Word: assets
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...storm has certainly bolstered international interest in the city's greatest cultural asset, already strong in Europe and Asia, and New Orleans musicians are being invited to jazz festivals in Chicago, New York and Washington. But it has also exposed a dark side of the Big Easy, a place critics say where leadership was lacking and corruption endemic, where sustenance for the arts was nonexistent, and it's not at all clear that authentic New Orleans music will survive the storm in the long...
...inheritance-tax "problem." Blame the explosion of house prices. Unlike their parents, European baby boomers tend to own their homes. As prices have soared over the past few years in almost every country except Germany, these homeowners have enjoyed big increases in the value of their total assets. But in many cases, the rise has pushed their net worth over the national minimum thresholds for inheritance tax, which haven't been adjusted in step with the housing boom. The result: almost anyone owning a detached house in London or southeast England is already well over the U.K. tax-free limit...
...McCain's aides know the Senator's reputation for independence and integrity is his most valuable political asset. They monitor its health closely. They knew that McCain's efforts to ingratiate himself with the party establishment would lead to stories suggesting the Senator had compromised his principles in order to appease conservatives. They counter those stories by citing the number of times McCain has opposed the President and what it has cost him politically with conservatives. But sometimes McCain himself has to do the reminding, as he did in Ohio. "John didn't say anything he hasn't said before...
...That doesn't mean that legions of rich Europeans are suddenly closing their Swiss accounts and moving their money to Singapore. After Switzerland implemented the withholding tax, "very little happened in terms of asset migration," says Sebastian Dovey, managing partner of Scorpio Partnership, a London-based consultancy to the wealth-management industry. "The big gain for Singapore is not to take assets away from Europe," he says. "The big gain is to attract assets from within its own region. And [Singapore] is doing that tremendously." For now, though, it still has a long way to go before it can claim...
...impatient and increasingly sophisticated Asians, private banks now offer a slew of new investment products. One of the most popular: so-called structured notes, which are complex derivatives that often pay a guaranteed minimum return like bonds, or pay above the minimum depending upon the performance of other asset classes, such as stock-market indexes or commodities. "The beauty of structured products is you can tailor them to clients' needs," says Gary Tiernan, head of product management for Deutsche Bank in Asia. It's a buoyant enough business that Deutsche now has a structured-product team of five...