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Ratings agency Moody’s yesterday downgraded Bermuda Commercial Bank’s long term deposit and issuer ratings. The agency set BCB at Ba3, down from of the previous Ba2 rating, while its stand-alone baseline credit assessment dropped from ba2 to ba3 and ...

A major sector of the banking industry in the Caymans could be wiped out by tough regulations designed to fight money-laundering. The number of Class B banks registered with the islands’ regulator has fallen by 14 to 184 over the last year alone. Cla...

Bermuda-based drinks giant Bacardi has demanded documents from US President Barack Obama in a row over a US decision to grant a licence to the Cuban government to use a trade name. Bacardi has filed a freedom of information request asking for documen...

International law firm Harneys has boosted its Bermuda corporate services business with a new hire. Kim Armstrong has joined the firm’s fiduciary services group as senior corporate administrator. Ms Armstrong has 16 years’ experience in corporate ser...

Business leaders have painted a bleak economic picture for 2016, according to a new survey by professional services firm PwC. And the level of worry about the future among company leaders is at its highest level for five years. The global confidence ...

Spirits giant Bacardi is to launch a bid to connect with millennials. And the firm has appointed a new global millennials manager to nurture young talent and keep the firm’s brands relevant to younger people. Now Nim de Swardt, 30, is aiming to get t...

International law firm Harneys has signed up five new lawyers for its Bermuda practice. And the firm said it planned to expand its on-Island team further in the coming months. Sarah-Jane Hurrion, Harneys’ managing partner, said: “Harneys’ growth in B...

Top accountant Jason Carne is to retire as a managing director at professional services firm KPMG. The company also announced five promotions to its leadership team on the Island — including the first actuary to become a managing director in the firm...

A total of eight Bermuda female business leaders have been listed in a prestige global top 200 of power women. The 2016 list compiled by London-based business magazine Citywealth includes Kimberley Durrant, UK representative for the Government of Ber...

A new cross-party group of British MPs and peers is to examine Britain’s tax system — and will consider the abolition of corporation tax. The group, which will start its deliberations in the new year, will quiz government ministers and business leade...