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Bloomberg and BDA: Bermuda Plays a Special Role in Global Economy

Global Economy Key-SF
May 22, 2017

Business billionaire Michael Bloomberg told a gathering of senior US business leaders that Bermuda plays a special role in the global economy. The three-term former New York City mayor and founder of Bloomberg LP made the comment at an invitation-only forum last week at Bloomberg headquarters, cohosted by the Bermuda Business Development Agency (BDA).

Titled "The Future of International Business Deals: How To Position for Long-Term Growth," the awareness-raising event brought together more than 150 senior US business leaders for in-depth panel discussions on issues important to the Bermuda market.

"Our company is always looking for ways to give people the information they need to make smart decisions and fuel growth, and one of the things we're trying to do is bring people together to share ideas and learn something," Mr. Bloomberg said.

"The island plays a special role in the global economy; it helps to fuel growth and support jobs through trade and investments, so we have stake in Bermuda's growth and also in some of the changes that are taking place in the world," he noted, adding he has owned a home in Bermuda for more than 20 years.

Mr. Bloomberg introduced Bermuda Premier Michael Dunkley for a live, half-hour interview that launched the 3-hour afternoon event aimed at raising Bermuda's profile among New York-based corporate executives. Premier Dunkley's question-and-answer session with Bloomberg Editor-in-Chief Emeritus Matt Winkler was staged before an audience of asset managers, hedge fund, private equity, and institutional investors and was streamed on all Bloomberg terminals.

Their conversation covered the attraction of Bermuda to foreign investors; the island market's growth, high performance, and recent diversification; and the safe harbor Bermuda offered amid geopolitical uncertainty triggered by Brexit and possible tax reform by the US Trump administration.

"Foreign acquirers spent $9.55 billion, a record amount of money at least in the past 12 years, for assets in Bermuda last year," said Mr. Winkler, noting there were 25 Russell 3000 Index members currently domiciled in Bermuda, with a total market capitalization of $91 billion. "The 39.4 percent premium the buyers had to pay was also the highest. So, the value of Bermuda is going up; it's at an all-time high."

Finance Minister ET (Bob) Richards and Minister of Economic Development Dr. Grant Gibbons attended the event, along with senior representatives from Bermuda's international business sector.

"It's an honor to have the opportunity to be at Bloomberg headquarters and to have the former mayor introduce the event," said the premier. "The opportunity to talk about Bermuda in front of a first-class audience, with good panel discussions, and an awesome opportunity to network: it raised awareness, and it's clear people are excited about Bermuda."

Premier Dunkley's interview was followed by panel discussions examining transformative forces impacting the global business landscape, including changes to regulations and tax policies.

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