Bermuda
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Hopes of G8 tax avoidance breakthrough fading fast as Bermuda refuses to sign up to new rules
An international deal to crack down on secretive tax havens is in jeopardy after the British Crown Territory of Bermuda refused to sign up to new transparency rules. Tax avoidance had been placed top of the agenda for the G8 summit of world leaders meeting next week in Northern Ireland, and David Cameron has called Britain’s 10 overseas territories and…
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Bermuda among Overseas Territories summoned to London for tax evasion talks
HAMILTON, Bermuda, CMC — Bermuda and other British Overseas Territories (OTs) — including five Caribbean islands — have been summoned to a London summit this month as Prime Minister David Cameron seeks more transparency to end what he calls the “scourge of tax evasion”. Cameron has warned Britain's OTs and Crown dependencies that he has made tax avoidance a priority…
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Bermuda is no tax haven says finance minister
(Reuters) – Bermuda is not to blame for companies such as Google using Bermudan subsidiaries to shelter billions of dollars from U.S. and European tax authorities, the territory's finance minister said on Monday. Google has come under fire from British lawmakers for channelling billions of dollars a year through an Irish subsidiary to a Dutch sister company which then passes…
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Premier shrugs off ‘Jetgate’ complaints
HAMILTON, Bermuda, CMC – Premier Craig Cannonier has dismissed opposition complaints over a trip he and two cabinet colleagues took on a private jet to a meeting involving a group of investors in Washington, DC. Progressive Labour Party (PLP) MPs blasted the government for what they dubbed “Jetgate” after earlier calling for a Commission of Enquiry into the affair –…
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Bermuda counts cost as fire-hit cruise ship misses three visits
HAMILTON, Bermuda, CMC – Bermuda has begun counting the cost after Royal Caribbean, which owns the fire-damaged liner Grandeur of the Seas, confirmed the ship will miss its next six sailings. The Grandeur suffered fire damage as it headed for Coco Cay in the Bahamas on Monday but no injuries were reported. It is not expected to return to service…
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Time to get our houses in order says British PM
HAMILTON, Bermuda, CMC – British Prime Minister David Cameron has put pressure on Bermuda and other British Overseas Territories (OTs) to “take the lead” on tax information exchange and beneficial ownership. Cameron on Monday wrote to Bermuda, along with the rest of Britain's OTs and Crown dependencies such as Guernsey and the Isle of Man. The call for continued partnership…
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Moody’s lowers Bermuda’s rating
HAMILTON, Bermuda, CMC – International ratings agency Moody’s Investors Services has downgraded Bermuda’s rating by another notch, reiterating its concerns about government’s mounting debt and lack of an economic recovery. Moody’s lowered Bermuda to Aa3, three notches below the top triple-A level stating that the outlook is negative, reflecting uncertainty about government’s debt trajectory over the medium term. The move…
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BERMUDA-FINANCE-Bermuda to sign IGA tax information agreements with US and UK
HAMILTON, Bermuda, CMC – Bermuda says it will sign an inter-governmental agreement (IGA) with the United States and Britain saying the decision will further cement the British Overseas Territory as a reputable jurisdiction for conducting business in a transparent manner. Finance Minister E.T. Richards said the accord with Washington follows widespread discussions with local stakeholders and US Treasury officials. He…
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UK tourism push pays dividends say officials
HAMILTON, Bermuda, CMC – Tourism officials and hoteliers have hailed road shows to attract more visitors from the United Kingdom — which currently provides just 10 per cent of Bermuda's air arrivals — as a success. Last week's promotional activities in London, Birmingham and Manchester also received the support of British Airways (BA) executives, who had earlier criticised Bermuda —…
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Bermuda gets credit warning from Moody’s
HAMILTON, Bermuda, CMC – Cash-strapped Bermuda has received a fresh warning its credit rating may be downgraded as the island's debts mount in the midst of a four-year recession. International ratings agency, Moody’s Investors Service, on Wednesday placed Bermuda’s Aa2 rating on review for possible downgrade. The warning came just days after another leading agency, Standard and Poor’s (S&P), said…
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