held Zimbabwean dollar accounts before March 2009 can approach their banks to convert their Zimbabwean dollar balance into dollars, Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said in a statement.

The process will legally end the local currency. Zimbabweans have until September to turn in their old bank notes, which some people sell as souvenirs to tourists.


Bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5. Those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars.

The highest—and last—bank note to be printed by the RBZ in 2008 was 100 trillion Zimbabwean dollars. It was not enough to ride a public bus to work for a week.

The RBZ said customers who still have stashes of old Zimbabwean dollar notes can walk into any bank and get $1 for every 250 trillion they hold.

That means a holder of a 100 trillion bank note will on Monday get 40 cents. The RBZ has set aside $20 million to pay Zimbabwean dollar currency holders.

source http://www.cnbc.com/id/102752428

The State of Wyoming has the best LLC protection law in the nation

Given the recent attacks on single member LLC’s in Florida, Colorado and elsewhere, the best LLC law that was, has recently been updated. On March 5, 2010, when Governor Dave Freudenthal signed into law the 2010 Wyoming Limited Liability Company Act (2010 LLC Act or New Act), a comprehensive update to Wyoming’s LLC laws.

“The state of Wyoming again has the best LLC asset protection law in the nation.”

•     A single member LLC is protected by charging order
•     Better asset protection law than any other state
•     Wyoming law does not allow any room for interpretation
•     Wyoming Asset Protection Trust can be linked to the LLC for Estate Planning advantages
•     Wyoming LLC is confidential and private
•     Zero Wyoming state tax for an LLC
•     Much lower cost than Nevada

Sole member and multi-member LLC’s protected

Wyoming has pioneered a new form of LLC that precludes creditors from any legal or equitable remedy other than a charging order against the LLC interest, even as to Single Member LLC’s.  The charging order is the “exclusive remedy.”  This means that you do not have to have 2 or more members in the LLC to get the charging order protection! Other remedies, including foreclosure and a “court order for directions, accounts and inquiries” are not available and may not be ordered by a court.

Why NOT Nevada or California?

Wyoming’s law is better than any of the other popular states.

California allows a court to charge the LLC interest; appoint a receiver; order foreclosure; and make all other orders, directions, accounts and inquiries the judgment debtor might have made or the circumstances require.

Nevada declares charging order to be the exclusive remedy, but gives the creditor rights of an assignee.

Delaware provides for charging order as exclusive remedy, but then also provides that it constitutes a lien on the debtor’s LLC interest. Wyoming does not even allow a lien!

Interpretation Not Required...Or Permitted!
Wyoming Law does not allow any room for interpretation. The law states...

“On application by a judgment creditor of a member or transferee, a court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment. A charging order requires the limited liability company to pay over to the person to which the charging order was issued any distribution that would otherwise be paid to the judgment debtor.”

“This section provides the exclusive remedy by which a person seeking to enforce a judgment against a judgment debtor, including any judgment debtor who may be the sole member, dissociated member or transferee, may, in the capacity of the judgment creditor, satisfy the judgment from the judgment debtor’s transferable interest or from the assets of the limited liability company. Other remedies, including foreclosure on the judgment debtor’s limited liability interest and a court order for directions, accounts and inquiries that the judgment debtor might have made are not available to the judgment creditor attempting to satisfy a judgment out of the judgment debtor’s interest in the limited liability company and may not be ordered by the court.“

Estate Planning

To avoid having income frozen inside the LLC as a result of a charging order, the Wyoming Close LLC can be owned by a Wyoming Domestic Asset Protection Trust (DAPT), under which a trustee may make discretionary distributions to the debtor’s family and perhaps even directly to the debtor.

This type of planning is best done before it is needed. Significant potential benefit may be realized in terms of leverage against creditors, if ever needed.

Confidentiality

If you desire privacy, keep in mind that Wyoming does not require the members or managers to be listed on the public record.

Tax implications for an LLC

Wyoming has no income taxes so a Wyoming LLC is not taxed by the state.  An LLC normally passes the taxes through to its owners and if those owners live in a state that taxes income, they would pay state taxes in that state.

Since an LLC normally passes the taxes through to its owners and if those owners are a Wyoming trust, there may be considerable tax advantages for clients who live in a state with state income tax.

Lower cost

Wyoming state fees are some of the lowest in the nation... especially since Nevada raised their fees and added taxes the beginning of June, 2015.

Since Wyoming has had limited liability companies available longer than any other state, has the strongest laws protecting the members and managers of an LLC, Wyoming is the obvious state of choice for establishing LLC corporations.

Iraq gets $833m IMF Emergency Funding

June 8, 2015 in Banking & Finance, Industry & Trade, Politics
 

An International Monetary Fund (IMF) mission led by Carlo Sdralevich visited Amman from May 27 – June 4, 2015 to discuss with the Iraqi authorities financial assistance to Iraq under the Rapid Financing Instrument (RFI). At the end of the visit, Mr. Sdralevich issued the following statement:

 

“The mission has reached a staff-level agreement with the Iraqi authorities for IMF emergency assistance of SDR 594.2 million (approximately US$833 million) under the RFI. Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for consideration in July 2015.

 

Read entire story @  http://www.iraq-businessnews.com/2015/06/08/iraq-gets-833m-imf-emergency-funding/

FBI raids business selling dinars in Puerto Rico

Mendez visit the offices of Internet Management for a fraud investigation

The raid conducted by the Federal Bureau of Investigation (FBI, for its acronym in English) during the morning in a business that sells dinars, located on Roosevelt, Hato Rey Avenue, is related to a fraud investigation, He confirmed the press spokesman of the federal agency, Moses Quiñones.

"In general, we could say it's a case of fraud," the official told this newspaper.

He explained that a federal grand jury takes nearly a year investigating the alleged fraud which did not elaborate.
 
FBI agents, accompanied by the IRS and police officers in Puerto Rico, arrived at about 7:00 am at the offices of Internet Management Mendez. Quinones explained that could be there until noon.
He said that, in general, in raids seeking documents and computers.
 
So far, it is not anticipated that the FBI arrests perform this procedure.
 
Mendez Internet Management is dedicated to the sale of dinars. The business is best known for his radio and television programs, called "The Truth About dinars", and cyber dinarespr.com page.
Since 2005 to the present it is sold on the island this coin Iraq under the allegation that "in the near future" will increase its value, as described cyber company page.
 
It also specifies that Internet Management Mendez sold a minimum of 1,000 dinars for $ 2. It has emerged that there are people who have bought up to $ 150,000 in these dinars.
On the other hand, last night, the owner of the company, James A. Mendez, posted on his Facebook wall a hopeful message.
 
"Everything is there squaring .... We will have our victory ... !!" he wrote. He accompanied the citation with a photograph that shows a light at the end of a tunnel.

https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.elnuevodia.com%2Fnoticias%2Fseguridad%2Fnota%2Ffbiallananegociodeventadedinares-2055394%2F%23&edit-text=&act=url 

F.B.I. raids home and business in Brookhaven - Sterling Currency Group and Rhame Targets

DEKALB COUNTY, Ga. — 

The FBI raided a DeKalb County home and business Wednesday morning.

Our cameras were rolling at a currency exchange company on Buford Highway and a house on East Brookhaven Drive as agents removed boxes of evidence.

FBI agents, along with the Brookhaven Police Department, descended on the home before 7 a.m. and stayed through the day.

We first showed you the scene on Channel 2 Action News at Noon, and again on Channel 2 Action News at 5 p.m. as agents continued to go in and out of the home.

Agents were seen taking equipment in and removing plastic gloves when exiting the home.
All day neighbors were quiet, but curious. Some took pictures of what was happening at the corner house. Neighbors tell us businessman Ty Rhame lives in the home with his wife and young child.
Neighbors said Rhame is in the foreign currency business.

Rhame's business, Sterling Currency Group, was the location of the second raid involving Brookhaven police, the FBI and U.S. Marshals.

Channel 2’s Wendy Corona saw one marshal take a sledgehammer to Rhame's 4th floor unmarked office suite at the Druid Pointe Building.

When asked to elaborate on the details behind the search warrants and what officials were gathering in the raids, the FBI sent a statement saying they are "not in a position to discuss the details of those searches at this time."

http://www.wsbtv.com/news/news/local/fbi-raids-brookhaven-home-and-business/nmTf5/

Nevada Gets Tax Increase - The $1.1 billion package raises taxes on businesses and cigarettes...

CARSON CITY, Nev. — Jun 2, 2015, 4:06 AM ET

By MICHELLE RINDELS Associated Press 

 

Nevada's Republican governor, Brian Sandoval, secured an unlikely victory when the conservative state Legislature approved a huge tax increase at his urging as part of a plan to boost education spending.

The $1.1 billion package raises taxes on businesses and cigarettes, and it makes permanent a $500 million bundle of temporary payroll and sales taxes.

Sandoval's win on Monday came on the last day of the legislative session, and the proposal's fate had been in doubt until late Sunday when several skeptical Republicans in the state Assembly pledged support.

The plan had faced vocal resistance for months, led by anti-tax conservatives emboldened by election victories in November that increased their majorities in both chambers.

Many critics noted that Nevada voters had overwhelmingly rejected a similar business tax plan and said the lawmakers shouldn't go against their wishes.

Sen. Don Gustavson said legislators "should be ashamed of themselves to force through the largest tax increase in Nevada's history that includes the type of tax that voters did not support."

"And you wonder why our constituents distrust politicians?" he added.

Gustavson and Sens. Pete Goicoechea and James Settelmeyer, all rural Republicans, were the only opposition in the Senate, which passed the tax plan 18-3 Monday.

That vote came after the Assembly passed the plan 30-10 Sunday night after heavy-hitting business groups lined up behind it.

The tax increase will allow Sandoval to pump millions of dollars into programs for poor students and children learning English. The state has lagged behind others for years in education rankings and on school funding, but it has consistently rejected efforts to raise revenue.

Republican Sen. Scott Hammond had been among the skeptics, but he said his concerns about accountability had been eased, in part by the passage of his bill allowing students to use public funds at private schools.

"I can assure you that there have been significant reforms. We have one of the best, if not the best, school choice reform programs now in the nation," Hammond said. "For that reason, I can support this."

Elements of the plan include:

— A hike in the business license fee. The fee for corporations would rise from the existing $200 a year to $500, while the fee for the rest of the business entities would remain at $200.

— A hike in the payroll tax. Sandoval's plan raises the state's existing modified business tax from 1.17 percent to 1.475 percent of wages beyond the first $200,000 a company pays out each year and sets the rate at 2 percent of those wages for the mining industry and financial institutions. Companies would still get to deduct health care premiums for employees from the calculation.

— A "Commerce Tax" on gross revenue. Industry-specific tax rates will apply to businesses with more than $4 million in Nevada revenue each year. Businesses can count 50 percent of their commerce tax bill as a credit against their modified business tax bill — a provision that's intended as a perk to those who employ people. The commerce tax aims to capture more money from capital-intensive businesses such as mines and those that do business in Nevada but aren't based here.

— A flexible payroll tax rate. The plan allows the state to lower the modified business tax rate if revenues from the new commerce tax and MBT rate bring in more revenue than projected.

— An extension of "sunset taxes." More than $500 million of the plan comes from making a set of expiring payroll and sales taxes permanent.

— Cigarette taxes. The bill raises a tax on cigarette packs by $1, which is expected to generate about $100 million over two years.

 

Iraq's oil export in May reaches record level in decades

Published: 2015/6/2 11:50 • Updated: 2015/6/2 10:29

Baghdad (Forat) -Iraq's oil export in May, at 3.145 million barrels per day (bpd), was the highest in decades, the Oil Ministry said today.

In total, the country exported 97.504 million barrels in May, bringing in 5 billion U.S. dollars in revenue, at an average selling price of 55 dollars per barrel, the ministry said in a statement emailed to Xinhua.

The ministry attributed the amount of export, "unprecedented for decades," to its "extraordinary efforts."

"The ministry has made extraordinary efforts to increase the crude exports in a bid to compensate the delay of loading due to bad weather," the statement quoted ministry's spokesman Asim Jihad as saying.

In 2014, Iraq exported a total of 918.114 million barrels of crude oil, earning 84.215 billion dollars in revenue.

Iraq's economy relies on oil for more than 90 percent of its revenues.

In 2010, Iraq announced that its proven oil reserves had increased to 143.1 billion barrels, from the previous estimate of 115 billion barrels./End/