Bermuda news: offshore sector recovery, Nike subsidiaries and high-profile financial conference

– Data on international business sector boosts recovery hopes : “International business sector activity increased last year for the first time since 2007, recording a 0.7 percent rise in economic activity.”

“At the end of the year, 292 fewer international companies were registered in Bermuda with 210 fewer jobs available in the industry. Despite these job cuts, the international business industry still remained the largest private sector employer.”

– Tax approach keeps Nike happier in the long run : “Apparel giant Nike apparently has taken a ‘Just do it’ approach to its taxes…the company reportedly has $7 billion of profits parked offshore with 12 subsidiaries in Bermuda.”

– Senior leaders lined up for financial conference : Bermuda will host a financial conference on “The evolving market landscape” next month. Speakers include the senior economist of Fannie Mae, several vice-presidents of Federal Reserve banks, and the director of public finance of Moody’s.

The conference is co-sponsored by the Global Interdependence Center, a Philadelphia based non-profit housed in the building of the Federal Reserve Bank whose mission is to “encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nations”.

Bonus Bermuda link:

– Bermuda-based firm helps HSBC, Morgan Stanley to screen for money laundering  :

“A Bermuda-incorporated global company is helping HSBC and other banks to satisfy so-called know-your-client requirements amid a crackdown by regulators on money laundering.”

“Bermuda-based Genpact say they are developing the first centralised service for end-to-end management of client onboarding and other know-your-customer (KYC) requirements in the financial markets.”

“Publicly-traded Genpact is domiciled in Bermuda with its main offices in new York. It began in 1997 as a business unit within General Electric. Bain Capital became Genpact’s largest shareholder.”


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