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Bankers respond to plans to address ‘unbanked’ population

Gary Foster Skelton
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Banks will work to ensure no one is denied service without good reason, but they must continue to meet international standards.

This was affirmed by the Bermuda Bankers Association in response to Throne Speech plans to amend banking laws.
The PLP Government wants to legislate so all residents have access to banking services, a promise first declared in last year’s Speech from the Throne.
Last year, Geoff Scott, CEO of the Bermuda Bankers Association, said it should be determined exactly what segment of the population needs this provision, so any risks associated with the endeavour can be understood.
The BBA released the following statement in response to this year’s Throne Speech”
“The Bermuda Bankers Association will continue to engage with the Bermuda Government and the Bermuda Monetary Authority to ensure that, while Bermuda’s residents are not unreasonably denied access to financial services, we maintain the high standards, safety and soundness of Bermuda’s banking system that are essential to the international financial system.”

Government pledges socio-economic improvements to create ‘fairer’ Bermuda, Throne Speech

Jasmine Patterson
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Government pledges socio-economic improvements to create ‘fairer’ Bermuda, Throne Speech

A focus on continuing improvement to Bermuda’s economic renewal and social transformation driving the core message in the 2024 Throne Speech delivered Friday morning by Governor Rena Lalgie.

Bermuda’s overall economic performance was described as strong, growing and resilient, during the Throne Speech presentation.

To maintain growth, the Government has focused on legislative changes to improve housing inventory and promote property development.  

You’ll recall that the Bermudiana Beach Resort conversion to residential units should add an additional 94 units to the local market.  

In addition, legislative amendments will be made to access derelict properties and there will be changes to the landlord and tenant act. 

On the legal front, efforts to boost the jury selection pool will be made by permitting jurors to sit up to the age of 75 and increasing allowances.  

And there will be a new court, to support victims of domestic violence.  

Governor Lalgie said, “In partnership with the Office of the Director of Public Prosecutions and the Judiciary, the Ministry of Justice will support the creation of a domestic violence court programme, ensuring devoted attention to the protection of victims with speedier protection orders and equally requiring accountability on the part of perpetrators.”  

The government also seeks to set up a formal process of regulating mergers and acquisitions affecting the costs of essential goods and services on the island to protect consumers.

Governor Lalgie added, “Given the real challenges with costs in Bermuda, residents rightly should expect that the Government should act in the public interest if it is deemed necessary to do so. Therefore, during this legislative session, the government will commence consultations on amendments to legislation to allow scrutiny of local mergers and acquisitions that concentrate significant power in essential sectors.”

Canon James Francis, 1928-2024

Gary Foster Skelton
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Canon James Francis, 1928-2024

Canon James Francis, the first black Bermudian Canon Residentiary at the Anglican Cathedral, passed away this weekend.

Canon James Francis, 1928-2024. Photo courtesy of Christ Anglican Church, Devonshire

Canon Francis served at the Cathedral for 12 years from 1985. He then presided over Christ Anglican Church Devonshire for 20 years until his retirement in 2018.
His successor at Christ Church, Reverend Jay Tucker, says Canon Francis was his mentor and a father figure, and was instrumental to his own ordination in the Anglican church.
Almost prophetically, Canon Francis told the congregation that one day, Reverend Jay would be the priest in charge at Christ Church.
They met every week for breakfast up until just a few months ago.
Premier and Progressive Labour Party Leader, David Burt, said Canon Francis was “a true servant leader… He exemplified the values of faith, hope, and community, reminding us all of the power of service to transform lives.”

Bermuda Tonight – 8 November 2024

Bermuda Broadcasting Newsdesk
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Bermuda Tonight – 8 November 2024

Throne Speech: National debt could be cleared in 10 years

Gary Foster Skelton
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Throne Speech: National debt could be cleared in 10 years

Government’s projected tax income could apparently eliminate our 3 billion-dollar-plus national debt in the next decade.

Protected tax revenues in the next ten years could clear national debt, Government claims

This eye-opening prediction was made today in the 2024 Throne Speech, as Governor Rena Lalgie relayed the PLP Government’s brief comments on its intentions for the upcoming Corporate Income Tax:

“…legislation will be introduced to update the Corporate Income Tax (CIT) framework and address matters relating to use of excess tax revenue. Based on the recommendations from the Tax Reform Commission and the International Tax Working Group, this legislation will codify how funds collected by the Corporate Income Tax regime will be reserved for use. The projections state that with the next 10 years, the Government should have enough in additional tax receipts to eliminate Bermuda’s Debt and establish a sovereign wealth fund to make strategic investments for Bermuda’s future.”

The Corporate Income Tax is Bermuda’s local application of the OECD-mandated 15% global minimum tax.

This only affects the net income – essentially the profits – of large multinational companies with revenues of at least 750-million euros.

The Throne Speech promises legislation that will direct those new tax revenues to a certain place, but it doesn’t tell us what that place will be.

It drops a hint, by stating that projections suggest the national debt could be cleared within ten years by additional tax receipts.

How could this work?

Government revenues for 2024 were estimated to be $1.23 billion as of February, although predicted payroll tax revenues have increased since then.

An approximate 4 million-dollar Budget surplus has been forecast following the mid-year review.

So, to clear our near $3.3 billion debt in 10 years, we need on average a $330 million surplus every year – and that’s only if all the surplus went on debt.

Premier David Burt said in February that annual Corporate Income Tax revenues could be more than double that figure.

One thing that was not addressed in this year’s Throne Speech is how other measures may be used to balance out the impact of the CIT.

In last year’s Speech from the Throne, the Governor said “additional revenues that may accrue to the Government must be balanced by a reduction in existing taxes and customs duty to ensure that Bermuda remains competitive and retains our thriving international business sector.”

The corporate income tax set to come into effect in less than two months, on January 1st 2025.

Remembrance Day parade set for Monday

Bermuda Broadcasting Newsdesk
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Remembrance Day parade set for Monday

Dignitaries will lay wreaths at the Cenotaph in time-honoured tribute

The Royal Bermuda Regiment Band & Corps of Drums, seen here at today’s Throne Speech ceremony, will be in action again on Monday.              Photo by Tony McWilliam

On Monday, the Remembrance Day Parade will take place to commemorate those who fell in two World Wars and other campaigns of the Allied Forces.

The ceremony gets underway at 10.30 am along Front Street.

Wreaths will be laid at the Cenotaph by Governor Rena Lalgie, Premier David Burt and other dignitaries.

The Royal Bermuda Regiment will support the ceremony with a Guard on parade and will be joined by the Bermuda Police Service, Sea Cadets and the Junior Leaders.

Music will be provided by the RBR Band & Corps of Drums, the Somerset Brigade Band, the Salvation Army Band, the North Village Band and the Bermuda Islands Pipe Band.

There will be road closures on Monday morning due to the parade and motorists are encouraged to consider alternative routes to avoid delays.

Banking and pension amendments promised in 2024 Throne Speech

Gary Foster Skelton
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Banking and pension amendments promised in 2024 Throne Speech

Legal amendments to ensure banking services are provided for all, and a cap on fees paid to pension fund administrators – two items we have been told are coming in tomorrow’s Throne Speech.

What’s to come in the 2024 Throne Speech?

Preparations have been taking place at the Cabinet building today, and Gary Foster Skelton was on site speculating on what else we may see in the next year’s legislative agenda.

Government has advised that banking laws will be amended to require that basic banking services are provided for all, to ensure that all residents have access to such services.

Furthermore, Government will introduce a cap on fees paid to pension plan administrators. Current fees have been found to be higher than in other jurisdictions.

The change could mean a Bermudian worker entering the workforce now would have an additional $75,000 in their pension at retirement.

As for what else may feature?…

Questions linger as to how we might continue the long, winding road to “affordable universal healthcare for all”? This was called an “unquestionable priority” in the 2020 speech.

The protections in the Landlord and Tenant Act still await the “greater balance” lauded in the 2022 speech. The Chamber of Commerce today called for such changes to come soon because “housing remains the main challenge to longer term economic growth and development plans for businesses”.

…and the pending Corporate Income Tax will play a role, as Government looks how to manage the potential windfall. Will we hear more about where that money will go?

The Throne Speech is scheduled to start at 10.30am, Friday November 8th at the Cabinet Building.

Bermuda Tonight – 7 November 2024

Bermuda Broadcasting Newsdesk
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Bermuda Tonight – 7 November 2024

Drone show to light up the harbour

Tony McWilliam
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Drone show to light up the harbour

In a first for Bermuda, 250 choreographed drones will fly over Hamilton Harbour

Our approximation of what the show might look like.             Photo montage by James Barbosa

It will be a first ever for Bermuda – a drone show that will light up the night sky.

It is being made possible by The Butterfield Bermuda Championship, in partnership with Mastercard.

The drone show will take place next Wednesday, at 8:30pm, to celebrate the tournament and welcome players, caddies and fans to the island.

 The show will feature 250 choreographed drones which will fly over Hamilton Harbour with a performance that tells a story of Bermuda, as part of a private event.

The display will last for 15 minutes but will be visible from Front Street, a good vantage point.

Tournament Director, Danielle Carrera, said: “We are very excited to be bringing the first-ever drone show to Bermuda as we welcome everyone to the island for the 2024 Butterfield Bermuda Championship. The show … reflects our ongoing efforts to bring fresh, new community initiatives to the tournament,” end quote.

The 2024 Butterfield Bermuda Championship, an official PGA Tour event, takes place at Port Royal Golf Course and opens to the public from next Thursday. For tickets, search online for Butterfield Bermuda Championship.

Chamber of commerce appeals for retail duty breaks ahead of Throne Speech

Jasmine Patterson
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Chamber of commerce appeals for retail duty breaks ahead of Throne Speech

Ahead of tomorrow’s Throne Speech presentation, the Bermuda Chamber of Commerce has issued a wish list highlighting nine core areas to boost the economy.

Bermuda Chamber of Commerce headquartered on Front Street (pictured) in Hamilton Bermuda. Credit: Bermuda Broadcasting Company

Ahead of Friday’s Throne Speech presentation, the Bermuda Chamber of Commerce has issued a wish list.

The Chamber highlighted nine core areas to boost the economy.

Expanding the resident population, developing a sustainable housing supply and a strategy for the publicly funded Morgan’s Point property will be among the Chamber’s priorities as they evaluate Friday’s throne speech during the convening of parliament and subsequent pre-budget reports.

Plus, they said they aim to examine proposed solutions to the economic challenges posed by an aging population.

The Morgan’s Point site is expected to be turned into a residential, shopping and restaurant complex estimated to cost $130 million – and the Chamber would like to see tangible signs of progress.

The Chamber also points to the number of jobs held by those over 55 years of age and what this means for our overall workforce.

On the topic of jobs, Chamber President Marico Thomas said, “we continue to make the case that for a thriving retail sector, that provides jobs and and goods for consumers, a change in duty rates for bricks and mortar retail operations must be given strong consideration.”

The Chamber says total retail employee numbers have not grown from 2019 levels, which reflects a reduced consumer base.

Retailers, the Chamber says, will want government to revisit the effectiveness of the sugar tax. Mr. Thomas believes the view is, “this tax is having a compounding impact on food prices and cost of food at this time. “

On housing, Chamber welcomes the recent changes to the Bermudiana Beach Resort into 94 residential units, while noting the project is as an example of publicly funded development.

The government estimates rental value for the studio, 1, 2 and 3 bedroom units will range from $3,000 to $7,000 per month. Some units will also be reserved for affordable housing clients registered with the Bermuda Housing Corporation.

The Chamber awaits a clear pricing strategy for the units, to ensure the rental prices being sought do not have an additional inflationary price impact to the local market.

The announcement of the tabling of the Landlord Tenant Act in 2022 to increase legislative protections for both parties to support longer economic growth will also be on their radar.

There will also be interest in the implementation of the 15% Corporate Income Tax on multinational companies with expected revenues of more than 750 million euros or over $800 million annually. The tax, coming into effect in January, could see millions of additional revenue flowing into government coffers.

The chamber also seeks clarity on the potential costs and benefits the island stands to gain by becoming a full member of CARICOM, as announced in last year’s Throne Speech. The Chamber said there has been little provided to the public and businesses on how Bermuda would fit within the regional market.

Friday’s speech from the throne will be read by Governor Rena Lalgie at the Cabinet Office grounds in Hamilton.

Participants sought for tourism training course

Tony McWilliam
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Participants sought for tourism training course

BTA is offering prizes in a bid to enroll 300 people by year’s end  

The AnchorBDA programme seeks to create ‘tourism ambassadors’.     Photo supplied  

A free programme that seeks to elevate the skillsets and knowledge of those who work in hospitality is offering prizes as a way to encourage enrollment.

The Bermuda Tourism Authority aims to enroll 300 new participants in its AnchorBDA programme before the end of this year.

A press release stated: “This initiative seeks to enhance the skills and service standards of Bermuda residents and hospitality professionals through a comprehensive programme. The first 300 individuals to complete the programme by December 2024 will receive exclusive prizes.”

The six-module course (also available for groups) debuted last year; the curriculum was developed in Bermuda and assured by City & Guilds. One of its goals is to create ‘tourism ambassadors’.

BTA says that the course provides participants with “a comprehensive understanding of Bermuda’s cultural history, tourism goals, authentic customer service, and the importance of sustainability and inclusion”.

BTA CEO Tracy Berkeley said the AnchorBDA programme elevates the knowledge bank of our tourism workforce, facilitates community involvement as outlined in the National Tourism Plan, and supports a mandate – set out in the Bermuda Tourism Authority Act 2014 – to encourage education and training.

She added: “By investing in the development of our local talent, we are strengthening Bermuda’s position as a quality destination while ensuring our residents are empowered to play an active role in the island’s tourism success. The programme is built by Bermuda, for Bermuda, and that is a key aspect of its value.”

Jakai Franks, BTA’s VP, Operations, said the programme was designed to inspire confidence in future employers, providing a credential that reflects the highest standards in tourism and service: “We invite all Bermuda residents to take advantage of this valuable learning opportunity.”

And Davida O’Brien, Tourism Standards & Training Manager, who led the development of AnchorBDA, said: “… The momentum is building with nearly one-hundred organisations and stakeholders having participated in the programme so far. We encourage individuals, associations and businesses to register for the complimentary programme before the end of the year.”

The programme is designed for those with an interest in, or who are currently involved in, Bermuda’s tourism industry. For more information and to register, visit AnchorBDA Specialist Programme 

Local expert to tackle Gang Grooming at community meeting

Jasmine Patterson
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Local expert to tackle Gang Grooming at community meeting

The presentation will highlight the tactics used by gangs to recruit young people and the signs parents can recognize to identify if their child is at risk.

A gang prevention expert will be addressing the tactics used by gangs to recruit young people during an education session held by the Sandys Parish Council Thursday evening.

The talk entitled, “Identifying and Combating the Dangers of Gang Grooming” begins at 6:30 pm at St.James Church Hall, Sandys.

Teledo Breary will discuss how gangs use seemingly harmless interactions to build trust and manipulate young people, the warning signs, preventative measures and community resources available.

The event is open to all community members with an aim of focusing on supporting youth advocates, parents and guardians.

According to a press release, the topics included during the education sessions will include:

“Common Grooming Techniques: Understanding how gangs use seemingly harmless interactions to build trust and manipulate young people; Warning Signs: Identifying behavioral and social indicators in young people that may signal gang involvement;”

“Preventative Measures: Practical strategies for parents to engage in open, supportive conversations with their children and establish protective boundaries; and Community Resources: Information on support systems available for families dealing with gang grooming or related issues.”

A spokesperson said, “This event is designed to be informative, practical, and supportive. In addition to the presentation, attendees will have the opportunity to connect with community resources, fostering a safer and more resilient environment for Sandys Parish residents.”

They add, “The Sandys Parish Council encourages all community members to attend and stand together in protecting the future of our youth.”

“Together, we can take proactive steps to counter gang grooming and support our young people in making positive life choices.”

A light meal will be provided.

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