Hashtag: #Financial
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
Bloomberg Transfers $15m to Bermuda Accounts
The managers of billionaire New York Mayor Michael Bloomberg’s charitable foundation transferred more than $75 million overseas last year — including $15 million to Bermuda. Mr. Bloomberg, a part-time Bermuda resident who owns a home in Tucker’s Town, has been accused of paying lip-service to his own fiscal policies by funneling money... Read more of this article
Bob Richards: Debt Could Be Over a Billion
Shadow Minister of Finance Bob Richards and UBP Senator Jeanne Atherdon hosted a press conference to address aspects of the island’s financial position this afternoon [Oct 25]. Mr Richards addressed many aspects of the finance, including overspending, debt and unemployment. Speaking on Bermuda’s debt Mr Richards said he “suspects”... Read more of this article
Auditor General Report On TCD Overspend
(Updated) Auditor General Heather Jacobs released a special report on the Motor Vehicle Safety and Emissions Testing Programme saying “This report, which focuses on Government’s management of the programme, describes a lack of accountability and a general disregard for established policies and procedures in the use of public funds.” Ms Jacobs... Read more of this article
Retail Sales Fall For 17th Straight Month
Retail sales have fallen to their lowest level in 18 years, according to statistics released by Government this morning [Oct 19]. During the month of August 2010, consumers spent an estimated $84.7 million on retail sales, which was a decrease of $8.8 million or 9.5% less than total sales recorded in the same month of last year. August marked the 17th... Read more of this article
Toni Braxton Files Bankruptcy: $50 Million Debt
Fresh off her performance in Bermuda last weekend, superstar singer Toni Braxton just filed for Chapter 7 bankruptcy in California, claiming she could have up to $50 million in debt. Reports say the documents claim she is worth between $1 to $10 million, with possible debts up to $50 million TMZ reports this morning that the documents show that Ms... Read more of this article
