Hashtag: #Financial
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
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
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
[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
