Hashtag: #Financial
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
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
‘Aon Assessment Without Solid Foundation’
Premier Paula Cox responded to the report issued by Aon which downgraded Bermuda, saying: “The Aon assessment is without solid foundation. The Government does not accept this position as it flies in the face of internationally respected ratings agencies…” Premier Cox, also the Minister of Finance, cited two other recent assessments... Read more of this article
TCD: Accounts Committee Questions Telemaque
Yesterday afternoon [Jan 17] in the Senate Chambers, top Civil Servant Major Marc Telemaque was grilled for over ninety minutes by the House of Assembly’s five member Public Accounts Committee, along with Auditor General Heather Matthews and two members of her staff. The grilling was over the Government’s handling of the building of the TCD Emissions... Read more of this article
Chamber on Debt, Economy & Solutions
In a recently released report, the Chamber of Commerce says “A third wave of reinsurance money to rescue the economy is not forthcoming,” and the “$1 billion dollar debt problem” leads to an enormous burden on the domestic economy and future generations. The report says that more than 3,500 work permits have been lost since... Read more of this article
Consumer Spending Plunges
Spending among Bermuda consumers fell sharply in October compared to the same month last year, down to $84.1 million from $9.1.7 million — a drop of $7.6 million or 8.3 percent. After adjustment for inflation, the real year-over-year decline was 10.8 per cent. The Department of Statistics today (Dec. 14) reported consumer spending was down in... Read more of this article
Opinion Column: Paycuts are Coming
[Written by Larry Burchall] If, as promised, the Minister for Finance cuts $150,000,000 from next year’s Budget, the Minister will be slashing some Government services and operations, as well as cutting Civil Service and BIU employee pay. Or the Minister may try an accounting sleight-of-hand and say that only ‘capital spending’ will be cut. Out... Read more of this article
‘Paying (Or Not Paying) Bermuda Tax’
Bermuda has received a pair of dishonourable mentions in a “Financial Times” opinion piece on Pay Day — this weekend’s nationwide protest in the UK fuelled by mounting anger over multi-national firms which pay minimal or no taxes in the countries where they do most of their business by reincorporating in off-shore domiciles. “FT”... Read more of this article
Premier: BDA “Extremely Erroneous” on Revenue
[Updated] The Premier and Minister of Finance Paula Cox said Friday’s statement from the Bermuda Democratic Alliance [BDA] about Government’s revenue is “extremely erroneous” as Government’s revenues are not collected evenly through the year. On Friday [Dec 10] BDA finance spokesperson Michael Fahy said the budget statement... Read more of this article
Fahy On Government Revenue: “$83 Million Short”
Bermuda Democratic Alliance finance spokesperson Michael Fahy released a statement yesterday [Dec 10] in reference to the amount of revenue collected by Government this year, saying the budget statement predicted $1.058 billion in revenue for the fiscal year, so after six months $529 million revenue should be been collected, however according to an... Read more of this article
Larry Burchall: GDP and Economics 101
(Written by Larry Burchall) The headlines scream GDP DOWN 5.8%. To most people that’s gobbledegook – until the GDP stuff kicks them in the backside. Then, too late, most people will wake up and wonder WTFH? Here’s a clear and simple explanation – Economics 001 – that will let you see the ‘kick-in-the-backside’ that is already... Read more of this article
Bermuda’s GDP Drops 5.8%
Bermuda’s Gross Domestic Product dropped 5.8% in 2009 — or 8.1 percent when adjusted for inflation — as the global recession continues to impact on the island’s economy. GDP, which measures the total value of goods and services produced in Bermuda, totalled $5.7 billion in 2009 according to new figures released by the Statistics... Read more of this article
Former BMA Chief’s Grim Assessment Chills Ireland
A speech on Monday [Nov 22] by former Bermuda Monetary Authority chief executive officer Matthew Elderfield sent a chill through Ireland, reminding the increasingly debt-ridden country a regulatory system which allowed the “Celtic Tiger’s” economy to artificially boom based on inflated valuations and false hopes in recent years represented... Read more of this article
Hightower Lambasts Google’s Bermuda Move
Bermuda earned a mention in today’s [Nov.18] syndicated column by outspoken American political and social commentator Jim Hightower – but it’s not the sort of publicity the island relishes. In a piece headlined “Corporate Flimflammers in Our Communities and Congress”, Hightower rails against Internet giant Google’s decision... Read more of this article
Buying Bermuda: Launch of Shop Local Campaign
This morning [Nov 18] Minister of Economy, Trade and Industry Kim Wilson launched the Shop Local campaign, which is designed to encourage local residents to do their shopping in Bermuda. Recent statistics show there was an almost 6% drop in local retail sales on a year-over-year basis when locals spent an estimated $82.7 million on goods and services... Read more of this article
Finance Ministry: Gas, Diesel Price Raise
Bermudian drivers will have to shell out more at gas stations starting this week. Across-the-board fuel hikes were announced by the Finance Ministry yesterday [Nov. 17]. Gasoline prices will be increasing by 1.1 cents per litre and diesel by 2.7 cents per litre. The cost of kerosene is also increasing by 2.9 cents per litre As a consequence, maximum... Read more of this article
