Legal

Bermuda’s Reinsurance Companies Want to Take Over Governments’ Insurance Coverages

News Analysis: Bermuda’s Reinsurance Companies want to take over Governments’ Insurance Coverages for the Profit Potential therein. To their credit, these Companies are being Pro-Active in seeking Certain “Insurable” areas of coverage currently offered by Nations.

Since the Bermuda Reinsurance Industry is trying to find growth, it is engaging in Due Diligence to find Profitable Opportunities with Acceptable Levels of Risk.

Natural Catastrophe Risk versus Economic Catastrophe Risk are both covered by this Vital Industry. Through increased Technology, additional data is available for the proper assessment of Catastrophes [Natural or Economic]. The recent Typhoon  in the Philippines, as an example,  suggests that such a Large Event might be covered if there were Insurance [Reinsurance] Policies.  Insurance Coverage  could aid a stricken area substantially. Economic Catastrophes are becoming more known through Internet Cyber-Attacks, for example, against huge Data Bases, for one. The loss of Pertinent Information could destroy its owner’s Economic Viability. Reinsurance would help against Catastrophic Loss.

When Evaluating the need for Insurance and Reinsurance, Governments, Corporations, and Individuals should remember: “Stormy Days Will Occur”. Reality. 

Reference: http://www.royalgazette.com/article/20131114/BUSINESS04/131119876

Airline Passengers’ Behavior Screening of Little Value

News Analysis: Airline Passengers’ Behavior Screening is of little value. The United States General Accounting Office has determined the Process of “Next-To-No-Value”. All too often, Important Criteria in establishing such a methodology may be ignored. As examples: “Are passengers exhausted and are acting differently because of this?” or “Are they irritable because of incessant crying by a baby during their flight?” or “Did the Airline Food ‘not agree with them?”. These simple Realities of Flight Situations occur daily. Would A Transportation Security Agency [TSA] Officer be aware of these Conditions Precedent to his first sight of a passenger at an airport? Absolutely not. It is highly likely that these ‘TSA’ “Behaviorists” place little value on such realities anyway.

Many people are of the firm idea that the Overwhelming Amount Of Money spent on “Airport Security” is in reality a “Job Employment Project” by the U.S. Federal Government. ‘TSA’ employees would be considered ‘Unemployed’ without their hire by this Agency [and be shown as such on Federal Labor Statistics]. This reality would be of great embarrassment to the ‘White House’ in Washington, D.C. of course.

One must ask: For the Billions of Dollars spent EACH YEAR on “Airport Security” for “Catching ‘Terrorists'” [as this Federal Program was initially touted], how many REAL “Terrorists” are captured by ‘TSA’, EACH YEAR?

A Government can Ill-afford to Squander Away Scarce Monies, especially when it has a $17,000,000,000,000.00+ Deficit on its books. Reality.

Reference: http://tinyurl.com/kfzqpk8

Customs Union, Led By Russia, Increases Other Nations’ Interest

News Analysis:  Customs Union, led by Russia, increases other Nations’ interest by offering Economic Growth Possibilities not to be ‘matched’ by the European Union. The Voluminous Natural Resources of the Custom Union Signatories, if added to, by other interested countries, would be ‘One of a Kind’. The shared interests of China and India offer the Customs Union enormous business opportunities not available in Europe. A Economic Triumvirate as such, would be a Powerhouse second to none.

The Best Economic Future for the Nations contemplating the Customs Union lies in their becoming its Members. Reality.

Reference: http://www.bne.eu/storyf5521/Central_Asia_states_press_ahead_with_moves_to_join_Customs_Union

Dubai Provides “Smartphone” Police Communications with Its Residents

News Analysis: Dubai provides “Smartphone” Communication between the police and the residents for a myriad of services.  Criminal Activities taking place can be quickly reported. When Miscreants conceptualize in their minds the ease of their recognition and apprehension for illegal deeds, they may choose other activities to pursue. Other Emergency matters such as Traffic Accidents and the like are part of this reporting system. Non-Emergency questions can be answered also.

A “Smartphone” and Valid Identification are all that are required to be able to use this system. The number of ancillary services that are provided are commendable.

Dubai is at the ‘Leading Edge’ of Communications Technology by its residents.

Reference: http://tinyurl.com/knvmy6t

Norway Sovereign Fund, World’s Largest at Over $800 Billion, Gets Tapped Lightly

News Analysis: Norway Sovereign Fund has quickly grown so the percentage taken from it, only 2.9%, is conservative. Since up to four percent can be withdrawn in a year, the government has acted with fiscal restraint. The $23,000,000,000.00 to be withdrawn will help the Norwegian Population with any possible economic slowdown.

The Norwegian government is to be commended with the Economically Judicious Policy of Non-Profligate Spending. Some other Governments, on other continents, favor Extravagant Spending. Perhaps they naively think merely printing Great Sums of Money is easy and solves short term needs. They have no thought, nor care,  of the long-term damage such gross wastefulness has on a Country’s Economy.

Reference: http://www.arabnews.com/news/474506

Bermudans Seek Expanded Exclusive Economic Zone

News Analysis:  The Commercial Value to Bermuda of an additional 150 mile Radius  of Seabed, beyond its present 200 mile Radius, in the Atlantic Ocean could be enormous. This additional area of 350,000 km2 [135,136 mi2] could contain Surface Seabed wealth of Manganese Nodules, Microscopic Gold, and the like.  Additionally, Hydrocarbon Deposits might be extensive if Sub-Surface Seabed Drilling occurs.

Abundant Marine life could further economically benefit Bermudans [in areas physically removed from the aforementioned mining activities].

If Mr. Perinchief prevails in the Legal Arena, thus giving Bermuda this additional physical area, his contribution to the country would be priceless.

Reference: http://www.royalgazette.com/article/20131104/NEWS07/131109924

Credit Rating Agencies will Receive Country Data from Vietnam

News Analysis: Prime Minister Dung is obviously confident that his country’s economic development, under his leadership, can pass scrutiny by the Agencies. The noteworthy financial growth of Vietnam is “Beacon of Light” to other South East Asia Mainland Countries.

Vietnam’s history has been one of overcoming foreign attacks by countries [with certain individuals therein] wanting its Vast Natural Resources. For example, even prior to American, Joseph P. Kennedy Sr.’s attempt to gain control of the country prior to World War II [and his subsequent attempts thereafter], like others before him, had similar objectives. The steadfastness of the Vietnamese people thwarted all of these ill-conceived machinations. The “Falling Dominoes To Communism” model, propagandized to U.S. Citizens for a rationale to go to war, led them to a conflict in which they were defeated. They, like their predecessors, underestimated the resilience of the Vietnamese people.

Joseph P. Kennedy’s intended ‘Vietnam Fiefdom’ never materialized [as it did not for Cuba].

Today, the Vietnamese, with Foreign Direct Investments to be made, will be able to enjoy the riches of their country.

Reference: http://news.xinhuanet.com/english/business/2013-11/01/c_132850909.htm

They Do Not Spank Those Who Manage the Banks: Reality vs. Rhetoric

News Analysis:  The banking industry has too much power to have  concern about personal incarceration for purposive illegalities committed by Senior Managers. Since government fines against a bank are typically tax deductible against bank earnings, fines mean little. If one adds in the thought that banks are too important to countries fiscally, banks ‘win’.  Added to this is the fact that the fines are not remotely equal to the ill-gotten gains. In fact the bountiful potential proceeds for ‘illegal’ transactions act as an incentive to bank personnel. “No individual in the bank gets hurt [or goes to jail] so why not go for it” is their thinking one could surmise.

Bankers are the “Ones with the ‘Juice'”.

In the final analysis: Reality.

Reference: http://tinyurl.com/lqg6gye

Central Bank of Papua New Guinea Suffers Hacking

News Analysis:  The Internet allows Institutions even in more ‘remote’ areas, from large metropolises, to be victimized similar to transgressions against the same in major cities of the world. The best IT security systems can be enhanced by employee awareness but a panacea to stop hacking has yet to be invented. Vigilant forensic electronic examination of an event, with the intended apprehension of the miscreants [and their punishment] might dissuade some hackers.

Reference: http://www.postcourier.com.pg/20131029/news03.htm

Some Swiss Bankers are Not Leaving Switzerland

News Analysis:  The ancient adage: “As Ye Sow, So Ye Shall Reap” is especially applicable to those who, under the cover of ‘Bank Legitimacy’, engage in large scale tax evasion on behalf of their foreign customers. The electronic capacity of governments to watch the flow of funds from one country to another by scheming individuals, through their bankers, should have them re-think their actions. Can embarrassment, fines, and possible long-term  prison confinement, for conspiratorial bankers, ever be worth some financial gain?

Reference: http://tinyurl.com/m6pejwe