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Bermuda seems to be in the early stages of an economic recovery, according to Minister of Finance Bob Richards. “There seems to a nascent, fragile embryonic recovery in Bermuda,” Mr Richards told hundreds of business people gathered at the The Fairmo...

The newly formed Bermuda Tourism Authority has been handed a $23.1 million Government grant to fund tourism initiatives in the coming year. That figure is $4.2 million — or 15 percent — less than the $27.3 million allocated to Government’s Bermuda De...

The Budget underlined overspending by the OBA, Shadow Finance Minister David Burt said last night. Mr Burt added that Government figures showed it had overspent by $45 million in its first year — despite wage concessions offered by trades unions. And...

The Bermuda Government will pay more than $310,000 per day in interest on its growing mountain of debt in the coming fiscal year. And despite the $70 million of cuts in public spending announced yesterday, next year’s Budget will run a projected defi...

Government is seeking private partners to help fund a major redevelopment of the Causeway and airport. Finance Minister Bob Richards unveiled the news during his Budget statement yesterday. Describing the plan as “the most strategically important, an...

The Civil Service must be cut after the coming fiscal year, Finance Minister Bob Richards warned as he outlined the advantages of mutualisation or privatisation. Staff layoffs will be inevitable unless “non-core functions” are outsourced after 2014/1...

New ways of buying insurance do not generate as many jobs — but Bermuda has to keep its position at the cutting edge of the industry, Finance Minister Bob Richards said yesterday. Mr Richards added: “Several Wall Street analysts have painted a rather...

A subsidy hike for King Edward VII Memorial Hospital came as welcome news yesterday for the cash-strapped Bermuda Hospitals Board. But rising costs — which Finance Minister Bob Richards in his Budget statement warned could bankrupt Government — have ...

Bermuda’s banks are a drag on the Island’s recovery from recession, Finance Minister Bob Richards said. And he said the sector’s get-tough policy on lending and tiny deposit interest rates were “at odds with Bermuda’s national interests” — and added ...