China’s US Internet IPOs a Challenge to Locals?

Even as American technology bosses are exploring China, some of those esoteric local firms are bursting to get out. A moratorium, only recently lifted, on initial public offerings on mainland exchanges has led to a big backlog of IPOs. So China’s best online firms are now hoping to list on American exchanges. In January JD, an e-commerce firm akin to Amazon, launched a share offering in America that may value the firm at $20 billion. On March 14th Sina Weibo, the nearest Chinese equivalent to Twitter, announced an IPO that would raise up to $500m, reportedly valuing it at around $7 billion.  The Economist reports.

China's Internet

Oligarch Firtash, Out of 125 Million Bail, Has an Office in Switzerland

All money trails lead to Switzerland.  Despite clamp downs by the US government and some other nations, the Swiss continue to provide safe havens for oligarchs’ money.

At 7 Bahnhofstrasse in Zug, there are companies listed in 194 Post Office Boxes.  One of these belongs to Firtash.  Arrested in Austria on a warrant from the FBI, Firtash is off on 125 million dollars bail, peanuts to this Russian oligarch, a pal of Putin’s who has enriched himself through gas deals.

Companies with post office boxes is Switzerland.

Companies with post office boxes is Switzerland.

Firtash Company Switzerland

Firtash Company Switzerland

Steueroasenbuch (Tax Haven Report, Page 29)

Focus on Financing Women Entrepreneurs

Introducing Astia, Astia is a curated, global community of experts committed to the success of world class women-led, high-growth startups. For over 14 years the 4000+ members of Astia’s connected community have provided startups with access to capital, business networks, and opportunities to become dominant market players. The organization is a non-profit with distinct focus and mission.

Research indicates that if women were to fully participate in high-growth entrepreneurship we would see a significant and measurable benefit to the economy, innovation, and society. Astia’s mission is to provide access to the networks and expertise that women high-growth entrepreneurs need to succeed, and ultimately to impact today’s global economy.

Women Entrepreneurs

Swiss Looking for Yanukovych Money

The Swiss authorities are looking into suspicions of money-laundering by deposed Ukrainian president Viktor Yanukovych.

The information from the Money Laundering Reporting Office Switzerland (MROS) has been reported in the Swiss-German press.

The money-laundering probe concerns possible corruption “for which Viktor Yanukovych and his entourage could be involved”, said the spokeswoman for the federal ministry in Bern.

The pro-Moscow ex-Ukrainian leader and his entourage, whose assets were frozen by the Swiss government two weeks ago, are already being investigated by the canton of Geneva.

Ukrainians, grappling with an economy on the brink of default, were shocked by the breathtaking opulence of Yanukovych’s vast country estate which was flung open for all to see when he went into hiding and fled to Russia.

Retrieved from the river; dried in one of Yanukovych's saunas.

Retrieved from the river; dried in one of Yanukovych’s saunas.

Tips to Getting Good Financial Advice

    1. Get a referralAsk your family, friends and colleagues if they have a financial adviser they are happy with and comfortable recommending to you. This is a great way to build trust quickly with an adviser, if they are already trusted by those close to you.
    2. Track RecordYou want to make sure your potential adviser has a track record of experience and success; things to look for are education, awards, industry presence, client testimonials/referrals. If an adviser is not forthcoming with this sort of information when you ask, they may not be the right one for you!
    3. Easy flow of conversationYour relationship with a financial adviser is not like that of an accountant, where all the numbers are considered and a tax return submitted. You need to feel comfortable with your adviser almost straight away. You need to want to share more than just the numbers. The best advice outcomes occur when your adviser understands who you are, where you have come from and where you want to go. This will enable them to provide advice you understand and are motivated to stick to.It can be a good idea to meet with a few different advisers until you find the right fit for you.
    4. EducationThe best way to ensure advice is right for you is to understand it. An adviser should seek to explain their advice to you in a way you can understand. You don’t need to know all the ins and outs, that is what you are paying for, but you should have the advice clearly explained to you and you shouldn’t have to ask this, it should form part of the service.
    5. Fee StructureAdvisers used to get paid solely by commission. This has now come to an end, replaced by a more transparent structure. The main thing to remember is that an adviser is providing a service to you and they need to be paid for it, in turn you need to be comfortable with those fees. The fees charged need to be clear to you from the start, you need to know in $$ what you will be paying upfront and what will be due ongoing.

In the absence of a referral from a friend or trusted adviser, try googling for financial advisers in a location easily accessible to you. Shortlist a couple that suit you (make sure their target market is you. You don’t want to be seeing a retirement adviser when you are 33). Call, find out some info about what they do, their education etc., arrange an initial meeting, where you can address all of the above points.

Remember women make good financial decisions, go with your gut and start enjoying the benefits of getting great financial advice!

Chinese Crackdown on Corruption

China’s leader Xi Jinping has made a crackdown on corruption a centerpiece of his administration. He’s vowed to root out corruption from the bottom to the top, or to use his expression, to “go after the tigers as well as the flies.”

When it comes to corrupt, high-ranking officials, there’s a reliable source for tips: scorned mistresses. Some have even taken to shaming their lovers on social media, and the scandals have made international headlines.  The Mistress Culture in China

Mistresses Against Corruption

Ageism in the Business World

This is the type of comment that we have regularly experienced over the years and while it certainly has been grating at times our focus has been on gender equality so the frequently heard age references have rarely received a second thought. Combine this with our Asian backgrounds however and you can expect even more colourful remarks. Some even attempt to justify their comments with a misguided attempt at a compliment “Oh, you Asians have great genes and always look so much younger!” It’s been raised so many times it got us thinking – is ageism the new sexism?

Being asked “Oh my – you’re young aren’t you?!” can be flattering in a social setting, but in a workplace context, it’s not and often infers inexperience or questions your right to participate in the space. The challenge for us is to convince the room we are in fact the expert in our field and command the respect we rightfully deserve.

The 2011 census reported that the average Australian is a 37 year old female, which makes the constant questions surrounding our age even more surprising. Sure we get the odd comment about being a ‘chick’ but more often than not, it’s our age that people feel entitled to question.

Occasionally (depending on your mood) it can be funny. Like when you are a keynote speaker arriving at said event and someone helpfully directs you to the childcare conference next door because you couldn’t possibly be the leadership presenter they were expecting.

Or you enter a room for a high profile function, and staff insist on matching your name against their invitation list. Yet you notice no one else get the same treatment, walking past you and into the function at leisure.

But when a 10 year old girl is adamant that only ‘old men with beards’ can be a politician, it does make you wonder how in this day and age, this myth still exists. Alarmingly, why do the younger generation who arguably have been born into an era of equality still have these antiquated pre-conceived notions?

Perhaps we do not have enough role models to normalise our expectations of who fits certain roles. We know that more often than not, gender and ages still gravitate to certain sectors and jobs. There certainly doesn’t seem to be one simple answer.

So what can we do to combat this little spoken about form of ageism? Well aside from avoiding moisturiser or perhaps dragging a partner and couple of kids everywhere with us to demonstrate our maturity.

All women who have experienced this type of interrogation over their perceived age and implied lack of experience need to tackle this issue head on. When someone next queries your age and how you could possibly have enough experience to be doing what you are doing, ask them why your age is relevant. Better yet, ask them how old they are. Or perhaps suggest they may want your weight and dress size next? No? Well the questions are just as inappropriate.

And it’s not all doom and gloom. For every person that scornfully queries your age, someone else not only marvels at it, they applaud you.

Ageism?

Citi Bank Under SEC Scrutiny for Fraud at Mexican Subsidiary

Citi announced on Friday that it had discovered a fraud at Banamex, the wholly-owned Mexican subsidiary that has been one of the bank’s best-performing divisions. Earnings for 2013 were reduced by $235m, Citi said.

The bank said the fraud was tied to loans made to Oceanografia, a troubled Mexican oil services company. Banamex was lending to Oceanografia based on invoices for work it said were approved by Petróleos Mexicanos, the state-owned company, which Citi said turned out to be falsified.

In a forceful statement accompanying the earnings revision, chief executive Mike Corbat said the company would be “relentless” in seeking to recover funds lost in “this despicable crime”.

Citi believes the fraud had help from at least one person inside the bank. In his statement on Friday, Mr Corbat pledged punishment for “any employee who enabled it, either through lax supervision, circumvention of our controls, or violating our code of conduct”.

“At this point, we believe this is an isolated incident,” Mr Corbat said. He added: “All will be held equally responsible and we will make sure that the punishment sends a crystal clear message about the consequences of such actions.”

Mr Corbat said the bank was co-operating with Mexican law enforcement. But even if the bank was the victim of the crime, the bank could be questioned by US authorities over its controls and disclosures.

Citi was rebuked by bank regulators in March last year for “deficiencies” in anti-money laundering controls, including at a unit of Banamex.

Banamax Fraud