Premier Cox: ‘Investments Show Confidence’

September 30, 2012

“While the global economic crisis continues to impact Bermuda, two encouraging investments over the last week have confirmed that investors are bullish on the future of Bermuda’s economy,” a statement from the Finance Ministry said.

LinkBermuda is investing millions of dollars in an island-wide fibre-optic network that will provide faster internet speeds and provide more jobs for Bermudians, and a Bermudian family have purchased the Fairmont Hamilton Princess Hotel and plan to invest $50 million in refurbishments.

Mr. Alexander Green, one of the new owners of the Fairmont Hamilton Princess, noted, “This further investment in Bermuda continues to show our dedication to the Island and our unshakable faith in its long term prospects. We continue to believe in Bermuda and are happy to bring one of the major hotels back to Bermudian ownership.”

Premier Paula Cox thanked Mr. Green for his confidence in Bermuda and said, “If the economy and our prospects for the future were really as bad as the opposition would have you believe, why are investors investing millions in our economy? Make no mistake, these are tough times for the global economy, but these investments show confidence in the future of our island.”

“While there’s still more work to be done, it’s encouraging when you see last month’s retail sales increase by 6.2%. It’s encouraging when you hear that a major reinsurer is closing their Dublin offices and opening a new office in Bermuda, which will employ Bermudians,” said the Premier.

“It’s heartening when you hear about a new 8,000 square foot furnishings store opening shop. It’s exciting to hear about four new businesses opening shop in St. George’s.”

“And, it’s encouraging when we hear that investors are confident about the future of our economy. There are some in the opposition who would like to talk our economy down, however this Government will continue to work for the people of this Country by attracting new investment to our shores that will bring new jobs and opportunities for Bermudians,” the Premier concluded.

Share via email

Read More About

Category: All, Business, News, Politics

Comments (31)

Trackback URL | Comments RSS Feed

Articles that link to this one:

  1. Premier Cox Visits St George’s Businesses | Bernews.com | October 1, 2012
  1. Paula please call the election says:

    Paula please call the election.

    • OBA (Only Brings Austerity) says:

      Yes, please so we can stop listening to the Austerity party talk about nothing.

      • Come Correct says:

        Funny thing is both parties have 2 choices, more debt or austerity. Is this Betty? She loves that word.

  2. Pitts Bay says:

    Ms Cox – Pls don’t take credit for these investments. They are (or may in the case of Link) being made notwithstanding your performance to date.

    Just think what the investment could have been if we had a respectable government.

    So sad….

    • OBA (Only Brings Austerity) says:

      The hate on this website is amazing. So many of you forget that the PLP presided over the greatest economic expansion in Bermuda’s history from 1998 – 2008. Things have been rough lately, but its funny how everything bad is PLP fault, and anything good is despite the PLP.

      Things have been real the past few years, but Bermuda is still attracting new business and investment. Can’t we all be thankful that our country is succeeding?

      Bermuda is too small for nonstop partisan bickering.

      • Rick Rock says:

        Why do you credit the PLP with economic expansion up to about 2006 but the “World economy” with the disaster over the past 6 years? We’re supposed to believe that when things are going well its the PLP presiding over it, but when the economy tanks its nothing to do with them?

        The problem started when Paula took over as Finance Minister and Dr Evil as PM. They spent $1.5bn more than we had. At the same time Evil and Burch chased away IB. So now we have enormous debt and a much smaller tax base. That is ALL the fault of the PLP.

        “Our country is succeeding”? Rising permanent unemployment, rising violent crime, empty houses and apartments, empty office space, supermarkets going bankrupt, employers announcing laying off Bermudians every few days. That’s what the PLP has given us.

        • Joonya says:

          Well said Mr Rock. I think we need to paste your above response to every ‘loyalist in denial’ when they come on here and try tout their party’s false accomplishments.

      • More Confused says:

        You need to get real. The expansion from 1998 to 2008 was fuelled by death and destruction in other countries. 9/11 and Hurricane Katrina being the 2 worst. Are you suggesting the PLP created and should take credit for those tragic events? The basis for the expansion was already in place prior to 1998 to encourage International Business to expand, the PLP only needed to sit back and nurture these businesses. Instead, they began to interfere with their operations and tried to shove local politics into IB. Whilst the business models have changed, and the PLP had nothing to do with that, the interference merely hastened much of the demise, a demise that cannot be reversed.

      • fred says:

        You mean the greatest amount of spending !!!!

  3. jg says:

    “It’s heartening when you hear about a new 8,000 square foot furnishings store opening shop. It’s exciting to hear about four new businesses opening shop in St. George’s

    yeah for a village but not a country…You’re really funny Paula Cox! hahaha

    • Blankman says:

      Absolutely – after all, that furniture store will more than make up for all the international companies that decide to close up shop and move their jobs elsewhere.

  4. TEE says:

    I really hate the site of this little munchkin, Seriously, and worst when she speaks. Please let the door hit you. Thanks…

  5. Mad Dawg says:

    How can she use the ESC / Orange Bay showroom? It’s a combination of what was previously two seperate retail businesses. How exactly is closing two shops and opening one new one going to be “bringing new jobs for Bermudians”?

  6. pebblebeach says:

    Absolute Cogwash…

  7. justleaving says:

    No surprise here Bermuda has always been a great place to invest for Billionaries and their offspring.

    Wasn’t this Sir John’s economic plan something about trickle down economics

  8. Opressed says:

    The most clueless person in the world!

  9. Bermudian says:

    Please do not take credit for these investments. While this is great news, shouldn’t the government have been our ‘knight in shining armor’? Thank you Green family and LinkBermuda!

  10. Truth is killin' me... says:

    Nigerian scammers offer investments that show confidence as well! Just send me your money and we’ll get rich quick together!!!

  11. Navin Johnson says:

    They are not closing their Dublin office..they are relocating a subsidiary and 5 people out of 160 are involved. One person is relocating. Always stretch the truth. Amazing you can look at yourself in the mirror

  12. Triangle Drifter says:

    Another “misspeak”. All will be clarified in due course. She was trained well.

  13. Randal says:

    Grasping at straws.

    Incidentlally, the Government spending the Cog has been referring to these last few weeks as investment is anything but – all it is more spending to put us more in debt which will eventually put a bigger tax burden and those who do create jobs, net result fewer jobs.

  14. M.P.Mountbatten JP says:

    Funny thing is this ; When the economy was booming the UBP/OBA were a dishevelled mess . Why I ask ? Maybe it was because they had no answers . They had no idea as to how to get back the power ,so they crumbled , fell apart under the pressure . Makes me wonder if they were at the helm right now , today under extreme external economic pressure . Would they disintegrate or will they be a cohesive unit such as the PLP . You see the true character of a political party when under duress . Judging from the implosion of the UBP/OBA of past , I don’t think those folks have the stomach to weather a serious storm , no matter what the storm looks like .

  15. tidbit says:

    Why dont she stop this political rhetoric. Does she also accept responsibility for the mass exodus of companies from Bermuda? She needs to be fired as Minister and Premier and the only way to do that is vote her out of office since her party faithfuls will not vote her out. I am very very disappointed in her leadership.
    Grinning and and sweet words dont cut it. Don’t try to insult the intelligence of the electorate.

  16. Angry Tax Payer says:

    As a young person, once upon a time, i would have been over excited at the above news. But my eye have been opened to reality, and reality advises that i consider the lesser of the evils, which would be the OBA. Why get excited at all this new business if most cant afford to buy it?
    Politicians like any other people mean to benefit themselves, at the same time they will appease the public, or they at least try. But this Government has abused us and done exactly what they want, without considering the public opinion.
    Now i will admit i do not know much of the old UBP and what wrongs they have may have done, i was much too young for that, but i do remember the way Bermuda was and it was much better. My first vote was in 1998, and i have very much paid attention to things ever since. As a black male, i hate the race banter , it embarrassing and so unnecessary and needs to stop.
    That to me is the problem with this current government, they need to move forward and heal, not remind us of the imperfections and poor decisions of the previous ubp. That party split and thats a good thing, they recognized that times had changed and so too must they, the power to adapt and reorganize is attractive and shows conviction.
    So lets all move forward and stop voting on race or past issues, lets look at our future, our children depend on it. We owe them a bright future free from our own selfish race related thoughts. I sincerely hope no one finds this offensive, it is merely an opinion.

    Have a great day Bermuda!

  17. Judge Dredd says:

    The UBP is hanging around for the sole purpose of a futile attempt to convince us that OBA is something different or new. Most of you commentary are Old UBP snobs! Lol

    • Come Correct says:

      Seriously is that all the plp has to go on? Between betty trumph and yourself its enough to make anyone sick. Is there any question in your mind why this election will either be close or the one that turns the tables? Maybe if your self-righteous party did something that actually helped its people instead of just pointing fingers and saying anything it would be more of a landslide victory. If we continue the downward spiral under this government I will blame YOU and then I’ll leave for greener pastures because like hell if I’ll be stuck in little Jamaica. Force me to pick one of my passports and see which one I pick. Don’t worry I’ll bring my kids back for vacation so they can see all the children of the stupid people that voted the plp back in and how they’re living. Our country is in sh!t shape and that’s really all the info you need to cast a vote for change. If the oba get in a do no better, guess who I’ll vote for. Keep doing that until some party comes with Bermudas best interest at heart. F@ck this party loyalist BS.

    • Concerned says:

      I am not old and nor am I a snob. Should you see me walking down the street my head is held high, my nose is not stuck in the air like some of those lady MP’s or otherwise. I like Angry Tax paper have as one would say ‘seen the light” and I trust you will one day soon, ask the Lord to open your ‘eyes’ and mind to the truth of what has taken place and what is taking place. if you have children or grand parents even your parents and then yourself.. take a little walk into the future, say Christmas time…. can you imagine what it will be like for you, your family and many others. So when the election is made known – you will be sure to mark the box that will bring reconciliation to your wallet, your cheque book and your savings account and your tenants will be able to once again, pay their rent to enable you to get caught up wit your bills. Life is wonderful but under this government it is and will continue to be a struggle – have you seen those PLP in the House – each and everyone is smiling and smiling big – like we have ours – get your struggle on. VOTE ONE BERMUDA ALLIANCE!!!

  18. Vulpes says:

    Some basic rules of money:

    Bad money drives out good, eg people will get put of a debased currency ASAP but stash a desirable one. I’m afraid that is where Cogonomics is taking us.

    Smart money goes to where it is respected. Seems like too much has been leaving lately.

    Finally, money does not have a colour as much as the PLP would like to think that it has.

  19. Concerned says:

    While the global economic crisis continues to impact Bermuda – the only organization in economic crisis was the PLP – and they put the scare monger into everybody.

    Our financial downfall was when the PLP under the EB regime was when they ‘encouraged’ the exempt companies to leave the Island – the companies went their way, bermudians went the other way due to loss of jobs, the loss of homes and the overseas workers went home and took their money – loss of jobs in business, loss of rents to landlords. Did the PLP stop there – HECK NO!! They are still at it and trying now to change the red, pink, yellow, white, orange roses to “Green”. Well, not in my garden. This PLP government has played long enough with Bermuda and her people, our guest workers, our children’s education and their future. Vote OBA and let us together make a difference.!

  20. Triangle Drifter says:

    What is Paula drinking? Must be the same stuff that Betty & Laverne gulp down. Eau de Delusion.

    I used to think that Bermuda succeded inspite of the UBP. Guess I was wrong. The UBP used to be run by a bunch of shrewd businessmen who knew that if business did not succeed, nobody succeeded. Governments do not generate money. Governments take money from those who have.

    There is a balance that needs to be understood between sustainable taxation & taxing business out of business.