ROAD TOWN, BVI: A court in the British Virgin Islands has confiscated more than US$45 million from a Bermuda-based mutual fund which pleaded guilty to serious fraud-related crimes. Justice Indra Hariprashad-Charles ordered that $45.5 million be confiscated from IPOC International Growth Fund Ltd. read more...

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LONDON, England (AFP): There is too little regulation of financial services industries in British overseas territories like Bermuda and the British Virgin Islands, an official report said Wednesday. The study, by the House of Commons Public Accounts Committee, looked at Foreign Office activity in Britain's 14 overseas territories. read more...

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OLDWICK, USA: Three years removed from unprecedented hurricane losses, the Bermudian insurance market is bouncing back with a fury. The market posted positive financial results in 2006 and 2007, while evolving into one of the world’s prominent markets, according to new A.M. Best Co. research. read more...

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GEORGE TOWN, Cayman Islands: As part of ongoing development plans within the Caribbean region, Caribbean Net News has now launched several country-specific “Net News” websites, in order to provide more in-depth news, information and commentary in relation to each country and territory. read more...

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MIAMI, USA: The Inter American Press Association (IAPA) has expressed concern at the temporary closure of a television station in Guyana by the Guyanese president. It also urged the government of Bermuda not to use official advertising as a weapon of reprisal against a newspaper in that country. read more...

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HAMILTON, Bermuda (Reuters): A decision by Bermuda to scrap a public holiday honouring the Queen's birthday has stirred protests in Britain's oldest colony. The mid-Atlantic island's centre-left Progressive Labour Party government announced plans last week to eliminate the Queen's Birthday holiday in June. read more...

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WASHINGTON, USA (Bloomberg): Bermuda-based Tyco International Ltd, the world's biggest maker of security and fire systems, will close a plant in Puerto Rico and fire 600 employees in order to move the operations to a lower-cost area. The Aguadilla plant will shut in phases over the next 12 months. read more...

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NEW YORK, USA (Bloomberg): Ace Ltd, the Bermuda-based business insurer, said the company has decided to move its legal home to Zurich from the Cayman Islands to bolster its image. "There is political and regulatory risk associated with the Cayman Islands,'' Evan Greenberg, Ace's chief executive officer, said. read more...

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KUALA LUMPUR (AFP): Title hopefuls South Africa, New Zealand and Sri Lanka overcame stuttering starts to win their opening matches in cricket's under-19 World Cup on Monday. Bangladesh, however, had no such worries as they cruised to an impressive 178-run victory over a hapless Bermuda. read more...

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STELENBOSCH, South Africa (AFP): The Bermudan women's cricket team made a calamitous start to the World Cup qualifying competition on Monday when hosts South Africa took only four balls to pass their score of 13 all out. Bermuda spent 18 overs crawling to their total in the opening match of the tournament. read more...

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WASHINGTON, USA: Brilliant blue and green clouds of phytoplankton bloom around Bermuda in this image captured by the MODIS on the Aqua satellite on February 4, 2008. Phytoplankton are tiny marine organisms that, much like their land-based plant relatives, use sunlight to convert water and carbon dioxide into food. read more...

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ALBUQUERQUE, USA: Bermuda’s Transport Control Department (TCD), a department within Bermuda’s Ministry of Tourism and Transport, demonstrates system performance of an electronic vehicle registration (EVR) system designed to automate compliance monitoring and enforcement. read more...

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HAMILTON, Bermuda: Following his team’s 1-1 draw with hosts Bermuda in their away leg of the World Cup qualifying fixture on Sunday, Cayman Islands’ coach Carl Brown declared himself pleased with the result. A late equaliser from midfielder Allean Grant cancelled out the opening goal by Tyrell Burgess. read more...

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NEW YORK, USA (Bloomberg): Brian Duperreault, named January 30 to head Marsh & McLennan Cos., the world's largest insurance brokerage, will get almost $5 million in severance from Ace Ltd. Duperreault, 60, stepped down this week from the board of the Bermuda-based business insurer. read more...

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HAMILTON, Bermuda (Reuters): Bermuda's opposition United Bermuda Party has chosen professional golfer Kim Swan as its new leader in a move that may counter threats by a rebel faction of parliamentarians to split with the party. He becomes the UBP's fourth leader since 2006. read more...

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NEW YORK, USA (Reuters): Marsh & McLennan Cos Inc. said on Wednesday it had named Brian Duperreault, previously CEO and chairman at Bermuda-based insurer ACE Ltd, its chief executive. Duperreault is succeeding Michael Cherkasky, who the insurance broker said last month was being replaced. read more...

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GEORGE TOWN, Cayman Islands (Reuters): A proposed tax change by the US Internal Revenue Service could drive more captive insurers offshore, benefiting the Cayman Islands and Bermuda and hurting Vermont and other US states that have sought to snare a piece of the action, industry officials say. read more...

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HAMILTON, Bermuda (Reuters): The ruling party on the wealthy, North Atlantic island of Bermuda won victory and a third straight term in office on Tuesday after a knife-edge election on the British territory. The Progressive Labour Party of Prime Minister Ewart Brown won at least 21 seats in the 36 seat parliament. read more...

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BOSTON, USA (Reuters): The pastel-colored buildings lining Bermuda's main commercial district are home to thousands of the world's top hedge funds -- from Europe's Man Group Plc and GAM to Connecticut's DKR Capital. But the British colony has been struggling to catch up to its Caribbean cousins. read more...

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LONDON, England: The United Kingdom bears the ultimate risk of potential liabilities from its overseas territories such as Anguilla, Montserrat and the Falkland Islands; and, while progress has been made in managing and mitigating these risks, there is room for improvement, the National Audit Office has reported. read more...

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HAMILTON, Bermuda (Reuters): The rich, North Atlantic island of Bermuda votes this month in an election being fought over the tenure of Premier Ewart Brown, but the issue of independence from Britain looms in the background. Politicians are campaigning door-to-door in Britain's most populous remaining colony. read more...

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LONDON, England: The Board of Hardy Underwriting Group plc, the specialist Lloyd’s insurer, has announced a proposal to move the domicile of the group to Bermuda in order to improve the group’s strategic positioning in the global insurance and reinsurance market. read more...

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LONDON, England (Reuters): Bermuda-based insurer Catlin Group said on Wednesday it is on course to achieve its goals for 2007, despite taking a $75 million hit from subprime-related assets. "The Group is on track to meet its targets in 2007," said CEO Stephen Catlin in a statement. read more...

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WASHINGTON, USA (Bloomberg): The US Treasury Department said companies such as Ingersoll-Rand Co. Ltd and Cooper Industries Ltd that incorporate in offshore tax havens, including Bermuda and the Cayman Islands, are shifting "substantially all of their income out of the United States." read more...

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SOUTHAMPTON, Bermuda: Premier Dr Ewart Brown joined with Scout Real Estate Capital on Wednesday to launch the development of Bermuda’s first new luxury hotel in decades. Brown participated in a ceremony initiating the demolition of the existing Wyndham Beach Resort in Southampton. read more...

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MIAMI, USA (Reuters): The end-of-season PGA Grand Slam of Golf will return to the island of Bermuda in 2008 for the second successive year, organisers said on Monday. The 36-hole stroke-play event, which brings together the winners of the year's four majors, will be held at The Mid Ocean Club from October 14 to 15. read more...

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HAMILTON, Bermuda: Spirit of Bermuda won a second major award this month when Captain Chris Blake was named Sail Trainer of the Year by Sail Training International (STI). The award, which is one of six annual awards introduced by STI this year, was adjudicated by a panel of international judges. read more...

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BASSETERRE, St Kitts: Organisers of the Miss Caribbean Talented Teen Pageant have announced the confirmed participants for the 28th edition of the event and pageant show for the St.Kitts-Nevis national carnival season 2007-08. Organisers of the the pageant have confirmed some 12 countries from around the region. read more...

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SAN DIEGO, USA: On Monday, Stemedica Cell Technologies received unequivocal apologies from Bermudian publications the Mid-Ocean News and The Royal Gazette online regarding unsubstantiated and pejorative remarks those publications had made about the company. read more...

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NEW YORK, USA (Bloomberg): The US Securities and Exchange Commission has settled its case with a former senior executive of a subsidiary of Bermuda-based reinsurer RenaissanceRe, fining him $130,000 for allegedly participating in a "sham transaction" to smooth earnings. read more...

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