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A new tax on services will increase costs to consumers and may need more civil servants to administer it, Chamber of Commerce president John Wight warned yesterday. Mr Wight said the new general services tax, likely to be set at 5 per cent, was “a ne...

Perfume makers Lili Bermuda is to team up with the island’s Chamber of Commerce to host a fragrance and cocktail reception tomorrow. The “Business after Hours” event will be held at the company’s flagship store on Hamilton’s Front Street. Chamber of ...

Graham Wood has stepped down from Markel CatCo Investment Management, where he was chief underwriting officer, and is to return to Britain after a nine-year spell in Bermuda. His departure is by mutual agreement and is part of a “planned strategy” by...

Bermudian-based insurer and reinsurer Argo has appointed a new chief actuary. Robert Katzman, who will be based in New York, replaces Michael Fusco, who is retire after more than 40 years in the industry. Jay Bullock, Argo Group’s chief financial off...

The deputy managing director of Butterfield Bank’s Cayman operation has stepped up to the top job. Michael McWatt has taken over as managing director from Conor O’Dea, who has retired from the role. Michael Collins, CEO of the Butterfield Group, said...

Hiscox Ltd, the international specialist insurer, saw its gross written premiums grow 10 per cent to £640.5 million ($924.5 million) in the first quarter. The improvement was driven by strong performances in all segments of its business, the company ...

Bermuda’s current account surplus in the fourth-quarter of 2015 was $204 million, down $38 million on the same period in 2014. The deficit on the goods account decreased $7 million to $223 million. There was a $49 million surplus in services transact...

The Royal Gazette/BSX closed down 6.45 points or 0.55 per cent at 1,177.04. Telecoms firm KeyTech dropped 25 cents or 7.1 per cent to $3.25 after 3,000 shares moved. The Bank of Butterfield fell 1 cent to $1.62, a 0.6 per cent decrease, after 1,000 s...

Nordic American Tankers Ltd, the Bermudian-based oil tanker operator, has reported first-quarter earnings of $29.3 million. The company is in the process of acquiring four existing Suezmax tankers to add to its fleet, bringing its total number of tan...

Australia is to hit multinational giants with a new diverted profits tax to crack down on tax avoidance using jurisdictions like Bermuda. The new tax — to be introduced next year — will slap big companies with a 40 per cent tax on profits shifted off...