Quite a few people wrote to me wondering whether or not photos from the balance of my six week "business" trip would be forthcoming. Well, who am I to disappoint? A few photos below from Saaremaa, Tallinn and Moscow...same theme, different cities

It is August. I am in Florida with my family. So I have decided to give the serious stuff a miss this month. Don't worry, I shall return

Onwards and upwards...

AOA WWW SITE
The Asia Offshore Association is back online with a new look, new functionality, new Executive, Global Advisory and Wise Men Committees. The new Members Only section will be sure to please as it will include articles, country updates and more for our loyal members. Please visit www.asiaoffshore.org for a browse!!! And smile as you no doubt conclude that "Jack's secret weapon" (aka Marina) is the true brains and heart behind the AOA and its new WWW site.

A NEW LOOK AT LLOYDS
Lloyd's (of London) started in 1688 as a marine insurance market. Some 320 years later, it is today the worlds leading specialist insurance underwriting market comprised of 42 Managing Agents (who manage insurance syndicates) on behalf of corporate and private capital providers.

In 2007, Lloyd's insurance market operated 66 specialist insurance syndicates which have underwritten a global spread of insurance and reinsurance business. More than 80% of the insurance business comes from outside the United Kingdom.

Participating entities in Lloyd's comprise brokers, underwriters, managing agents, the Corporation and Members' Agents. Its capital base is provided by Corporate and Private Investors. Private investors (names) represent around 20 percent of the capital

In recent years, Lloyd's has sought to boost participation in its capital pools by individual professional investors based in Asia.

Fewer than 20 of some 2,000 individual members, called "names", in the 320 year old market are from Asia. Asia's growing wealth appeals to Lloyd's which is seeking to broaden its sources of capital. It is only prudent that high net worth individuals wish to spread their money among different asset classes. Participation in Lloyd's syndicates and pools is attractive because insurance risks do not correlate with stocks and other investments. It is genuinely an alternative asset class.

The professional individual investor invests a minimum of 400,000 (approximately USD800,000) to become an investor "name". However, the investment is not money actually handed over, but is typically in a form of a bank guarantee thereby allowing the investor's underlying assets to work twice i.e. making double use of assets.

A new twist on a 320 year old market has landed on Asia's shores!!!

Contributed by David Herratt, Hampden Agencies Limited.
David's email address is david.herratt@hpcgroup.co.uk.

THE WEALTH OF NATIONS
A recent study called World Wealth Report from CapGemini / Merrill Lynch gives a geographical map of the world's rich and how they are getting richer. Due to strong global economic trends and soaring stock markets, the world has around 9.5 million High Net Worth Individuals (HNWI) with financial assets of over US$1m, a 8.3% increase over 2005.

(Source - World Wealth Report)

Some closer analysis of the statistics show that the emerging markets of Asia Pacific, Middle East and Latin America are growing faster than developed markets. Interestingly, as written in last month's newsletter, Singapore had the highest rate of growth of HNWI at 21.2% followed by India (20.5%) and Indonesia (16%).

Another interesting fact gleamed from the report is the passion for investing. Average portfolios of HNWI consist of 31% weighting in equities, 23% in fixed income, 13% in cash and 20% in real estate. Even better news for financial and service professionals, extra good news for High Net Worth Individuals.

Contributed by Tony Chan, General Manager - Fiduciary Services, GCSL Hong Kong
Tony's email address is tony@gcsl.info

DING HAI EFFECT - FUNG SHUI WAY TO TIME STOCK MARKET CRASHES
You have probably noticed that the global stock markets have taken a bit of a hit - local Chinese newspapers have a very interesting theory as to the reason for market volatility based on Chinese Fung Shui and the uncanny timing of one TV star in particular.

Hong Kong gossip papers have analyzed the timing Adam Cheng (¾G¤Ö¬î), who is a local star of TV soap operas. Adam has always played the big business tycoon dating back to his soap opera debut when the local stock market dropped 598 pints (8%). Ironically he played a stock market manipulator. Just to prove that was no fluke, newspapers have done an analysis on when Adam comes out with a new soap and the performance of the local stock-market. We have faithfully reproduced it here

You can see that Adam's appearance and the stock market crashes are more than just a coincidence. Newspapers and locals have called this the "Ding Hai Effect" after the character of Adam's first movie, who lost his fortune in a stock market crash - a self-fulfilling prophecy. In 2006, Credit Lyonnais said the market declined on average -12.2% for a total of nine series starring Adam Cheng. One year a man tried to sue Adam for HK$1 million for his losses in the market and another year, Adam was pelted by eggs from angry investors who also lost their shirt.

Contributed by Tony Chan, General Manager - Fiduciary Services, GCSL Hong Kong
Tony's email address is tony@gcsl.info

ANOTHER SURPLUS FOR HONG KONG
The Hong Kong government recently recorded a HKD55 billion (approximately USD7 billion) surplus for the 2006/07 year.

I was pleasantly surprised when receiving my latest Hong Kong tax assessment where the already lowish Hong Kong salary taxes had been reduced by a one off payment to the maximum of HKD15,000 (approximately USD1,950) per taxpayer for the 2006/07 year. This was in addition to the good news of a 2% reduction in the top marginal rate of tax for the 2007/08 financial year and adjustments to marginal bands and rates.

Such a rare example of Government immediately returning money overtaxed from taxpayers is especially foreign as for the past two fiscal years in my native New Zealand the taxpayers have been overtaxed by NZD11 billion (approximately USD8.8) for the year ended 30 June 2006 and NZD6 billion (approximately USD4.8) billion for the year ended 30 June 2005. Already most taxpayers in New Zealand are paying more than double the percentage rate of Hong Kong people.

Net effect in New Zealand is no salary tax cuts. Well, not until election year at least where more empty promises will be made by politicians.

Perhaps Hong Kongers' apparently lack of interest in universal sufferage displays a more intelligent approach to Government?

Contributed by Cathy Odgers, Group Legal Counsel and Compliance Officer, GCSL Hong Kong.
Cathy's email address is cathy@gcsl.info

THE NUMBERS CONTINUE TO IMPRESS

• USD26,000 GDP per capita up 7% (2006)
• 22 million visitors up 18% (2006)
• USD2,000 per month starting salary for croupiers which is double that of two years ago.
  

Contributed by Tony Chan, General Manager - Fiduciary Services, GCSL Hong Kong
Tony's email address is tony@gcsl.info

CHINA-AIRBUS JV IN TIANJIN
The Northern part of China has been very busy this year. After Intel's investment in Dalian, Airbus is entering a Joint Venture with Tianjin Free Trade Zone Investment, China Aviation Industry Corp I and China Aviation Industry Corp II in Tianjin. The plan is to deliver about 300 A320 planes, which were ordered by Chinese airline carriers for delivery at the beginning of 2016.

PORK PRICE HIKE IN THE YEAR OF GOLDEN PIG
This year of the Golden Pig has witnessed an astonishing increase in pork prices of 69.5%. The rising pork price has impacted China's Consumer Price Index, which was 3.4% in May and is expected to exceed 4.4% in June.

CHINA IS INTENSIFYING THE FIGHT AGAINST CORRUPTION
The anti-corruption fight in China is intensifying. A recent interpretation co-issued by the Supreme People's Court and the Supreme People's Procuratorate lists ten types of corruption including receiving stocks and shares as gifts, buying property such as houses or automobiles at ridiculously low prices from those seeking favors and making money in fixed gambling games. Last year, according to Central Commission for Discipline Inspection, 21,120 members were expelled from the Communist Party of China for violating rules, mainly due to their involvement in corruption.

TAX TO BE LEVIED ON CRUDE OIL EXPORTS BY FOREIGN PARTNERS
The 25-five-years old tax exemption for crude oil exports by foreign partners will be abolished. On July 4, the Ministry of Finance and the General Administration of Customs announced that effective August 1, tax will be levied on crude oil exports by foreign partners in offshore exploration joint ventures. However, a 5% tariff exemption will still be granted to foreign partners until August 1, 2012 if they are implementing existing contracts with their Chinese partners.

COCA-COLA POURS USD80 MILLION INTO CHINA
Coca-Cola, the world's largest beverage maker, announced that it will further invest approximately US$80 million to establish a new research center and a new headquarter in the Zizu Industrial Park in Shanghai's suburbs. China is currently Coca-Cola's fourth largest market in terms of revenue.

INTEREST RATES RAISED WHILE INTEREST INCOME TAX CUT
On July 20, the People's Bank of China announced that the benchmark one-year deposit and loan interest rates will be raised by 27 basis points effective July 21, 2007. In addition, the one year deposit interest rate was increased to 3.33% from 3.06% and the one year loan interest rate was increased to 6.84%. This is the third time in 2007 that the central bank has raised its interest rate. In addition, the State Council has decided to reduce interest income tax from 20% to 5%, effective from August 15, 2007.

CDB BACKS BARCLAYS
Recently, international financial markets have focused on the bid by Barclays Bank to acquire ABN Amro's China and Singapore's investments. Interestingly, only few days after the announcement, China Development Bank (CDB) reached an agreement with Barclays to initially subscribe for £á2.2 billion (approximately US$3.04 billion) of Barclays new ordinary shares, or a 3.1% shareholding. If Barclays' bid for ABN Amro succeeds, CDB will further subscribe for £á7.6 billion (approximately US$10.5 billion) of Barclays ordinary shares.

Contributed by Johnson Chien, General Manager - Fiduciary Services, GCSL Shanghai
Johnson's email address is johnson@gcsl.info

Contributed by Johnson Chien, General Manager - Fiduciary Services, GCSL Shanghai
Johnson's email address is johnson@gcsl.info

CHINA : THE LARGEST BANK IN THE WORLD
What bank is the largest in the world? One would guess Citigroup or HSBC with their global presence, or maybe one of the Japanese banks after the mega-mergers. No, officially it is Industrial & Commercial Bank of China (ICBC) due to its soaring stock price in Shanghai and Hong Kong. ICBC's market capitalization is now US$$254-billion. That exceeded the US$251 billion capitalization of Citigroup, previously the world's biggest bank as well as HSBC Holdings which clocked in at third place with US$215 billion. However, Citigroup still trounces ICBC in income with US$90 billion in 2006 - 4 times that of ICBC. As bankers and brokers say, size isn't everything.

Contributed by Tony Chan, General Manager - Fiduciary Services, GCSL Hong Kong
Tony's email address is tony@gcsl.info

VIETNAM IS A BUZZ!!!
This month we highlight several reasons to attend the Asia Offshore Association Conference in Ho Chi Minh City from October 31 to November 2.

• Foreign direct investment increased by 50% from last year to US$7.47 billion in the first 7 months of 2007 led by:
  1. South Korea
  2. Singapore
  3. British Virgin Islands
• The Ho Chi Minh Stock Exchange, which began operations in 2000 with 2 listed companies, now boasts 107 counters and has nearly tripled in value from 2006.
• Vietnam acceded to the World Trade Organization at the beginning of this year, and the IMF expects 8% GDP growth in 2007 and 2008.
• Great noodles, smiling faces and a world of opportunity for those brave of heart!

Contributed by Elie Sfeir, General Manager - Fiduciary Services, GCSL Hong Kong
Elie's email address is elie@gcsl.info

LAWYERS' TURN
In her continued build up to be a world class financial centre, Singapore has also to tweak her Anti-Money Laundering rules to accommodate the inflow of funds. Up to now, this has been successful in the banking and financial sectors.

However, with the availability of plush homes for sales, with price tags exceeding the dizzy 8-figure sums, there has been concern whether the worldwide tactic of laundering illicit money by buying real estate has crept into the system. This is particularly so as lawyers handling the transactions usually keep the purchase monies in their Clients' account pending completion. In some cases, these monies are wired in pending the entry of a purchase arrangement. The fear is that some crooks have been using this arrangement to park ill-gotten cash. These sums can be very substantial amidst the hot property boom.

Once properties are bought and paid for, they may also be sold fairly quickly and with little erosion of the principal. Such sale proceeds would be legitimized "sale proceeds from real estate".

In an intended amendment to the Legal Profession Rules 2007, lawyers have now to be more certain from where their clients' monies originate. These amendments, to be effective on 15th August 2007 are targeted at curbing money laundering.

The new rules put the onus on lawyers to know a client's business, with, inter alia, the "acquisition, divestment or other dealing of any interest in any real estate". Lawyers will no longer be able to maintain anonymous accounts and now have to know a client's business and keep records for at least 5 years.

This also impacts the private banker-lawyer relationship. Often, it is the private banker who approaches the lawyer on behalf of a client to commence property purchase procedures. It now appears that the private bankers may have to be more ready with their client's information before the lawyer can take the brief.

The new rules are, however, similar to those in London or New York and bona fide investors will continue to have no problem to buy properties or assets in Singapore. However, how it impacts the stratospheric prices of top real estate in the Republic remains to be seen.

Contributed by Lawrence Fong, Managing Director, GCSL Singapore
Lawrence's email address is lawrence@gcsl.info

ANGUILLA: THE PROTECTED CELL COMPANIES ACT 2004
This month, I have chosen to provide a step-by-step guideline to the Protected Cell Companies Act 2004.

1. What is a protected cell company?
A protected cell company is a company formed under the Companies Act 2000. That means that any company formed under the Companies Act 2000 can be a protected cell company. What makes a company a protected cell company is its registration under the Protected Cell companies Act 2004. Permission to be registered as a protected cell company must be granted by the Financial Services Commission (the "Commission"). Where the company is engaged in insurance business, this is specifically provided for under the Act. However, if the company wants to engage in any other business including mutual fund business the Commission has to grant its approval.

2. What does a protected cell company do?
A protected cell company forms protected cell accounts. A protected cell company does not form other protected cell companies.

3. What obligations does a protected cell company have to inform persons dealing with it?
The protected cell company must inform any person with whom it enters into a transaction that it is a protected cell company; where the transaction relates to a protected cell account, for the purposes of that transaction identify or specify that protected cell account; and include a reference to the fact that the company is a company registered under the Act on its letterhead and contracts.

4. What is a protected cell account?
A protected cell account refers to a separate and distinct account (comprising or including
entries recording data, assets, rights, contributions, liabilities and obligations linked to such account) of a protected cell company pertaining to an identified or identifiable pool of assets and liabilities of such protected cell company which are protected cell or distinguished from other assets and liabilities of the protected cell company for the purposes of this Act.

5. Is a protected cell account a separate legal person?
No; a protected cell account is not legally separate from the protected cell company to which it is attached.

6. Are the assets and liabilities of the protected cell account different from those of the protected cell company?
Yes; the Act emphasizes that any liability linked to a protected cell account shall be the liability only of that account and not the liability of any other account; the rights of the creditors in respect of such liabilities shall be the rights in respect of the relevant account and not of any other account. Any asset which is linked to a protected cell account shall be held by that protected cell company as a separate fund which is not a part of the general account of the protected cell company and shall be held exclusively for the benefit of the account owners of the protected cell account and any counter-party to a transaction linked to that protected cell account and available only to meet liabilities to account to the account owners and creditors of that protected cell account. The assets shall not be available or used to meet liabilities to and shall be absolutely and for all purposes protected from, the general shareholders and from the creditors of the protected cell company who are not creditors with claims linked to the protected cell accounts.

7. Can assets of the general account of the protected cell company itself be transferred to a protected cell account?
No; the assets of the general account of the protected cell company cannot be transferred to a protected cell account unless, on the date from which the transfer is to be effective, and taking into account that transfer, the general account of the protected cell company is solvent or all the shareholders and creditors of the general account on that date have expressed in writing their concurrence to the transfer, and in the event a transfer is made to a protected cell account in breach of this. On the application of an affected party, the court may declare that the transfer is void, without prejudice to the rights of bona fide purchasers for value without notice.

8. What is the relationship between the protected cell company and the protected cell account?
A protected cell company is authorized by its registration to form and operate protected cell accounts. The nature of the relationship between the two entities is to be found in the "governing instrument". The governing instrument refers to the written agreements, instructions, by-laws, prospectuses, resolutions of the directors, registers or other documents (including electronic records) setting out the rights, obligations and interests of account owners in respect of a protected cell account. It is therefore up to the owner/management of the protected cell company and the account of the protected cell account to decide on the terms of the governing instrument. It is this instrument that will govern the rights, interests and obligations of the protected cell account. Where the parties fail to specify in the governing instrument specific issues concerning the management of the account, recourse can be made to the Act. The governing instrument is to be construed under the laws of Anguilla. However, the Act is not all inclusive and these issues are better dealt with in the governing instrument

9. What is a protected cell account representative and what is the role played by this person?
A protected cell account representative is appointed and maintained by the protected cell company and must be resident in Anguilla. The Commission must approve the person who has been appointed as the protected cell account representative of the company. It is the duty of the protected cell account representative, within 30 days of reaching the view that there is a reasonable likelihood of a protected cell account or the general account of a protected cell company for which he acts becoming insolvent or it coming to his knowledge or his having reason to believe that the protected cell company for which he acts has failed to comply with any requirement, condition, direction or regulation made under the Act or has become involved in any criminal proceedings in Anguilla or elsewhere, to make a written report to the Commission or the Registrar setting out all the particulars if the case that are available to him relating to the insolvency, failure, or involvement.

10. What accounts, records and registers must be kept by the protected cell company?
A protected cell company shall maintain records that will enable financial statements to be prepared in accordance with accepted accounting principles so that the records shall, to the best of the knowledge, information and belief of the directors and officers of the company, clearly show the share capital, proceeds or rights issues, securities, reserves, assets, liabilities, income and expenses, dividends and distributions that are linked to each protected cell account; maintain a record of each transaction entered into by the company and maintain a general account which records in accordance with the Act all the assets and liabilities of the company which are not linked to a protected cell account and which discloses any assets intended by the parties to be applied to a risk of any nature, which therefore exposes such assets to the liability or loss.

11. Does the protected cell account have to prepare audited financial statements?
A protected cell company shall prepare or cause to be prepared financial statements in respect of each protected cell account. The provisions of Part 2 Division 6 of the Companies Act 2000 apply with the necessary modifications to the preparation of financial statements provided that the account owner of a protected cell account may agree in writing to waive his right to have laid before a general meeting financial statements or the auditor's report for an indefinite period but such waiver shall expressed to be revocable at the option of the relevant account owner.

12. What is the relationship between the Protected Cell Companies Act 2004 and the Companies Act 2000.
When dealing with a protected cell company, always be mindful of the fact that the protected cell company is subject to both Acts. The Protected Cell Companies Act 2004 is the first point of reference to decide on any issue. However, be mindful that the protected cell company is still a company subject to the Companies Act 2000 and reference should by made to this Act as well.

Contributed by Carlyle Rogers, Managing Director, GCSL Anguilla
Carlyle's email address is carlyle@gcsl.info

BELIZE: ONE YEAR AND COUNTING¡KNOT TO MENTION CHANGES ALONG THE WAY
As I write this article, GCSL Belize celebrates its first year of operations. I remember not even having a desk on which to put the computer when we received our first order, but we still got it done. Let me thank you all, clients and well wishers, for your continued support. I won't call names for fear of leaving one out and offending that person, but thank you ever so much for your business, your help and assistance. Especially, I would like to give thanks to our hard-working staff at GCSL Belize, those persons being Delicia Arjona, my most able and professional assistant, Sophia Contreras, my accounting officer who never lets a penny drop to the ground without us knowing, and Wellington Reneau, who works tirelessly in the office sorting out matters and the boiling sun to make our deliveries and pickups. Thank you all, and keep up the good work!!!!

My focus continues to be on the recent Trust amendment in Belize. Our dear Regulator, Mr. Gandhi, quite a legal stalwart in his own right, was kind enough to send out a correspondence that has helped many a practitioner to quickly grasp some of the intricacies of the new law. I will now share this with you.

Q. Where is the international Trusts Registry located?
The International Trusts Registry is located in the Office of the International Financial Services Commission ("IFSC"), New Administration Building, Belmopan, Belize. Tel. +501 822 3800, Fax +501 822 3810, email: legalconsl@btl.net.

Q. Who will sign the Certificate of Registration of a trust?
The Certificate will be signed by the Registrar of International Trusts, who is the Director General of the IFSC.

Q. What is the procedure for registering an International Trust?
The Trust Agent, Settlor or Trustee will send in an application as per the regulations under the new amendment, along with the Trust Agent's affidavit and the prescribed registration fee of US$100.00.

Q. What is the format of the affidavit?
The affidavit format is already outlined in the Fourth Schedule to the Regulations for the recent amendment. Remember that the Trust Agent has to be someone or an entity who is in possession of a license to form offshore trusts under the laws of Belize.

Q. To whom should the check be issued?
The cheque or money order for the Registration fee, or any other payment to the International Trusts Registry, should be issued to the International Financial Services Commission.

Q. What about trusts which were already registered with the General Registry in Belize City under the old regime? Will they have to re-register?
Yes, all old trusts, whether registered under the old regime or not, will have to re-register with the International Trusts Registry, but they will have a grace period of twelve (12) months to register. The Amendment and Regulations are available upon request, and one can have regard to Section 65J of the Amendment to see what the Director General means.

Q. Will the trusts which were already registered under the old regime be required to pay the prescribed fee again?
NO. An existing trust which was duly registered at the General Registry in Belize City, on payment of the prescribed fee, will be exempt from payment of the initial registration fee. Section 5 of the Regulations makes it very clear.

Q. Will it be necessary to provide a copy of the Trust Deed to the Registry?
It will no longer be necessary to provide a copy of the Trust Deed to the Registry. The scheme of the Act is that only certain basic information about the Trust will be kept at the Registry (Section 65A(4) of the Amendment). See, the Belizean authorities don't support cutting down trees unnecessarily!! We use less paper, so we are more environmentally friendly.

Contributed by Carlo Mason, Managing Director, GCSL Belize
Carlo's email address is carlo@gcsl.info

COOK ISLANDS: BUSINESS BANKING AT YOUR FINGERTIPS
Doing banking business from the Cook Islands has never been easier. For the last few years, the Cook Islands branch of ANZ, with total assets of AUD 177 billion (and one of the world's 100 largest banks), has steadily improved its services to cater for the ever growing offshore financial services regime of the jurisdiction. It has not been an easy road, but ANZ has succeeded in bringing the Cook Islands to the forefront of banking in the world with the provision of cutting edge services to offshore customers.

ANZ has introduced an e-BIZ solution specifically for the Cook Islands offshore sector - which is a first. They also have succeeded in providing international clients who utilize the Cook Islands offshore center with the freedom to manage their business banking anytime and anywhere via the Internet.

The ANZ e- BIZ solution provides many features, including:

• View your balances and transaction history
• Download your transaction history to a range of financial management products
• Transfer funds between your linked ANZ accounts
• Pay bills
• Transfer funds to account holders with accounts at most financial institutions using 'Pay anyone"
• Order a past statement for your linked ANZ account
• Use the Cross Currency Calculator
• Future or scheduled funds transfer/s
• Change your ANZ Internet Banking Password
• Order multiple drafts
• Request duplicate statements

From an offshore point of view, if you were to incorporate a Cook Islands international company or set up a Cook Islands international trust, we can have an account opened with ANZ with internet facilities within a couple of weeks of receiving all necessary documentation. The usual due diligence requirements of notarized passport copies and evidence of residence via utility bills is there, but the process is so streamlined now that two weeks for an account is considered slow.

ANZ e-BIZ runs on the secure ANZ network, which has a host of built in security features including SSL 128 bit encryption. Importantly, to access ANZ e-BIZ, you must have a unique Customer Registration Number and password.

Experience the benefits of Internet Banking and contact our Cook Islands office for more information.

Contributed by Puai Wichman, Managing Director, GCSL Cook Islands
Puai's email address is puai@gcsl.info

The things that make us smile, frown and generally make life interesting...

OUR MONTHLY QUOTE THAT MADE US SMILE
"Much talk does not fill one's stomach." Chinese Proverb.

THE STRAIGHT FACE TEST¡KWASTE OF OUR TAX DOLLARS
We were scratching our head the other day when reading about the Indonesian maid in Hong Kong who was imprisoned for six days for serving her boss a cup of water containing urine. The allegedly malicious maid pleaded guilty to a charge of "administering poison or other destructive or noxious substance with intent to injure". Hmmm¡Kstrange one. First, the boss never drank the concoction so did she "attempt to administer" or did she "administer"? Second, the maid said she was using the urine to treat a skin condition and it ended up in the water by mistake. Yucky-pooh and yeah right!!! Third, the maid voluntarily consumed the tainted water when her boss noticed the smell and insisted she do so¡Kmega yucky-pooh. Finally, the magistrate gave the maid six days behind bars to "send a message to the public"¡Kwe guess the message is if you are going to try to make your employer drink water tainted with urine, then do a better job!!! We are not sure this one passes the straight face test¡Kand we know our tax dollars could be spent on something more useful!!!

WE AGREE WITH THE YANKS!
We could not agree more with the recent USA study that concluded sharing of household chores leads to a successful marriage. No doubt this is the reason we share ALL our chores¡Kwith our domestic helper

WE LIKE THIS CSI
We recently read about the forensic scientist who brought home a DNA test kit to determine whether hubby was spending time with other ladies. Our CSI checked hubby's boxers, discovered someone other than her had been sleeping in them and is now in trouble with her employer for using government equipment for personal reasons. Our heroine, also excels in wit, defended her conduct by saying that the chemicals, like her marriage, were expired¡Kwe like this CSI!!!

I.D.I.O.T.S.
We are big fans of the Jetsons, Star Trek and all those other wonderful outerspace shows. Heck, we still think Captain Kirk is clearly the leading stud - even more than 007 - given the wide variety of female species with whom/which he had intergalactic affairs. But this alleged flying in outerspace contrary to the 12 hour "bottle-to-throttle" rule is pretty scary. We already have the seriously noteworthy MADD - Mothers Against Drunk Drivers. Perhaps we now need another acronym...hmmmm I.D.I.O.T.S...ooops, sorry, but it is not an acronym, just a blunt comment!!!

BEGGING A BANK TO TAKE MONEY!
We recently read with a sense of shock about the man in China who had to beg a bank to accept an early payment of his mortgage, particularly since it would have been acceptable had he made an appointment so to do one month in advance. Oh my...it is bad enough that cash is no longer accepted at, well, just about everywhere...but now banks will not accept prepayments without an appointment. It always amazed us how these custodians of our hard-earned $ manage to make any money!!!

WE NEED TO HANG OUT WITH SLINKIES!
We recently read about a study conducted by a well-respected USA university that indicated "both obesity and thinness are socially contagious" and "if you are trying to lose or control your weight...you may not want to be around people who are gaining weight or who are too heavy". Oh my, we can now blame all our friends, family and colleagues for our pouch, extra chin and bubble-but! Sorry, folks, but we can't hang out with you any longer due to our desire to lose weight and reduce future health problems. We are confident you will appreciate this decision. Of greater interest is we can now tell our better ? that we must, on doctor's orders of course, hang out with slinky women...finally some advice we like

NO BESTS LIKELY AT THE SOUTH PACIFIC GAMES IN SAMOA¡KWE WONDER
We were not surprised to read about Team Samoa's management memo that banned its athletes from engaging in gay or lesbian sex at the upcoming South Pacific Games, which start this month in Apia. After all homosexuality is illegal in Samoa with a penalty for indecency between males of up to five years in jail. The organizing committee chairman struck a more enlightened tone when he said Samoa does not discriminate against anybody, but did not specifically say there will be an exception for homosexuals during the Games. Hmmm¡Kwe wonder if this will adversely impact any personal bests or Games' bests¡Kif yes, then Samoa clearly will need to change the laws to allow for such inspiring conduct

The contents of the Global Consultants and Services Ltd's ("GCSL") Newsletter is for reference purposes only, and is provided by GCSL as a complimentary service. We have reviewed many different publications to compile this information, and we recommend that readers conduct due diligence before acting on any opinions mentioned herein. GCSL, its directors, officers, shareholders, employees, affiliates and agents do not warrant the accuracy or reliability of any information made available herein. In accordance with the Personal Data (Privacy) Ordinance, Chapter 486, of the Hong Kong Special Administrative Region of the People's Republic of China, we hereby inform you that we will discontinue sending our newsletter to you in the event you request we do the same.