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Australia says Bitcoin not taxable as currency SYDNEY: Crypto-currencies such as Bitcoin should not be considered as money or a foreign currency when it comes to taxation, Australia's tax authority ruled Wednesday.In guidance designed to help people finalise their tax returns, the Australian Tax Office said Bitcoins were a form of property, disappointing those hoping they would be seen as a currency. The decision follows a similar move by the US Inland Revenue Service in March."Transacting with Bitcoins is akin to a barter arrangement," the Australian Tax Office said in its guidance."The ATO's view is that Bitcoin is neither money nor a foreign currency, and the supply of Bitcoin is not a financial supply for goods and services tax purposes. Bitcoin is, however, an asset for capital gains tax purposes."The move disappointed the Australian digital currency industry, which said treating the supply of Bitcoins the same way as the exchange of a commodity meant they would be ...

Citigroup eyes sale of Japan retail banking business: reports TOKYO: Citigroup is eyeing the sale of its Japanese retail banking operations, reports said Wednesday, more than a century after setting up shop in the Asian nation.The Nikkei business daily said the US financial giant was talking to Japan's three top lenders about a possible deal, among others.The bidding process was expected to begin as early as September, the daily said, adding that a number of domestic banks have expressed an interest, aiming to gain ...
Australia central bank stresses policy limitations, wants businesses to step up SYDNEY: Australia's central bank chief said on Wednesday that record low interest rates alone cannot drive confidence or spur business activity, suggesting that firms should do more to stimulate stronger economic growth. Reserve Bank of Australia Governor Glenn Stevens told lawmakers at his semi-annual testimony the economy now needs 'animal spirits' in order to support an expansion of non-mining firms, and this is not what monetary policy can directly do. "We need an environment where ...
Moody's downgrades four top South African banks JOHANNESBURG: Moody's downgraded the credit rating of four top South African banks Tuesday after the government bailed out a troubled lender, in a move that sent ripples across Africa's most developed economy.The ratings agency downgraded financial giants Standard Bank, FNB, Nedbank and Barclays-owned ABSA by one notch to Baa1, raising more questions about the health of the vital sector.Moody's said the terms of African Bank's recent rescue showed that investors in other larger banks were ...
Standard Chartered fined $300mn over laundering controls NEW YORK: New York state's banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business on Tuesday for not detecting possible money laundering.The New York Department of Financial Services (DFS) said the British bank's internal compliance systems had failed to detect or act on a large number of "potentially high-risk transactions" mostly originating from Hong Kong and the United Arab Emirates.The new punishment came two years after the ...
Credit Suisse says arranged but did not sell BES securities ZURICH: Credit Suisse has confirmed it arranged securities on behalf of crisis-hit Portuguese lender Banco Espirito Santo SA (BES), but said it had not sold those securities or advised any clients or affiliates of BES to buy them.BES was rescued by the state earlier this month after posting huge losses from exposure to the crumbling business empire of its founding Espirito Santo family.The Wall Street Journal had reported that Credit Suisse helped assemble billions of ...
Interbank, Bund rates hit lows as euro zone outlook dims LONDON: Euro zone money market rates fell to new lows on Tuesday and German Bund yields dropped below 1 percent as the region's weak recovery kept up pressure on the European Central Bank to maintain its ultra-loose monetary policy.With a fresh round of tit-for-tat sanctions between Russia and the West in discussion as the Ukraine conflict rumbles on, investors are becoming increasingly certain that economic stagnation combined with low inflation will herald a prolonged period ...


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Foreign Debt $61.805bn
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WeeklyAugust 15, 2014
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