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Bermuda Government has issued $665 million of senior notes as it repositions the island’s debt. Consequently, the island’s overall debt load has increased by $188.9 million, but in the process the Government has locked in a 3.717 per cent rate on its...

The Bermuda Government is in the process of refinancing about $276 million of debt. It made a cash tender offer to holders of its 5.603 per cent senior notes, which are due in 2020, and is set to pay out early on about half of the $500 million of not...

Two new members have joined the think-tank set up to advise Government on financial stability. Dame Amelia Fawcett and Gil Tucker have both been added to the Financial Policy Council. Bob Richards, the Finance Minister, who is also chairman of the co...

The Corporation of Hamilton has applied to overturn the legal judgment regarding its $18 million debt over the failed Par-la-Ville hotel project. Mayor Charles Gosling said that the Corporation’s prior administration did not have the remit to enter i...

Canadian developer Aecon’s 35 per cent stake in Bermuda’s proposed new airport terminal will come primarily from borrowing rather than from equity capital, according to Bob Richards, the Minister of Finance. The minister added that the island would l...

Bob Richards says the affirmation of Bermuda’s A+ credit rating by Standard & Poor’s is evidence that the Government’s economic policies are “beginning to bear fruit”. Mr Richards, the Minister of Finance, welcomed the rating agency’s decision, which...

At last, it’s under way. The work of the Commission of Inquiry into the Auditor-General’s scathing reports on the Bermuda Government’s finances between 2010 and 2012 has started. Expectations from the public will be high — and rightly so. The slipsho...

Credit rating agency Moody’s has welcomed Government’s progress in cutting its deficit. Moody’s said Government had reduced its target for current expenditure cuts from 5 per cent to 3.5 per cent after it was unable to renew its cost-cutting furlough...

In the second and final part of our question-and-answer session on the Island’s economy, Bermuda College lecturer Craig Simmons shares his hopes for 2016 •QUESTION: To what extent do we have reason to be optimistic or pessimistic for the year ahead?...

Economist Craig Simmons is calling on the Bermuda Government to appreciate the pain ahead for people as it prepares for a likely tough year of union negotiations. Mr Simmons warned the Government could not make necessary debt reductions without restr...

Bermuda College lecturer and economist Craig Simmons answered The Royal Gazette’s questions and provided his assessment of the Island’s economy at the end of 2015. • To what extent do you believe that the Island is making a recovery from the recessi...

The Bermuda Government has raised land taxes to avert a potential $19.1 million loss in revenues brought about by the latest annual rental value figures. The ARV has fallen due to the recession and the resultant unemployment and a drop in real estate...