The PLP must think that Bermudians can’t do math, as they try and paint a happy face on the choking economy that lies at their feet. Thus, when folks like Larry Burchall start pinning them down on the numbers, they have little option but to unleash the Minister for Slander and Propaganda. In my previous [...]
Entries Tagged as 'Economy'
Who Pays The Bills?
March 3rd, 2010 · No Comments · Bermuda Politics, Economy
If you ever had a doubt regarding the importance of international business to Bermuda, look at the following chart which shows economic activity in Bermuda for the last 5 years. (It is excerpted from the National Economic Report). The only areas that show significant growth are directly related to the international business sector … accounting [...]
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Something Smells
March 2nd, 2010 · 1 Comment · Economy
The PLP’s proposed 2010 budget is inept, inadequate, and inane. It is an administrative eructation (see I’m starting to talk like Paula Cox!!) It does not attempt to restrain Government’s lavish spending, or even make a believable case that better financial controls will be put in. It continues the trend of reducing the information available [...]
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Sinking, Saved, Sold
March 2nd, 2010 · No Comments · Economy
Butterfield Bank has announced a $213 million loss for 2009, the departure of its CEO, and a huge external investment of $550 million. No surprise given the hair rising rumours that have been floating around in recent weeks (reflected in the steep BSX share price decline). The Minister of Finance tries to put a happy [...]
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Your Pocket
March 2nd, 2010 · No Comments · Bermuda Politics, Economy
In its disappointing 2010 budget, the Bermuda Government has raised payroll tax by 2%, to be shared equally by the employer and employee. That means that the employee’s tax just went up by 21%. The employer’s tax (they pay a larger amount than the employee) just went up by 9%. The average income in Bermuda [...]
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Pervasive Lack of Accountability
February 19th, 2010 · 1 Comment · Bermuda Politics, Economy
Further undermining the claims of prudent management by the PLP Government, the Auditor General has called for Police investigations into: Poor or non-existent controls and non-compliance with Government’s Financial Instructions for the Faith Based Tourism intiative (at least $400,000) A complete breakdown of internal controls and a pervasive lack of accountability by the National Drug [...]
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You Must Be Joking
February 19th, 2010 · No Comments · Bermuda Politics, Economy
Local media is reporting that the Premier has decided to set aside an effort in Parliament to give MPs a 30% pay increase. This comes just a few years after MPs were given another sizeable pay increase. Given the tightening economic straits facing Bermuda, this is advisable (cough, mutter, curse). In fact, I find it [...]
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Stereotypes
February 16th, 2010 · No Comments · Bermuda Politics, Economy
Employee relations 101 by Prof. Brown: In the professional world, Sven is damn well responsible for making sure that Johnny succeeds. In the labour world, Johnny should not be surprised if Ali Bu is better equipped or more willing to do the job. He is silent on the performance of Larry, Curly, and Moe in [...]
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Fun with Numbers
February 9th, 2010 · No Comments · Economy
Last week Government announced that the unemployment rate was 4.5% or around 1,700 people. I think this is optimistic for two reasons: The survey was conducted nine months prior. Old data. The economy has eroded a lot since then. As a reader points out, the survey appears to have included expats who represent about 29% [...]
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Follywood
February 8th, 2010 · 1 Comment · Bermuda Politics, Economy
My Premier went to India and all I got was … What a joke. It’s funny how the press release in Bermuda says that the Premier has struck a deal for Bermudians to get reduced tuition at the Mumbai film school … but the film school’s release says the Bermuda Government has agreed to sponsor [...]
Tags:Spin Doctor