2017 Bermudian general election
General elections were held in Bermuda on 18 July 2017 to elect all 36 members to the House of Assembly. The result was a victory for the opposition Progressive Labour Party. Incumbent Premier Michael Dunkley subsequently resigned as leader of the One Bermuda Alliance. Bob Richards, a senior minister and deputy premier in Dunkley's government unexpectedly lost his Devonshire East seat. Under section 49 of the Bermuda Constitution Order 1968, the Parliament of Bermuda must be dissolved by the Governor five years after its first meeting following the previous elections. Under section 51 of the Constitution, a general election must be held no than three months after a dissolution; as the first meeting of the parliament elected in December 2012 took place on 8 February 2013, meaning parliament would have needed to be dissolved before midnight on 7 February 2018 for elections to take place before 7 May 2018. However, after the ruling One Bermuda Alliance lost its majority in the House of Assembly when two of its MPs left to sit as independents, the opposition Progressive Labour Party proposed a vote of no-confidence, scheduled for 9 June 2017.
Dunkley pre-empted the vote on 8 June 2017 by asking the Governor to dissolve the House and call elections for 18 July 2017. The PLP was considered to have run on a populist platform, highlighting peoples' disenchantment with the political system; the campaign had been compared to the UK Independence Donald Trump's electoral campaigns. The party's campaign slogan was "Let's Put Bermudians First". In contrast, the OBA had campaigned on its economic record in government, using the slogan "Forward Together, Not Back"; the taxpayer-funded Parliamentary Registry, Bermuda's election management body, assisted the PLP, supplying the party — but not their opponents — with contact information for all registered voters to aid in their campaigning. According to Parliamentary Registrar Tenia Woolridge shortly after the election, there is no law prohibiting this release and that such an action would be at the discretion of the Registrar; the Registry ceased assisting the PLP four days prior to the election, when the OBA became aware and made a complaint.
One year after the election, the OBA issued a press release criticising the refusal of the Registry to release a report on the incident, to which the Registry responded by claiming that the Governor of Bermuda had settled the matter in a letter and declaring that it would refuse any further comment until unspecified "inaccuracies" made by the OBA in June, 2018, in connection to the issue were corrected
Offshore financial centre
An Offshore Financial Centre or OFC is defined as a country or jurisdiction that provides financial services to nonresidents on a scale, incommensurate with the size and the financing of its domestic economy. "Offshore" does not refer to the location of the OFC, but to the fact that the largest users of the OFC are nonresident. The IMF lists OFCs as a third class of financial centre, with International Financial Centres, Regional Financial Centres. During April–June 2000, the FSF–IMF produced the first list of 42–46 OFCs using a qualitative approach. In April 2007, the IMF produced a revised quantitative-based list of 22 OFCs, in June 2018, another revised quantitative-based list of 8 major OFCs, who are responsible for 85% of OFC financial flows; the removal of currency and capital controls, the early driver for the creation and use of many OFCs in the 1960s and 1970s, saw taxation and/or regulatory regimes become the main reasons for using OFCs from the 1980s. Progress from 2000 onwards from IMF–OECD–FATF initiatives on common standards, regulatory compliance, banking transparency, has weakened the regulatory attraction of OFCs.
Academics now consider the activities of OFCs to be synonymous with tax havens, with a particular focus on corporate tax planning BEPS tools, tax-neutral asset structuring vehicles, shadow banking/asset securitization. Research in 2013–14, showed OFCs harboured 8–10% of global wealth in tax-neutral structures, act as hubs for U. S. multinationals, in particular, to avoid corporate taxes via base erosion and profit shifting tools. A study in July 2017, Conduit and Sink OFCs, split the understanding of an OFC into 24 Sink OFCs, 5 Conduit OFCs. In June 2018, research showed that OFCs had become the dominant locations for corporate tax avoidance BEPS schemes, costing US$200 billion in lost annual tax revenues. A June 2018 joint-IMF study showed much of the FDI from OFCs, into higher-tax countries, originated from higher-tax countries; the definition of an offshore financial centre dates back to academic papers by Dufry & McGiddy, McCarthy regarding locations that are: Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e. non-resident foreign currency denominated business, by allowing free entry and by adopting a flexible attitude where taxes and regulation are concerned.”
An April 2007 review of the historical definition of an OFC by the IMF, summarised the 1978–2000 academic work regarding the attributes that define an OFC, into the following four main attributes, which still remain relevant: In April 2000, the term rose to prominence when the Financial Stability Forum, concerned about OFCs on global financial stability, produced a report listing 42 OFCs. The FSF used a qualitative approach to defining OFCs, noting that: Offshore financial centres are not defined, but they can be characterised as jurisdictions that attract a high level of non-resident activity and volumes of non-resident business exceeds the volume of domestic business. In June 2000, the IMF accepted the FSF's recommendation to investigate the impact of OFCs on global financial stability. On the 23 June 2000, the IMF published a working paper on OFCs which expanded the FSF list to 46 OFCs, but split into three Groups based on the level of co-operation and adherence to international standards by the OFC.
The IMF paper categorised OFCs as a third type of financial centre, listed them in order of importance: International Financial Centre, Regional Financial Centres and Offshore Financial Centres. The April 2007 IMF paper used a quantitative proxy text for the above definition: More it can be considered that the ratio of net financial services exports to GDP could be an indicator of the OFC status of a country or jurisdiction; this approach produced a revised list of 22 OFCs, the list had a strong correlation with the original list of 46 OFCs from the IMF's June 2000 paper. The revised list was much shorter than the original IMF list as it only focused on OFCs where the national economic accounts produced breakdowns of net financial services exports data. By September 2007, the definition of an OFC from the most cited academic paper on OFCs, showed a strong correlation with the FSF–IMF definitions of an OFC: Offshore financial centers are jurisdictions that overs
2012 Bermudian general election
General elections were held in Bermuda on 17 December 2012 to elect all 36 members of the House of Assembly. The result was a victory for the One Bermuda Alliance, led by Craig Cannonier, which won 19 seats in the House of Assembly; the incumbent Progressive Labour Party lost five seats and government, Premier Paula Cox lost her Devonshire North West seat, resigned as leader of the PLP the next day, with Derrick Burgess becoming Acting Party Leader. Marc Bean became PLP leader on 22 December 2012
A corporation is an organization a group of people or a company, authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are divided by the law of the jurisdiction where they are chartered into two kinds: by whether they can issue stock or not, or by whether they are formed to make a profit or not. Corporations can be divided by the number of owners: corporation corporation sole; the subject of this article is a corporation aggregate. A corporation sole is a legal entity consisting of a single incorporated office, occupied by a single natural person. Where local law distinguishes corporations by the ability to issue stock, corporations allowed to do so are referred to as "stock corporations", ownership of the corporation is through stock, owners of stock are referred to as "stockholders" or "shareholders".
Corporations not allowed to issue stock are referred to as "non-stock" corporations. Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as "for profit" and "not-for-profit" corporations, respectively. There is some overlap between stock/non-stock and for-profit/not-for-profit in that not-for-profit corporations are always non-stock as well. A for-profit corporation is always a stock corporation, but some for-profit corporations may choose to be non-stock. To simplify the explanation, whenever "Stockholder" or "shareholder" is used in the rest of this article to refer to a stock corporation, it is presumed to mean the same as "member" for a non-profit corporation or for a profit, non-stock corporation. Registered corporations have legal personality and their shares are owned by shareholders whose liability is limited to their investment. Shareholders do not actively manage a corporation. In most circumstances, a shareholder may serve as a director or officer of a corporation.
In American English, the word corporation is most used to describe large business corporations. In British English and in the Commonwealth countries, the term company is more used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Late in the 19th century, a new form of company having the limited liability protections of a corporation, the more favorable tax treatment of either a sole proprietorship or partnership was developed. While not a corporation, this new type of entity became attractive as an alternative for corporations not needing to issue stock. In Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. In the last quarter of the 20th Century this new form of non-corporate organization became available in the United States and other countries, was known as the limited liability company or LLC.
Since the GmbH and LLC forms of organization are technically not corporations, they will not be discussed in this article. The word "corporation" derives from corpus, the Latin word for body, or a "body of people". By the time of Justinian, Roman law recognized a range of corporate entities under the names universitas, corpus or collegium; these included the state itself and such private associations as sponsors of a religious cult, burial clubs, political groups, guilds of craftsmen or traders. Such bodies had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, and, in general, to perform legal acts through representatives. Private associations were granted designated liberties by the emperor. Entities which carried on business and were the subjects of legal rights were found in ancient Rome, the Maurya Empire in ancient India. In medieval Europe, churches became incorporated, as did local governments, such as the Pope and the City of London Corporation.
The point was that the incorporation would survive longer than the lives of any particular member, existing in perpetuity. The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in Falun, obtained a charter from King Magnus Eriksson in 1347. In medieval times, traders would do business through common law constructs, such as partnerships. Whenever people acted together with a view to profit, the law deemed. Early guilds and livery companies were often involved in the regulation of competition between traders. Dutch and English chartered companies, such as the Dutch East India Company and the Hudson's Bay Company, were created to lead the colonial ventures of European nations in the 17th century. Acting under a charter sanctioned by the Dutch government, the Dutch East India Company defeated Portuguese forces and established itself in the Moluccan Islands in order to profit from the European demand for spices. Investors in the VOC were issued paper certificates as proof of share ownership, were able to trade their shares on the original Amsterdam
Senate of Bermuda
The Senate of Bermuda is the upper house of the Parliament of Bermuda, the other being the House of Assembly. The Senate consists of eleven members appointed by the Governor for five-year terms — five Senators are nominated by the Premier, three by the Leader of the Opposition, three appointed at the discretion of the Governor. Of the three appointed by the Governor, the Senate elects one to serve as the President, another to serve as the Vice President; the Senate serves as a house of review and serves as a road-block to constitutional change — the constitution requires a 2/3 super-majority for a constitutional amendment, requiring the support of both the government and opposition appointees. The presiding officer of the Senate is the President of the Senate. Carol Bassett, a Senator since 2003, was elected President in 2008, the first woman elected to the office, she resigned the office in August 2017. The members of the Senate appointed in August 2017 were:The three Independents were: Joan Dillas-Wright James Jardine Michelle SimmonsGovernment/PLP nominees: Anthony Richardson Jason Hayward Kathy Simmons Crystal Caesar, Vance Campbell.
Opposition/OBA nominees were: Nandi Outerbridge Nicholas Kempe, Andrew Simons. Bermuda's Parliament was created in 1620, had one house, the House of Assembly. Political parties were not legal, the role now performed by the Senate was performed by an appointed council, called the Governor's Council, or Privy Council; the council performed the role that today belongs to the Cabinet. The Council, composed of members of Bermuda's wealthy merchant class, had been the true centre of power, rather than the elected House of Assembly, or the Governor despatched from overseas. During periods when the colony was without a Governor, the President of the Council would be Acting Governor; the balance of power began to shift away from the Council in the 19th century, when Bermuda assumed a new importance in Imperial security, when the Governor became the Commander-in-Chief of the naval establishment and military garrison. In 1888, the Privy Council was split into an Executive Council, which became the Cabinet, a Legislative Council, which became the upper house of Parliament with appointed members.
In 1968 as a result of the civil rights movement, a new Constitution was introduced which made a number of changes to Bermuda's parliamentary system, making it more like the Westminster system. Political parties were legalised, the system of a majority Government, from which a Premier was appointed and the Cabinet Ministers were drawn, a minority opposition was adopted. Under the 1968 Constitution, the Legislative Council was replaced by the Senate; the system of suffrage, by which the members of the lower house were elected, and, limited to male landowners, was extended to all adults. List of Presidents of the Senate of Bermuda
London is the capital and largest city of both England and the United Kingdom. Standing on the River Thames in the south-east of England, at the head of its 50-mile estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans; the City of London, London's ancient core − an area of just 1.12 square miles and colloquially known as the Square Mile − retains boundaries that follow its medieval limits. The City of Westminster is an Inner London borough holding city status. Greater London is governed by the Mayor of the London Assembly. London is considered to be one of the world's most important global cities and has been termed the world's most powerful, most desirable, most influential, most visited, most expensive, sustainable, most investment friendly, most popular for work, the most vegetarian friendly city in the world. London exerts a considerable impact upon the arts, education, fashion, healthcare, professional services and development, tourism and transportation.
London ranks 26 out of 300 major cities for economic performance. It is one of the largest financial centres and has either the fifth or sixth largest metropolitan area GDP, it is the most-visited city as measured by international arrivals and has the busiest city airport system as measured by passenger traffic. It is the leading investment destination, hosting more international retailers and ultra high-net-worth individuals than any other city. London's universities form the largest concentration of higher education institutes in Europe. In 2012, London became the first city to have hosted three modern Summer Olympic Games. London has a diverse range of people and cultures, more than 300 languages are spoken in the region, its estimated mid-2016 municipal population was 8,787,892, the most populous of any city in the European Union and accounting for 13.4% of the UK population. London's urban area is the second most populous in the EU, after Paris, with 9,787,426 inhabitants at the 2011 census.
The population within the London commuter belt is the most populous in the EU with 14,040,163 inhabitants in 2016. London was the world's most populous city from c. 1831 to 1925. London contains four World Heritage Sites: the Tower of London. Other landmarks include Buckingham Palace, the London Eye, Piccadilly Circus, St Paul's Cathedral, Tower Bridge, Trafalgar Square and The Shard. London has numerous museums, galleries and sporting events; these include the British Museum, National Gallery, Natural History Museum, Tate Modern, British Library and West End theatres. The London Underground is the oldest underground railway network in the world. "London" is an ancient name, attested in the first century AD in the Latinised form Londinium. Over the years, the name has attracted many mythicising explanations; the earliest attested appears in Geoffrey of Monmouth's Historia Regum Britanniae, written around 1136. This had it that the name originated from a supposed King Lud, who had taken over the city and named it Kaerlud.
Modern scientific analyses of the name must account for the origins of the different forms found in early sources Latin, Old English, Welsh, with reference to the known developments over time of sounds in those different languages. It is agreed; this was adapted into Latin as Londinium and borrowed into Old English, the ancestor-language of English. The toponymy of the Common Brythonic form is much debated. A prominent explanation was Richard Coates's 1998 argument that the name derived from pre-Celtic Old European *lowonida, meaning "river too wide to ford". Coates suggested that this was a name given to the part of the River Thames which flows through London. However, most work has accepted a Celtic origin for the name, recent studies have favoured an explanation along the lines of a Celtic derivative of a proto-Indo-European root *lendh-, combined with the Celtic suffix *-injo- or *-onjo-. Peter Schrijver has suggested, on these grounds, that the name meant'place that floods'; until 1889, the name "London" applied to the City of London, but since it has referred to the County of London and Greater London.
"London" is sometimes written informally as "LDN". In 1993, the remains of a Bronze Age bridge were found on the south foreshore, upstream of Vauxhall Bridge; this bridge either reached a now lost island in it. Two of those timbers were radiocarbon dated to between 1750 BC and 1285 BC. In 2010 the foundations of a large timber structure, dated to between 4800 BC and 4500 BC, were found on the Thames's south foreshore, downstream of Vauxhall Bridge; the function of the mesolithic structure is not known. Both structures are on the south bank. Although there is evidence of scattered Brythonic settlements in the area, the first major settlement was founded by the Romans about four years after the invasion
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water. Also: the business of real estate, it is a legal term used in jurisdictions whose legal system is derived from English common law, such as India, Wales, Northern Ireland, United States, Pakistan and New Zealand. Residential real estate may contain either a single family or multifamily structure, available for occupation or for non-business purposes. Residences can be classified by. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns. Major categoriesAttached / multi-unit dwellings Apartment or Flat – An individual unit in a multi-unit building; the boundaries of the apartment are defined by a perimeter of locked or lockable doors. Seen in multi-story apartment buildings.
Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit. Terraced house – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space. Condominium – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are shared jointly. In North America, there are rowhouse style condominiums as well; the British equivalent is a block of flats. Cooperative – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Semi-detached dwellings Duplex – Two units with one shared wall. Detached dwellings Detached house or single-family detached house Portable dwellings Mobile homes or residential caravans – A full-time residence that can be movable on wheels. Houseboats – A floating home Tents – Usually temporary, with roof and walls consisting only of fabric-like material.
The size of an apartment or house can be described in square meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces; the "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface area definition has been used. It can be described more by the number of rooms. A studio apartment has a single bedroom with no living room. A one-bedroom apartment has a dining room separate from the bedroom. Two bedroom, three bedroom, larger units are common. Other categoriesChawls Villas HavelisThe size of these is measured in Gaz, Marla and acre. See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, house or home for more general information, it is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission.
In North America, this intermediary is referred to as a real estate broker, or a real estate agent in everyday conversation, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent