Thursday, November 5, 2026
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Australian PM Albanese briefly evacuated from residence after security threat

Police said they had responded to an “alleged security incident”, without giving more details on the nature of the incident

International News via Reuters:

Australian Prime Minister Anthony Albanese was evacuated from his residence in Canberra late on Tuesday following a security threat, and returned a few hours later after nothing suspicious was found, ABC News reported.

Police said they had responded to an “alleged security incident”, without giving more details on the nature of the incident.

“A thorough search of a protection establishment was undertaken and nothing suspicious was located. There is no current threat to the community or public safety,” an Australian Federal Police spokesperson said in a statement.

Reporting by Praveen Menon; Editing by Andrew Heavens

After killing of top drug lord, cartels use fake news to spread fear in Mexico

Unrest did indeed break out in many parts of Mexico as loyalists to El Mencho, the leader of the Jalisco New Generation Cartel, set up roadblocks, torched buses and stores, and attacked gas stations in retaliation for his slaying

International News via Reuters:

After Mexican forces killed the country’s most wanted cartel leader on Sunday, false accounts of spectacular violence swept across social media, fueled by what researchers say was a coordinated propaganda campaign by organized crime.

Unrest did indeed break out in many parts of Mexico as loyalists to El Mencho, the leader of the Jalisco New Generation Cartel, set up roadblocks, torched buses and stores, and attacked gas stations in retaliation for his slaying.

But online, things looked even worse. Among the false reports: The Guadalajara airport taken over by assassins. A plane on the runway was on fire. Smoke was billowing from a church and multiple buildings in the city of Puerto Vallarta, popular with tourists.

These images, which were reviewed by Reuters, were false but shared tens of thousands of times.

Misinformation routinely proliferates after major news events, particularly since the advent of artificial intelligence.

Experts said that, in the case of El Mencho’s killing, the fake news was being spread at surprising speed not only by unsuspecting users but also in some cases by the cartel itself, in efforts to make its retaliatory wave of violence appear greater and more terrifying than it really was.

“They are trying to show that the Mexican government doesn’t have control over the country,” said Jane Esberg, assistant professor at the University of Pennsylvania, who has studied how Mexican criminal groups use social media.

She added that this strategy helped to create a narrative that the cartel had a presence all over the country, but made it hard to establish the scale of the violence and what security forces were facing.

When asked by a reporter about cartel-linked social media accounts pushing fake news, Mexican Security Secretary Omar Garcia Harfuch said on Monday that authorities had already identified “various accounts” and that they would do a deeper investigation to determine which have “direct relationships with an organized crime group.”

He added there were other accounts “dedicated to spreading lies” but don’t have any established criminal links.

Mexican President Claudia Sheinbaum said authorities were working quickly to refute misinformation and that there were “many, many fake news stories” circulating in the wake of the El Mencho killing.

NARCO INFLUENCERS AND SHAPING PUBLIC OPINION

Mexican cartels have long used social media for propaganda efforts, from slandering rivals to publicizing crime groups’ community efforts, such as distributing aid during the coronavirus pandemic.

The false material traditionally used by Mexico’s criminal groups has been lower-tech: recycled cartel videos from previous years, for example, or violent images from far-flung conflicts on other continents, researchers said.

But the emergence of AI-generated content has now enabled cartels to produce more creative fake news propaganda.

Meanwhile, the rise of narco influencers – social media personalities who built large followings and leverage their platforms to glorify and even promote organized crime – has opened up another avenue for propaganda in recent years.

Such misinformation campaigns can be particularly damaging in Mexico, where violence makes it difficult for journalists to access parts of the country to report on the ground and sort out fact from fiction, Esberg said.

But she and other experts also cautioned that it’s often difficult to determine with certainty which accounts or blogs are tied to the cartels and spreading fake news.

Pablo Calderon, an associate professor in politics and international relations at Northeastern University London, said cartels use social media to amplify their image and power and to shape public opinion, including through misinformation.

“Sunday was a good day for Mexican security forces,” he said. “But organized crime has been successful in shifting the narrative, away from the (military raid) to chaos.”

Reporting by Laura Gottesdiener in Monterrey and Stefanie Eschenbacher in Mexico City; Editing by Michael Perry

Sterling lingers near one-month low ahead of BoE’s Bailey

Sterling was trading at $1.3489 against the dollar, close to its lowest for a month

International News via Reuters:

The pound was little changed on Tuesday after eking out modest gains in the last two sessions, as traders awaited testimony from Bank of England Governor Andrew Bailey and monitored potential fallout from new U.S. tariffs.

Sterling was trading at $1.3489 against the dollar, close to its lowest for a month. It was steady against the euro, which traded at 87.34 pence.

Bailey is expected to address parliament’s Treasury committee later in the day, where he may offer more insight into his decision to vote to leave rates unchanged at the BoE’s meeting earlier this month.

The Monetary Policy Committee held policy after a narrowly split vote. Markets show traders think the central bank will cut rates twice this year to take the benchmark rate to 3.25%.

The timing of any cuts remains uncertain, however, according to a poll of economists conducted by Reuters. 

“Commentary that he has seen enough to justify a March rate cut could firm up that pricing in money markets and even push the market to speculating on more than 50 basis points in BoE easing this year,” ING’s global head of markets Chris Turner said.

TARIFFS, POLITICAL RISKS KEEP INVESTORS JITTERY

Investors are also contending with uncertainty over U.S. tariffs. An initial 10% tariff came into effect at a minute past midnight on Tuesday, according to a Customs notice. 

It is unclear when U.S. President Donald Trump’s promised increase to 15% might take effect.

However, analysts have turned to domestic factors to assess sterling’s appeal in recent weeks.

Last week, data showed that Britain’s jobless rate rose in the fourth quarter of 2025, while inflation in January hit its lowest since March last year, reinforcing bets on rate cuts which typically weigh on a currency.

Also on the radar is an election in Manchester’s Gorton and Denton constituency on Thursday, seen as an important test for Prime Minister Keir Starmer and his Labour Party.

Declining poll numbers and anger over allegations that his chosen U.S. ambassador, Peter Mandelson, once leaked government information to late sex offender Jeffrey Epstein, have given an edge to his rivals. Mandelson has denied wrongdoing.

Reporting by Niket Nishant. Editing by Amanda Cooper and Mark Potter

Chamber commends Burt’s swan song Budget

“As a swan song Budget that was a pretty decent one”, says Chamber of Commerce President Marico Thomas

Business leaders today appeared to largely embrace the country’s new Budget, citing progress on tackling national debt as key to long-term stability.

Premier David Burt addressed a packed Budget Breakfast event, hosted by the Chamber of Commerce.

WATCH the report above…

Son of slain Hollywood filmmaker Rob Reiner pleads not guilty to murder charges

The 32-year-old was arraigned during a brief proceeding that had been twice rescheduled, most recently last month, when his original attorney abruptly quit without explanation and was replaced by a public defender

International News via Reuters:

Nick Reiner, the troubled son of slain Hollywood filmmaker Rob Reiner, pleaded not guilty on Monday to murder charges stemming from the fatal stabbing of his parents in their home, one of the most shocking celebrity homicide cases in Los Angeles history.

The 32-year-old was arraigned during a brief proceeding that had been twice rescheduled, most recently last month, when his original attorney abruptly quit without explanation and was replaced by a public defender.

Nick Reiner pleaded not guilty to two counts of first-degree murder in the deadly knife attack on actor-director Rob Reiner, 78, and photographer-producer Michele Reiner, 70. Their bodies were found on December 14 inside their West Los Angeles mansion.

Seated behind a glass partition dressed in brown jail garb, his head shaved and beard closely cropped, Reiner appeared alert but spoke little during the proceeding except to answer “yes” when asked if he agreed to waive his right to a speedy preliminary hearing.

Los Angeles County Superior Court Judge Theresa McGonigle also set the preliminary hearing, where prosecutors present evidence intended to show probable cause for proceeding to trial. It was set to take place within 30 days of April 29.

Nick Reiner, who has acknowledged a years-long struggle with substance abuse, was also ordered to remain jailed without bond, as he has been since his arrest in the hours after his parents were slain.

The killings stirred an outpouring of grief among Hollywood luminaries for Rob Reiner, who first gained fame by co-starring in the 1970s hit television comedy “All in the Family” and later directed such beloved films as “When Harry Met Sally,” “This is Spinal Tap” and “The Princess Bride.”

VICTIMS MINGLED CELEBRITY WITH POLITICS

Reiner went on to become a prominent Democratic Party activist and donor. He and his wife, married for nearly 37 years, had planned to attend an evening gathering with former President Barack Obama and Michelle Obama on the day of the murders.

Nick Reiner was widely reported to have quarreled with his parents while the three were attending a holiday party hosted by comedian Conan O’Brien the night before the couple were slain.

The circumstances and celebrity surrounding the Reiner case stirred memories of the 1994 stabbing deaths of former football star O.J. Simpson’s ex-wife Nicole Brown Simpson and her friend Ron Goldman.

O.J. Simpson was acquitted of murder charges in a sensational case hyped in the media as the “trial of the century,” but a civil court jury later found him responsible in a wrongful death lawsuit brought by the victims’ families.

If Nick Reiner is convicted as charged, he would face life in prison without the possibility of parole, or prosecutors could decide to seek the death penalty. Such a determination has yet to be made, District Attorney Nathan Hochman told reporters after Monday’s hearing.

Authorities have disclosed few details about the crime and offered no explanation for what may have precipitated the killings. Autopsies found both victims died of “multiple sharp force injuries.”

High-profile defense lawyer Alan Jackson, initially retained to represent Nick Reiner, suddenly withdrew from the case on January 7, forcing the second of two arraignment postponements in three weeks. A lawyer from the public defender’s office, Kimberly Greene, was assigned to take over for Jackson on short notice. She was in court with Reiner on Monday.

Neither of Nick Reiner’s siblings – older brother Jake Reiner, 34, or younger sister Romy, 28, who reportedly was the first to find her father’s body – has been present in court for their brother’s hearings.

Following his initial court appearance in December, the siblings issued a joint statement expressing the “unimaginable pain” they were experiencing following the “horrific and devastating loss of our parents.”

It remained to be seen how Nick Reiner’s history of drug addiction, rehab and periodic homelessness might factor into the murder case. Those struggles inspired the movie “Being Charlie,” which he co-wrote with his father. 

The New York Times reported last week that in 2020, Nick Reiner was placed under a court-approved mental health conservatorship that had allowed for involuntary psychiatric treatment, a legal arrangement that ended in 2021.

The Times said both the public defender’s office and the district attorney’s office declined to comment on the matter.

Reporting and writing by Steve Gorman in Los Angeles; Additional reporting by Jane Ross in Los Angeles; Editing by David Gregorio

Former UK ambassador Mandelson arrested after Epstein revelations

Mandelson, 72, was fired from the most prestigious posting in Britain’s diplomatic service in September, when the depth of his friendship with Epstein started to become clear

International News via Reuters:

Former British ambassador to the U.S. Peter Mandelson was arrested by London police on Monday on suspicion of misconduct in public office, following revelations over his ties to convicted sex offender Jeffrey Epstein.

Mandelson, 72, was fired from the most prestigious posting in Britain’s diplomatic service in September, when the depth of his friendship with Epstein started to become clear.

Police earlier this month began a criminal investigation into Mandelson after Prime Minister Keir Starmer’s government passed on communications between the former ambassador and Epstein.

“Officers have arrested a 72-year-old man on suspicion of misconduct in public office,” London’s Metropolitan Police said in a statement relating to an investigation into a former government minister.

Mandelson was filmed leaving his central London home accompanied by plainclothes officers wearing body cameras, before being driven away in a car.

The arrest means police suspect a crime has been committed but does not imply any guilt.

There was no immediate response from Mandelson’s lawyers. 

EMAILS SHOWED MANDELSON AND EPSTEIN CLOSER THAN THOUGHT

Emails between Mandelson and Epstein, released by the U.S. Department of Justice in late January, showed the two men had a closer relationship than had been publicly known, and Mandelson had shared information with the financier when he was a minister in former Prime Minister Gordon Brown’s government in 2009.

Mandelson, who this month resigned from Starmer’s Labour Party and quit his position in parliament’s upper chamber, has previously said he “very deeply” regretted his association with Epstein. But he has not commented publicly or responded to messages seeking comment on the latest revelations.

Mandelson’s homes in London and west England were searched by police earlier this month.

“He was arrested at an address in Camden on Monday, 23 February and has been taken to a London police station for interview,” the police statement said. 

“This follows search warrants at two addresses in the Wiltshire and Camden areas.”

Last week, King Charles’ younger brother Andrew Mountbatten-Windsor was also arrested on suspicion of misconduct in public office over separate allegations he sent confidential government documents to Epstein. He has always denied any wrongdoing.

PRESSURE GROWS ON STARMER OVER VETTING BEFORE APPOINTMENT 

A conviction for misconduct in a public office carries a maximum sentence of life imprisonment, and must be handled in a Crown Court, which only deals with the most serious criminal offences.

Mandelson’s relationship with Epstein, who died in prison while awaiting trial in 2019 on sex trafficking charges, is at the centre of a British political scandal that has forced the resignation of two senior government officials.

Starmer, who has faced calls to step down over Mandelson’s appointment, faces further scrutiny after parliament ordered the release of documents relating to his vetting. A minister said on Monday that the first documents should be published in early March. 

MANDELSON HAD A DECADES-LONG CAREER IN UK POLITICS

Mandelson has had a turbulent, decades‑long career in British politics.

He came to prominence in the mid-to-late 1990s as one of the architects of former British Prime Minister Tony Blair’s New Labour project.

But Mandelson was forced to resign twice from the cabinet, first in 1998 for failing to disclose a home loan he had taken from a colleague, and second in 2001 after allegations that he had tried to influence a passport application.

But he was reappointed as a minister in Brown’s Labour government from 2008 to 2010 and eventually returned to public office when Starmer made him ambassador to the United States in late 2024.

His appointment as ambassador to the United States was initially seen as a shrewd move. He scored an early victory by ensuring Britain was the first country to agree a deal with the United States to lower some of President Donald Trump’s tariffs.

But he was fired a few months later when documents showed his close ties to Epstein. 

Starmer has said that Mandelson lied about the extent of his ties to Epstein during the vetting process.

Reporting by William James; editing by Michael Holden and Jon Boyle

Bermuda Motors issues recall of faulty BMW airbags

They urged owners to take immediate action if you drive a BMW 1, 2, 3 or X3 or X5 series due to safety concerns

Bermuda Motors is offering free airbag replacement for certain BMW vehicle model owners affected by ‘extremely dangerous’ airbags that have been recalled.


In a notice sent out by Allshores on behalf of Bermuda Motors, they announced motorists might be affected by recall of Takata brand airbags installed in BMWs manufactured between 2003-2017.


They urged owners to take immediate action if you drive:

• BMW 1 Series (Hatchback, Cabrio, Coupe)

• BMW 2 Series (Cabrio, Coupe, Active Tourer)

• BMW 3 Series (Sedan, Station Wagon, Cabrio, Coupe)

• BMW X3

• BMW X5

This recall was issued due to safety concerns with the airbags inflator, which have been found to ignite with explosive force, if ruptured during a crash.


Bermuda Motors described the fault as ‘extremely dangerous to you and passengers’, as metal shards may disperse throughout the passenger cabin.


For more information, call Bermuda Motors at 298-4209 or emailtechnicalcampaigns@bermudamotors.bm to find out if your vehicle is affected by the recall.

Meta users survey found 19% of young teens on Instagram report seeing unwanted nude images

Meta, which owns Facebook and Instagram, is facing allegations from global leaders that the company’s products harm young users

International News via Reuters:

Nearly 1 in 5 users aged 13 to 15 told Meta that they saw “nudity or sexual images on Instagram” that they didn’t want to view, according to a court filing. 

The document, made public on Friday as part of a federal lawsuit in California and reviewed by Reuters, includes portions of a March 2025 deposition of Instagram head Adam Mosseri.

Mosseri said the company does not share survey results “in general,” adding that self-reported surveys are “notoriously problematic,” according to the deposition. The survey was taken in 2021, said Andy Stone, a spokesperson for Meta. 

Meta, which owns Facebook and Instagram, is facing allegations from global leaders that the company’s products harm young users. In the U.S., thousands of lawsuits in federal and state court accuse the company of designing addictive products and fueling a mental-health crisis for minors.

The statistic on explicit images came from a survey of Instagram users about their experiences on the platform, Stone said, and not a review of posts themselves. 

The company in late 2025 said for teen users, it would remove images and videos “containing nudity or explicit sexual activity, including when generated by AI,” with exceptions considered for medical and educational content.

“We’re proud of the progress we’ve made, and we’re always working to do better,” Stone said. 

About 8% of users in the 13 to 15 age group also said they had “seen someone harm themselves or threaten to do so on Instagram,” according to the deposition.

Most sexually explicit images were sent via private messages between users, Mosseri said in his deposition, and Meta must consider users’ privacy when reviewing them.

“A lot of people don’t want us reading their messages,” he said.

Reporting by Courtney Rozen; Additional reporting by Jody Godoy in New York; Editing by Bill Berkrot

Insurer narrows its drug distribution network

Allshores has made Phoenix Pharmacies its sole provider for Ozempic, Adderall, Eliquis and more than 40 other drugs

Allshores, the amalgamation of health insurers Argus and BF&M, is restricting the coverage and dispensing of certain high-cost drugs to Phoenix Pharmacies exclusively.

As of April 1st, new prescriptions of drugs such as Ozempic, Adderall, Eliquis for Allshores insurees may only be honoured at the eight Phoenix Pharmacy locations.

That means more than two-thirds of Bermuda’s pharmacies, including at the hospital and independent locations such as Caesar’s and Robertson’s, will be unable to fulfill those prescriptions with Allshores’ insurance coverage.

Allshores sent a letter to pharmacies last week alerting them to the “critical change”, with a website link to a current list of 46 prescriptions that require fulfillment through Phoenix. (VIDEO of website below)

The prescriptions include diabetes and weight-loss drugs Ozempic, Mounjaro and Waygovy; Eliquis, a blood-thinner used to reduce the risk of stroke; ADHD treatment drug Adderall; Cellcept and Tacrolimus, prescribed to reduce the risk of organ rejection following a transplant; and specialized cancer drugs such as Lenalidomide.

In a statement today, Allshores stated that the change is being made because “high-cost prescription drugs — including GLP-1 treatments, biologics, and oncology therapies — have become one of the fastest-growing drivers of spending.”

“While these medications represent only about 3% of prescriptions, they account for more than 30% of total prescription spend among Allshores members.” (FULL statement below)

Allshores told pharmacies that by consolidating distribution through one pharmacy group, they can secure better pricing.

Today’s statement adds, “this initiative does not reduce pharmacy benefits. Benefit schedules have not changed, and coverage levels remain the same. In some cases, coverage for certain high-cost medications has improved. For most plans, eligible medications continue to be covered at 100% with no copay or deductible when dispensed through the designated pharmacy partner.”

Allshores states that Phoenix was selected as their designated provider following an “extensive RFP process”, and cited that it is “Bermuda’s largest pharmacy group, with eight convenient locations across the island and island-wide delivery.”

In its response to the move by Allshores, People’s Pharmacy told us in a statement today, “cost containment is a shared goal. We believe alternatives should be explored that achieve similar savings outcomes without forcing patients away from pharmacies that hold their complete medical history, which could lead to missed potential drug interactions.”

“Limiting medication access to a single pharmacy network raises concerns about reduced patient choice, the disruption of trusted care relationships, and the unintended impacts on the sustainability and diversity of Bermuda’s pharmacy sector.” (FULL statement below)



Statement by Allshores Limited:

Allshores Limited (“Allshores”) (BSX: ALSH) today announced a pharmacy partnership designed to help manage rising prescription drug costs while maintaining full coverage and continued access for members, particularly those managing chronic or complex health conditions.

This initiative does not reduce pharmacy benefits. Benefit schedules have not changed, and coverage levels remain the same. In some cases, coverage for certain high-cost medications has improved. For most plans, eligible medications continue to be covered at 100% with no copay or deductible when dispensed through the designated pharmacy partner.

As Bermuda continues to experience sustained healthcare cost increases, high-cost prescription drugs — including GLP-1 treatments, biologics, and oncology therapies — have become one of the fastest-growing drivers of spending. While these medications represent only about 3% of prescriptions, they account for more than 30% of total prescription spend among Allshores members. Many employer clients ask Allshores to use its purchasing power to negotiate on their behalf to help keep healthcare coverage affordable, and this initiative forms part of that effort.

Following a formal Request for Proposal (RFP) process, The Phoenix Stores — a long-standing Bermudian-owned business — was selected as the designated pharmacy provider for certain GLP-1 and other high-cost prescription medications.

Beginning March 1, new prescriptions for certain high-cost medications will be directed to The Phoenix Stores pharmacies as the designated provider. Effective April 1, new prescriptions for these medications filled at other pharmacies in Bermuda will be subject to coverage in accordance with the terms of their health plans.

Allshores began by informing physicians and pharmacies in advance to help ensure continuity of care and a smooth transition for patients. Communications to clients and members are now underway, including targeted outreach to the small group of members with chronic conditions who are directly impacted.

Physicians and pharmacies have been informed of these changes to support continuity of care, and relevant prescriptions will be directed to The Phoenix Stores pharmacies where appropriate. Regular prescriptions are not affected by this initiative — members may continue to fill all non-high-cost medications at the pharmacy of their choice, including The Phoenix Stores, in line with their existing coverage.

Specialty pharmacy models such as this are increasingly common internationally, helping improve health outcomes while managing rapidly rising prescription costs.

To support member convenience, The Phoenix Stores operates eight locations across Bermuda and offers complimentary island-wide home delivery, providing flexible options for accessing medications. Members do not need to take any immediate action.

A full list of medications included in this initiative is available at allshores.com/phoenix.

Allshores remains focused on balancing access to care, affordability for members, and the long-term sustainability of Bermuda’s healthcare system. The company will continue monitoring implementation closely and remain responsive to feedback from members, providers, and pharmacy partners.


Response from People’s Pharmacy to Allshores’ policy change:

People’s Pharmacy understands the need to address rising healthcare and insurance costs in Bermuda, and we recognize the important role insurers play in managing affordability for patients. At the same time, we believe it is essential to preserve independence and balance within Bermuda’s healthcare system. Patients benefit most when doctors, pharmacists, and insurers collaborate; ensuring care decisions remain centered on improving clinical outcomes while preserving patient autonomy and choice.

Cost containment is a shared goal. We believe alternatives should be explored that achieve similar savings outcomes without forcing patients away from pharmacies that hold their complete medical history, which could lead to missed potential drug interactions. Limiting medication access to a single pharmacy network raises concerns about reduced patient choice, the disruption of trusted care relationships, and the unintended impacts on the sustainability and diversity of Bermuda’s pharmacy sector.

It also raises an important broader question for our healthcare system: if access to one category of treatment can be consolidated in this way, what safeguards exist to ensure this approach does not expand over time to determine where patients must obtain other healthcare services? Maintaining balance today helps protect patient choice and system resilience tomorrow.

International experience also highlights the importance of carefully balancing cost management with patient choice. In Ontario, Canada, a similar specialty drug arrangement introduced in 2024 would have directed certain patients to obtain medications primarily through a single pharmacy network affiliated with Shoppers Drug Mart. Following concerns raised by patients, healthcare professionals, and government officials regarding competition, access, and continuity of care, the insurer reversed the policy and restored patient access to any pharmacy while continuing to pursue cost-management objectives.

Our priority remains the wellbeing of patients and maintaining a healthcare environment that supports access, continuity of care, and collaboration across the entire system.

‘Cost and ease of doing business’ still a concern for ABIC members

The Association of Bermuda International Companies (ABIC) Chair Christian Dunleavy issued his comments on the Government’s 2026/27 Budget

Full statement from ABIC:

ABIC, whose members are significant payers of the Corporate Income Tax and payroll taxes as well as key job creators, welcome the budget’s prioritization of CIT revenue for debt repayment.


ABIC also supports the establishment of a Stabilisation Fund to reduce the expected volatility of the CIT over time due to industry concentration among the CIT payers.


Additionally, ABIC supports the utilisation of a portion of the proceeds for efficient delivery of social services, critical when so many members of our community struggle to meet the cost of living.


The CIT has transformed the Bermuda’s Government’s revenues and presents an unexpected opportunity to reduce Bermuda’s debt burden.

Reducing and eliminating debt servicing will free up existing budget room for social services and reducing other taxes, mitigating the need for the increase or creation of new taxes and fees.


The cost and ease of doing business in Bermuda remain a key concern for ABIC members andour desire to support job creation and economic growth in Bermuda in an increasingly competitive global environment.

Expanding the CIT tax credits to payers beyond regulated insurers and reinsurers would be a welcome step.

Separately, discussion of a new personal income tax alongside a new and significant CIT requires careful consideration, study and extensive consultation.

A personal income tax, alongside the CIT, could be a disincentive for job retention and creation on island as well as a countermeasure to the recently introduced substance-based tax credit, the job-based benefit factor.


ABIC believe the immediate priority is onboarding and understanding the impact of the significant new taxes raised through the CIT without harming Bermuda’s competitiveness.

This can be achieved with the continued good work of the teams at the Ministry of Finance and CITA,
supported by close industry collaboration.

ABIC also looks forward to a robust consultation exercise on other areas of reform including proposed Universal Health Care and social insurance reform.