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A predicted weakening of the US dollar will hit Bermuda’s buying power, a bank currency expert said yesterday. Daragh Maher, head of foreign exchange strategy at global bank HSBC, said: “The last couple of years, the US dollar has been stronger than ...

Increases to the tourism authority fee will not be as high as expected, the Minister of Economic Development told the House of Assembly. Grant Gibbons said the hotelier’s tax for each guest would be set at 4.5 per cent and not 5.5 per cent as set ou...

Bermuda’s financial regulator has hosted a series of meetings of the International Association of Insurance Supervisors for the first time in two years. Marco Ramella, the deputy director for policy and research at the Bermuda Monetary Authority, sai...

The House of Assembly last night approved an increase in payroll tax despite vocal opposition. While Bob Richards, the Minister of Finance, said the move was a temporary but necessary measure, shadow minister David Burt said it would place an additio...

The Corporation of Hamilton, left liable for a “misappropriated” $18 million loan for a hotel on Par-la-Ville car park, has come a crucial step closer to refinancing its bad debt. Charles Gosling, Hamilton’s mayor, said his administration had been sa...

Duty relief for retailers looking to upgrade their stores will be extended for another five years after the approval of legislation in the House of Assembly. The Retail Shops (Temporary Customs Duty Relief for Capital Investments) Amendment Act, pres...

“It’s easy to look back over the 115-year span and realise how extraordinarily beneficial agricultural innovations have been — not just for farmers but, more broadly, for our entire society. We would not have anything close to the America we now kno...

On December 18, 2015 President Obama signed the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act). With significant publicity it was as if it was a Christmas present from President Obama and Congress to the American people. A few weeks pri...

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...

Business leaders are more likely to hire extra people and invest in their businesses this year as confidence rises. But caution over the future remains, with particular concerns about the political environment and the need for business growth and inv...

A major survey of business confidence in Bermuda is set to be unveiled tomorrow to an invited audience. The survey, sponsored by HSBC and carried out by Total Research Associates, invited nearly 400 business people on the island to take part. Mark Wa...

Minister of Finance Bob Richards has defended his proposed introduction of a 5 per cent services tax next year. In his 2016-17 Budget statement yesterday, the Deputy Premier briefly detailed his plan for a general services tax, which is scheduled to ...