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for foreign speculators tax
Victoria council is calling on the province to immediately impose a 15 per cent non resident buyers tax here to cool what has become one of the three hottest real estate markets in the country.
The request comes after pandora charms names what some councillors see as the success of the same foreign buyers tax imposed last fall in Vancouver and as Ontario Premier Kathleen Wynne announced a 15 per cent foreign buyers levy in the Toronto area.
"We all know that we have a housing crisis and that the cost of home ownership and rent is getting higher and higher and the dream of home ownership is getting further and further away for many of our residents," said Coun. Jeremy Loveday, who sponsored the resolution with Coun. Ben Isitt.
"This is asking for action to be taken so that our residents can afford homes here."
Isitt said there's increased urgency to bring the tax to the Victoria, given the other two hot areas, Greater Vancouver where can i buy pandora charms near me and Greater Toronto, will have the tax.
This week, Bank of Montreal chief economist Doug Porter said there is no question the Vancouver tax is affecting the Victoria real estate market. Porter noted in a Financial Post article that Victoria is the only city outside of Ontario with a double digit percentage average price gain in the past year, with the home price index up 20 per cent year over year.
But several councillors worried the non resident levy will be viewed in the same light as the head tax imposed on Chinese immigrants by the federal government between 1885 and 1923.
"I really think we may end up being seen to be on the wrong side of history on this one," Coun. Geoff Young said, adding that the head tax was a popular measure in its day. "It [the head tax] wasn't primarily implemented for racial purposes, I don't think. It was because people felt that new immigrants were presenting competition pandora prices for bracelets for jobs. It was an economic impulse," Young said.
Real estate agent Tony Joe, who in January wrote to Victoria opposing the tax, said it simply is not needed here. "The tax was in [place in] Vancouver in August and it did not cause a spike in foreign interest over here in Victoria.
"The reality is that the people that were doing the speculation or land banking in Vancouver were only looking in Vancouver," Joe said, adding that Vancouver and Toronto are global cities while Victoria is not.
The vast majority of people buying properties in Victoria are not holding them vacant but are moving here, he said. He said the tax is not unlike the head tax. "Why call it a foreign tax. Why don't we just call it a Chinese tax?" he said. government announced in January that the tax does not apply to people purchase pandora charms online with work permits, Helps noted. "This does not apply to people who are becoming residents of British Columbia who are becoming residents of our communities."
Young said the idea that a tax can be limited to speculators is a faint hope. "Basically, anybody who buys a property is speculating."
Coun. Marianne Alto said she agreed with the intent of the tax and efforts to try to solve "an extraordinary extreme crisis." But, she said: "I have to say that the identification of foreigners in this case makes me very uncomfortable."
Coun. Margaret Lucas said she doesn't believe "there's a lot of evidence yet to tell us that this has been the solution."
Last week, Capital Regional District directors postponed a decision on whether to ask for the tax to be imposed until their municipal councils weigh in. Several directors argued that municipalities such as Langford, Sooke and Metchosin aren't facing the same affordability issues and escalation in housing prices that Victoria has.
Victoria's resolution, passed Thursday, asks the province to immediately impose the 15 per cent tax to curb speculative property purchases by non residents in either the entire capital region or in just the city of Victoria, whichever is more expedient.
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Facebook IPO Filing Reveals Its Stunning Size
We knew Facebook was big you don't get to 800 million users without making a few bucks but until today, we didn't know just how big.
Facebook filed papers for an initial public offering on Wednesday, pulling back the curtains on the inner workings of the world's largest social networking site and opening a new phase in the company's ambitious plan to compile, and make money off of, our personal information. Facebook seeks to raise $5 billion in an IPO that looks likely to be the largest by a web company since Google in 2004 and could place the social network's value as high as $75 billion to $100 billion.
The portrait of Facebook that emerges in Facebook's over 150 page S 1 filing with the Securities and Exchange Commission is of a mature company by Silicon Valley standards already enjoying robust revenues thanks to a vast, active userbase churning out data for the site. Facebook CEO and co founder Mark Zuckerberg also enjoys the use of a private plane, the filing revealed, and earned a base salary of $500,000 last year, more than triple the salary of Google co founders Larry Page and Sergey Brin when Google filed for its IPO.
Facebook looks more seasoned than many of its Silicon Valley peers had when they announced plans to go public. According to the prospectus it filed with the SEC, Facebook has been profitable for the past three years. The company reported revenues of $3.7 billion last year, an 88 percent increase over the prior year, and earned a $1 billion profit, more than Google's total revenue the year it debuted on public markets. Facebook's income also dwarfs that of other internet companies that recently completed their IPOs. Zynga's profits totaled $90.6 million in 2010, for example, while LinkedIn had barely flirted with profitability when it filed for its IPO and Pandora was still hundreds of millions of dollars short of breaking even.
Advertising comprises a full 85 percent of Facebook's revenues, down from 98 percent in 2009. Zynga alone accounts for 12 percent of Facebook's total revenues, as the social gaming company must pay Facebook a cut of purchases made in Zynga's Facebook games.
Facebook revealed impressive statistics about its growing and active userbase, which totals 845 million members, more than half of whom, or 483 million, return to the site daily. These hundreds of millions of users have shared more than 100 petabytes (100 quadrillion bytes) of photos and videos with Facebook, and produced an average of 2.7 billion "likes" and comments a day in the final three months of 2011.
The company's stunning growth will prove difficult, if not impossible, to premier jewelry sustain, however.
"We anticipate that our active user growth rate will decline over time as the size of our active user base increases, and as we achieve higher market penetration rates," Facebook wrote. "To the extent our active user growth rate slows, our business performance will become increasingly dependent on our ability to increase levels of user engagement in current and new markets."
Facebook users could also be wooed away by the very features the social network introduced, Facebook noted. The company has made a push to grow its platform and attract third party app developers, such as the Washington Post and Spotify, pandora charms silver to build apps that run on Facebook. But, the filing cautioned, "[o]ur efforts to expand the Facebook Platform may result in users increasingly engaging with our Platform developers' Facebook integrated websites instead of engaging on Facebook, which may negatively affect our advertising revenue and harm our business."
Zuckerberg might dress the part of low key Silicon Valley startup CEO, but the tech visionary has already made a mint, has a private plane at his disposal, and stands to make tens of billions of dollars off of Facebook's IPO.
Facebook's filing provides a glimpse into the scores of cash being accumulated by the company and doled out to its investors and employees.
Zuckerberg's base salary, which amounted to $500,000 in 2011, was the highest of any employee at Facebook. By contrast, Google co founders Larry Page and Sergey Brin earned a salary of $150,000 each when Google filed for its IPO in 2004.
Facebook chief operating officer Sheryl Sandberg and chief financial officer David Ebersman tied for second place, with a base salary of $300,000 each. Yet Sandberg's total compensation in 2011, or $30,873,579, made her the highest paid of any Facebook employee, followed by Facebook's vice president of engineering Mike Schroepfer, who took home $24,727,128.
Zuckerberg owns 28 percent of the company, which could be worth $28 billion following the IPO, and the 27 year old CEO plans to take a $1 per year salary beginning in 2013, much like former Apple CEO Steve Jobs did while at the helm of Apple.
Being CEO of Facebook comes with a few perks. Zuckerberg may use private aircraft for personal purposes in connection with his comprehensive security program. On certain occasions, Mr. Zuckerberg may be accompanied by family members or others when using private aircraft."
In his letter to investors, Zuckerberg included a manifesto entitled "The Hacker Way" that spelled out the company's priorities and focus on delivering features first and improving later.
"Done is better than perfect" is painted on Facebook's walls, Zuckerberg wrote.
"The Hacker Way is an approach to building that involves continuous improvement and iteration. Hackers believe that something can always be better, and that nothing is ever complete. They just have to go fix it often in the face of people who say it's impossible or are content with the status quo," wrote Zuckerberg. "Hacking is also an inherently hands on and active discipline. Instead of debating for days whether a new idea is possible or what the best way to build something is, hackers would rather just prototype something and see what works. There's a hacker mantra that you'll hear a lot around Facebook offices: 'Code wins arguments.'"
"We don't build services to make money," Zuckerberg added. "We make money to build better services."
Take a look at the slideshow (below) to view what Facebook thinks are the biggest threats to its future success.
Mark Zuckerberg Controlling Too Much
Perhaps the most eye popping risk where can i buy pandora bracelet charms listed in the S 1 is the idea that Mark Zuckerberg's bad decision making could lead to a decline in company value. Along with "users fleeing" and "decline in advertising revenue," the following was listed as a major risk factor:
Our CEO has control over key decision making as a result of his control of a majority of our voting stock.
Zuckerberg owns 28 percent of Facebook stock, which means that he "has the ability to control the outcome of matters" that come before stockholders. Furthermore:
As a stockholder, even a controlling stockholder, Mr. Zuckerberg is entitled to vote his shares, and shares over which he has voting control as a result of voting agreements, in his own interests, which may not always be in the interests of our stockholders generally.
Should stockholders fear the man who controls the company they hold stock in?
While Zuckerberg owns roughly 28 percent of Facebook shares, an additional 30 percent of shares are subject to pandora bracelet beads voting proxy by Zuckerberg, giving the CEO a total voting power over nearly 57 percent of the company.
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