Business Business en-us IT sector generated 222m for economy Bermudas IT sector contributed more than 220 million to the Islands economy last year. Information technology made up 3. 9 per cent of the gross domestic product GDP a total of 222 million according to a report from the Department of Statistics. That was down from 229 million in 2013. Capital investment in. .. Wed, 07 Oct 2015 18:54:00 GMT Axis to cut some jobs in Bermuda Bermuda-based Axis Capital Holdings Ltd plans to cut 100 jobs from its global workforce including a small number in Bermuda. The streamlining announced this morning by the insurer and reinsurer includes the closure of its Australian retail insurance operations. Albert Benchimol, the chief executive officer of Axis, told The Royal. .. Wed, 07 Oct 2015 17:28:00 GMT Abir sponsors students to attend conference Two students have been sponsored by an international business body to attend a major conference on insurance. The Association of Bermuda Insurers and Reinsurers Abir have backed Kishana Thomas Quallo and Edward Gouveia DeSousa, both Bermuda Insurance Institute BII students, so they can go to the Bermuda Insurance Market Conference,. .. Wed, 07 Oct 2015 00:34:00 GMT Digicel drops share sale plan International telecoms firm Digicel has ditched a public offering of shares expected to raise as much as 2 billion. The firm said that volatility in equity markets was behind the decision to drop the initial public offering IPO due to price today. Irish billionaire Denis OBrien, the chairman of Digicel, said Given our growth. .. Wed, 07 Oct 2015 00:33:00 GMT Digicel to block online adverts International telecoms firm Digicel is to block online adverts from third parties. The move a first for mobile operators means online advertising companies like Google, Facebook and Yahoo will now have to pay to deliver adverts to their subscribers or face a block. Denis OBrien, the Irish-born chairman of Jamaica-based. .. Wed, 07 Oct 2015 00:31:00 GMT ATN in a nutshell Atlantic Tele-Network ATN is a trading company that invests in the communications and renewable energy industries. It was founded in 1987, and is headquartered in Massachusetts. The company has a market capitalisation of 1. 2 billion, and is listed on the Nasdaq stock exchange. It has investments in a number of telecommunications. .. Wed, 07 Oct 2015 00:27:00 GMT KeyTech deal healthy in telecoms evolution A strengthening of the KeyTech and Atlantic Tele-Network ATN grouping alters the telecommunications landscape in Bermuda. It is a healthy development, believes Graham Pearson, chief executive of Bermuda-based Ignition Group of Technology Companies. With the ongoing contraction in the market place, primarily driven by the. .. Wed, 07 Oct 2015 00:28:00 GMT US firm acquires majority stake in KeyTech US telecoms firn Atlantic Tele-Network ATN has taken a majority stake in Bermudas KeyTech. The move means KeyTech will combine with wireless services firm CellOne to create a major provider of mobile, fixed and international telecoms services on the Island and join CellOnes mobile services and network with Logics CableVision brand. .. Wed, 07 Oct 2015 00:54:00 GMT KeyTech shares jump 17.6 Shares in telecoms firm KeyTech jumped 45 cents after it was announced US firm Atlantic Tele-Network was seeking to take a 51 per cent share of the business. The move would see KeyTech, the parent company of Logic, combine with wireless services provider CellOne to create a major market player on the Island, and give KeyTech shareholders. .. Tue, 06 Oct 2015 23:39:00 GMT Airport contract winner vows to keep staff The US company due to take over support operations at Bermudas airport yesterday pledged to retain all 40 staff from outgoing contractor BAS Serco. Atlanta-based CI beat BAS Serco, which has held the contract for 20 years and will take over at the end of March next year. The firm will run air traffic control, weather services,. .. Tue, 06 Oct 2015 15:57:00 GMT Agencies have negative reinsurance outlook Four major rating agencies have a negative outlook for the reinsurance sector. Significant declines in pricing during 2014, and the continuing pressure on pricing this year is one of the factors noted by agency AM Best. It also noted the effect of intensifying competition between companies, which has resulted in thinner underwriting. .. Mon, 05 Oct 2015 23:26:00 GMT Validus faces 64m hit for disasters Reinsurance group Validus Holdings faces a near-64 million estimated bill for two natural disasters in China and Chile. The Chilean earthquake last month and the massive explosion in Chinas Tianjin in August has cost the companys Validus Re and Talbot subsidiaries a total of 63. 9 million. The company said yesterday The net. .. Mon, 05 Oct 2015 23:23:00 GMT OECD plans to curb tax avoidance loopholes NEW YORK Bloomberg The worlds top body for economic coordination unveiled its blueprint yesterday for cracking down on international tax avoidance, an opening salvo in what promises to be a prolonged battle between countries and companies over who gets taxed and where. The Organisation for Economic Cooperation and Development, a. .. Mon, 05 Oct 2015 23:22:00 GMT Tent damage will be repaired in time for AC Owners of the Pier 6 tent structure on Front Street are confident it will be quickly repaired and operational ahead of this months Louis Vuitton Americas Cup World Series. The tent was damaged on Sunday night as Hurricane Joaquin brushed the Island, delivering maximum gusts of up to 100mph. Arch areas on the Front Street side of. .. Mon, 05 Oct 2015 23:21:00 GMT BFM shares rise by 4.7 Shares of insurance company BFampM improved in value by 79 cents 4. 7 per cent to close at 17. 50 on The Royal GazetteBSX Index. The stock was the only one to trade as 900 shares, worth a total of 15,550, changed hands. The Royal GazetteBSX Index closed 5. 93 points higher 0. 49 per cent at 1,213. 88, while the BSX Insurance. .. Mon, 05 Oct 2015 22:36:00 GMT