It’s expected the Commission will be given additional powers to examine financial records of local food suppliers
Bermuda Broadcasting has been given an exclusive on one of the most eye-opening aspects of tomorrow’s Throne Speech presentation.
We understand is expected to be announced that The Cost-of-Living Commission will gain the authority to examine the financial records of businesses involved in food supply and essential goods, ensuring fair pricing for consumers.
Additionally, the Regulatory Authority will be strengthened to promote transparency, fair competition, and consumer protection.
We’ll bring you coverage of the ceremony live on television, radio and online from 10.30am tomorrow, Friday, March 14th.
David Parker: CIT is an opportunity, not a challenge
The Bermuda Risk Summit has been hailed a success.
Now in its fourth year, the Summit has established itself as a must-attend event for risk specialists.
Presented by the Bermuda Business Development Agency (BDA), this week’s event brought together industry leaders and experts, underscoring the island’s leadership in risk management.
Alisa Bernardo was on-site for the final day of the conference, where she caught up with David Parker, the BDA’s new Head of Business Development.
During their conversation, Mr Parker conceded that Bermuda is a leading destination worldwide for managing risk, with the island’s industry at the forefront of this sector.
While Bermuda is eager to promote itself as the world’s risk capital, Mr Parker attributed the island’s success to factors such as its location, deep-rooted talent pools spanning generations, and a sound regulatory environment.
Regarding the new Corporate Income Tax (CIT), he acknowledged that what might have been considered a challenge for the island by some has evolved into an opportunity, with Bermuda potentially boasting one of the most digitally advanced tax collection systems globally.
While there has been speculation that the new CIT could discourage some companies, Mr Parker maintained that all discussions he has had with industry professionals about the tax have been positive.
He argued that Bermuda’s overall standing would not be negatively impacted to any significant extent, and any company relocations would likely be a “trickle, rather than a flood.”
On the topic of the local economy, Mr Parker spoke about how the success of the international business sector complements Bermuda’s landscape of home-grown businesses, creating opportunities for entrepreneurs.
Conflict, contractual obligations and injury amongst the challenges for Team Bermuda in next week’s Nations League playoff
In football, the Senior Men’s National Squad will undoubtedly be the underdog when they take on higher-ranked Honduras next week Friday for a place in the Nations League Gold Cup. However, they will have to face this challenge without many key players. Due to contractual obligations, Kole Hall, Justin Donawa, Andrew Kempe and star striker Nahki Wells are all unavailable for the 2-match playoff. National Head Coach Michael Findlay provides further details on the situation.
And in yet another setback, injuries have sidelined 3 other players Dante Leverock, Harry Twite, and Luke Robinson.
The Bermuda Senior Men’s National Team Roster:
Goalkeepers:
Dale Eve (Redditch FC, United Kingdom)
Detre Bell (North Village Community Club, Bermuda)
Milai Perott (Notts County U21, United Kingdom)
Defenders:
J’Nai Butterfield-Steede (Barnoldswick Town FC, United Kingdom)
Julian Carpenter (Paget Football Club, Bermuda)
Kieron Richardson (University of Colorado Colorado Springs, United States of America)
Dwayne Robinson, the Shadow Tourism Minister, said the results were disappointing but unsurprising.
Dwayne Robinson, Shadow Minister of Tourism Photo credit: One Bermuda Alliance
“Disappointing but unsurprised” by the findings in the Bermuda Tourism Authority Culture Review.
This from Dwayne Robinson, the shadow Minister of Tourism.
He questioned how the quango lacks a Human Resources and Administration Manager and says this contributes to many of the grievances contained in the report.
Mr. Robinson calls out the Board and Minister of Tourism whom, he says, should be holding the BTA accountable.
The OBA supports an independent BTA and Mr. Robinson says it should be enshrined in Legislation that no appointed or elected politician serve on the board or as Chairman of the BTA.
Huawei agreed to work with authorities to fully understand the situation
FILE PHOTO: A general view of the building of the European Parliament in Strasbourg, France October 9, 2024. REUTERS/Yves Herman/File Photo
Belgian prosecutors said on Thursday they had detained several individuals over suspected bribery in the European Parliament allegedly for the benefit of China’s Huawei.
Belgian investigators carried out searches of 21 premises across Belgium and in Portugal on Thursday morning. A judge had since requested that the offices of two parliamentary assistants be sealed, federal prosecutors said.
Huawei said it took the allegations seriously and would urgently communicate with authorities to fully understand the situation.
“Huawei has a zero tolerance policy towards corruption or other wrongdoing, and we are committed to complying with all applicable laws and regulations at all times,” it said.
The Belgian prosecutors said the alleged corruption had taken place “very discreetly” since 2021 under the guise of commercial lobbying and involved payments for taking political positions or excessive gifts such as food and travel expenses or regular invitations to football matches.
“The alleged bribery is said to have benefited Huawei,” the prosecutors’ statement added.
The European Parliament said it had received a request from Belgian authorities to assist the investigation and would swiftly and full comply with it.
Prosecutors said a suspect had also been arrested in France.
They did not disclose the names of the people involved or information that could lead to them being identified.
Prosecutors said the people had been detained for questioning over their alleged involvement in corruption in the European Parliament, as well as forgery and use of false documents.
Reporting by Geert De Clercq, Bart Meijer and Philip Blenkinsop; Editing by Alex Richardson, Angus MacSwan, Sudip Kar-Gupta and Andrew Heavens
Radio Television Caraibes abandoned the building a year ago after gangs moved into the area
FILE PHOTO: Police officers patrol after dispersing demonstrators, who were calling for help from the government and security forces after gangs attacked neighbourhoods and set houses on fire, in Port-au-Prince, Haiti August 19, 2024. REUTERS/Ralph Tedy Erol/File Photo
International news via Reuters:
Armed men set fire overnight to a building in Haiti’s capital that had long served as headquarters for the nation’s oldest radio station, as an alliance of gangs continues to grow its power despite efforts by local security forces.
Videos shared on social media on Thursday showed the multi-story building in downtown Port-au-Prince charred after the attack. Radio Television Caraibes abandoned the building a year ago after gangs moved into the area.
Frantz Duval, the editor-in-chief of Le Nouvelliste, Haiti’s oldest newspaper, decried the arson in a post on X, saying it echoed an attack that cost the 126-year-old paper its own offices and printing press a year earlier.
“More institutions are disappearing,” he told local radio. “It is our history we are losing.”
Reporters Without Borders’ Latin America office director, Artur Romeu said of the attack on the 76-year-old radio station: “It is yet another attempt to intimidate media workers through terror and destruction, aiming to silence one of the country’s most influential outlets. This attack highlights the extreme precarity in which Haitian journalists work, risking their lives to report the news.”
Last December, two journalists were killed at a government press conference being held to announce the reopening of Haiti’s largest public hospital, in downtown Port-au-Prince. Although the health minister never arrived, armed men shot at reporters who gathered for the event.
Haiti’s government, which has struggled to contain the advances of highly armed and well-funded gangs that now control nearly the entire capital, vowed the attack would not go unpunished.
“Reinforced measures are being deployed to secure media outlets targeted by criminals and ensure the safety of the population,” it said in a statement.
The Viv Ansanm gang alliance has been escalating attacks since government security forces this month began attacking gang enclaves with explosive-packed drones, leading to rumors that gang leader Jimmy Cherizier had been killed.
Cherizier, known as “Barbecue,” later appeared in a video threatening retaliatory drone attacks.
Over 42,000 people were forced to flee their homes between mid-February and early March alone, and the number of people internally displaced by the violence has now surpassed 1 million.
Reporting by Harold Isaac in Port-au-Prince and Sarah Morland in Mexico City; Editing by Leslie Adler
The Office of Management and Budget did not immediately respond to a request for comment
FILE PHOTO: The White House is seen behind a stop sign in Washington, U.S., January 10, 2021. REUTERS/Joshua Roberts/File Photo
International news via Reuters:
The White House is urging federal agencies to refrain from laying off their cybersecurity teams, as they scramble to comply with a Thursday deadline to submit mass layoff plans to slash their budgets, according to an email seen by Reuters.
Greg Barbaccia, the United States federal chief information officer, sent the message on Wednesday, in response to questions about whether cybersecurity employees’ work is national security-related, and therefore exempt from layoffs.
“We believe cybersecurity is national security and we encourage Department-level Chief Information Officers to consider this when reviewing their organizations,” he wrote in the email to information technology employees across the federal government which has not been previously reported.
Describing “skilled cyber security professionals” as playing “a vital role in mission delivery and information assurance,” he said, “We are confident federal agencies will be able to identify efficiencies across their non-cyber mission areas without negatively affecting their agency’s cyber posture,” he added.
The Office of Management and Budget, which is part of the White House, did not immediately respond to a request for comment.
But the email reflects growing concern that the deep cuts mandated by President Donald Trump and his billionaire adviser Elon Musk could harm the United States’ ability to combat cybersecurity threats.
In testimony earlier this month, a former cybersecurity director at the National Security Agency, Rob Joyce, said the mass culling of workers from federal payrolls would have a “devastating” impact on cybersecurity and national security.
The approach by the Musk-led Department of Government Efficiency has raised extraordinary concerns of its own, with cybersecurity experts and former government officials alleging that unrestricted access to government systems could open the door to hackers and leaks.
At the Social Security Administration, for instance, DOGE was awarded unusually broad access to some of the agency’s most sensitive data over the objections of senior officials. In a declaration submitted earlier this month in a lawsuit against the agency by a group of unions, a department staffer who recently exited said she did not believe that DOGE associates were up to the task of protecting the data they won access to and that, “in such a chaotic environment, the risk of data leaking into the wrong hands is significant.”
As of February 14, more than 130 positions had been cut from the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency, according to CISA.
Reporting by Alexandra Alper in Washington; Additional reporting by Raphael Satter in Washington; Editing by Chris Sanders and Matthew Lewis
Ruling applies to the U.S. Department of Defense, Treasury Department and others
FILE PHOTO: San Francisco residents photograph a group of protesters during a demonstration as part of a nationwide series of protests against the mass firings of employees in a campaign by President Donald Trump and his adviser Elon Musk to radically cut back the U.S. bureaucracy, at Fort Mason Park in San Francisco, California, U.S. March 1, 2025. REUTERS/Yuri Avila/File Photo
International news via Reuters:
A California federal judge on Thursday ordered six U.S. agencies to reinstate thousands of recently-hired employees who were fired as part of President Donald Trump’s purge of the federal workforce.
The ruling made by U.S. District Judge William Alsup during a hearing in San Francisco applies to the U.S. Department of Defense, Department of Veterans Affairs, Department of Agriculture, Department of Energy, Department of Interior and the Treasury Department.
Alsup last month temporarily blocked the U.S. Office of Personnel Management, the human resources department for federal agencies, from ordering agencies to fire probationary employees, but declined at the time to require that fired workers get their jobs back.
Probationary workers typically have less than one year of service in their current roles, though some are longtime federal employees. They have fewer job protections than other government workers, but in general can only be fired for performance issues.
Alsup said on Thursday that OPM has no power to order firings, and there was evidence that it had improperly directed the termination of workers at the six agencies. He did not order the 16 other agencies named in the lawsuit by unions and nonprofit groups to reinstate workers.
“It is a sad day when our government would fire some good employee and say it was based on performance when they know good and well that’s a lie,” Alsup said.
The potential scale of Trump’s efforts to shrink the U.S. federal government could become clearer today, the deadline for government agencies to submit plans for a second wave of mass layoffs and to slash their budgets.
Reporting by Daniel Wiessner in Albany, New York; Editing by Alistair Bell
Decision comes a month after a 14-year-old boy was stabbed to death by a fellow pupil following arguments on social media
FILE PHOTO: TikTok app logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
International news via Reuters:
TikTok users in Albania are experiencing difficulties accessing the popular short video app after a one-year government ban took effect on Thursday, prompted by concerns that social media is fuelling youth violence in and outside school.
Albania’s move follows bans or partial bans in at least 20 other countries amid worries about improper videos or security concerns linked to TikTok owner ByteDance and its proximity to the Chinese government.
Some users in Albania said they were unable to access the platform via web browsers after midday.
“I can see that TikTok is no longer accessible on the web but the app is still working, for now,” said Ermal Hoxha, 28, from Tirana. Each time he tried to access the site, he received an error message: “This site can’t be reached. Check if there is a typo in www.tiktok.com.”
Similar issues were reported by other users and a government official told Reuters that after web browsers the ban will be extended to include the app too.
Albania’s National Authority for Cybersecurity (AKSK) has ordered all internet providers in the country to submit written confirmation that TikTok will be turned off by Thursday.
The decision to ban TikTok was made last December, a month after a 14-year-old boy was stabbed to death by a fellow pupil following arguments on social media.
TikTok had said it was seeking further clarification from the Albanian government since their findings allegedly showed that the “videos leading up to this incident (the stabbing) were being posted on another platform, not TikTok”.
CENSORSHIP?
Isa Myzyraj, the head of the Association of Journalists in Albania (AJA), said the group would take the case to the Constitutional Court, arguing that the ban restricts freedom of expression and constitutes censorship.
“We fear that, in the same way, the government may also shut down other social networks and one day even ban the internet entirely,” Myzyraj said.
Opposition parties have accused Prime Minister Edi Rama of seeking to silence dissent by shutting down a platform often used to voice criticism, especially when – in their view – the government is increasing its control of mainstream media. Rama’s government denies this accusation.
The Democratic Party, the largest opposition party, has called for a protest on Saturday in front of the government offices to oppose the TikTok ban.
Rama has accused the app of showing videos outside China of “only scum and scoundrels”.
Reporting by Florion Goga and Fatos Bytyci; Editing by Gareth Jones
The EU accounted for roughly 40% of all spirits exports in 2023
U.S. President Donald Trump on Thursday threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a new front in a global trade war that has roiled financial markets and raised recession fears.
Stocks fell on the news, as investors worried that Trump would enact stiffer trade barriers around the world’s largest consumer market.
“The Entire World is RIPPING US OFF!!!” Trump wrote on his Truth Social platform.
Trump’s threat came in response to a European Union plan to impose tariffs on American whiskey and other products next month — which itself is a response to Trump’s 25% tariffs on steel and aluminum imports that took effect on Wednesday. The European Commission had no immediate comment on Trump’s post.
Canada, a neighbor and close ally that is the U.S.’ biggest aluminum provider, has also announced countermeasures of its own to Trump’s metals tariffs.
Alcohol is shaping up to be a key friction point in the trade war Trump has launched since returning to the White House in January.
Some Canadian retailers have pulled American bourbon from their shelves as relations between the two countries have frayed and Trump has threatened to annex that country.
Many of the EU’s proposed countermeasures, worth 26 billion euros ($28.31 billion) in all, would apply to products that have little more than symbolic value, such as dental floss and bathrobes.
But the proposed 50% duty on U.S. bourbon would be a significant hit for the industry, which has seen exports grow steadily since the United States lifted tariffs Trump imposed during his first 2017-2021 term in office.
The EU accounted for roughly 40% of all spirits exports in 2023, according to the Distilled Spirits Council of the United States, a trade group.
Likewise, the United States accounts for 31% of EU wine and spirits exports, according to Eurostat.
Trump said his proposed 200% tax on European alcohol would benefit domestic producers, and shares of U.S. drinks makers rose on the news.
Nevertheless, industry officials on both sides of the Atlantic urged their leaders to de-escalate.
FILE PHOTO: A glass of French red wine is displayed at the Chateau du Pavillon in Sainte-Croix-Du-Mont, France, July 29, 2019. REUTERS/Regis Duvignau/File Photo
“This cycle of tit-for-tat retaliation must end now!” said spiritsEurope, an industry trade group.
But his barrage of threats has spooked investors, businesses and consumers. Producers of jets, coffee, clothing, autos and packaged foods are among the many businesses scrambling to assess their operations as Trump’s actions threaten international supply chains.
Some economists say the uncertainty threatens the health of the U.S. economy and raises the risk of recession. A Reuters/Ipsos poll released on Wednesday found that 70% of Americans expect Trump’s tariffs to lead to higher prices.
Trump says tariffs are a crucial tool to revitalize U.S. manufacturing industries that have withered due to decades of globalization, and he has stacked his administration with officials who line up with those views.
Treasury Secretary Scott Bessent said he was not worried about recent Wall Street volatility because the Trump administration is focused on a longer-term transformation of the U.S. economy.
He warned that the EU has more to lose in a trade war, as it relies more on exports to the United States.
“In the event that there’s a back and forth with tariffs, I would counsel these government leaders that they are on the losing side of this argument economically,” he said on CNBC.
Reporting by Doina Chiacu and Andy Sullivan in Washington and Phil Blenkinsop in Brussels; Additional reporting by Susan Heavey, David Lawder, Dominique Patton, Emma Rumney and Tasiilo Hummel; Writing by Andy Sullivan; Editing by Louise Heavens, Bernadette Baum and Mark Porter
Donatella, 69, will take on the role of chief brand ambassador at Versace
Donatella Versace attends 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:
Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talk of a sale of the business to rival Italian fashion house Prada.
Donatella, who was the chief creative officer at Versace, has been its driving force since her brother Gianni, the company founder, was gunned down in Miami in 1997.
The move, announced by owner Capri Holdings on Thursday, comes amid reports that Prada is moving closer to a deal to buy Versace from Capri after agreeing to a price of nearly 1.5 billion euros ($1.6 billion).
Dario Vitale, who was until earlier this year the Design and Image Director at Miu Miu, a smaller brand within the Prada group, will take Donatella’s role as Chief Creative Officer effective on April 1.
Donatella, 69, will take on the role of chief brand ambassador at Versace.
“It has been the greatest honor of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity,” said Donatella.
“I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes,” she added.
The timing of the move was intriguing with Prada seen as on the cusp of a deal that would unite two of the biggest names in Italian fashion.
“Versace has been struggling, so it’s not surprising that a change is being made,” said David Swartz, an analyst with Morningstar.
“The brand has lost relevance and has fallen behind similar European luxury brands. I don’t know if bringing in Dario Vitale is directly related to the potential sale to Prada, but it seems like it makes it even more likely,” he added.
Prada has also been reported to be interested in buying Jimmy Choo, another Capri brand.
DESIGN CHANGES
Donatella Versace gave the brand a bold and provocative aesthetic. Her connections with many big-name celebrities helped to reinforce the brand’s appeal.
Miu Miu, a label launched by Miuccia Prada as an offshoot of the main business in 1993, has a more sober look and has been growing rapidly. Vitale, an Italian, worked for Miu Miu from 2010 until a few weeks ago.
“Versace and Miu Miu are very different brands and have very different customers,” said Federico Giglio, chief executive of Giglio.com, an Italy-based retailer.
The Miu Miu customer likes more detail, a classy look, while remaining playful, whereas the Versace woman has a brasher and sexy style, he added.
“A good designer, however, knows how to identify with the DNA of the company and add his personal touch,” he said.
Vitale’s appointment is the latest in a series of high-profile designer changes in the industry as it seeks to rebuild its business amid slowing luxury demand in China and inflation-weary shoppers.
Earlier this year Gucci design chief Sabato De Sarno left the Italian label after less than two years in the job.
Versace reported a 6.6% drop in revenues to $1.03 billion for the fiscal year ending March 2024. Sales are seen to fall further to $810 million in 2025, before returning to growth in 2027.
Versace, founded by Gianni Versace in Milan in 1978, was bought by U.S. group Michael Kors, now known as Capri Holdings, for 1.8 billion euros ($1.9 billion) in 2018. The Versace family received 150 million euros of the sale price in Capri shares.
Reporting by Elisa Anzolin in Milan and Savyata Mishra in BengaluruWriting by Keith Weir; Editing by Angus MacSwan
Economic Report states GDP growth isn’t felt by wider community; sound immigration policy needed to address aging workforce
Bermuda Chamber of Commerce Report estimates Bermuda’s population has fallen by 7,000-9,000 in 9 years.
A declining population, challenges of an aging workforce, inflation and the cost of living… just some of the key topics The Bermuda Chamber of Commerce has delved into in its March 2025 Economic Report (SCROLL DOWN for full report, or click HERE)
There are seven-to-nine thousand fewer people in Bermuda now than 9 years ago, the Bermuda Chamber of Commerce estimates.
Using, quote “imperfect indicators’ such as BELCO electricity usage, retail sales volume and Skyport data, the Chamber postulates at least a 10% decrease in our popualtion since the 2016 census – with our numbers at approximately 56,683.
The Chamber’s Economic Report also cites our aging workforce, with more than 45% of all jobs now being held by individuals over 55 years of age – creating potential future labour shortages.
Bermuda’s GDP figures show overall economic progress, the report says, but the benefits have not been evenly distributed across industries and households.
The Chamber also urges a review of Rent Control policies and supports the Landlord Tenant Act reform to encourage greater housing availability.
Chamber of Commerce President Marico Thomas states, “While Bermuda continues to demonstrate resilience and adaptability, we must take proactive steps to ensure long-term economic stability.”
“The Bermuda Chamber of Commerce remains committed to supporting a thriving, sustainable economy, and our latest economic report presents key insights to help guide informed decision-making.”
Read the Economic Report below, followed by press statements from the Bermuda Chamber of Commerce, and a public statement from Chamber President Marico Thomas.
Chamber of Commerce Press Release: The Bermuda Chamber of Commerce is proud to present its March 2025 Economic Report, ‘Heads or Tails – A Coin Has Two Sides,’ which builds upon the economic insights and discussions raised in the previous year’s Budget Breakfast and Data Deep Dive sessions.
Speaking on the report’s findings, Chamber President Mr. Marico Thomas remarked: “The economy is more than a singular number—it is a complex interplay of data points, policies, and realities felt by businesses and households alike. Last year, we introduced a comprehensive data-driven view of Bermuda’s economy. The insights shared were not abstract theories—they were clear indicators of Bermuda’s trajectory. Now, one year later, we are seeing those data points translate into real-life experiences shaping the business environment, consumer experience, and policy discussions.”
“The Chamber’s March 2025 Economic Report intends to connect statistics to the economic realities our members and residents face daily. Our goal with this report is to provide clarity, drive informed decision-making, and contribute to meaningful discussions on Bermuda’s economic future”, said Mr. Thomas. Key Topics in this Report include:
Population Decline Aging Workforce Challenges Inflation & Cost of Living Housing Affordability and Availability Data Delays and Economic Blind Spots Cost of Living & Inflation Tourism and Retail Sales Trends GDP Growth Disparity Access to Data Policy Recommendations
A Call to Action The Chamber remains committed to ensuring that our members and the broader business community have access to accurate, timely, and relevant data to navigate an ever-evolving landscape. This report should be seen as more than just an update. It is a confirmation of Bermuda’s economic trajectory and, it is a call to action for businesses, policymakers, and residents to proactively engage for Bermuda’s economic resilience. Last year, we presented the facts. This year, we’re seeing their impact. “The future of Bermuda depends on informed action, not reaction.” said Mr. Thomas. “We all have a role to play and it is important for each of us including our mothers, fathers, sisters and brothers at home, to be aware of these insights, the realities they represent and our impact on them.”
Public Statement from Chamber President Marico Thomas on Bermuda’s Economic Landscape
Bermuda remains one of the most beautiful and dynamic places in the world, with a vibrant community, a rich cultural heritage, and an unparalleled quality of life. Our breathtaking natural beauty, strong international business sector, and warm, welcoming people continue to make Bermuda a special place to live, work, and invest.
As we look to the future, it is important that we acknowledge both our strengths and our challenges. The Bermuda Chamber of Commerce remains committed to supporting a thriving, sustainable economy, and our latest economic report presents key insights to help guide informed decision-making.
While Bermuda continues to demonstrate resilience and adaptability, we must take proactive steps to ensure long-term economic stability. Our workforce is evolving, with a shrinking population and an increasing percentage of workers over the age of 55, raising concerns about future labor shortages. The cost of living remains a priority issue, with rising costs in housing, food, and fuel affecting both businesses and households.
At the same time, we recognize the encouraging trends within our tourism sector, where visitor spending is increasing. However, the retail sector continues to face challenges, particularly in competing with global online markets. Additionally, while Bermuda’s GDP has shown growth, it is essential to ensure that economic progress is felt broadly across all sectors and communities.
To address these issues effectively, timely and transparent access to economic data is crucial. Delays in releasing key statistics, such as the Consumer Price Index, make it difficult for businesses and policymakers to respond to changing economic conditions. By improving data availability and focusing on strategic solutions, Bermuda can continue to be an attractive and prosperous place for future generations.
The Chamber of Commerce remains optimistic about Bermuda’s future. By working together—businesses, government, and residents—we can create sustainable economic policies that preserve our strengths while addressing our challenges. Bermuda has always been a place of innovation and resilience, and with informed action, we can ensure it remains a thriving and competitive jurisdiction for years to come.
In more simple terms, areas for attention include:
Bermuda’s Shrinking Workforce –the report estimates Bermuda’s population to be lower than 57,000 as of October 2024—a 10% decrease from the 2016 Census figure of 63,779, impacting labor force availability and economic output.
Aging Workforce Challenges – More than 45% of all jobs are now held by individuals aged 55 and over, creating potential labor shortages across key industries in the coming decade.
Inflation May Have Slowed, But Costs Haven’t Dropped – The actual cost of living continues to rise, particularly for food, housing, and fuel.
Housing Affordability and Availability – The Chamber urges a review of Rent Control policies and supports the Landlord Tenant Act reform to encourage greater housing availability.
Tourism and Retail Trends – While visitor spending is increasing, Bermuda’s retail sector continues to struggle, particularly apparel stores, which face growing online competition.
GDP Growth Disparity – While Bermuda’s GDP figures show overall economic progress, the benefits have not been evenly distributed across industries and households.
Delays in Access to Source Data Delays – Economic data should be released in a timely manner to support informed decision-making as an example, CPI data has faced an average release lag of 121 days, affecting ability to make real-time decisions.
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