More Signs that Bermuda is Weathering the International Economic Storm, Part II
Quick, someone get down to Horseshoe and pull Bob Richards' and Pat Gordon-Pamplin's heads out of the sand! Despite their dire predictions, Bermuda's IB sector continues to prosper even in a difficult international economic climate. The Royal Gazette:
Most of Bermuda's insurance companies are finding it tougher to make money this year than last but in a challenging second quarter they still managed to generate a collective profit in the billions of dollars.
That's right, Bermuda's insurance sector is profiting to the tune of billions of dollars in a tough economic climate. While the UBP and their friends at the Royal Gazette are quick to blame this government whenever there is the hint of bad economic news, it's interesting to note that they remain stunningly silent whenever there is good news.
But, that's not the only good piece of economic news today. Bermuda has lured the world's largest jewelery store company to our island. The Royal Gazette:
Signet Group Plc, the world's largest jewellery-store owner, said shareholders approved the company's plan to move its main stock listing to the New York Stock Exchange and relocate to Bermuda.
If one only read opinion pieces by the Royal Gazette and the UBP, this development must truly be flabbergasting. But, the proof is in the pudding. A major international company with over 1,400 stores specialising in high end merchandise is relocating to Bermuda.
Bermuda has a lot to offer. Given our strong regulatory environment, the PLP government's capable stewardship and our relationships vis-a-vis the United States and Europe, we're uniquely positioned to continue to thrive in a highly competitive international business sector. Let's see if Bob Richards and Pat Gordon Pamplin acknowledge it or stick their heads further down in the sand. I think we all know what they'll choose.
