Hashtag: #Financial

Sir John: Bermuda’s Economy in Crisis

Sir John: Bermuda’s Economy in Crisis

[Written by Sir John Swan] Bermuda’s Economy in Crisis “Tourism contributing less to Bermuda’s economy” “Don’t expect food prices to fall any time soon” “Government to allow access to pension funds for tenants in rental arrears“ “Immigration policy threatens recovery” “Lost dividends cut off income stream in Bermuda economy” “If... Read more of this article

‘We Consider 35% Duty To Be Punitive’

‘We Consider 35% Duty To Be Punitive’

Shadow Finance Minister Bob Richards said that the OBA welcomes temporary payroll tax relief for Bermuda’s retailers, however said “we consider 35% duty to be punitive and coercive and oppose it. We do not want to penalize everyday people for trying to find better value with their hard-earned dollars.” Mr Richards also questioned whether... Read more of this article

Change In Duty & Retailers Payroll Tax

Change In Duty & Retailers Payroll Tax

[Updated] This morning [Sept.30] Premier and Minister of Finance Paula Cox said “In taking note of this continuing economic malaise and the possible social consequences, Government will immediately institute several emergency measures to assist businesses that have a pressing need for financial relief.” Payroll tax will be set at zero for... Read more of this article

Argus Group Reports 2011 Results

Argus Group Reports 2011 Results

Argus Group Holdings Limited Friday [July 15] announced a net loss of $5.7 million for the year ended March 31, 2011, compared to a net loss of $18.4 million in the prior year. Alison Hill, Chief Executive Officer of the Argus Group, comments: “Every one of our seven business units recorded excellent results for the period, generating earnings in... Read more of this article

KPMG 2011 Caribbean Region Financing Survey

KPMG 2011 Caribbean Region Financing Survey

KPMG’s annual Caribbean Region Financing Survey examining the status of lending in the hospitality and tourism sector across the Caribbean has been released at the Caribbean Hotel & Tourism Investment Conference. The 2011 Survey focuses on financing trends, the outlook for the region and the identification of current changes in the lending environment. The... Read more of this article

Minister Burch: Settlement of Police Pay Dispute

Minister Burch: Settlement of Police Pay Dispute

At a press conference this morning [Mar.29] Minister of National Security Lt. Col. David Burch announced that the Government and the Bermuda Police Association have reached a comprehensive agreement about wage disputes, and all legal action has been discontinued.Minister Burch said, “With these issues resolved no further valuable time and energy... Read more of this article

HIP Insurance Premiums To Rise April 1st

HIP Insurance Premiums To Rise April 1st

Today [Mar.21] the Minister of Health Zane De Silva announced the new increased rates for the Health Insurance Plan [HIP] and the FutureCare Plan which will become effective on April 1, 2011. Minister DeSilva said, “The HIP premium will again increase on April 1st, 2011 from $298.93 to $385 per person per month. This is a premium increase of... Read more of this article

Senator On Budget, Debt, Finances & More

Senator On Budget, Debt, Finances & More

This morning [Mar.16] Junior Minister for Finance Senator David Burt spoke on the 2011/12 Budget, saying “the headlines of the Budget are widely known, but I will take a little time to review them in more detail this morning.” The Senator went on to discuss various aspects including the planned open budget process, debt, revenue, the sinking... Read more of this article

Emissions Control on TCD, Costs & More

Emissions Control on TCD, Costs & More

Bermuda Emissions Control Ltd [BECL] said they wish to clarify a February media report about the hearings of the Public Accounts Committee. The first sentence below is the taken from the report, and the box quote contains BECL’s reply. ‘He was asked if TCD could run the facility cheaper than BECL, he said: “Sure. We could run it for $1.4 million... Read more of this article

Premier on 2010 Public Pension Funds

Premier on 2010 Public Pension Funds

Today [Mar.8] the Premier and Minister of Finance Paula Cox reported the investment performance of the Public Pension Funds for the year ended December 31, 2010. Premier Cox said, “Last year was a favourable year for asset returns with practically all asset classes returning positive returns. I am pleased to report that as of December 31, 2010, the... Read more of this article

NY Court: Chimay Pleads Guilty in Fraud Scheme

NY Court: Chimay Pleads Guilty in Fraud Scheme

An American who falsely claimed he was both related to European royalty and had $14 million in a Bermuda bank account, appeared in a U.S. court yesterday [Feb 2], and pleaded guilty to grand larceny in the first degree, a scheme to defraud in the first degree, securities fraud and forgery in the second degree. 47 yr old Guy Albert de Chimay was arrested... Read more of this article

2011 Budget Date Set: February 18

2011 Budget Date Set: February 18

[Updated w/UBP response to delay] The Ministry of Finance announced that this year’s National Budget will be presented on Friday, 18 February 2011 at 10am in the House of Assembly, one week from previously announced. Members of the Opposition have 14 additional hours for the debate, increasing the total to 56 hours compared to 42 hours in previous... Read more of this article

Minister Hosts Roundtable Talk on Economy

Minister Hosts Roundtable Talk on Economy

Late yesterday afternoon [Jan 24] as the Minister of Economy, Trade and Industry, Sen. Kim Wilson met with several key stakeholders in the business community to discuss the economy. The purpose of the roundtable was to hear the views of industry on ways to stimulate economic activity and sustain jobs. Concerns heard included law reform, work permit... Read more of this article