2353 results returned for search: "" category "Other" author Jonathan Kent
Payroll tax increases proposed in the Budget could cause some international companies to leave Bermuda or stop hiring on the Island.
That is the view of retired corporate lawyer Kevin Comeau, who said the the raising of the payroll tax salary cap cou...
DATE: Mar 05, 2010
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CATEGORY:
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AUTHOR:
Jonathan Kent
Moody's Investors Service has downgraded Butterfield Bank's long-term deposit and debt ratings, following the $550 million capital injection from a group of investors.
Without the infusion of capital, the scale of writedowns of troubled investments "...
DATE: Mar 04, 2010
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AUTHOR:
Jonathan Kent
Plans for bank deposit insurance scheme may be unveiled by as soon as the end of this year.
Speaking after Butterfield Bank announced a $213 million loss last year, Bermuda Monetary Authority chief executive officer Jeremy Cox said the Authority "rec...
DATE: Mar 04, 2010
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AUTHOR:
Jonathan Kent
Shares of Butterfield Bank plunged nearly 30 percent yesterday to their lowest level since 1997.
The fall to $2 per share in Bermuda Stock Exchange (BSX) trading was expected after a deal that pumped $550 million of new capital into the bank was anno...
DATE: Mar 04, 2010
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AUTHOR:
Jonathan Kent
Argus Group Holdings Ltd. saw the value of its substantial stake in Butterfield Bank tumble further yesterday, as Butterfield closed at $2 on the Bermuda Stock Exchange.
Until Tuesday, when it was announced that new investors had bought $550 million ...
DATE: Mar 04, 2010
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CATEGORY:
Other
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AUTHOR:
Jonathan Kent
Government's doubling of the foreign currency purchase tax (FCPT) from 0.5 to one percent will create extra costs that will end up being paid by consumers.
That is the view of Jim Butterfield, president of food importer Butterfield & Vallis, who says...
DATE: Mar 04, 2010
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CATEGORY:
Other
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AUTHOR:
Jonathan Kent
Butterfield Bank last announced a net loss for 2009 of $213.4 million, driven by writedowns of mortgage-backed securities and commercial loan loss provisions.
And the bank warned it was likely to take another loss of between $150 million and $175 mil...
DATE: Mar 03, 2010
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AUTHOR:
Jonathan Kent
Bermuda re/insurers Max Capital Group Ltd. and Harbor Point Ltd. said today their boards of directors had agreed to “a merger of equals” to create a new company.
Holders of Harbor Point common stock will each receive a fixed exchange ratio of 3.7769 ...
DATE: Mar 03, 2010
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AUTHOR:
Jonathan Kent
Butterfield Bank yesterday announced it had raised $550 million of new capital from mostly foreign investors and replaced Alan Thompson as chief executive officer.
The news came as the bank declared a net loss of $213.4 million for last year and susp...
DATE: Mar 03, 2010
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CATEGORY:
Other
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AUTHOR:
Jonathan Kent
Butterfield Bank is in talks with institutional investors to raise a “significant” amount of new capital.
The bank made the announcement this morning, shortly after the Bermuda Stock Exchange suspended trading of its common shares.
“In response to en...
DATE: Mar 02, 2010
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CATEGORY:
Other
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AUTHOR:
Jonathan Kent
