Friday, November 6, 2026
Home Blog Page 1007

Clarity sought on the future cost of doing business in BDA

ABIC Chair says we’re in the tax year, but questions remain over how the Corporate Income Tax will be applied

We’re in the unique position of having started the tax year without full clarity over exactly how the Corporate Income Tax is going to be applied, and what tax credits may be given to the companies on which it applies.

This from Christian Dunleavy, the Chairman of the Association of Bermuda International Companies (ABIC).

Ahead of Friday’s Budget, Mr Dunleavy hopes Government will signal where they are heading with things that drive up both the cost of doing business.

“Those are the same things that drive the cost for all of us living in Bermuda”, Mr Dunleavy says.

“The cost of healthcare… housing costs… a huge amount of taxes are raised to pay for the interest on the [national] debt.”

Mr Dunleavy has previously spoken about an ‘effective tax rate’ of 16% on Bermuda-based companies – such as payroll tax, housing, and healthcare.

He suggested there is a need to reduce those costs with the introduction of the 15% Corporate Income Tax, to keep Bermuda competitive as an International Business jurisdiction.

This week, Mr Dunleavy has repeated that the industry is “looking for clarity on the cost of doing business in Bermuda, in this corporate income tax environment.”

The 15% Corporate Income Tax came into effect on January 1st this year, and it applies to Bermuda businesses that are part of a multinational enterprise with annual revenue of 750-million euros or more.
The CIT is the local application of the OECD’s Global Minimum Tax.

Former Channel House approved for redevelopment into seniors residential facility

Diallo Rabain, the Minister for the Cabinet Office and Digital Innovation approved an appeal following the DAB’s initial rejection

The former Channel House site has been given the green light to be redeveloped into a seniors’ residential facility.


It follows the development applications board’s initial rejection of the developer’s proposal, that did not include plans for commercial activity set up on the building’s ground floor.

The Development Applications Board, which approves all planning applications and building permits on the island, has been overruled by Minister Diallo Rabain concerning Channel House.  

The Minister for the Cabinet Office and Digital Innovation approved the developer’s proposal for the former Channel House site on Longfield Road at Southside.

Via a media release, Minister Rabain cited the need for senior’s residential facilities as “crucial.”

The DAB had initially refused the project under the Bermuda Plan 2018 which requires ground-floor commercial activity for all developments in Mixed-Use zones, such as where the former Channel House is located at Southside.

Minister Rabain stressed that this policy limited the project, despite its clear public value.

According to planning documents, the three-story building is meant to undergo interior renovation to build 45 bedrooms fitted to house 57 seniors.

Facilities issue temporarily closes Berkeley Institute

As the school works to restore full service, students switch to remote learning

The Berkeley Institute has closed its campus today and shifted to remote learning “due to an unexpected facilities issue.”

This announcement came from the Department of Education.

A government spokesperson advised: “Late yesterday evening, school officials were informed that the school’s potable water system is not functioning. Despite efforts by the maintenance team to resolve the issue, repairs were not completed in time to safely open the building. As a result, the decision was made to close the school for the day to ensure the health and safety of all students and staff.”

In the meantime, teachers will send assignments via email and arrange Zoom sessions with students as necessary.

The spokesperson added: ” A school-wide Zoom assembly for all staff and students took place at 8:45 a.m. to outline expectations and provide further guidance.

We apologize for the inconvenience caused and thank parents, students, and staff for their understanding and cooperation as we work to restore full service. Updates will be provided as more information becomes available.”

Newly renamed Safe Hands Award honours Dennis Wainwright

The Bermuda Health Care Services presents the annual award to the best field player at the Cup Match Classic

The newly renamed Bummy Symonds -Dennis Wainwright Safe Hands Award presented to the most outstanding Annual Cup Match Classic received a financial boost this week.


This year, the renaming will be in effect to reflect the legacy of the late Dennis Wainwright who administered the award up until his passing last December.

Bermuda HealthCare Services (BHCS) announcing today the prize money for the award has been increased to $2,500 from $1,000.


Dr. Ewart Brown, Founder and Executive Chairman said, “Dennis was a devoted steward of this award and a beloved figure in the cricketing community. His contribution helped make the Safe Hands Award one of the most anticipated honours at Cup Match.”


Vincent Hollinsid will cover administration of the award in future, according to the news release.

“Vincent brings a deep understanding of the game and a strong commitment to honouring its traditions,” said Dr. Brown.

“We are confident he will carry forward the award with integrity and excellence.”


The annual award is presented to the player with the best fielding display following the Annual two-day Cup Match Classic in August.

Maxwell Maybury to be honoured on Jazz Day

The veteran saxophonist, who has inspired generations through his lifelong dedication to music, will be celebrated at a special tribute dinner on Wednesday

Maxwell Maybury. Image supplied.

One of Bermuda’s veteran musicians will be honoured on International Jazz Day this week.

Danji Productions has been celebrating the occasion annually, joining countries around the world to mark the day and pay tribute to Bermuda’s homegrown talent who have made a significant contribution to the local music industry.

This year, saxophonist Maxwell Maybury — whose career spans nearly six decades — will be honoured at a buffet dinner at Grotto Bay on April 30th.

Founder of Danji Productions, Shine Hayward, shared why Mr. Maybury was selected.

From crafting his own instrument out of cane grass at just 10 years old to saving up to buy his first saxophone at 18, Mr. Maybury has enjoyed a memorable career, performing internationally and inspiring the next generation of Bermudian musicians.

A career highlight for him was performing in Quincy Jones’ Orchestra at the Bermuda Jazz Festival. And at 80 years old, he still has one more dream for his local band.

International Jazz Day on April 30th will be marked with a proclamation at City Hall at noon, followed by a buffet dinner featuring a host of local entertainers at Grotto Bay.

Tickets for the evening celebrations are available at bdatix.com.

Fishermen advised of two-month grunt ground closure

A zone of east end waters will be off limits to fishers to protect blue-striped grunt during spawning

Credit: The Government of Bermuda

The Government of Bermuda issued the following media release.

From 1 May to 30 June 2025, the Ministry of Public Works and Environment will enforce a temporary ban on fishing in a designated area off the north-east coast of Bermuda, near St. George’s.

This seasonal closure has been in place for several years and is part of an established effort to facilitate sustainable fisheries. This measure is being implemented to protect the Blue-striped grunt during its critical spawning period.

Each year, in May and June, these fish gather in large numbers to reproduce in this area and the species becomes especially vulnerable during this period.

This fisheries management measure helps maintain healthy Blue-striped grunt population levels and supports long-term sustainability of Bermuda’s nearshore marine ecosystems.

The closure applies to all types of fishing within a roughly rectangular zone stretching from St. Catherine’s Point to Fort George, and bordering the Southern Channel.

Fishers are urged to check official maps or contact the Department of Environment and Natural Resources for specific coordinates.

This action reflects the need to balance human activity with responsible marine resource management.

Healthy fish stocks benefit the environment and support local livelihoods, culture and food security.

Island Health Services welcome two new doctors

Family Physician Dr. Iniekem Ufford and General Practitioner Dr. Seun J. Bakare

Island Health Services update via press release:

Island Health Services is pleased to welcome Dr. Seun J. Bakare, a highly experienced General Practitioner, and Dr. Iniekem Ufford, a dedicated Family Physician, to our growing team of healthcare professionals.

Welcoming Dr. Seun J. Bakare to Family Practice Group, a member of Island Health Services

With over 16 years of clinical practice in the UK, Dr. Bakare brings a wealth of knowledge and a patient-centered approach to care. A graduate of Imperial College School of Medicine, he holds dual Memberships of the Royal College of General Practitioners (MRCGP) and the Royal College of Physicians (MRCP UK), reflecting his broad expertise across both primary and secondary care. Dr. Bakare has significant experience in urgent care and has worked across a range of NHS settings, managing a wide spectrum of acute and chronic conditions.

Known for his attentive and thorough approach, Dr. Bakare is committed to ensuring every patient feels heard, supported, and empowered with clear, evidence-based medical guidance. He will offer a range of primary care health services including ear microsuction and shockwave therapy.

We are thrilled to have Dr. Bakare on board as we continue to deepen our commitment to bringing high-quality, patient-focused healthcare to our community. Dr. Bakare is now accepting new patients, and appointments can be booked at ihs.bm/request-an-appointment.

Welcoming Dr. Iniekem Ufford to Island Health Services on Dundonald Street With extensive experience in both medicine and surgery, Dr. Ufford provides high-quality, patient-centered care.

After earning his medical degree from the University of the West Indies, he has worked across various healthcare settings, focusing on preventive care, chronic disease management, and holistic well-being. Dr. Ufford believes in a collaborative approach to medicine, ensuring patients feel empowered to make informed healthcare decisions.

He prioritises education and preventive care, helping individuals achieve long-term physical, mental, and spiritual wellbeing. Known for his compassionate and solution-focused approach, he is committed to delivering personalised, evidence-based care that meets each patient’s unique needs.

He will offer a range of primary care services including minor procedures like post-surgical wound care, sutures, incisions and drainage. Dr. Ufford accepts walk-ins anytime at our Dundonald Street office location.

Canadians vote in election dominated by concerns about Trump

The economy was experiencing a fledgling post-COVID recovery until the U.S. imposed tariffs

Brian Derksen lift weights while protesting next to Parliament Hill on the eve of a federal election, in Ottawa, Ontario, Canada April 27, 2025. Derksen, who says he’s been protesting there for three years, believes U.S. President Donald Trump is a symbol of freedom. REUTERS/Amber Bracken

International news via Reuters:

 Canadians go to the polls on Monday after an election campaign in which U.S. President Donald Trump’s tariffs and musings about annexing Canada became the central issue.

Trump’s threats ignited a wave of patriotism that swelled support for Liberal Prime Minister Mark Carney, a political newcomer who previously led two G7 central banks.

The campaign ended on a somber note on Sunday after a man rammed an SUV through a crowd at a Filipino community festival in Vancouver, killing at least 11 people and injuring dozens.

Carney briefly paused his campaign, and both he and Conservative leader Pierre Poilievre mentioned the tragedy in their final campaign events.

It was unclear if the mass casualty event would have any impact on the election. Duane Bratt, professor of political science at Calgary’s Mount Royal University, said he did not expect it to deter voters.

Carney’s Liberals held a four-point lead over Poilievre’s Conservatives in separate polls by Ipsos and Angus Reid, suggesting little movement in the final days. Ipsos on Sunday pegged the Liberals at 42% support and the Conservatives at 38%.

Angus Reid’s Saturday poll placed the Liberals at 44% support, over the Conservatives’ 40% support.

Those results would likely produce a fourth consecutive Liberal mandate, but Carney might only win a minority of seats in the 343-seat House of Commons, leaving him reliant on smaller parties to govern.

Trump re-emerged as a campaign factor last week, declaring that he might raise a 25% tariff on Canadian-made cars because the U.S. does not want them. He said earlier he might use “economic force” to make Canada the 51st U.S. state.

“This is probably the most consequential election in my lifetime,” said Kelly Saunders, a political science professor at Brandon University. “Everything has been so overshadowed by the threats coming out of the United States.”

Carney has emphasized his experience handling economic issues makes him the best leader to deal with Trump, while Poilievre has tapped into concerns about the cost of living, crime and a housing crisis.

“I’m probably going to go Carney on this one just because right now, I feel like we need stability,” said Andy Hill, 37, a Vancouver-based mortgage broker and co-founder of mortgage marketplace EveryRate. “Being in the English banking system and being in the Canadian banking system, he really understands the economy.”

Bob Lowe, a 66-year-old cattle rancher who lives south of Calgary, said he has already cast his ballot for the Conservatives. He said his top concern is Canada’s flagging economic growth.

The economy had seen a fledgling recovery until the U.S. imposed tariffs.

Carney has sought to distance himself from former Liberal Prime Minister Justin Trudeau, who was deeply unpopular when he said in January he would resign after nearly a decade in power. The Conservatives led polls by some 20 points around that time.

Parliament Hill is reflected on the window of a museum on the eve of a federal election, in Ottawa, Ontario, Canada April 27, 2025. REUTERS/Amber Bracken

CONSERVATIVES FOCUS ON ECONOMY

Lowe said the Conservatives have focused on the economy all along, and that he believes the Liberals have been stoking Canadians’ anxieties about Trump to win another term.

“Poilievre has managed to keep the focus on the economy and a strong Canada, and Carney’s campaign is based on fear. That’s it in a nutshell,” Lowe said.

Saunders, however, predicts the Liberals will win a majority of seats, and says it would take a “magical scenario” for the Conservatives to pull off a victory. Tensions with the U.S. have caused supporters of two smaller parties, the New Democratic Party and the Bloc Quebecois, to shift to the Liberals.

A party needs to win 172 electoral districts, called ridings or seats, to form a majority government that does not rely on smaller parties’ support to stay in power.

Much of the Conservative support is in rural areas where there are fewer seats.

Carney, who covered more than 20 cities in his last week of campaigning, has appeared tired but tried to maintain his exuberance at rallies, attended by 1,000 to 2,000 people, according to party figures. Poilievre’s rallies have been bigger.

Standing on Sunday in front of the Ambassador Bridge connecting Windsor’s Canadian auto hub with Detroit across the border, Carney pointed to the bridge as a symbol of peace and cooperation between the two countries for almost a century.

“That has changed, and it wasn’t us who did the changing … President Trump, the guy over there,” Carney said. “He’s launched a trade war that has literally ruptured the global economy, and in the process, he’s betrayed us.”

    Carney’s rallies have attracted mostly older Canadians and featured placards saying “Jamais Le 51” (“Never 51”) – a reference to Trump’s talk of Canada becoming the 51st U.S. state – and “Un Canada Fort” (“A Strong Canada”).

Mentions of Trump have been loudly booed.

Poilievre has attracted more young voters than usual for the Conservatives.

“Time is running out, only one more day to bring home change so that Canadians can afford food and homes and live on safe streets,” Poilievre said at a rally in Oakville, Ontario on Sunday.

Election results will trickle in, starting in eastern provinces, after polls close at staggered times on Monday evening. Ballots are counted by hand.

Reporting by Rod Nickel and Promit Mukherjee in Ottawa, Nivedita Balu in Toronto and Amanda Stephenson in Calgary, editing by Deepa Babington

Sterling moves towards strongest monthly gain since late 2023

The UK is said to be less exposed to Trump’s tariffs once his 90-day pause expires in early July

FILE PHOTO: Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

International news via Reuters:

The pounded traded steadily on Monday, heading for its strongest monthly performance against the dollar since late 2023, reflecting how much investors have punished U.S. assets in April.

Sterling was up 0.3% at $1.3345, set for a gain of 3.1% in April, the most in a month since November 2023. Against the euro, the pound has struggled. The euro has risen by nearly 2% in April, marking its largest monthly rise since December 2022, when it rose 2.4% against sterling.

The euro has been a key beneficiary of the investor push out of the dollar and has gained against most major crosses.

Part of the pound’s resilience earlier this year had been built on the expectation that the Bank of England might be slower to cut interest rates than other central banks.

The derivatives market shows traders are banking on around 85 basis points’ worth of cuts by the BoE this year and roughly the same amount from the U.S. Federal Reserve. Sterling’s strength in recent weeks has derived more from investors seeking alternatives to the dollar, given the threat to the U.S. economy from President Donald Trump’s tariffs.

The UK is generally perceived to be less exposed to Trump’s tariffs, once his 90-day pause expires in early July. In 2024, the United States had a $12 billion goods surplus with the UK, compared with a near $300 billion deficit with China and a $236 billion deficit with the European Union, according to data from the U.S. Trade Representative (USTR).

With that in mind, Barclays analysts say they retain their bullish view on sterling for the time being, particularly against the euro.

“The UK’s greater resilience to direct tariffs than the eurozone implies smaller demand damage, thereby offsetting the drag from a more-limited fiscal space,” they said.

Reporting by Amanda Cooper; Editing by Sharon Singleton

‘Grandpa robbers’ go on trial in Paris over Kim Kardashian jewel heist

Kardashian will travel to Paris in May to give evidence in the trial

FILE PHOTO: Kim Kardashian arrives at the Vanity Fair Oscars party after the 97th Academy Awards, in Beverly Hills, California, U.S., March 2, 2025. REUTERS/Danny Moloshok/File Photo

International news via Reuters:

A group of men dubbed the “grandpa robbers” stand trial on Monday on charges of robbing reality TV star Kim Kardashian at gunpoint and stealing jewelry worth millions of euros during Paris Fashion Week nearly a decade ago.

Several of the accused were of or near retirement age at the time of the 2016 heist, which was considered when it happened to be the biggest robbery involving an individual in France for more than 20 years.

Kardashian will travel to Paris in May to give evidence in the trial, which will run for almost a month, her lawyer said.

The suspects, wearing ski masks and clothes with police markings, tied up the billionaire celebrity with zip ties and duct tape, before making off with a $4 million engagement ring given to her by her then-husband, rapper Kanye West (now known as Ye), and other jewels, according to investigators.

“They kept on saying ‘the ring, the ring’,” Kardashian told David Letterman in a 2020 interview, during which she fought back tears as she recalled her fears of being raped that night.

A general view shows the Palais de Justice, located on the Ile de la Cite, on the first day of the trial of 10 people accused of stealing millions of dollars worth of jewellery from Kim Kardashian, who was held at gunpoint in her apartment during Paris fashion week in 2016, a trial known as the “Rue Tronchet” affair, which is taking place at the Court of Appeal of Paris, France, April 28, 2025. REUTERS/Sarah Meyssonnier

“I kept looking at the concierge,” she continued, referring to the concierge of the exclusive building who had been forced at gunpoint to lead the gang to her apartment. “I was like, ‘Are we gonna die? Just tell them I have children, I have babies … I have to get home’.”

DNA traces found on plastic bands used to tie the wrists of Kardashian helped police make arrests the following January.

In total, 10 people will be tried by the criminal court. Five of them face armed robbery and kidnapping charges. The others are charged with complicity in the heist or the unauthorised possession of a weapon.

One of the accused, Yunice Abbas, 71, has admitted his participation in the robbery – writing a book about his role. Abbas, who had spent 20 years of his working life in jail, told French television channel TF1 the “big job was to be the last”.

He said he had been told a big diamond was the target but not the “The Kardashians” star.

Chloe Arnoux, a lawyer representing Aomar Ait Khedache – nicknamed “Omar the Old” and accused of being the group’s ringleader – which he denies – said her client could end up spending the rest of his life in prison due to his age.

She said in an interview with BFM TV that he had written to Kardashian to apologise, but his letter had been intercepted by officials.

Reporting by Juliette Jabkhiro; additional reporting by Makini Brice; Writing by Richard Lough; Editing by Helen Popper

New Zealand to have new regulations for space-related infrastructure by July

Includes detailed requirements for ground-based space infrastructure registration

FILE PHOTO: A Rocket Lab technician cleans a fuselage in Auckland, New Zealand, October 20, 2015. REUTERS/Nigel Marple/File Photo

International news via Reuters:

New Zealand will have in place by July legislation regulating operators of ground-based space infrastructure, aimed at deterring foreign interference, the country’s Space Minister Judith Collins said.

The new regulations, which were flagged at the end of 2024, come after New Zealand’s intelligence service raised concerns last September that some foreign entities had tried to establish space infrastructure, which would have “assisted foreign military activity that could have harmed New Zealand interests.”

Collins said in a statement that the new regulatory regime will start in July and will deter foreign interference in New Zealand’s infrastructure that carry out tracking and control of spacecraft, space surveillance and the transfer of data to and from spacecraft.

New Zealand is a member of the “Five Eyes” intelligence grouping, along with the U.S., Australia, Canada and Britain.

While neither the minister nor the report mention China specifically, the report noted that China remained a complex intelligence concern in New Zealand but there were other states undertaking malicious activity as well.

The South Pacific nation’s location and clear skies make it a good place to launch and monitor satellites from, with the European Space Agency among those keeping an eye on space from New Zealand.

Collins said the bill will see regulations put in place setting out detailed requirements for ground-based space infrastructure registration including for protective security and due diligence systems, which operators will need to implement.

“The introduction of this new regime will serve as a deterrent. It sends a very clear message that we take our national security seriously, and we will act if we suspect that it is under threat,” Collins said.

Reporting by Lucy Craymer; Editing by Lincoln Feast

World military spending hits $2.7 trillion in record 2024 surge

Heightened geopolitical tension saw increased military spending in all world regions

FILE PHOTO: An explosion of a ballistic missile lights up the sky over the city during a Russian missile and drone strike, amid Russia’s attack on Ukraine, in Kyiv, Ukraine April 24, 2025. REUTERS/Gleb Garanich/File Photo

International news via Reuters:

World military expenditure reached $2.72 trillion in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.

Heightened geopolitical tension saw increased military spending in all world regions, with particularly rapid growth in both Europe and the Middle East, data from the Stockholm International Peace Research Institute (SIPRI) showed.

“Over 100 countries around the world raised their military spending in 2024,” SIPRI said. “As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come,” it said.

The war in Ukraine and doubts over U.S. commitment to the NATO-alliance saw military spending in Europe (including Russia) rise by 17%, pushing European military spending beyond the level recorded at the end of the Cold War.

Russia’s military expenditure reached an estimated $149 billion in 2024, a 38% increase from 2023 and double the level in 2015. This represented 7.1% of Russia’s GDP and 19% of all government spending.

Ukraine’s total military expenditure grew by 2.9% to reach $64.7 billion, which amounts to 43% of Russia’s spending. At 34% of GDP, Ukraine had the largest military burden of any country in 2024.

“Ukraine currently allocates all of its tax revenues to its military,” SIPRI said. “In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending.”

Military spending by the U.S. rose by 5.7% per cent to reach $997 billion, which was 66% of total NATO spending and 37% of world military spending in 2024.

Reporting by Johan Ahlander; Editing by Sandra Maler