SEOUL, South Korea: Korea Times, June 22, 2006 - A serious flaw was found in the government's tax diplomacy as it has been ignorant of the fact that Italy designated Korea as a preferential tax treatment jurisdiction, or low tax regime, back in 2002.

According to the Korea Trade and Investment Promotion Agency, the Italian government designated Korea as a preferential tax treatment jurisdiction that imposes unfairly low tax on domestic companies in January 2002.

Indeed, Italy identified 71 countries and dependencies as preferential tax treatment jurisdictions in 2002, most of which are countries or regions widely branded as tax havens such as the Cayman Islands, Bermuda and the Virgin Islands.


Cayman Islands resort challenges use of slogan

DAYTONA BEACH, USA: Daytona Beach News-Journal, June 22, 2006 - The Halifax Area Advertising Authority will spend $5.2 million in 2006-07 promoting the area to tourists and conventioneers.

However, the "Playful Side of Paradise" slogan adopted about six months ago as part of a revised advertising campaign is being dumped.

"A resort company in the Cayman Islands has challenged our right to use the line citing examples of usage dating back to 1993," said Sharon Mock, president of the Daytona Beach Area Convention and Visitors Bureau.  She said it wasn't worth the cost to fight it out in court.

The "Playful Side of Paradise" also doesn't resonate with visitors, said Evelyn Fine, president of Mid-Florida Marketing & Research.


Extradition appeal denied over Enron sale of Cayman firm

GLASGOW, Scotland: The Herald, June 22, 2006 - The House of Lords refused to hear an appeal by Gary Mulgrew, a former investment specialist with NatWest Bank, and two colleagues, David Bermingham and Giles Darby, to challenge earlier court rulings allowing them to be extradited to face trial in Houston, Texas, over fraud charges linked to the collapsed energy giant Enron.

The charges against the trio allege they devised a plot to defraud NatWest of £4.2m. It is claimed they persuaded the bank to sell its stake in a Cayman Islands firm for about £600,000. It was then sold to Enron for about £11.5m and that some £7m went to two Enron executives.  The three Britons deny they acted fraudulently.