Business http://www.royalgazette.com Business en-us Willowbank Hotel set to reopen in May Six years after it closed its doors, the Willowbank Hotel is to reopen in May. The 56-year-old hotel enjoys stunning ocean views in Sandys and is expected to be busy during the Americas Cup period and beyond. Glenn Jones, director of public and stakeholder relations at the Bermuda Tourism Association, said Our chief executive. .. http://www.royalgazette.com/local-business/article/20170324/willowbank-hotel-set-to-reopen-in-may&source=RSS Fri, 24 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170324/willowbank-hotel-set-to-reopen-in-may&source=RSS New business aims to help dementia sufferers An expert in Alzheimers disease and dementia has set up a new business focused on helping people cope with the conditions. Krista Tatems Memory Lane offers services like companion care and consultation services for families and care homes on how to create dementia-friendly environments. Ms Tatem also offers training sessions for. .. http://www.royalgazette.com/local-business/article/20170324/new-business-aims-to-help-dementia-sufferers&source=RSS Fri, 24 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170324/new-business-aims-to-help-dementia-sufferers&source=RSS Schoolchildren visit Hamilton Re offices Nineteen school pupils have visited reinsurance firm Hamilton Re in a bid by the firm to raise the profile of the industry. The pupils, from public and private schools across the island, spent the afternoon at Hamilton Res Pitts Bay Road offices as part of a series of events to promote Insurance Careers Month. The youngsters met. .. http://www.royalgazette.com/re-insurance/article/20170324/schoolchildren-visit-hamilton-re-offices&source=RSS Fri, 24 Mar 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20170324/schoolchildren-visit-hamilton-re-offices&source=RSS RQ snaps up Cummins captive Bermudian-based Randall amp Quilter Investment Holdings has bought up a captive insurer from US engine manufacturer Cummins. Randall amp Quilter acquired ICDC, which was incorporated in Bermuda, but moved to Vermont two years ago, under terms which have not been revealed. The captive reinsured workers compensation, commercial. .. http://www.royalgazette.com/re-insurance/article/20170324/randq-snaps-up-cummins-captive&source=RSS Fri, 24 Mar 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20170324/randq-snaps-up-cummins-captive&source=RSS Payroll system can automate tax changes An online Bermuda payroll system that automates the new changes to the payroll tax structure introduced by the Bermuda Government has been launched. Bermudian company The Certus Group and CloudSuitePro are behind the new offering that is said to have automated the new payroll rules to work with salaried and hourly employees, whether they. .. http://www.royalgazette.com/local-business/article/20170324/payroll-system-can-automate-tax-changes&source=RSS Fri, 24 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170324/payroll-system-can-automate-tax-changes&source=RSS RIMS report spotlights cyber insurance Organisations considering stand-alone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage. That is among the tips offered in a new RIMS Professional Report titled, ltigtCyber Insurance Considerations for Businessesltigt. More businesses are. .. http://www.royalgazette.com/re-insurance/article/20170324/rims-report-spotlights-cyber-insurance&source=RSS Fri, 24 Mar 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20170324/rims-report-spotlights-cyber-insurance&source=RSS Rising Son brings in new 65ft charter boat A charter-boat skipper had doubled his fleet in anticipation of an Americas Cup boom. Captain Steve Smith, owner of Rising Son Cruises, has leased another catamaran from the Caribbean to add capacity for the big event. Captain Smith said the 65-foot long ltigtFilanteltigt, which is due to travel from its home port in. .. http://www.royalgazette.com/local-business/article/20170323/rising-son-brings-in-new-65ft-charter-boat&source=RSS Thu, 23 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170323/rising-son-brings-in-new-65ft-charter-boat&source=RSS Bermuda-linked billionaires make Forbes list A number of the worlds richest billionaires who have connections to Bermuda are included in Forbes World Billionaires 2017 list. Among them is former New York Michael Bloomberg, 75, who owns a property in Bermuda. He is ranked tenth on the list with a net worth of 47. 5 billion. Mr Bloomberg made his fortune through Bloomberg. .. http://www.royalgazette.com/business/article/20170323/bermuda-linked-billionaires-make-forbes-list&source=RSS Thu, 23 Mar 2017 08:00:00 EST http://www.royalgazette.com/business/article/20170323/bermuda-linked-billionaires-make-forbes-list&source=RSS Bermuda Press navigating winds of change ltbgtThe Bermuda Stock Exchange last month launched its Own Your Share of Bermuda campaign to raise awareness of opportunities to invest in the islands public companies. The Royal Gazette is supporting the effort by publishing weekly features on each of the 13 domestic companies listed on the BSX. In the fourth of the series, Scott Neil. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20170323/bermuda-press-navigating-winds-of-change&source=RSS Thu, 23 Mar 2017 08:00:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170323/bermuda-press-navigating-winds-of-change&source=RSS Quiet day for BSX The Royal GazetteBSX Index closed unchanged at 1,918. 62. Bermuda Aviation Services was also unchanged at 3 after 2,200 shares traded. On the New York Stock Exchange, the Bank of Butterfield lost six cents, or 0. 19 per cent, to close at 31. 55. The BSX Insurance Index was down 2. 42 points, or 0. 13 per cent, at 1,841. 13. http://www.royalgazette.com/bermuda-stock-exchange/article/20170323/quiet-day-for-bsx&source=RSS Thu, 23 Mar 2017 19:01:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170323/quiet-day-for-bsx&source=RSS Allied shareholders approve special dividend Allied World shareholders approved a special dividend as the insurer moved a step closer to its merger with Canadian firm Fairfax Financial Holdings. Allied Word, one of the Class of 2001 insurers to form in Bermuda after the September 2001 terrorist attacks in the US, is now based in Zug, Switzerland, but has substantial operations on. .. http://www.royalgazette.com/re-insurance/article/20170323/allied-shareholders-approve-special-dividend&source=RSS Thu, 23 Mar 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20170323/allied-shareholders-approve-special-dividend&source=RSS US estate tax uncertainty amid reform The White House has announced that a tax bill making major changes to current tax law will be passed by August 2017. Seemingly lost in the discussion of what changes will be made is the repeal of the Estate Tax that is celebrating its 101st birthday, though the discussion is primarily about repeal and few are talking about what will replace it. http://www.royalgazette.com/business/article/20170323/us-estate-tax-uncertainty-amid-reform&source=RSS Thu, 23 Mar 2017 08:00:00 EST http://www.royalgazette.com/business/article/20170323/us-estate-tax-uncertainty-amid-reform&source=RSS Island to reap Americas Cup telecoms legacy Bermuda will reap legacy benefits as a result of major telecommunication infrastructure and service upgrades needed for the Americas Cup. It is estimated the island will use as much international data capacity during the month-long event as it normally would in an entire year. Faced with an anticipated ramping up in demand of such. .. http://www.royalgazette.com/business/article/20170322/island-to-reap-americas-cup-telecoms-legacy&source=RSS Wed, 22 Mar 2017 08:00:00 EST http://www.royalgazette.com/business/article/20170322/island-to-reap-americas-cup-telecoms-legacy&source=RSS BSX wins outstanding offshore exchange award The Bermuda Stock Exchange has picked up a top award from an international finance sector magazine. The accolade of most outstanding offshore stock exchange was given to the BSX by ltigtAcquisition Internationalltigt magazine. Jonathan Miles, editor of ltigtAIltigt, said Through these awards,. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20170322/bsx-wins-outstanding-offshore-exchange-award&source=RSS Wed, 22 Mar 2017 17:44:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170322/bsx-wins-outstanding-offshore-exchange-award&source=RSS BFIC reports half-year profit of 300,000 Bermuda First Investment Company Limited has reported a six-month profit of 300,000. That figure includes an unrealised profit of 900,000 as of December 31, 2016. The investment holding company has investments in a number of Bermuda companies listed in the Bermuda Stock Exchange, particularly in One Communications and Ascendant. .. http://www.royalgazette.com/local-business/article/20170322/bfic-reports-half-year-profit-of-300000&source=RSS Wed, 22 Mar 2017 11:15:00 EST http://www.royalgazette.com/local-business/article/20170322/bfic-reports-half-year-profit-of-300000&source=RSS Regulator wants views on solar net metering A bid to end a deadlock over Belco buying solar-generated energy has been launched by the Regulatory Authority. The authority, now responsible for supervision of the electricity sector, wants to hear the views of the public and interested parties on solar net metering. The move came after the Regulatory Authority earlier this month. .. http://www.royalgazette.com/local-business/article/20170322/regulator-wants-views-on-solar-net-metering&source=RSS Wed, 22 Mar 2017 15:43:00 EST http://www.royalgazette.com/local-business/article/20170322/regulator-wants-views-on-solar-net-metering&source=RSS XLs McGavick dismisses AIG speculation The chief executive officer of XL Catlin has dismissed speculation linking him with the vacant CEOs role at American International Group. In an internal company e-mail, Mike McGavick made clear that he had no intention of leaving the island-based business insurer. Last week Peter Hancock became the sixth CEO to leave AIG since. .. http://www.royalgazette.com/re-insurance/article/20170322/xls-mcgavick-dismisses-aig-speculation&source=RSS Wed, 22 Mar 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20170322/xls-mcgavick-dismisses-aig-speculation&source=RSS Bacardi touts Martinis green credentials Marking World Water Day, Bermudian-based Bacardi has highlighted the water-driven, green energy efforts of one of its leading brands, Martini. Since 2010, nearly all the electricity consumed at the Martini facility near Turin, Italy, has been generated from renewable sources, including hydropower. Water from the Italian Alps is. .. http://www.royalgazette.com/business/article/20170322/bacardi-touts-martinis-green-credentials&source=RSS Wed, 22 Mar 2017 10:58:00 EST http://www.royalgazette.com/business/article/20170322/bacardi-touts-martinis-green-credentials&source=RSS Business leaders discuss Brexit and Trump A mystery meeting to discuss the impact of major overseas events like the election of Donald Trump as US president and Britains decision to quit the EU was held yesterday. But participants in the meeting, which included the islands Chamber of Commerce and the Association of Bermuda Insurers and Reinsurers, were tight-lipped on the mood. .. http://www.royalgazette.com/business/article/20170322/business-leaders-discuss-brexit-and-trump&source=RSS Wed, 22 Mar 2017 08:00:00 EST http://www.royalgazette.com/business/article/20170322/business-leaders-discuss-brexit-and-trump&source=RSS BSX unchanged The Royal GazetteBSX Index closed unchanged at 1,918. 62 after a day of no trading. On the New York Stock Exchange, the Bank of Butterfield was up 31 cents, or 0. 99 per cent, at 31. 61. The BSX Insurance Index ended the day up 4. 82 points, or 0. 26 per cent, at 1,843. 55. http://www.royalgazette.com/bermuda-stock-exchange/article/20170322/bsx-unchanged&source=RSS Wed, 22 Mar 2017 18:07:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170322/bsx-unchanged&source=RSS One unveils pricing for high-speed internet Telecoms company One Communications yesterday revealed pricing for its new 20 million superfast fibre-optic internet service. A speed of 200 Mbps is targeted to cost 240 a month, while 50 Mbps will come in around 170 a month. Frank Amaral, chief executive officer of One, said The target price for 200 megs is what people today. .. http://www.royalgazette.com/local-business/article/20170321/one-unveils-pricing-for-high-speed-internet&source=RSS Tue, 21 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170321/one-unveils-pricing-for-high-speed-internet&source=RSS Telecoms companies step up for Americas Cup Bermudas telecommunications companies are increasing mobile phone, data and internet capacity ahead of the Americas Cup. And they are confident the islands telecommunications services will be robust and will exceed consumer demand, according to a statement from ACBDA. It is anticipated that the Americas Cup and associated. .. http://www.royalgazette.com/business/article/20170321/telecoms-companies-step-up-for-americas-cup&source=RSS Tue, 21 Mar 2017 13:08:00 EST http://www.royalgazette.com/business/article/20170321/telecoms-companies-step-up-for-americas-cup&source=RSS Americas Cup boost for boatyards business Boat yards are experiencing a boom as owners race to get their vessels shipshape in time for the Americas Cup. Yard owners said they were buoyant after an sharp increase in business as Mays starting point for the finals of the international competition looms on the horizon. Kareem Johnson, co-owner of West End Yachts in Dockyard,. .. http://www.royalgazette.com/local-business/article/20170321/americas-cup-boost-for-boatyards-business&source=RSS Tue, 21 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170321/americas-cup-boost-for-boatyards-business&source=RSS Two stocks fall The Bank of Butterfield dropped 1. 50 to 31. 25 on The Royal GazetteBSX Index. The fall, equal to 4. 6 per cent, came after 128 shares changed hands. On the New York Stock Exchange, the bank fell 1. 42, or 4. 3 per cent, to 31. 30. Insurance group Argus was down 40 cents, or 8. 5 per cent, at 4. 30 after 500 shares traded on the. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20170321/two-stocks-fall&source=RSS Tue, 21 Mar 2017 18:56:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170321/two-stocks-fall&source=RSS RQ buys Bermuda captive in run-off Bermudian-based firm Randall amp Quilter has purchased an island-based captive in run-off. The London Stock Exchange-listed company announced this morning that it had acquired Linco Ltd, the captive insurer of Ameripride Services Inc and Alsco Inc. The transaction is subject to regulatory approvals, anticipated within 30. .. http://www.royalgazette.com/re-insurance/article/20170321/randq-buys-bermuda-captive-in-run-off&source=RSS Tue, 21 Mar 2017 09:41:00 EST http://www.royalgazette.com/re-insurance/article/20170321/randq-buys-bermuda-captive-in-run-off&source=RSS New regulatory fees to add to Belco bills Electricity users will pay a bit extra to fund regulation of the industry under new legislation passed by MPs. The fiscal year that starts on April 1 will the first in which the electricity sector is regulated by the Regulatory Authority, whose remit includes supervision of the telecommunications sector. Grant Gibbons, the Minister. .. http://www.royalgazette.com/local-business/article/20170321/new-regulatory-fees-to-add-to-belco-bills&source=RSS Tue, 21 Mar 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20170321/new-regulatory-fees-to-add-to-belco-bills&source=RSS Chambers features 29 island-based lawyers A total of 29 island-based lawyers have won global rankings in a prestigious legal listing. Conyers Dill amp Pearman topped the Bermuda rankings with 17 lawyers listed, some at Band 1, by the Chambers Global Guide. Law firm Appleby was in second spot with eight lawyers listed as well as being the only Bermudian practice to be. .. http://www.royalgazette.com/international-business/article/20170321/chambers-features-29-island-based-lawyers&source=RSS Tue, 21 Mar 2017 08:00:00 EST http://www.royalgazette.com/international-business/article/20170321/chambers-features-29-island-based-lawyers&source=RSS Argo CEO warns of dangers of protectionism Any shifts in the geopolitical environment in the US and Europe that limit access to the insurance sector through tariffs, taxes and selective prohibitions, could harm businesses, communities and infrastructure projects. That is the warning from Mark Watson, chief executive officer of Bermudian-based Argo Group Holdings. In a. .. http://www.royalgazette.com/re-insurance/article/20170321/argo-ceo-warns-of-dangers-of-protectionism&source=RSS Tue, 21 Mar 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20170321/argo-ceo-warns-of-dangers-of-protectionism&source=RSS Bermudians help diamonds store sparkle Bermudians and their work ethic have impressed the managers of Diamonds International Bermuda, which is gearing up for a busy season. It is less than a year since the store opened its doors in Dockyard. As it prepares for the start of the cruise ship season, a major source of customers, it is also experiencing the buzz of the Americas. .. http://www.royalgazette.com/business/article/20170320/bermudians-help-diamonds-store-sparkle&source=RSS Mon, 20 Mar 2017 08:00:00 EST http://www.royalgazette.com/business/article/20170320/bermudians-help-diamonds-store-sparkle&source=RSS Bank CEOs optimistic for the year ahead Bank chiefs are bullish over prospects in the year ahead, according to a survey. A look at the state of the industry by PwC found that 40 per cent of banking and capital markets chief executive officers were optimistic about revenue prospects over the next 12 months up nine per cent on last year. But more than 80 per cent of those. .. http://www.royalgazette.com/business/article/20170320/bank-ceos-optimistic-for-year-ahead&source=RSS Mon, 20 Mar 2017 08:00:00 EST http://www.royalgazette.com/business/article/20170320/bank-ceos-optimistic-for-year-ahead&source=RSS Queen Group becomes allied member of BHA The Queen Group has been admitted as an allied member of the Bermuda Hotel Association. Through its affiliated companies Bermuda Executive Services Ltd, Atlantic Caregiving Ltd, Island Shippers and Atlantic Media Ltd, the Queen Group offers services in employment, caregiving and housekeeping, personalised shipping and relocation,. .. http://www.royalgazette.com/local-business/article/20170320/queen-group-becomes-allied-member-of-bha&source=RSS Mon, 20 Mar 2017 17:01:00 EST http://www.royalgazette.com/local-business/article/20170320/queen-group-becomes-allied-member-of-bha&source=RSS One Communications shares up 4 Shares in telecoms firm One Communications rose 10 cents to 2. 60 on The Royal GazetteBSX Index. The move, equal to 4 per cent, came after 10,000 shares sold. Financial services holding company Somers Ltd dropped 25 cents, or 1. 9 per cent, to 13 after 1,000 shares moved. On the New York Stock Exchange, the Bank of. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20170320/one-communications-shares-up-4&source=RSS Mon, 20 Mar 2017 18:04:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170320/one-communications-shares-up-4&source=RSS BSX closes lower for the week Argus Group shares improved by 20 cents, or 4. 4 per cent, last week to close at 4. 70 after 47,206 were traded on The Royal GazetteBSX Index. Also improving for the week was HSBC Holdings, which ended the week up 20 cents, or 2. 46 per cent, at 8. 30 after 4,347 were exchanged. BFampM shares finished 15 cents, or 0. 7 per cent,. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20170320/bsx-closes-lower-for-week&source=RSS Mon, 20 Mar 2017 08:00:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20170320/bsx-closes-lower-for-week&source=RSS