At a conference last week the chairman of Bermuda insurer Flagstone said it would not surprise him if most Bermuda insurers moved their holding companies elsewhere over the next few years. At the same time, Brad Kading, president of the Association of Bermuda Insurers and Reinsurers, said there are several reasons why companies might be [...]
Entries Tagged as 'Economy'
Alphabet Groups
March 17th, 2010 · Comments Off · Economy
Politics comments on the email doing the rounds from Lt Col Burch which manages, true to form, to be both reasonable/conciliatory and off-putting at the same time. But at least he’s asking. Dear Bermudian Worker in International Business, I have heard from every alphabet group in this country who purport to represent you and your [...]
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Rebalancing
March 13th, 2010 · Comments Off · Bermuda Politics, Economy
Finance Minister Paula Cox admits that she must “rely on the residual goodwill” within the business community. And that there sums it up: they’ve been relying on the residual goodwill for so long that there’s not much goodwill left but residue. She also scoffs at the business community’s squeals at being squeezed so hard to [...]
Tags:Budget
Road to Ruin
March 5th, 2010 · Comments Off · Economy
The UBP has given their Reply to the PLP’s Disasterous 2010 Budget. It is scathing. Read it below the hop. They focus on a few areas in particular: “The Government is banking on a recovery taking place this year. We believe recovery this year is unlikely. Imposing tax increases at this time is the wrong [...]
Tags:Budget
Employment Scene
March 4th, 2010 · Comments Off · Economy
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 [...]
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Who Pays The Bills?
March 3rd, 2010 · Comments Off · 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 · Comments Off · 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 · Comments Off · 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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