Hashtag: #Covid19Finances
OBA: Would Support Bi-Partisan Commission
“I would support the creation of a bi-partisan Commission to create a strategy for the economic recovery of Bermuda once the Covid-19 crisis is over,” Shadow Finance Minister Pat Gordon-Pamplin said. Ms Gordon-Pamplin said, “While it is right and proper that Government concentrates on ensuring the health and safety of Bermuda and its citizens,... Read more of this article
Unemployment Benefit Application Now Available
The Covid-19 Unemployment Benefit application is now live on the Government website, and eligible employees are welcome to apply. Minister of Labour, Community Affairs and Sports Lovitta Foggo said, “We are pleased to advise that applications for the Government’s Unemployment Benefit are now available and can be found here. “If you... Read more of this article
Minister Provides Unemployment Benefit Details
[Updated with video] The Unemployment Benefit will be for eligible employees not currently on Financial Assistance and provide a payment of 60% of their gross earnings up to a maximum of $500 per week, and employees eligible must meet the definition of an employee under the Employment Act 2000 and be either Bermudian, spouse of a Bermudian, PRC, or... Read more of this article
Unemployment Benefit Up To $500 Per Week
The Government will be providing an unemployment benefit for eligible employees not currently on financial assistance which will provide a payment of 60% of gross earnings up to a maximum of $500 per week, Premier David Burt said. Speaking at the press briefing earlier this evening, the Premier said: “I can also advise the Cabinet met today and... Read more of this article
ILO: Almost 25M Jobs Could Be Lost Globally
The Covid-19 pandemic could “increase global unemployment by almost 25 million” according to the initial assessment by the International Labour Organization [ILO]. The report on the International Labour Organization website said, “The economic and labour crisis created by the Covid-19 pandemic could increase global unemployment by... Read more of this article
Covid-19: BEDC Support For Business Owners
In an effort to support local business owners during the Covid-19 pandemic, BEDC said they “have reallocated funds from its budget and modified its existing products and services.” BEDC’s statement: BEDC with the support of its Board of Directors have reallocated funds from its budget and modified its existing products and services... Read more of this article
Covid-19: Clarien Provides New Digital Platform
In an effort to mitigate the spread of the Covid-19 virus, Clarien has launched a digital client support portal, which received a significant number of submissions to date since launching earlier this week. A spokesperson said, “Clarien is pleased to report that the Covid-19 digital support portal has received a significant number of submissions... Read more of this article
Somers: Sale Of BCB Delayed Due To Covid-19
In a filing with the Bermuda Stock Exchange [BSX], Somers Limited issued an update on the sale of BCB. The filing stated: “Somers Limited, a financial services investment holding company, announces that further to the announcement on February 21, 2020, the completion of the sale of BCB to Permanent Capital Holdings Limited has been delayed. “With... Read more of this article
HSBC Bermuda Offer ‘Debt Relief Measures’
Customers can apply for interest-only payments and/or deferred payments for up to 3 months for loans and mortgages, customers may apply for a moratorium for their credit cards & Personal Line of Credit payments for up to 3 months, and credit card over limit and late fees will be waived for a 3 month period, HSBC Bermuda said today. A spokesperson... Read more of this article
Proposed Unemployment Benefit For 3 Months
The Government is working to provide an unemployment benefit for individuals who are out of work due to the economic impact of Covid-19, Minister Lovitta Foggo said, adding that the “proposed period for this unemployment benefit is three months, after which workers may apply for financial assistance.” A Government spokesperson said, “The... Read more of this article
Cannonier: “Applaud Steps From Local Banks”
“I am relieved to see the steps that both Clarien Bank and The Bank of N T Butterfield have taken to provide some economic relief to our community, during these unprecedented times,” OBA Leader Craig Cannonier said. “We note that coronavirus relief legislation is being passed in every country. It is important that Bermuda offers to... Read more of this article
Butterfield Offer Three Month Payment Deferral
[Updated] The Bank of Butterfield today [March 18] announced additional measures to help customers with any financial difficulties caused by the Covid-19 pandemic, including a “three-month automatic payment deferral programme on all residential mortgages and personal loans in good standing” and a “payment deferral on credit cards... Read more of this article
Clarien Bank Announce Further Relief Efforts
In an effort to help the community during these challenging times, Clarien are temporarily waiving credit card late payment fees, credit card item overlimit fees, and loan late payment fees for all customers in March and April and are also advising customers that they can contact them may to report the financial impacts they are “expecting to... Read more of this article
Minister: $150 Million Increase In Debt Ceiling
Due to the expected impact of the global Covid-19 pandemic, the Finance Ministry is taking the necessary action to secure emergency liquidity lines of credit, including an associated $150 million increase in the debt ceiling, Minister of Finance Curtis Dickinson said. Speaking in the House of Assembly on Monday [March 16] the Minister said, “The... Read more of this article
UN: Covid-19 Likely To Cost Economy $1 Trillion
“We envisage a slowdown in the global economy to under two per cent for this year, and that will probably cost in the order of $1 trillion, compared with what people were forecasting back in September,” the United Nations said. The UN said, “Apart from the tragic human consequences of the COVID-19 coronavirus epidemic, the economic uncertainty... Read more of this article
Covid-19: Clarien Bank Lowers Lending Rates
In response to the ongoing coronavirus pandemic, Clarien Bank says that it understand that its “continued operations and financial support are essential to the health of our society.” A spokesperson said, “Clarien appreciates the gravity of the coronavirus pandemic [Covid-19] and the impact it is having globally, as well as directly... Read more of this article
