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How To Set Up An Offshore Company

Jul 27, 2012

Setting up an offshore company in a tax haven is surprisingly easy. A simple Google search offers up thousands of companies willing to help you do it.

Rebeca Espinal admits with a shy smile that she's a straight-A math student. She's a high school graduate who dreamed of going to college.

Instead, Espinal, 17, is working in a Charlotte, N.C., factory that makes gas turbines and generators. She is an apprentice with the German company Siemens.

"I was planning on getting a degree in international relations, but with financial aid and how difficult it is to pay for college and everything," she says. "So when Siemens came along and gave me the offer, it was too good of an opportunity to just let it go.

Apple reported its financial results for the quarter ended June 30, and depending how you look at it, they're either amazing or disappointing.

The company says it made $8.8 billion in profits over the course of three months. That's more than enough to buy every share of Alcoa, the global aluminum giant, which was worth just under $8.6 billion when the stock market closed this afternoon.

If there is a founding ethos in the world of high-tech startups, it's this: The idea is everything. Facebook's initial public offering might have seemed like the perfect illustration. A simple concept, conceived by a college student, became a $100 billion empire in just 8 years.

We often talk about the "farm lobby" as though farmers spoke with a unified voice. And it's true, they usually try to.

But an unusually bitter and public fight is breaking out right now between the farmers who grow corn and other farmers who need to buy that corn.

Stephen Covey, whose book 7 Habits of Highly Effective People became a seminal guide to leadership, died this morning.

In a statement, the family said Covey died due the "residual effects" of a biking accident he suffered in April. He was 79.

The Salt Lake Tribune gives us a bit of his biography:

The bad news: Retail sales fell 0.5 percent in June from May, the Census Bureau says. It's the third straight month that sales have been down from the month before.

But, Census adds that June sales were 3.8 percent above the pace of June 2011. And, "sales for the April through June 2012 period were up 4.7 percent ... from the same period a year ago."

What you need to know about Health Savings Accounts & more

Jul 12, 2012
Joseph Chornyak, Sr.
Chornyak & Associates

HSAs or Health Savings Accounts can provide significant tax deductions as well as help you deal with rising health care costs. However, they are not for everyone.  Please read this month's lead article to learn if an HSA makes sense for your family.

In my recent travels I've spoken with portfolio managers, analysts, and researchers from a wide variety of disciplines. The consensus of opinion is that we will continue to face market volatility as we move forward. Active portfolio management emphasizes diversification, focus, and a long-term perspective. ~ Joseph Chornyak, Sr.

Wells Fargo Bank agreed to pay at least $175 million Thursday to resolve allegations it discriminated against black and Latino home buyers, in what the Justice Department called the second largest settlement over fair lending violations.

The debate is back over what to do with the Bush tax cuts, which are scheduled to expire at the end of the year.

The Obama administration wants to extend them only for families earning less than $250,000 a year. Republicans generally favor extending them for everyone. What hangs in the balance are tax breaks for wealthier Americans.

Residents of San Bernardino woke up to suddenly find their city has been told "Do Not Pass Go, Do Not Collect $200." And oh, do they need money.

The Failure Of The Candy Tax

Jul 11, 2012

Last week, we re-aired an episode recorded in 2010 with economist Joshua Gans, author of the book Parentonomics. In the episode, Gans' 11-year old daughter, B., told us about his technique for keeping her from spending too much allowance money on candy:

The long economic downturn that began in late 2007 came to be known at the Great Recession –- the worst period since the Great Depression of the 1930s.

Even though both events were momentous enough to earn the word "great" as a modifier, they really are not comparable, according to recent research by economist Mark Vaughan, a fellow at the Weidenbaum Center on the Economy at Washington University in St. Louis.

Back in the day, Madrid's Palace Hotel was Ernest Hemingway's old haunt, or at least the bar was. Now, rooms at the posh hotel just down from the famed Prado Museum go for up to $6,000 a night. And gathering in its lobby these days? An altogether different type of foreigner: the kind in expensive suits.

"Probably they are institutional investors, hedge funds, sovereign wealth funds," says Federico Steinberg, an economist at Madrid's Elcano Institute.

There's a lot of cash around the world, he says, and a lot of people looking for bargains.

Raising Minimum Wage: A Help Or Harm?

Jul 8, 2012

Back in 1912, Massachusetts became the first place in America to introduce a minimum wage, but it would take another quarter century before a national minimum wage was set.

President Franklin Roosevelt made it law in 1938, that any hourly worker had to be paid at least 25 cents an hour. It was revolutionary, and very few countries had anything like it.

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