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Mauritius Banking Act 2004 integration of onshore and offshore banking licences provides for greater confidentiality on client information, such that any request under POCA [Prevention of Corruption Act 2002], or under Financial Development Services Act 2001, or under the United Revenue Act will require formal applications to a Judge in Chambers. Prior to Promulgation in October 2004, I had intervened as Chief Economist of the Barclays Group, on behalf of the Mauritius Bankers Association Chairman, on matters of substance pertaining to regulatory loopholes and consistency in banking guidelines deemed to be within the spirit of the Act. The Seal of enhanced Confidentiality and Lifting of Corporate Veil to establish Economic Substance in 'offshore' global business operations were bound to become an uneasy thorn in our international economic diplomacy. Tax Information Exchange Agreements (TIEA), signed by Mauritius, effectively removed our Jurisdiction off the potential "grey list" of offshore tax havens listed by the Organization for Economic Cooperation and Development. The upcoming Global Forum on Transparency and Information Exchange [Mexico, September 2012] will create a new organization to oversee the progress of Tax Information Exchange Agreements. The Forum guides the OECD's work in the area of tax evasion. The postponement of India's GAAR (General Anti-Avoidance Rules to counter aggressive tax avoidance practices via overseas jurisdictions) hails an opportune moment for Mauritius to seize the economic diplomacy window and query offshore policy fundamentals. GAAR is a watershed opportunity to sanitise the World Investment image of Mauritius in the global business sector. GAAR Provisions conceptually plugs the loopholes within our Tax Jurisdiction, and performs the due diligence role relinquished by the Financial Services Commission [FSC], and other regulatory and tax authorities of Mauritius. GAAR highlights the hazy status prevailing in our Treaty Shopping image, and the ensuing opacity in our international economic diplomacy since 1995. Notwithstanding the application timing of GAAR, who will bear the responsibility of a rigorous assessment and a formal regulatory ruling pertaining to the adequacy of commercial and economic substance of a Third Party seeking the cloak of a TRC [Tax Residency Certificate]? Has the FSC relinquished its prerogative to establish a comprehensive list of all Global Business transactions which could be legally construed as colourable devices [a dubious method or subterfuge clothed with apparent dignity] as per the Mc Dowell ruling? Is it not an opportune moment for FSC Mauritius to upgrade its own operational standards to internalise the core essence of GAAR, without duress or undue external diplomatic pressure? GAAR should not be viewed as an obstacle to be circumvented, but a Global Business Policy Tool to be rendered statutory within the FSC Regulatory Framework in a bid to cleanse the opacity and apparent breach of international confidence in the sanctity of our TRC status. Prime Minister Ramgoolam letter to India's PM Manmohansingh creates more mistrust in the Offshore quagmire. Why does Prime Minister Ramgoolam display such eagerness to urge a forgiveness of all Tax Residency Certification beneficiaries prior to GAAR's potential implementation? The Government of Mauritius had a clear responsibility since 2006 which hailed the diplomatic exasperation of our staunchest ally on the World stage - Mother India. India tags our Government's 'unwillingness' to carve a path to thwart Treaty Shopping and global business transactions devoid of economic substance. The Government of Mauritius has a duty of care towards the international economic community to issue an unambiguous Policy Statement to FIIs [Foreign Institutional Investors] using the shield of our TRC status, that Treaty Shopping shall be deemed not to be conducive to our Special Relationship Status with India. India hinted that no relief would apply to Vodafone-type overseas deals involving Capital Gains Tax on sale of domestic assets, whereby proposed retrospective changes to Income Tax Act would apply. Finance Minister Duval may bring soft pressure to bear on local auditing firms whose Partners are local Directors of hundreds of Global Business Companies with Mauritius TRCs. Thus it is most feasible for these Auditors, bound by UK Chartered Accountancy Codes of Practice, to disclose to FSC Mauritius the nature of those TRC beneficiaries who may be deemed to lack commercial and economic substance. Goodwill and Good Faith, in lieu of GAAR Legislation from India, will ventilate a new phase in our international economic diplomacy. The Government's failure since 2010 to launch a goodwill-based credible economic diplomacy with India, and the diplomatic faux pas of Finance Minister Duval's absence in the Government Mission to India led by PM Ramgoolam speaks volumes as to our lack of synchronicity and calibration of our international economic diplomacy and our national economic development program. Foreign Minister Boolell should have been in the front line of staunch lobbying preceding GAAR Legislation proposals in April 2012. Has our economic diplomacy been outsourced to Global Investor Forums with no mandate from Government, thereby operating ultra vires with respect to speaking with a 'coherent single voice' to Indian Authorities? The last gasp lobbying attempt by non-specialist Investor Forums in lieu of technocratic void in our Diplomatic Mission in India and the non-existent role given to Finance Minister Duval in India by Prime Minister Ramgoolam, do not seal our case in the right direction. The serious concern of India regarding the shortfall in Tax receipts from Global Business platforms and the impact on its development strategies and equitable share of global transactions may not be casually underestimated by our Policymakers and economic diplomacy strategists. Is Mauritius an economic partner or a tax parasite vis--vis its Global Protector - India? GAAR should highlight our tactical ability to forge farsighted international economic relations beyond the safety nets of DTAs, AGOA, and crumbling bilateral trade agreements in the long term. Is Singapore Model our salvation?

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INDIA's GAAR: OFFSHORE, Mea Culpa

LONDON (ShareCast) - - Wall Street up on consumer sentiment - JP morgan plunges after $2bn trading error DOW (NYSE: DPD - news) : +0.3% S&P 500 (SNP: ^GSPC - news) : +0.35% NASDAQ (Nasdaq: ^NDX - news) : +0.62% Wall Street was up in afternoon trading despite an early slump following a massive trading error at JP Morgan. The $2bn loss at JP Morgan has seen the stock slump 7.9% after what the company's boss, Jamie Dimon, described as "egregious mistakes". Other financial stocks were affected by JP Morgan's misfortune, including Goldman Sachs (NYSE: GS - news) (-5.5%). More broadly the picture was positive with tech stocks doing well. Graphics chip maker Nvidia (Xetra: 918422 - news) climbed 7.9% after releasing better than expected sales forecasts. The internet television firm Netflix (NasdaqGS: NFLX - news) was also strong, gaining 6.8% through the morning. The market is benefiting from the preliminary reading of the University of Michigan-Thomson Reuters (Toronto: TRI.TO - news) index which showed US consumer sentiment rose to its highest levels since January 2008. The index showed a reading of 77.8 for May, up from 76.4 the month before. BS

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US Midday: JP Morgan dives but most stocks up

By David Benoit and Brett Philbin

UBS has hired a new top banker in its real-estate, leisure and lodging investment banking unit, according to an internal memo.

Peter Baccile will join the Swiss giant from J.P. Morgan where he spent the past 25 years building a rolodex of clients that include Simon Properties, MGM and Wynn.

This follows several big hires by UBS including grabbing from Bank of America Andrea Orcel and Jim Forbes. It also follows the hiring of a managing director, Simon Leopold, in the real-estate group from KBW.

Though UBS hasnt been without departures in the Wall Street revolving door, with Alex Wilmot-Sitwell leaving for BofA; internet analysts Brian Fitzgerald and Brian Pitz leaving for Jefferies; and Roland Phillips leaving for Centerview Partners.

Heres the memo from UBS Simon Warshaw and Matthew Grounds, the joint global heads of investment banking.

Building on our strengths in Real Estate Investment Banking

We are very pleased to announce that Peter Baccile will be joining our firm as joint Global Head of Real Estate, Leisure and Lodging within IBD (RELL), working in partnership with Jackson Hsieh. Upon joining UBS in mid-June, Peter will report to Matthew Grounds and Simon Warshaw.

The global co-head model for the RELL group was the vision of Jackson Hsieh, in his effort to provide additional banking coverage in the Americas and abroad. Together, he and Peter will work to significantly grow our firms RELL market share, a business where we already enjoy a strong global franchise, with Ken Cohen running CMBS and Fergus Horrobin covering EMEA and APAC RELL.

Peter is widely recognized as a leader on Wall Street in real estate investment banking, with clients such as Starwood Capital, Simon Properties, Vornado, EQR, SL Green, MGM, Wynn and Colony Capital.

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UBS Hires J.P. Morgan Real Estate Banker

SAN FRANCISCO, CA--(Marketwire -05/10/12)- Trulia, a leading site for home buyers, sellers, renters and real estate professionals, today announced a strategic alliance with Bay Area Real Estate Information Services, Inc. (BAREIS MLS) to directly syndicate the listings of its 8,000 members to Trulia, providing consumers with the most accurate information on homes for sale in five Northern San Francisco Bay Area counties including Marin, Mendocino, Napa, Sonoma and Solano.

With the addition of BAREIS MLS, the majority of the MLSs in the Bay Area are now working with Trulia. Trulia already receives direct feeds from MLSListings, Bay East and Contra Costa MLS, meaning Bay Area homebuyers can have an extremely high degree of confidence that the data they see on Trulia is correct. As part of its alliance with Trulia, BAREIS will also participate in the Trulia Direct Reference program, under which Trulia notifies listing agents and brokers about any discrepancies between the data provided by the MLS and information from other syndicators.

Listings from BAREIS MLS will now be seen by the more than 23 million* serious home-buyers and sellers coming to Trulia each month to get the inside scoop on real estate they can't find anywhere else. BAREIS MLS will syndicate all of its listings unless the listing is not approved for the internet.

"Our membership is dedicated to providing the most accurate data on the internet to buyers and sellers working with the real estate professionals in our region," said Jim Branscombe, President and CEO of BAREIS MLS. "There is an explosion of data and a great deal of that information is not accurate or kept up to date. Building strategic alliances with major real estate portals like Trulia will ensure the best data is available to the public and support the efforts of our real estate professionals to list and sell property. BAREIS MLS has operated its own public site for 14 years, and this relationship we are forging with Trulia is similar to the relationships we have with other public internet sites we have worked with in that we are providing all active listing data approved for internet display."

As part of the agreement, Trulia will abide by the guidelines established by the Trulia Data Pledge for listing syndication that launched in January 2012.

"By syndicating listings for its members, BAREIS MLS will ensure that it provides an extremely high level of data accuracy. This will help its members connect with more buyers and sellers to close more transactions," said Mark Weiss, Trulia Director of Business Development. "BAREIS MLS understands that connecting Trulia's audience with the most up to date and accurate information provides its real estate professionals with the best opportunity to close deals."

*Omniture, April 2012

About Trulia Inc.Trulia gives home buyers, sellers, owners and renters the inside scoop on properties, places and real estate professionals. Trulia has unique info on the areas people want to live that can't be found anywhere else: users can learn about agents, neighborhoods, schools, crime and even ask the local community questions. Real estate professionals use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyper local advertising services, social recommendations and top-rated mobile apps. Trulia is headquartered in downtown San Francisco and is backed by Accel Partners and Sequoia Capital. Trulia and the Trulia logo are registered trademarks of Trulia, Inc.

About Bay Area Real Estate Information Services, Inc. (BAREIS MLS)Bay Area Real Estate Information Services, Inc. is an independent MLS created on October 22, 1997. The organizations that founded BAREIS MLS are the Marin Association of REALTORS, Napa Association of REALTORS, Northern Solano Association of REALTORS, Solano Association of REALTORS and the Sonoma County Multiple Listing Service. The Mendocino County MLS joined the effort in 2001 and the Coastal Co-op MLS in 2005. BAREIS MLS now serves approximately 8,000 members in five key counties: Marin, Mendocino, Napa, Solano, and Sonoma.

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Bay Area Real Estate Information Services Announces Direct Syndication to Trulia

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed two classes of notes issued by Solar Investment Grade CBO I, Ltd./Corp. (Solar I) and revised the recovery estimates (RE) as follows:

--$27,112,389 class III-A notes at 'Csf'; RE 10%

--$10,198,804 class III-B notes at 'Csf'; RE 10%

Solar I's remaining $5.8 million portfolio is insufficient to repay the class III-A and III-B notes (together, class III) in full on the maturity date, and default remains inevitable. An event of default was declared in April 2012 due to the aggregate principal balance of collateral and eligible investments being less than the balance of outstanding senior-most notes.

Since Fitch's last rating action in May 2011, the class II-A and II-B notes (together, class II) were paid in full. Maturities on the underlying portfolio resulted in a total principal reduction to the class II notes of $29.8 million over the last two semi-annual payment dates. During the same period, the class III notes received a $3 million reduction in principal.

Solar I is a collateralized bond obligation (CBO) that closed in August 2000. Solar I's portfolio is managed by Sun Capital Advisers LLC (as successor to Sun Capital Advisers, Inc.), and the performing portfolio is currently composed of one bond and two structured finance obligations totaling $5.8 million. The transaction is scheduled to mature in September 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from the trustee reports and the public domain.

Applicable Criteria and Related Research:

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Fitch Affirms Solar Investment Grade CBO I, Ltd.