Author Archive: Bernews1

Budget: How Will Government Make Money?

In the 2011/12 Budget, the Minister for Finance projects revenue of $940 million. Payroll tax is predicted to be the largest revenue earner, at $350 million, with Customs the second biggest earner for the Government, with $200 million predicted. Payroll tax and customs fees combine to create almost 60% of the Government’s predicted income. Listed,... Read more of this article

2011 Island Games Golf Team Announced

The Bermuda Golf Team for this year’s Island Games has been announced. The men’s team consists of Captain Camiko Smith, Ryan Benevides, Alex Osborne and Damian Palanyandi with Ryan Roberts as the alternate. Captain Laura Robinson, Ebonie Burgess, Katrin Burnie and Elizabeth Parsons round out the Ladies team. Team Management consists of Nick... Read more of this article

Twin Sailors Making Waves In UK

Twins Jason and Jordan Saints are two of Bermuda’s top youth sailors and have represented Bermuda at numerous youth events, most notably the 2010 Volvo Youth Worlds held last summer in Turkey. They are enrolled in their first year of university in the UK. This weekend hundreds of students from across the United Kingdom battled it out in the first... Read more of this article

Health Budget Down 5% to $172.2 Million

The Ministry of Health received the largest percentage of funding in the 2011/12 Budget, with approximately 15.9% of estimated expenditure going towards the Health Ministry. The budget allocated the Health Ministry a total of $172.2 million in current account funding in this year’s budget, which is a reduction of 5% from last year. Health Minister... Read more of this article

Gilbert & Sullivan to Stage ‘Animal Farm’

The Gilbert & Sullivan Society of Bermuda has cheerfully ignored W.C. Fields’ famous advice that actors should never work with animals or children — both are featured in its upcoming production, a musical version of George Orwell’s political satire “Animal Farm”. Tickets for the show — which runs at City Hall... Read more of this article

Videos: Minister’s Post Budget Statements

Yesterday following the delivery of the 2011/12 Budget by Premier and Finance Minister Paula Cox, Government Ministers held a post-budget press conference, with them all speaking individually about their portfolios. Links to each Minister’s full video statement are below. Health Minister Zane DeSilva here National Security Minister Lt Col David... Read more of this article

Keith Harris: ‘Gerova Talks Still On’

One of the leading deal-makers in British business was last night [Feb. 17] working to salvage a merger between his own Seymour Pierce investment bank and beleagured Bermuda reinsurer Gerova, according to UK media reports. Shares in Gerova Financial Group rebouded nearly 18 percent on the New York Stock Exchange amid reports British tycoon Keith... Read more of this article

Health Minister Encourages Cholesterol Checks

This week Health Minister Zane DeSilva paid a visit to the Cardiac Outreach, Renewal and Education Center CORE, located on Chancery Lane, to have his Cholesterol levels checked, in a bid to encourage others to do the same. “With February designated as Heart Month I wanted to do something which would encourage people to be aware of their heart health,”... Read more of this article

Live Blogging: 2011/12 Budget

This morning [Feb 18] Premier and Minister of Finance Paula Cox will deliver the 2011/12 Budget in the House of Assembly. Speaking yesterday UBP Leader Kim.Swan said: “Virtually everyone in the country is aware that Bermuda is in the grip of its most serious economic challenge in many generations, and that the Government’s spendthrift ways –... Read more of this article

UBP’s Richards On Budget: No Plan, Direction

Shadow Minister of Finance Bob Richards spoke about today’s budget saying “The Budget offered no plan, no direction and very few concrete steps that would give the country hope that recovery was within reach.” Mr Richards said the budget failed to “address soaring public debt, with interest charges set to nearly double to $70... Read more of this article

2011/12 Budget: Business & Tourism

[Updated with video] Minister of Business Development and Tourism Patrice Minors spoke at a post-budget press conference this afternoon [Feb 18] providing details of the financial provisions allocated to her Ministry in the 2011/12 Budget. The Minister said the Bermuda Music Fest will be eliminated as it “was not attracting enough tourists to... Read more of this article

Allied World Reports Record Net Income

Allied World Assurance Company Holdings yesterday [Feb. 17] reported record net income of $665.0 million, or $13.32 per diluted share, for the year ended December 31, 2010 compared to net income of $606.9 million, or $11.67 per diluted share, for the year ended December 31, 2009. Net income for the fourth quarter of 2010 was $92.8 million, or $2.13... Read more of this article