A few weeks ago I had dinner with an executive of a Bermuda-based international company. We talked about the ebb of corporate focus out of Bermuda. The gist of the conversation was the international sector were tired of 1) being used as a political punching bag, 2) the hassle of getting basic things done with [...]
Entries Tagged as 'Business'
Schoolyard Rules
April 8th, 2010 · Comments Off · Business
ImmiMin Burch’s term limits meeting is this afternoon. The atmosphere that he has created surrounding the meeting is negative, ranging from the selective invitations and the whining complaints. It’s topped by today’s email saying that attendees must wear a special wristband issued by the Ministry. The atmosphere is one of distrust and bullying. It’s pure [...]
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Defiance and Domination
April 6th, 2010 · Comments Off · Business
ImmiMin Burch is having his “Bermudians only” meeting this Thursday to ask employees in the international business sector if they feel the term limits policy is damaging. This despite the clear message from the employers in the international business sector that the policy is damaging. There is a typical Bermuda shitfit as the Minister has [...]
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Term Limits
February 12th, 2010 · Comments Off · Business
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 [...]
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Obamian Threat
February 2nd, 2010 · Comments Off · 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 [...]
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Taste of Own Meds
November 23rd, 2009 · Comments Off · 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 [...]
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 [...]
Tags:G20
Incentives
October 22nd, 2009 · Comments Off · 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 [...]
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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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