Hashtag: #BermudaGovernmentRevenue
Finance Ministry On Revenue, Expenses, Debt
The Ministry of Finance released information about the fiscal performance to date; covering revenue, expenditure and the debt. Revenues for the three months ending June 2013 were $208.7 million, which is $0.3 million higher than 2012. Current Expenditures for the same time period [excluding debt service] were $247.3 million; which is $3 million lower... Read more of this article
Lister: Challenge Is To Effectively Manage Money
Finance Minister Bob Richards has made a “bold move” in borrowing $750 million, the challenge is to “effectively manage this money over the next three years and to bring financial success to the people of Bermuda,” said Independent MP Terry Lister. Last week the Government confirmed they borrowed $750 million, in the form of... Read more of this article
Petty: Tax Service/Product Purchases, Not Payroll
Institute performance based pay in the civil service and replace involuntary direct taxes like payroll tax with taxes on product and service purchases, are some of the economy boosting measures suggested by David Petty, who ran as an Independent candidate in C#20 during the 2012 General Election. Mr Petty said that taxing purchases rather than payroll... Read more of this article
Fitch Downgrades Bermuda, Outlook Negative
[Updated with videos] Fitch Ratings announced today [June 7] that they have downgraded Bermuda’s AA government bond rating to AA-, and changed the outlook to Negative from Stable. This follows after last month’s revision by Moody’s, who also downgraded Bermuda’s rating and changed the outlook to Negative. Fitch said, “The downgrade... Read more of this article
Minister: Aviation Policy Consultative Conference
Minister of Economic Development Dr Grant Gibbons, the Permanent Secretary of the Ministry of Economic Development and Governor George Fergusson attended the inaugural Aviation Policy Consultative Conference [APCC] on May 16th in London. The Governors of Anguilla, BVI, Falkland Islands, Montserrat and Turks & Caicos were in attendance as well as... Read more of this article
Video: Minister On Bermuda’s Satellite Network
Barring any unforeseen problems, by mid-July Bermuda’s satellite will become a commercially viable asset, allowing the island to participate in the more than $80 billion-a-year broadcast satellite industry, Minister of Economic Development Dr Grant Gibbons said at a press conference yesterday [May 31]. Dr Gibbons said, “Earlier today in... Read more of this article
Minister: “Key Step To Develop Space Industry”
Bermuda’s planned satellite network, called “BermudaSat-1,” commenced operations in April after the EchoStar-6 satellite was moved into Bermuda’s orbital position – a “key step” to develop Bermuda’s space industry, said Minister of Economic Development Dr Grant Gibbons Speaking in the House of Assembly this morning... Read more of this article
SAGE To Hold Two More Meetings This Week
Two more public meetings will be held by the Spending and Government Efficiency [SAGE] Commission this week. The first will take place on Tuesday [May 28[ at Penno’s Wharf in St. George’s and the second on Thursday [May 30] at Mount Saint Agnes Academy auditorium. Meetings begin at 7:00 p.m. and end at 900 p.m. “There was open and... Read more of this article
Video: Minister Moniz Explains Water Situation
Public Works Minister Trevor Moniz explained why the water has been cut off for some residents in Dockyard, a situation which the Opposition termed “callous”. The Minister said when he took over the Ministry he “discovered there were arrears owing to the Ministry of somewhere in the range of over $5 million, but less than $7 million.... Read more of this article
Moody’s Downgrades Bermuda’s Rating To Aa3
[Updated] After placing the island on “review” last month, ratings agency Moody’s today [May 16] formally downgraded Bermuda’s rating to Aa3 and changed the outlook to negative. A statement issued by the Company said, “The downgrade was prompted by the steep rise in government debt and the lack of an economic recovery from the... Read more of this article
Video: Minister Richards On Economic Growth
Minister of Finance Bob Richards said he cannot give a “huge amount of hope for economic growth this year”, however said the things have been put in place by the Government are starting to work. The Minister was speaking at the Capital G Wealth Conference, beginning his speech by joking about his 7-minute limitation, saying that “as... Read more of this article
SAGE: ‘Solutions Will Come From Consultation’
Chairman of the Spending and Government Efficiency [SAGE] Commission Brian Duperreault today welcomed the formal enactment of the SAGE Commission Act 2013, noting that solutions to the economic challenges facing Bermuda will come from broad-based consultation. Mr. Duperreault said that the Act was officially gazetted on Monday, April 1 and members of... Read more of this article
10% Duty Increase For Cigarettes & Alcohol
Effective 1st April 2013, the Customs Tariff Amendment Act 2013 will usher in an across the board 10% increase in the import duty rate for cigarettes and alcoholic beverages. In the 2013 -14 Budget in February, Government said, “The duty on cigarettes and tobacco and beer, wines and other spirits will be raised in April 2013 to achieve additional... Read more of this article
Attorney General Clarifies Motor Car Amendment
Attorney General and Minister of Legal Affairs Mark Pettingill today [Mar 26] clarified the Motor Car Amendment Bill, 2013. He said seniors are not able to apply for an exemption due to financial hardship. On 18 March 2013, the Motor Car Amendment Bill 2013 was debated in the House of Assembly. The Bill, as passed, provides for a 3% increase in the... Read more of this article
House Approves Changes To Seniors Car Fees
Members of Parliament approved legislation which ends the exemption for seniors vehicle licensing fees, replacing the exemption with a 50% discount. Seniors who feel they are still unable to make the 50% cost can apply directly to the Minister for a waiver. The MPs debated the amendment late into the night, with many of the Opposition MPs speaking out... Read more of this article
$21 Million Budget For Home Affairs Ministry
Today the Minister of Home Affairs Michael Fahy provided an overview of his Ministry’s $21 million budget, noting that the Ministry’s primary focus was on ensuring training and employment for underemployed and unemployed Bermudians. “As the economy grows we need to ensure that Bermudians are well prepared and positioned to take on the new... Read more of this article
