The international sector accounts for approximately 70% of Bermuda’s GDP.
Yet the Bermuda Government has pursued a term limit policy that on paper creates a high turnover in expatriate workers. The associated uncertainty for both local and international employers is detrimental to our economy. It costs money and burns substantial goodwill.
Government has not been helpful in [...]
Entries Tagged as 'Business'
Term Limits
February 12th, 2010 · No Comments · Business
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Obamian Threat
February 2nd, 2010 · No Comments · Business, Economy
President Obama has a friend in Bermuda.
But, this revived move to stifle the island’s insurance industry shows, once again, that Bermuda does not have a friend in Obama.
Hey, thank goodness for those Uighurs.
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GDP Shell Game
January 29th, 2010 · 2 Comments · Business, Economy
Some late night ramblings on Bermuda’s economic situation:
Finance Minister Paula Cox again this week tried to reassure Bermuda that our growing deficits and national debt are not so bad when measured against national GDP. This is a flawed comparison and she knows it.
Here’s why. GDP is the market value of all final goods and services [...]
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Taste of Own Meds
November 23rd, 2009 · No Comments · Business
The international press is reporting that the new EU president, as one of his first moves, intends to launch new taxes that will provide tax revenues directly into Brussels’ pockets instead of having it filter through national tax systems.
The UK conservatives are spluttering with rage:
“Any kind of harmonised tax system will remove control over our [...]
Tags:Tax
Pointing Fingers
November 1st, 2009 · Comments Off · Business
The Tax Justice Network will publish on Monday an index of the countries most to blame for promoting international financial secrecy. The goal of the index is to highlight the harm allegedly done by tax havens.
Unfortunately, Bermuda is seventh on the list (PDF) with Cayman coming in fourth.
Interestingly, the other top ten jurisdictions are the [...]
Tags:G20
Incentives
October 22nd, 2009 · No Comments · Business
Politics.bm describes how one US town is providing incentives for an insurer to keep its operations there.
Let’s be clear – this is not an isolated case.
Nova Scotia has provided considerable tax rebates and other incentives to a broad range of the Bermuda companies that have moved back office operations there. Their team came to Bermuda [...]
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Risk
September 24th, 2009 · Comments Off · Business
There was a flutter of anxiety this week when top insurance broker Willis announced that it was moving its HQ from Bermuda to Ireland in pursuit of more stability.
So what’s bothering the international executives? Simple: read the SEC filings of Bermuda companies.
Work permit issues. Wobbly political environment. Uncertain future tax status. The international [...]
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It’s the Governance, Stupid!
June 23rd, 2009 · Comments Off · Bermuda Politics, Business
I am neither fish nor fowl. I am apparently not Bermudian enough to make the Premier’s Christmas card list, nor Establishment enough to be invited to the Bermuda First think tank.
Nevertheless, some things are plain to me and I believe will be reflected in the Bermuda First report which is supposed to be delivered [...]
Tags:Bermuda First
Priorities
June 10th, 2009 · Comments Off · Bermuda Politics, Business
After a frenzied few months of signing TIEAs, Bermuda has been moved onto the OECD “whitelist” of law abiding citizens. That’s very good news.
Government is rightfully thrilled to have dodged the bullet – the Premier sagely pointing out that our economy is important to our livelihoods, and promising that this is not the end of [...]
Ship Shape
June 2nd, 2009 · No Comments · Business
We are getting used to hearing all sorts of gloomy adjectives being paired with Bermuda these days.
So, it’s extra sooper nice to hear that the Paris MoU Committee (aka the Paris Memorandum of Understanding on Port State Control) has named Bermuda, France, and the United Kingdom as the best performing ship “flags” in the world.
The [...]
Tags:Shipping