The Noble Institution | LaDonna Spencer | Friends Activity

Avoid Common Credit Mistakes
While it’s always good advice to avoid carrying more debt than you can handle, eliminating debt from your life entirely may not be possible—or even necessary. Some debt, such as a mortgage or a manageable student loan, can help you reach goals that are important to you. P…Read More

Thu, 07 Sep 2023 01:42:10 -0500

Tue, 05 Sep 2023 16:39:50 -0500

Mon, 04 Sep 2023 01:26:02 -0500

https://youtu.be/MPDJGP2UyqE?si=aQ4n_QdTWlA6SzlI

Wed, 30 Aug 2023 17:14:13 -0500

This in from Paul https://youtu.be/67h92WwsCtw?si=CR_SBgaE8CrBLowd

Wed, 30 Aug 2023 15:02:44 -0500

This in from Paul

https://shafaq.com/en/Economy/Iran-announces-release-of-frozen-assets-in-3-countries-including-Iraq

Mon, 28 Aug 2023 13:55:00 -0500

https://shafaq.com/en/Economy/Iran-announces-release-of-frozen-assets-in-3-countries-including-Iraq

Iran announces release of frozen assets in 3 countries including Iraq - Shafaq News

Shafaq News / Deputy President and Head of Iran's Planning and Budget Organization, Daoud Manzoor, revealed the release of a substantial portion of Iran's frozen assets in South Korea, Turkey, and Ira

shafaq.com

Bond Market vs. Stock Market: What's the Difference? Investopedia Bond Market vs. Stock Market: An Overview It's time to invest your money. So how exactly are you going to allocate that money? After all, a well-diversified portfolio strategy is recommended before you start to buy assets such as stocks and bonds. Indeed, stocks and bonds are two of the most traded types of assets—each available for sale on several different platforms or through a variety of markets or brokers. And there are important, primary differences between stocks and bonds. KEY TAKEAWAYS A stock market is a place where investors go to trade equity securities (e.g., shares) issued by corporations. The bond market is where investors go to buy and sell debt securities issued by corporations or governments. Stocks typically trade on various exchanges, while bonds are mainly sold over the counter rather than in a centralized location. In the United States, the prominent stock exchanges include the Nasdaq and the New York Stock Exchange (NYSE). The Bond Market The bond market is where investors go to trade (buy and sell) debt securities, prominently bonds, which may be issued by corporations or governments. The bond market is also known as the debt or the credit market. Securities sold on the bond market are all various forms of debt. By buying a bond, credit, or debt security, you are lending money for a set period and charging interest—the same way a bank does to its debtors. The bond market provides investors with a steady, albeit nominal, source of regular income. In some cases, such as Treasury bonds issued by the federal government, investors receive biannual interest payments. Many investors choose to hold bonds in their portfolios as a way to save for retirement, for their children's education, or for other long-term needs. Investors have a wide range of research and analysis tools to get more information on bonds. Investopedia is one source, breaking down the basics of the market and the different types of securities available. Other resources include Yahoo! Finance's Bond Center and Morningstar. They provide up-to-date data, news, analysis, and research. Investors can also get more specific details about bond offerings through their brokerage accounts. A mortgage bond is a type of security backed by pooled mortgages, paying interest to the holder monthly, quarterly, or semi-annually. Where Bonds Are Traded The bond market does not have a centralized location to trade, meaning bonds mainly sell over the counter (OTC). As such, individual investors do not typically participate in the bond market. Those who do, include large institutional investors like pension funds foundations, and endowments, as well as investment banks, hedge funds, and asset management firms. Individual investors who wish to invest in bonds may do so through a bond fund managed by an asset manager. Many brokerages now also allow individual investors direct access to corporate bond issues, Treasuries, munis, and CDs. New securities are put up for sale on the primary market, and any subsequent trading takes place on the secondary market, where investors buy and sell securities they already own. These fixed-income securities range from bonds to bills to notes. By providing these securities on the bond market, issuers can get the funding they need for projects or other expenses needed. For investors without access directly to bond markets, you can still get access to bonds through bond-focused mutual funds and ETFs. Who Participates in the Bond Market? The three main groups involved in the bond market include: Issuers: These are the entities that develop, register, and sell instruments on the bond market, whether they're corporations or different levels of government. For example, the U.S. Treasury issues Treasury bonds, which are long-term securities that provide bi-annual interest payments for investors and mature after 10 years. Investing in certain sectors of the bond market, such as U.S. Treasury securities, is said to be less risky than investing in stock markets, which are prone to greater volatility. Underwriters: Underwriters usually evaluate risks in the financial world. In the bond market, an underwriter buys securities from the issuers and resells them for a profit. Participants: These entities buy and sell bonds and other related securities. By buying bonds, the participant issues a loan for the length of the security and receives interest in return. Once it matures, the face value of the bond is paid back to the participant. Bond Ratings Bonds are normally given an investment grade by a bond rating agency like Standard & Poor's and Moody's. This rating—expressed through a letter grade—tells investors how much risk a bond has of defaulting. A bond with a "AAA" or "A" rating is high-quality, while an "A"- or "BBB"-rated bond is medium risk. Bonds with a BB rating or lower are considered to be high-risk. The Stock Market A stock market is a place where investors go to trade equity securities, such as common stocks, and derivatives—including options and futures. Stocks are traded on stock exchanges. Buying equity securities, or stocks, means you are buying a very small ownership stake in a company. While bondholders lend money with interest, equity holders purchase small stakes in companies on the belief that the company performs well and the value of the shares purchased will increase. The primary function of the stock market is to bring buyers and sellers together into a fair, regulated, and controlled environment where they can execute their trades. This gives those involved the confidence that trading is done with transparency, and that pricing is fair and honest. This regulation not only helps investors but also the corporations whose securities are being traded. The economy thrives when the stock market maintains its robustness and overall health. Just like the bond market, there are two components to the stock market. The primary market is reserved for first-run equities: initial public offerings (IPOs) will be issued on this market. This market is facilitated by underwriters, who set the initial price for securities. Equities are then opened up on the secondary market, which is where most trading activity takes place. The number of securities that first started trading on the New York Stock Exchange on May 17, 1792—the first day of trading. The Prominent U.S. Stock Exchanges In the United States, the prominent stock exchanges include: Nasdaq, a global, electronic exchange that lists the securities of smaller capitalization companies from different parts of the world. Although technology and financial stock make up the bulk of the index, it also includes consumer goods and services, healthcare, and utilities. This exchange also forms the basis of the U.S. technology sector benchmark index. New York Stock Exchange (NYSE) is the largest exchange in the world based on the total market cap of its listed securities. Most of the oldest and largest publicly traded companies are listed on the NYSE. The NYSE has gone through a series of mergers and was most recently purchased by the Intercontinental Exchange (ICE) in 2013. Thirty of the largest companies on the NYSE make up the Dow Jones Industrial Average (DJIA), which is one of the oldest and most-watched indexes in the world. American Stock Exchange (AMEX), which was acquired by the NYSE Euronext and became the NYSE American in 2017. It was first known for trading and introducing new products and asset classes. The exchange was also the first to introduce an ETF. Operating electronically, the exchange is home to mostly small-cap stocks. These markets are regulated by the U.S. Securities and Exchange Commission (SEC). Key Differences One major difference between the bond and stock markets is that the stock market has central places or exchanges where stocks are bought and sold. The other key difference between the stock and bond market is the risk involved in investing in each. When it comes to stocks, investors may be exposed to risks such as country or geopolitical risk (based on where a company does business or is based), currency risk, liquidity risk, or even interest rate risks, which can affect a company's debt, the cash it has on hand, and its bottom line. Bonds, on the other hand, are more susceptible to risks such as inflation and interest rates. When interest rates rise, bond prices tend to fall. If interest rates are high and you need to sell your bond before it matures, you may end up getting less than the purchase price. If you buy a bond from a company that isn't financially sound, you're opening yourself up to credit risk. In a case like this, the bond issuer isn't able to make the interest payments, leaving itself open to default. Stock market performance can broadly be gauged using indexes such as the S&P 500 or Dow Jones Industrial Average. Similarly, bond indices like the Barclays Capital Aggregate Bond Index can help investors track the performance of bond portfolio.

Thu, 24 Aug 2023 00:10:02 -0500

Bond Market vs. Stock Market: What’s the Difference?
Investopedia

Bond Market vs. Stock Market: An Overview
It’s time to invest your money. So how exactly are you going to allocate that money? After all, a well-diversified portfolio strategy is recommended before you start to buy assets such as stocks and bonds. Indeed, stocks and bonds are…Read More

Mon, 21 Aug 2023 20:23:02 -0500

Mon, 21 Aug 2023 13:50:54 -0500

https://www.hrsa.gov/vaccine-compensation

Sun, 20 Aug 2023 18:21:31 -0500

https://www.hrsa.gov/vaccine-compensation

National Vaccine Injury Compensation Program | HRSA

For claims associated with the COVID-19 vaccine or other COVID-19 related countermeasures, please file your Request for Benefits with the Countermeasures Injury Compensation Program.

www.hrsa.gov

Thu, 17 Aug 2023 19:16:36 -0500

Tue, 15 Aug 2023 16:01:36 -0500

IMPORTANT For those impacted by COVID vaccine, there’s an injury compensation fund: 800-338-2382 Vaccinecompensation@hrsa.gov Injuryconpensation.hrsa.gov **This is the Natl Vaccine Injury Compensation Program

Sun, 13 Aug 2023 18:36:28 -0500

*IMPORTANT*
For those impacted by COVID vaccine, there’s an injury compensation fund:

800-338-2382
Vaccinecompensation@hrsa.gov
Injuryconpensation.hrsa.gov

**This is the Natl Vaccine Injury Compensation Program

*US Dollar Loses Ground Against Iraqi Dinar in Baghdad and Erbil Markets 2023-08-10 The US dollar declined in its exchange rates against the Iraqi dinar on Thursday, marking a noticeable drop in Baghdad and Erbil markets. According to a report by Shafaq News agency, the two central stock exchanges, Al-Kifah and Al-Harithiya, in Baghdad, registered a morning exchange rate of 152,000 Iraqi dinars for every 100 US dollars. This represents a reduction from the previous day's rates, as Wednesday's figures had reached 153,100 dinars per 100 dollars. Meanwhile, the exchange shops in the local markets of Baghdad also witnessed a downward trend in dollar prices. The selling price in these markets reached 153,000 dinars for every 100 dollars, while the purchase price was recorded at 151,000 dinars for the same amount. In Erbil, the capital of the Kurdistan Region, the local stock market reported decreased rates. The selling price for the US dollar in Erbil reached 152,200 dinars per 100 dollars, with the purchase price at 152,100 dinars for the same quantity.

Fri, 11 Aug 2023 02:40:26 -0500

*US Dollar Loses Ground Against Iraqi Dinar in Baghdad and Erbil Markets
2023-08-10

The US dollar declined in its exchange rates against the Iraqi dinar on Thursday, marking a noticeable drop in Baghdad and Erbil markets.

According to a report by Shafaq News agency, the two central stock exchanges, Al-Kifah and Al-Harithiya, in Baghdad,…Read More

Thu, 10 Aug 2023 16:20:25 -0500

Breaking News U.S.-Iraq JSCD: Strengthening Commitment to Bilateral Cooperation and Regional Stability U.S. Department of Defense 2023-08-09 The U.S. Department of Defense (DoD) and the Iraqi Ministry of Defense led the inaugural U.S.-Iraq Joint Security Cooperation Dialogue (JSCD) in Washington, D.C. from August 7-8, 2023, reaffirming their commitment to security cooperation and shared interest in regional stability. the U.S. Embassy stated that a delegation from the Republic of Iraq, led by Minister of Defense Thabit al-Abbasi, and a U.S. delegation, led by Assistant Secretary of Defense Celeste Wallander, discussed a range of bilateral defense issues in accordance with the 2008 U.S.-Iraq Strategic Framework Agreement and as part of a comprehensive, 360-degree partnership. Minister al-Abbasi met with U.S. Secretary of Defense Lloyd Austin and U.S. representatives from the Joint Staff, Defense Security Cooperation Agency, U.S. Central Command, State Department, and National Security Council. The Iraqi delegation included the Director of the Counterterrorism Service, the Chief of Defense, the Deputy Commander of the Joint Operations Command – Iraq, and other senior officials. The U.S. and Iraqi delegations reaffirmed their commitment to developing Iraq’s security and defense capabilities and determination to deepen security cooperation across a full range of issues to advance our countries’ shared interest in Iraq’s security and sovereignty, and in the stability of the region. JSCD reflects the maturing bilateral strategic partnership and builds upon the foundation laid by previous bilateral discussions, including the July 2021 U.S.-Iraq Strategic Dialogue and February 2023 U.S.-Iraq Higher Coordinating Committee. The U.S. and Iraqi delegations welcomed the full implementation of the Strategic Dialogue, confirming that there were no U.S. forces with a combat role in Iraq and that all U.S. military personnel remain in Iraq at the invitation of the Government of Iraq to train, advise, assist, and share intelligence in support of Iraq’s fight to ensure the enduring defeat of ISIS. The two sides reviewed shared challenges and opportunities for cooperation, focusing on the impressive achievements of the Defeat-ISIS campaign; ongoing efforts to prevent the group’s resurgence, affirming the joint cooperation with the Iraqi Security Forces including the Peshmerga; and a shared commitment to regional stability. The delegations also reviewed the critical operational support provided through the mission of Combined Joint Task Force – Operation Inherent Resolve (CJTF-OIR) to train, advise, assist, and share intelligence with the Iraqi Security Forces. The delegations discussed the urgent need to repatriate displaced persons and detainees currently in northeast Syria to their countries of origin and to support reintegration efforts in local communities. The United States and the Republic of Iraq intend to consult on a future process, separate from the JSCD and inclusive of the Coalition, to determine how the Coalition’s military mission is going to evolve on a timeline according to the following factors: the threat from ISIS, operational and environmental requirements, and ISF capability levels. The Iraqi and U.S. delegations committed to form a higher military commission between the U.S. and Iraq to evaluate the future process described above. The delegations further discussed efforts to build the institutional capacity of the Iraqi Security Forces through U.S. military assistance and security cooperation programs, including Foreign Military Financing and Foreign Military Sales. The delegations reviewed opportunities to expand the educational opportunities available to Iraq’s military professionals, whether through training programs or educational exchanges. Both sides also consulted on opportunities to expand Iraqi participation in military exercises led by U.S. Central Command. In support of the sovereignty and security of Iraq, both countries reaffirmed that U.S. forces are in Iraq at the invitation of Iraqi government only to support the Iraqi Security Forces in their fight against ISIS. The Government of Iraq reaffirmed its commitment to protect U.S. and Global Coalition personnel and advisors, convoys, and diplomatic facilities. The delegations noted their intent to hold subsequent JSCD and related meetings in the future to discuss the evolving threat from ISIS, current and future operational requirements, and efforts to improve the capabilities of the Iraqi Security Forces. The successful completion of this inaugural JSCD underscores the two countries’ commitment to continued bilateral military cooperation in all areas, including but not limited to the Iraqi-led enduring defeat of ISIS.

Wed, 09 Aug 2023 19:24:54 -0500

Breaking News
U.S.-Iraq JSCD: Strengthening Commitment to Bilateral Cooperation and Regional Stability
U.S. Department of Defense
2023-08-09

The U.S. Department of Defense (DoD) and the Iraqi Ministry of Defense led the inaugural U.S.-Iraq Joint Security Cooperation Dialogue (JSCD) in Washington, D.C. from August 7-8, 2023, reaffirming…Read More

Why IRS Spotlight Could Fall on Logan Paul and Other Rich Americans in Puerto Rico A clutch of US citizens is coming under scrutiny over fat tax breaks the island offers… by Lynnley Browning Last month, IRS Commissioner Danny Werfel jolted some of the thousands of Americans living part-time in Puerto Rico when he disclosed that the agency had “recently identified about 100 high-income individuals” claiming lucrative tax benefits there while skirting strict residency and source of income rules. The individuals, Werfel warned, “are attempting to avoid U.S. taxation on U.S. source income, and we expect many of these cases to proceed to a criminal investigation.” That shot across the bow on July 14 sent lawyers and accountants scrambling to alert their clients in the U.S. territory. Their message to the estimated 5,000 or so American entrepreneurs, traders, crypto bros, real estate investors, and white-collar professionals enjoying the Caribbean island’s sunshine and tax benefits: Make sure you’re playing by the residency rules of 183 days a year on the island. And don’t dodge U.S. mainland tax bills. “Now, before the tax man knocks on the door, is the time for those with a potential issue to take action,” wrote law firm Caplin & Drysdale, which has large tax disputes and tax litigation practice, on July 27. And if you’re well-known, other lawyers said, be extra-cautious. “They go for high-profile targets because you get maximum deterrence,” said Bryan C. Skarlatos, who specializes in criminal tax investigations and white-collar criminal prosecutions at the law firm Kostelanetz in New York. Carlos F. Ortiz, a partner at Baker Hostetler in New York who focuses on high-risk tax and money laundering controversies involving multinational corporations, partnerships, and individuals, New York, agreed. The Internal Revenue Service “typically looks for high-profile individuals to make an impact. They’re looking to make examples, and by that they’re looking to indict folks.” Bold-Faced Names Several thousand Americans, including a handful of bold-faced names, have flocked to the island in the past decade to take advantage of its unusually generous tax benefits — one for companies, the other for individual investors. In 2013, hedge fund billionaire John Paulson became the poster child for opportunities on the island, which he once compared to the offshore tax haven of Singapore, when he bought the St. Regis Bahia Beach Resort, less than an hour east of the capital San Juan. Paulson later snapped up majority stakes in the Condado Vanderbilt Hotel, La Concha Resort, and Condado Ocean Club, all luxury venues. But Paulson doesn’t live half the year on the island. His name doesn’t appear in the Puerto Rican government’s official list of individuals granted permission for a tax break on their investment income. As for the corporate break, he’s not eligible for that as far as his elite properties go — that benefit is only for services exported from the island, not for running a hotel or club on the island. So why is Paulson in Puerto Rico? Because real estate values have skyrocketed in recent years. Despite filing for bankruptcy in 2017, the largest public debt restructuring in U.S. history, the island’s luxury real property market is booming. Sotheby’s most expensive listing is for a $44.9 million, 5,611-square-foot, 5-bedroom mansion in the island’s gated Dorado community. Stuart Merzer, chief lawyer and compliance officer at Paulson & Co. in New York, didn’t respond to requests for comment. Other investors have gone all-in on the incentives. The founder and managing partner of $3.5 billion hedge fund Pantera Capital, Daniel W. Morehead, won approval for the individual tax break on Oct. 21, 2022, Puerto Rican records show. An entity related to the Menlo Park, California-headquartered firm, Pantera Capital Management Puerto Rico LP, gained permission last Feb. 13. Cryptocurrency entrepreneur Brock Pierce, a former child actor who starred in Disney’s “The Mighty Ducks” movie and ran unsuccessfully in the 2020 presidential campaign under the slogan “Brock the Vote,” won approval in October 2018. Last Feb. 14, authorities granted the incentive to 1800Bitcoin LCC, a Puerto Rican entity owned by crypto entrepreneur Jordan E. Fried, the chief executive officer of Immutable Holdings, a blockchain holding company that trades on the “over the counter” market. Fried first won approval for personal use of the incentive in October 2021, territory records show. New Poster Child Puerto Rico’s current poster child is Logan Paul, a popular social media influencer, WWE wrestler, and entrepreneur, who moved to the sunny island in 2021 and won official permission to use its tax incentives. There’s no evidence that Paul — the 6’ 2” globe-trotting face of the wildly successful PRIME sports drinks — might be audited by the IRS. Mark H. Leeds, a lawyer for Paul at Mayer Brown in New York who advises roughly 100 Americans enjoying the tax breaks, told The Messenger: “There is a huge range of people who have moved to PR to take advantage of the tax benefits. On the one hand, there are the people who come to me. Anybody who’s taking the time and money to come to me, or someone like me, is looking to do it right. They’re not looking to play it fast and loose.” At the same time, leading lawyers who specialize in sophisticated tax strategies for the wealthy say that if history is any guide, the IRS’s focus on big names is sobering. “Mr. Paul would want to be very careful,” Skarlatos said. “And want to have good advisors structuring his affairs. Spokespersons for Paul, who on his YouTube channel calls himself a “27-year-old in Puerto Rico living life to the fullest or whatever” (he’s 28), declined to comment. No Capital Gains Puerto Rico’s perfectly legal perks, in place since 2012, allow American mainland citizens who live on the island for at least half the year to enjoy no U.S. taxes on gains on their stocks, investment funds, and other property that materializes after moving to the island. There’s also no Puerto Rican tax on those capital gains, or on dividends or interest. It’s a huge boost to the wallet — a savings of 23.8% in long-term capital gains tax and up to 37% for short-term gains on assets sold after one year or less. A hedge fund manager or crypto trader who moves to the island and owns stocks or digital currencies that later soar in value faces no U.S. tax on those profits. Island transplants can also avoid the U.S. corporate rate of 21% and top 37% rate on partnerships and other private entities. If they own a Puerto Rican company that performs services on the island for customers and companies off island, they pay just 4%. Paul, age 28, was granted a “decree” for both the individual and the corporate tax breaks by Puerto Rican authorities on Nov. 22, 2021, official territory records show. Living on Island As of 2019, more than 4,200 U.S. companies and Americans had received “decrees,” a U.S. House Committee on Appropriations study found. Ortiz of Baker Hostetler estimated the total number is now closer to 5,000. In 2019, the island consolidated the individual benefit, known as Act 22, and the corporate benefit, called Act 20, into a new law, Act 60. The Caribbean Island is as known for its tax incentives and its rum. Kris Connor/Getty Images for Puerto Rico Industrial Development Company In its burgeoning crackdown, IRS agents are likely to first go after the low-hanging fruit: Whether someone claiming zero capital gains on investment profits meets the residency requirement. The residency rules are both prickly and squishy, and an American must satisfy one of five: Spend at least 183 days in Puerto Rico throughout the tax year. Or at least spend 549 days on island throughout the current and previous two tax years, including at least 60 days per year. Or spend no more than 90 days in the U.S. throughout the tax year. Or earn no more than $3,000 in the U.S. and spend more days in Puerto Rico than on the mainland. The vaguest rule is: have “no significant connections to the U.S. throughout the tax year,” according to PReocate, a consulting firm in San Juan that charges $1,995 to shepherd individual investors through the process. An individual gets 30 “free” international travel days that count as Puerto Rican days, as long as that time is spent outside the U.S. Skarlatos said anyone under audit would also want to show proof of visits to local doctors, voting records in local elections, enrollment of any children in a local school (unless they’re at boarding school on the mainland or abroad) and participation in local professional and civic organizations. “You can’t just visit a condo on the beach,” he said. $55,000 a Month So where does Paul live? A May 2021 video posted on YouTube by AHR, also known as Any Home Realty and Any Home Real Estate, gave a tour of the 5-bedroom, 5,200-square-foot house with swimming pool that he and his brother, boxer Jake Paul, were renting in the luxurious Dorado Beach community at the Ritz Carlton Reserve. The brothers were paying $55,000 a month for the $10 million estate, built by Kevin Thobias, an American transplant to Puerto Rico who drives a gold, bullet-proof Rezvani tank with a rear smoke screen. Thobias spent four years in the U.S. Air Force and now lives in Dorado, according to his Facebook page. It’s not clear if Paul owns property on the island. Giovanni Mendez, a tax lawyer in San Juan, said the pre-2019 version of the individual tax break didn’t require people to buy a home. But the new Act 60 version does, within two years of being granted a “decree.” That means come November, Paul — presumably with his fiancée, Danish model Nina Agdal, to whom he got engaged this month — would need to buy a house on island if he hasn’t already done so. Claiming the tax break of 4% on corporate profits is tricker. That’s because it depends on how a Puerto Rican entity arranges with a U.S. mainland company to receive profit distributions. J. Clark Armitage, an international tax lawyer at Caplin & Drysdale in Washington, D.C., said that when a Puerto Rican entity is set up to provide services to a U.S. mainland company, the owner of the island entity effectively becomes the “principal service provider” to that U.S. company. The owner doesn’t owe U.S. tax on the money he receives through the island entity, provided the services are rendered from Puerto Rico. A pricing agreement between the Puerto Rican entity and the U.S. company determines how much the Puerto Rico entity should be paid for its services. The more valuable the owner of the Puerto Rican entity is to the success of the U.S. company, the more he can charge for his services to the U.S. company, Armitage said. Prime Target? PRIME sports drinks, launched in 2022 through a Delaware company, Prime Hydration LLC, is the brainchild of Logan Paul and KSI, a British YouTube star, rapper and boxer who is Paul’s close friend and business partner. The drinks are manufactured and sold by Congo Brands, a private company in Louisville, Kentucky, that’s owned by two entrepreneurs, Max Clemons and Trey Steiger. Congo has multiple entities in the state and Delaware. A British subsidiary, FIX LINK: Prime Hydration UK Ltd., is fully owned by Clemons and Steiger. Paul is one of six shareholders, along with Clemons and Steiger, in Prime Hydration LLC, Kentucky state records show. The beverages have the sports drink industry — and lawmakers — buzzing. One 12-ounce can of PRIME Energy has more caffeine — 200 milligrams — than six cans of Coke or nearly two cans of Red Bull. U.S. Senate Majority Leader Chuck Schumer, a New York Democrat, wrote on July 10 to Food and Drug Administration Commissioner Robert M. Califf asking him to investigate this “summer’s hottest drink” and “status symbol” as “a serious health concern for the kids it so feverishly targets.” Paul told Australia’s biggest talk radio show in February that sales of Prime drinks totaled $250 million in 2022, their first year, with $110 million “gross internally.” This January, he added, sales were $45 million. In June 2022, he told the British podcaster True Geordie that if he were to sell his stake in PRIME, “my number’s $5 billion. Which I think we’ll hit in three years.” If his share of those revenues benefit from Puerto Rico’s incentives, that’s potentially a lot of tax-free profits — and possible scrutiny. Where in the World Is Logan Paul? On July 9, Paul proposed to Agdal at Lake Como, Italy. On April 6, he posted a video of himself taking an ice bath in a large metal container at his ranch in the San Jacinto mountains, an estate that was once used by LSD guru and Harvard professor Timothy O’Leary. Five days earlier, he performed before 80,000 people on his 28th birthday at WrestleMania at the SoFi stadium in Inglewood, California, centering on a zip line. On March 31, he posted a video of himself at Dodgers Stadium in Los Angeles to celebrate PRIME’s new partnership with the baseball team. The month before, he posted a photo of himself in Riyadh, Saudi Arabia. On Feb. 14, Paul posted a photo of himself in Sydney, Australia, with KSI, feeding a baby kangaroo with a bottle. Four days earlier, he posted a photo of himself in Perth, Australia, posing on the ground next to a stout and cheerful squirrel. Referring to the view IRS agents might take of a Puerto Rican ex-pat, David Lesperance, a tax and immigration lawyer in Toronto, said, “I can just look at your Instagram and go, ‘Oh, here you are in Ibiza. Here you are there. You’ve spent none of the winter in Puerto Rico.’ You’ve got to be on the island, and you’ve got to know, is this a sustainable plan?”

Wed, 09 Aug 2023 03:17:15 -0500

Why IRS Spotlight Could Fall on Logan Paul and Other Rich Americans in Puerto Rico

A clutch of US citizens is coming under scrutiny over fat tax breaks the island offers…
by Lynnley Browning

Last month, IRS Commissioner Danny Werfel jolted some of the thousands of Americans living part-time in Puerto Rico when he disclosed that the agency h…Read More

Iraq-Saudi Arabia land trade increases to $243 million August 4, 2023 Iraq-Saudi Arabia land trade increases to $243 million Baghdad (IraqiNews.com) – The volume of trade exchange during the first half of 2023 reached nearly $243.4 million, according to the Saudi Press Agency (SPA). The SPA mentioned that the Jadidat Arar port and border crossing between Iraq and Saudi Arabia has been one of the commercial traffic gates between Saudi Arabia and Iraq for the past two years. A study carried out by the Chamber of Commerce and Industry in the Saudi Northern Border Region on the commercial movement between Saudi Arabia and Iraq revealed that the trade movement grew during March to about $101.5 million compared to approximately $81.3 million in January. The study indicated that Saudi Arabia’s exports to Iraq rose to $99.2 million in March after being about $78.3 million in January, while imports from Iraq declined from three million USD in January to nearly $2.3 million in March. According to a study carried out by the Saudi Chamber of Commerce and Industry in the Northern Border Area, the average growth rate of trade exchange between Iraq and Saudi Arabia from the second quarter of 2017 to the second quarter of 2021 is 12.8 percent. The Saudi volume of exports to Iraq exceeded $227 million during the second quarter of 2021, while the value of Iraqi exports to Saudi Arabia was $2.29 million during the same period. The goods Saudi Arabia exports to Iraq are mainly aluminum, aluminum products, electrical appliances, grains, flour, dairy products, eggs, and animal products. The Iraqi exports to Saudi Arabia are mainly copper, copper products, resin, plant products, and sugar. The Jadidat Arar port has two areas for exports and imports, an inspection yard, and different buildings. It has been developed recently to serve as a regional economic and logistical gateway.

Fri, 04 Aug 2023 21:13:50 -0500

Iraq-Saudi Arabia land trade increases to $243 million
August 4, 2023
Iraq-Saudi Arabia land trade increases to $243 million
Baghdad (IraqiNews.com) – The volume of trade exchange during the first half of 2023 reached nearly $243.4 million, according to the Saudi Press Agency (SPA).

The SPA mentioned that the Jadidat Arar port and b…Read More

CBI Rolls a List of Decrees to Control Illegal Forex Exchange 2023-08-03 The Central Bank of Iraq (CBI) has issued a list of regulations to control the foreign currency trading in the parallel markets, reiterating its commitment to providing currency through official channels for all legally permissible transactions. "The source of the US dollar circulating in the local markets is the Central Bank of Iraq, which offers it through banks and exchange companies at the official rate of 1320 dinars per dollar," the CBI said in a press release, "the so-called 'parallel market' has no truth to it, and what is traded is speculative with fixed-price currency and is illegitimate trading." According to the statement, the CBI is the primary source of foreign currency in Iraq, and all claims of an independent "parallel market" are entirely unfounded. Such descriptions are only applicable when the market has its particular sources from private sector exports, local tourism, residents' transfers abroad, etc. As part of its strategy to achieve the main public objectives, including stabilizing the exchange rate, the CBI has also announced a new system focusing on the execution of all foreign remittances and documentary credits via an electronic platform. This platform allows for meticulous pre-audit checks, verification of the final beneficiary, and safeguards all parties from both domestic and international risks. In addition to this, personal remittances abroad for education, healthcare, personal needs, and retiree salaries for residents abroad will be facilitated through international money transfer companies like Western Union and MoneyGram. Travelers will be provided with dollar bills at the official rate through banks and exchange companies, and these transactions will be carried out through an electronic platform for verifying the authenticity and purpose of these amounts. The mentioned system, in its three dimensions, limits any practices that could expose Iraq and its banking sector and financial institutions to risks. By providing and opening these channels for legitimate purposes, dealing with the dollar outside of them becomes an illegal practice subject to legal accountability towards the parties involved. No party or individual has the right to trade a dollar originating from the Central Bank, which sets the price, channels, limits, and purposes for its use. Trading and dealing with it outside of authorized entities is considered a prohibited activity under the law. As stipulated by the Banking Law No. (94) of 2004 in Article (3), no person is allowed to engage in activities involving the receipt of deposits or other payable funds from the public without obtaining a license or permit issued by the Central Bank of Iraq. The implementation of the foreign remittance system, documentary credits, and cash sale of foreign currency involves achieving economic, regulatory, and legal objectives, including the following: 1. Enhancing Anti-Money Laundering and Counter-Terrorism Financing Measures: It aims to fend off local and international sanction risks for all related parties. 2. Ensuring the Integrity and Transparency of Iraq's Imports: By directing imports within channels that ensure the safety and transparency of operations, the system also provides essential data and information for planning, regulation, and control purposes. 3. Generating Additional Revenue for the State: This can be achieved by subjecting all imports to comprehensive registration procedures and subsequent fees. 4. Gaining the Trust of Credible International Banks: This move will expand the network of relationships between the local and foreign banking sectors and increase the number of Iraqi bank correspondents. 5. Closing Illicit Foreign Transfer Channels: It also helps in containing the proceeds of crimes and corruption and preventing them from escaping abroad. 6. Preventing Import Goods from Being Affected by Exchange Rate Differences: This includes avoiding the higher costs incurred when purchasing at an unofficial market rate from the black market, leading to price increases and a negative impact on the citizens' purchasing power. "The people who buy the dollar from the market and provide an opportunity for speculators and beneficiaries, and trade at an unofficial exchange rate, are: 1. Importers among traders: who do not follow the proper methods in foreign transfer operations (remittances and documentary credits) through the electronic platform, available to them at the official rate. They attempt to collect cash dollars exclusively allocated for citizens' travel from the market, or by using electronic payment cards designated for citizens' purchases and expenses abroad or for personal transfers for legitimate purposes. 2. Importers of prohibited or narcotic substances such as drug dealers, or materials that do not pass through official border crossings to escape legal or customs requirements, such as importers of cigarettes and some importers of precision devices. They resort to the market to buy dollars not allocated to them to settle their obligations. 3. Those who achieve returns from the proceeds of crimes, such as bribes, thefts, kidnappings, extortion, sale of prohibitions, etc., and seek to transfer them abroad to conceal them. 4. Citizens who pay for their purchases of goods and services inside Iraq in dollars, prompting them to buy the dollar from the market. Since there is no allocation from the Central Bank's dollar sales for this purpose, their purchase comes from a share allocated for other purposes, especially travel." "To address the mentioned phenomena, and reduce the phenomenon of the illegitimate market and a higher exchange rate than determined, work is underway with the government and related entities to take the following measures: - Requiring traders and importers to use the designated channel through the electronic platform, achieving the objectives of this system and preventing the use of cash dollars in the market for purposes other than their intended ones. This requires obliging this category to provide proof of their import amounts originally when their goods enter Iraq at official border crossings. - Encouraging and supporting the traders' categories to enter the electronic platform by simplifying procedures, especially tax ones, defining their ceilings in advance according to categories, and depositing them in the account of the General Tax Authority through their accounts in banks. - Tightening control over official border crossings and closing unofficial ones, coordinating between the federal government and the regional government regarding regulating the entry of goods and the fees imposed on them, and preventing the entry of prohibited and legally banned materials. - Strict application by the competent authorities of Cabinet Resolution No. (23026) for 2023, which includes limiting the sale and purchase of goods and services in Iraqi dinars within Iraq." "We call for providing official, popular, and media national support in implementing the above, to achieve the referred goals, preserving the integrity of the movement of funds and foreign trade, and warding off risks from the country and its banking sector and financial institutions, through compliance with the rules of the law on combating money laundering and terrorist financing, and related international standards and practices," it concluded.

Thu, 03 Aug 2023 20:03:06 -0500

CBI Rolls a List of Decrees to Control Illegal Forex Exchange
2023-08-03
The Central Bank of Iraq (CBI) has issued a list of regulations to control the foreign currency trading in the parallel markets, reiterating its commitment to providing currency through official channels for all legally permissible transactions.

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