Former Finance Minister Curtis Dickinson reflects on the groundwork that had to be done to develop the Corporate Income Tax after Bermuda’s ‘hand was forced’ by the OECD
The man who laid the groundwork for the Corporate Income Tax acknowledges that Bermuda’s ‘hand was forced’ by the OECD – but it worked out for us.
Curtis Dickinson, PLP MP and Finance Minister from November 2018 to February 2022, says they were concerned about the impact of the tax, but they worked alongside International Business for the best outcome.
Bermuda’s junior Davis Cup stars faced a testing day in Guatemala City as their qualifying campaign shifted into the Under-16 classification rounds. Competing in the 9th to 16th place play-off, the young Bermudian side showed flashes of brilliance but ultimately fell to a narrow 2–1 defeat against the US Virgin Islands.
The tie opened with a three-set marathon that set a high bar for the afternoon. Hasan Khan represented Bermuda in the opening singles rubber against Weston Wagner. After dropping the first set 6-3, Khan displayed immense resolve, clawing back to level the match with a gritty 6-4 second-set victory.
However, Wagner regained his composure in the deciding frame, defeating Khan 10-3 in the tie-break to give the US Virgin Islands the early advantage.
The mountain became steeper in the second singles match as Jaden Jones took to the court against Croix Nelthropp. Despite a competitive opening set where Jones pushed his opponent to the limit, Nelthropp proved too strong in the decisive moments, securing a 7-5, 6-3 victory. The result mathematically secured the overall tie for the US Virgin Islands before the final rubber commenced.
Bermuda did manage to salvage pride and momentum in the concluding doubles match. Hasan Khan returned to the court alongside Michael Collins to face the pairing of Nelthropp and Wagner.
The Bermudian duo demonstrated excellent chemistry and clinical net play, wrapping up a comprehensive 6-4, 6-3 straight-sets win. While not enough to overturn the overall deficit, the victory provided a positive finish to a grueling day of international competition on the red clay.
Freshman Madisyn Bobb and her University of Maryland, Baltimore County (UMBC) teammates have rewritten the history books by capturing the program’s first-ever America East Indoor Championship title. In a spectacular weekend of competition at the Boston University Track and Tennis Center, the Retrievers delivered a clinical performance to finally hoist the elusive trophy.
UMBC amassed a formidable 163 points to secure the crown, besting perennial powerhouse UAlbany, who finished with 143 points. Bryant claimed third place with 116.83 points in a meet defined by record-breaking performances and depth across the board. The victory was secured in dramatic fashion, with a gold-medal and meet-record performance in the 4x400m relay putting the finishing touches on the historic win.
Bermudian standout Madisyn Bobb played a significant role in the team’s sprint dominance. Competing in the 200m dash preliminaries, Bobb clocked a time of 24.61 seconds to finish fifth and earn her spot in the final.
She found an extra gear in the championship race, lowering her time to 24.49 seconds. Although she narrowly missed the podium with a fourth-place finish, her effort contributed vital points to the Retrievers’ winning total.
The championship win brought additional honors for the program as UMBC was named the America East Coaching Staff of the Year. Alongside Bobb’s contributions, the Retrievers celebrated individual gold medals in events ranging from the 200m and 60m hurdles to the mile and shot put, signaling a dominant new era for the team.
The UMBC squad will now look to carry this momentum onto the national stage following a breakthrough season that has established them as the force to be reckoned with in the conference.
The five-year-old with cerebral palsy needs $32k for a “life changing” Trexo robotic walker — with just 10% left to raise, her family is calling on the community to help make it happen
A five-year-old with an unstoppable spirit is rallying support from Bermuda to Canada, and beyond.
Aryah Rose lives with severe cerebral palsy, and her family is now working to raise funds for a robotic walking device they hope will open the door to greater independence.
Aryah Rose was born in 2021 and experienced a bilateral stroke during delivery. Today, she lives with spastic quadriplegic cerebral palsy and cortical Vision Impairment . She’s non-verbal, non-ambulatory, and primarily fed through a G-tube.
But her mom, Delijah Symonds, says none of that defines her.
“She’s very happy, very determined. She’s the sweetest thing. Her determination to thrive and to be included and to move her body is pretty incredible.”
That drive is what inspired her family to begin fundraising for a Trexo robotic walker following a successful trial with one. The device is designed to help children with mobility challenges stand upright and take supported steps.
“It makes her the happiest kid in the world,” said Ms Symonds. “You see her smile when she gets in the machine… and the way she cries getting out of it – like wow she really loves this.”
For many people, walking is something they rarely think about – getting out of bed, moving from place to place without a second thought.
For Aryah, every transition requires being lifted in and out of her wheelchair.
Inside the Trexo, however, she isn’t just moving – she’s included.
“It’s just a very wholesome feeling to see her upright and walking, being eye to eye with her peers,” adds Ms Symonds. “That helps with self-esteem, self-confidence, being included.”
Beyond mobility, the walker may also support muscle development, digestion, and even sleep.
But that opportunity comes at a steep price -$32,000 – and the device is not covered by insurance in Canada, where Aryah and her family now live.
In December, the family launched a fundraising campaign through Support Now. Since then, donations have poured in from around the world.
“I’m so, so, so thankful for the support that we have received thus far. It’s not an easy journey being a parent of a child with a disability… you know, her joy is my peace and so just being able to see so many components of her life be benefited by this robot – it’s just, it’s sometimes hard to find the words when it’s just so heart-warming. But we’re hopeful. I believe we can do it and we’re going to do all that we can to make this a reality for her.”
With just about ten percent of their goal left to raise, the family says every contribution makes a difference.
For those who prefer not to donate through the platform, Ms Symonds can be contacted at delijah.symonds@hotmail.com to connect directly with their Trexo representative.
Ms Symonds said that whether at home in Bermuda or now in Canada, advocacy around cerebral palsy does not stop. Awareness, she said, is key.
For anyone walking a similar journey, she is always willing to offer support and encouragement, knowing first-hand how isolating it can feel.
“It’s my hope to one day return home and help fill the gaps that are so necessary.”
She said she is aware of several families on the island who would benefit from relocating and is grateful she was born in Canada, allowing Aryah access to additional services.
“Had I not had my Canadian ties, I would still be home, still fighting the fight that I know many of my friends are facing. But I’m staying hopeful and positive that I can be part of the change I’d like to see at home, because it’s so important.”
Tinee Furbert outlines key budget initiatives for the Ministry of Youth, Social Development and Seniors
Breaking ground on a new seniors’ day care facility, creating a dedicated Disability Unit, and increases to financial assistance.
These are among key initiatives in this year’s budget for the Ministry of Youth, Social Development and Seniors.
The Ministry has been allocated $96.2 million overall, including a $16.1 million operational budget to support a range of new and expanded programmes.
“We are taking practical steps to ease the burden on working families,” Minister Tinee Furbert said. “Amendments to the Child Day Care Allowance Act will increase financial assistance for families with multiple children under the age of four, helping to improve affordability and support workforce participation. $250,000 in additional funding is provided for expansion of the Child Day Care Allowance programme.
“In addition, the income threshold for Financial Assistance pensioners has increased from $500 to $800, allowing recipients to retain more of their earned income while maintaining essential support $1.5 million dollars has been allocated for these amendments to the Excluded Income threshold.”
Elsewhere, $1.8 million in capital funding has been set aside to transform the former Gilbert Institute in Paget into a seniors’ day care facility. Once operational, the centre will provide structured day programmes, respite services, and recreational activities for at least 50 seniors, including those living with dementia.
Minister Tinee Furbert says the ground-breaking is targeted for September.
Meanwhile, $160,000 has been allocated to support the development of a Disability Unit within Ageing and Disability Services.
The unit will be led by a full-time Programme Manager, with an amended Accessibility Officer role within ADS covering both accessibility compliance and public awareness responsibilities.
Minister Furbert says the initiative is especially meaningful to her.
The 9th Annual Film Weekend event, hosted by Crime Stoppers, will begin on Thursday February 26th at the Bermuda Underwater Exploration Institute
Full release from Crime Stoppers:
This annual event serves as the major fundraiser for Crime Stoppers which supports the community by empowering citizens to report crimes while maintaining their anonymity. Offering a valuable service for individuals who may be reluctant to interact with law enforcement.
This year, the film weekend will showcase five films nominated for the 2026 Oscars:
– One Battle After Another
– Sentimental Value
– The Secret Agent
– Sinners
– Marty Supreme
Additionally, the Crime Stoppers film team is thrilled to feature a Sunday afternoon film series, showcasing seven short films by talented local filmmakers and producers:
– “From the Sea We Come,” produced by Noelle Young
– Gold Bermudian “Debbie Jones-Hunter,” written and directed by Kaz Godfrey
– Gold Bermudian “Gina Swainson,” written and directed by Marq Rodriguez
– Gold Bermudian “Michael Frith,” written and directed by Kyle Simmons
– “Isle of Devils” and “Lawman,” both written and directed by Kalilah Robinson
– “Outcast,” written and directed by Kayo George
Supporting this fundraiser enables individuals to SPEAK UP AND STOP CRIME.
Join Crime Stoppers at the BUEI for their Big Screen Experience from Thursday, February 26 to Sunday, March 1, 2026.
For further information and to purchase tickets, please visit www.ptix.bm, the BUEI ticket office, or contact fundraising@crimestoppers.
Report what you know by calling 800-8477 or visiting our website at www.crimestoppers.bm
Chamber cites the inflow of Corporate Income Tax funds and ‘a fair balance of debt prioritization against immediate needs to address costs of living and doing business’
Media release issued by the Bermuda Chamber of Commerce:
The Bermuda Chamber of Commerce commends the Premier and Minister of Finance for his 2026 to 2027 Budget Statement. Overall, it offers a number of positive steps that have been key topics for several years; addressing the overall debt, addressing cost of living & doing business and infrastructure support to name a few.
As per the Economic Overview of the budget, Bermuda has continued to grow, with GDP continuing to be powered by the International Business sector. We do note that the Gross National Expenditure (being Total Consumption and Capital Formation, without external trade) has shown recovery, this remains below pre-2020 levels, demonstrating the challenges in the domestic economy. Further, we look forward to the release of the 2024 Household Expenditure Survey which will assist in re baselining the Consumer Price Index. Whilst the Bermuda CPI continues to trend lower than other global economies, we recognize this does not reflect the reality of many and is predominately driven by a rental factor that appears to not reflect the realities of the Bermuda rental market, which is only +7.1% since April 2015 vs the overall CPI of +20.8%.
Given this, the Cost of Living and doing Business support offered in the budget is welcomed, with reductions to payroll tax on both employer and employee and the elimination of duty on fuel for electricity generation viewed as key measures. We note that the relief is not as much as recommended by the TRC for a cap of 7% for employer payroll tax, however, this relates to data collection required and we reiterate our recommendation that any data capture program includes incentives for implementation, whilst also being clear on the scope and scale of information required.
The Chamber is pleased to hear that the forecasted Corporate Income Tax revenues are higher than anticipated and this will support the full repayment of the January 2027 bond of $605m. This effectively reduces the debt to a pre-Covid-19 level, and we look forward to primary Fiscal Guardrails, “Disciplined Annual Operations” & “Responsible Use of CIT Revenues” from the Fiscal Responsibility Panel being enshrined into appropriate legislation.
The Chamber also welcomes the Labour Market Reforms outlined to modernize and review the work permit process as it relates to the closed and restricted job categories. In the pre-budget feedback, the Chamber outlined the need for a committee of cross Ministry/Commerce/Private Sector to address workforce needs given the constraints on labor and low unemployment rate, and we congratulate the Minister of the Economy and Labour and the Minister of Tourism, Sport and Youth for recognizing this need and hosting a meeting with deliverable outcomes earlier this month to support this budget item and key business item.
On Housing, to further the Housing Deep Dive the Chamber hosted in June 2025, it was positive to hear the plans for developing additional affordable housing. We await further details of the Capital Expenditure items for the Bermuda Housing Corporation of their $26.9m budget along with details of the financing and repayment plans for the $90m works for the Albert and Victoria Row & Dr Cann Park housing sites, ensuring that lessons learned from Bermudiana Beach are addressed. The Chamber will continue to advocate for additional housing support in the middle-class tier of housing, as there continues to be constraints in housing at all levels. As a matter of governance, given the quantum of debt that Bermuda Housing Corporate continues to hold and will hold in the future, it is important that their financial statements are tabled and made public as per the Housing Act 1980, given they have not been tabled for 20+years.
Health received a needed boost to help alleviate the strains on the current hospital traffic. We will await further details from the Minister of Health on timelines for the projects outlined and the implementation of the health benefits, along with further subsidies. There remains some outstanding matters for review and to get clarity on, such as the plans with the Standard Premium Rate (was frozen for 3rd year in prior budget, no mention in this years) and per the Consolidated Fund Statements, the Bermuda Hospital Board secured a $30million loan in October 2025, in additional to a $13million overdraft (prior overdraft was for $25million), representing a net increase of debt of $18million. The Chamber also would like to understand impact metrics for healthcare funding (e.g., measuring waiting times) to ensure the needed boost results in tangible community improvement.
We note that the Budget did not include direct support to the Third Sector, outside of an undefined statement to support homelessness and amendment to the Charities Act for AML and ATF measures. With CIT implemented, careful consideration for additional support to Charities will be required to ensure that the Third Sector continues to operate effectively and support our most at risk.
The increase in funding to the Bermuda Tourism Authority is positive given the planned reopening of Southampton Princess later this year. This will need to be supported by other measures, such as air lift support and wider industry support to ensure that the overall tourism market is supported.
Of concern, the Chamber awaits clarity on the proposal of “Consumer Affairs to support piloting the transfer of consumer protection functions, other than housing to the Regulatory Authority”. This needs clear understanding of the implications for both business and consumers and what scope of oversight is being proposed with this structure. The Chamber is not supportive of practices that potentially further restrict the commercial environment that we operate in, which is already operating under constraints of market size, immigration and cost factors.
To support robust economic monitoring and enable businesses to act on timely information, the Chamber is calling for a standardized release schedule for all national statistics. Although this is not within the Ministry of Finance’s purview, Section 6(2) of the Statistics Act 2002 provides the Minister of Economy & Labour with the authority to enact this change. We advocate for this schedule to be formalized starting this fiscal year to provide the private sector with much-needed certainty.
Overall, the Chamber welcomes the positive progress of this budget given the inflow of Corporate Income Tax funds and overall, there is a fair balance of debt prioritization against immediate needs to address costs of living and doing business, with some reservations over the potential aspect of oversight that may make operations in Bermuda less attractive.
The following shows the overall debt position and average interest rate, with the January 2027 debt repaid in full.
He personally thanked the Regiment soldiers for their service while deployed on a disaster recovery mission
Images and press release supplied by Government of Bermuda
The Minister of National Security, the Hon. Michael A. Weeks, JP, MP, travelled to Jamaica this week to visit members of the Royal Bermuda Regiment who are currently deployed on a disaster recovery mission following the impact of Hurricane Melissa.
The Minister, who was accompanied by Bermuda’s National Disaster Coordinator, Mr Noel Martin, met with the soldiers in the parish of St. Elizabeth, where they are working alongside regional and international partners on a coordinated reconstruction initiative aimed at refurbishing homes and improving long-term hurricane resilience.
The visit formed part of the Minister’s commitment to observe the recovery efforts firsthand and personally thank the troops for their service, as well as personally demonstrate support for Jamaica from the Government of Bermuda.
The operation brings together the Jamaica Defence Force (JDF), the Guyana Defence Force (GDF), and the Ghana Armed Forces (GAF).
The mission also includes a British Overseas Territories contingent comprised of the Royal Bermuda Regiment, along with representatives from the Turks and Caicos Islands and the Cayman Islands.
Works currently underway include reinforcing roof systems through the installation of hurricane straps, replacing deteriorated beams, elevating ceilings where required, and carrying out other targeted structural upgrades designed to improve structural integrity and wind resistance.
The initiative reflects a deliberate “build back stronger” approach to ensure that homes are more secure and stable ahead of future hurricane seasons.
Minister Weeks stated: “I wanted to travel to Jamaica to see firsthand the work our soldiers are carrying out and to thank them personally for representing Bermuda with professionalism and decorum. Each of them volunteered for this mission, and they continue to demonstrate the highest standards of service.”
He added: “This deployment goes beyond immediate repairs. It is important that we support families as they rebuild in a way that solidifies and protects their homes against future storms.
“Our Regiment is contributing to a coordinated effort that promotes long-term resilience through this important work with regional partners.”
The Minister also acknowledged the strong multinational cooperation evident throughout the mission, noting that the collaboration between defence forces has created a disciplined and supportive working environment that integrates skills development with meaningful recovery work.
A final closure would leave Bosnia as Europe’s only country without a national broadcaster at a time when it is preparing for national elections in October and still struggling with post-war ethnic divisions
International News via Reuters:
Bosnia’s state broadcaster BHRT shut down its programmes on Thursday in protest at a funding crisis that it said could close the TV and radio service that was meant to unify the country after years of war.
It broadcast a black screen with a short statement reading: “This is not a malfunction. This is a warning about potential shutdown of the BHRT.”
A final closure would leave Bosnia as Europe’s only country without a national broadcaster at a time when it is preparing for national elections in October and still struggling with post-war ethnic divisions.
The broadcaster’s bank account was empty, BHRT deputy director Lejla A. Babovic told private N1 TV. “As of tomorrow we will not be able to plan our activities,” she said. It needed a loan which it would repay by suing its debtors, she added.
BHRT employs about 700 people and broadcasts news, politics, films and art shows across the country.
Postwar Bosnia’s two autonomous regions – the Serb Republic and the Federation shared by Croats and Bosniaks – run their own broadcasters funded by licence fees added to electricity bills.
Half of those fees should finance BHRT under a system set up after the 1990s war with international support to unify three wartime ethnic broadcasters and curb nationalist rhetoric.
But Serb and Croat nationalist parties have long opposed a single state broadcaster.
The Serb Republic’s broadcaster, RTRS, has stopped transferring fees to BHRT since 2017, despite nearly a dozen court rulings, racking up debt of more than 104 million Bosnian marka ($62.96 million).
Many Croats in the Federation also refuse to pay licence fees.
BHRT owes around 100 million Bosnian marka for expenses including services by other media and benefits for employees, its accounts show.
Earlier this month, the head of the European Union delegation to Bosnia, Luigi Soreca, said on X that the collapse of BHRT would represent a major setback for the country’s candidacy for joining the bloc.
Sarajevo-based journalist Najra Krvavac said its collapse “would be a devastating and final proof of a lack of care for an integral part of the country’s identity”.
Others said the broadcaster’s significance was fading as its audience aged and streaming services attracted younger viewers.
“If it stops broadcasting, the damage would be mainly symbolic,” Omer Hasic, a 56-year-old clerk from Sarajevo, said. “Younger people are not into TV any more, everything is on internet.”
In November, BHRT went on air from an improvised tent studio in bitter winter cold outside parliament, urging the government to prevent its collapse in what it called a “final warning”.
($1 = 1.6519 marka)
Reporting by Aleksandar Vasovic; Editing by Andrew Heavens
LSEG executives said the buyback was not a response to Elliott and the group had no plans for asset sales
International News via Reuters:
London Stock Exchange Group said on Thursday it would buy back a further 3 billion pounds ($4.1 billion) of shares over the next year, under pressure from activist investor Elliott Management and worries AI could squeeze its business.
LSEG executives said the buyback was not a response to Elliott and the group had no plans for asset sales. New York-based Elliott has recently emerged as a shareholder, pressing CEO David Schwimmer to review LSEG’s portfolio, lift margins that trail rivals, and better communicate its resilience to AI threats, a person familiar with the matter has told Reuters.
Elliott has also pushed for a 5 billion pound share buyback, the person said.
Shares in LSEG rose more than 6% by 1015 GMT, against a 0.1% rise in the FTSE 100, as analysts welcomed the buyback, new guidance for 2027 to 2029 and slightly better-than-expected forecasts for this year. Jefferies analysts said the “monster” buyback “should satisfy recently increased expectations”.
LSEG shares had lost around 30% of their value in the past year as of Wednesday as the data and exchanges group was dragged into concerns that AI will hit its business and those of its peers.
Schwimmer has dismissed the risk that AI models will replace its data business, arguing LSEG’s datasets are proprietary.
He told journalists on Thursday that it was “verging on impossible” for AI to replicate them, and said LSEG expected to sign more AI partnerships this year and beyond.
It has already struck deals with OpenAI and Anthropic that allow their users to access and interrogate its data.
Like many exchange groups, LSEG has pivoted towards data provision, betting on demand for proprietary financial information as its traditional stock exchange business suffers from slow listing activity and companies shifting overseas.
GROWTH IN SUBSCRIPTION VALUE SLOWS
LSEG said total income grew 7.1% in 2025 on an organic basis, excluding recoveries, in line with expectations in a company-compiled poll.
It forecast 2026 total income growth of between 6.5% and 7.5% on the same basis. Analysts had expected about 6.7% growth on average, according to the poll.
Annual subscription value (ASV), a closely watched metric, rose 5.9%, slightly ahead of expectations but down from 6.3% last year.
“The positive message around momentum within the business should also help sentiment, and perhaps clear some of the fears of AI disruption that have impacted the stock over the previous months,” JP Morgan analysts said.
Schwimmer said in a statement that LSEG was “very well positioned for continued growth”.
Reuters provides news for LSEG’s news and data terminal, Workspace, and other products.
LSEG also raised its dividend by 15%.
($1 = 0.7378 pounds)
Reporting by Charlie Conchie in London and Yadarisa Shabong in Bengaluru. Editing by Tommy Reggiori Wilkes and Mark Potter
The German automaker said it has been leveraging R&D efforts in China to power its global innovation and vowed to expand technology partnerships with Chinese firms
International News via Reuters:
Mercedes-Benz will feature an advanced driving assistance system co-developed with Chinese tech firm Momenta in nine upcoming models this year, including the electric GLC SUV and S-Class sedan, the company said in a statement on Thursday.
German Chancellor Friedrich Merz, on an official visit to China this week, tested out the driving system onboard an S-Class sedan in Beijing on Thursday, the company said.
The German automaker said it has been leveraging R&D efforts in China to power its global innovation and vowed to expand technology partnerships with Chinese firms.
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