AGP Executive Report
Last update: 5 hours agoCost-of-living politics: The OBA is pushing back on claims about a Senate vote on the Cost of Living Commission Amendment (No 2) Act 2026, saying amendments were deferred for scrutiny and warning that “editing” a clerk’s roll call signals trouble with the bill’s substance. Public safety procurement: Government has published a request for proposals to buy fire trucks under a multiyear fleet-renewal plan, seeking Class B fire pumpers for delivery in 2027-28, with submissions due Aug. 18. Financial regulation: The Bermuda Monetary Authority is consulting on rules that would require banks to seek ministerial clearance before changing certain consumer-facing fees, including account maintenance and over-the-limit charges. Banking access: A separate BMA consultation proposes an obligation for institutions to provide basic bank accounts to eligible legal residents, with feedback due Sept. 22. Insurance market watch: AM Best warns that record reinsurance capital since 2023 may be testing underwriting discipline as competition pressures pricing, especially in property. Local business & talent: Butterfield’s 2026 summer internship programme has wrapped up with 10 Bermudian undergraduates gaining experience across banking and finance functions. Community & tourism: The Palmetto Beach Club at Fairmont Southampton has opened, with the PLP framing it as a boost for Bermudian jobs and the tourism sector. Fraud alert: Police issued guidance after a suspected online rental scam asked victims for upfront payments before viewing properties. International business moves: Manulife appointed Jeremy Young as Chief Distribution Officer for International Brokerage and Global High-Net-Worth. Aviation tech: DeTect won a contract to supply its MERLIN True3D bird detection radar to Soekarno-Hatta Airport in Jakarta.
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