AGP Executive Report
Last update: 5 hours agoDigital Finance Policy: Premier David Burt says Cabinet has approved next-phase legislation to let Bermuda accept stablecoin payments and manage certain public financial assets in digital form, updating the Public Treasury Administration and Payments Act and Public Funds Act to clarify authority and controls. Banking Deal: Butterfield has agreed to acquire CIBC’s controlling stake in CIBC Caribbean in a US$1.79b (US$1.8b) transaction, creating a regional banking group with about US$29b in assets; the deal is expected to close in the first half of 2027, subject to approvals. Regulator Appointments: The Bermuda Monetary Authority named Mesheiah Keane as COO and Shanna Lespere’s team expanded to support a more technology-led supervisory approach. Ratings & Risk: AM Best affirmed Allied World’s Bermuda-linked ratings (A+ FSR and aa- ICR) with a stable outlook, citing strong balance sheet strength and operating performance. Tax Scrutiny: A New York Times report claims US multinationals used low-tax jurisdictions including Bermuda to avoid at least US$40b in income taxes; Bermuda’s Finance Ministry pushed back, saying Bermuda’s 2025 corporate income tax is OECD-compliant. Local Housing Delivery: Minister Zane DeSilva says more than $110m will fund 229 residential units over about 18 months, with BLMC and BHC coordinating delivery. Capital Markets: ShaMaran Petroleum completed its continuance to Bermuda; shares are expected to trade on Euronext Growth Oslo from June 5 under ticker SNM. Transport & Business Ops: Bermuda Airport Authority’s 2023-24 annual report highlights increased air connections and the launch/expansion of BermudAir. Markets Watch: Bermuda Stock Exchange trading was inactive on May 29, with the Royal Gazette/BSX Index unchanged at 3,540.87. Community & Events: Skyport is inviting local food vendors for its October 6 Safety & Wellness Expo, and the weekly shipping schedule lists multiple cruise and cargo arrivals starting May 30.
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