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Charities have been urged to consider the short-term pain of consolidation or mergers as they battle for survival in Bermudas harsh economy.Caroline Foulger, chairwoman of Bermuda Business Development Agency, encouraged the third sector to follow the example of the international business community by undergoing tough measures that could lead to a brighter long-term future.Everything is forthcoming and the clubs will be updated in the very near future, Mr Douglas said.St Davids is waiting for the largest chunk of money close to ,000 as it was the host club for the 2015 series, which was steeped in controversy after the first round, when champions Cleveland were stripped of the cup and then reinstated after an ill-tempered match against Baileys Bay.The rest of the funds are meant to be divided among the other three clubs.We all know the money went missing, Otis Minors, the St Davids president, said of the June theft.They havent given a statement about how they are going to recover the money at all, Perinchief said. It will have a negative impact if we dont receive it.

It will feel like it is dragging on and that is because our need to service our debt is increasing, increasing, increasing. Mr Burchall spoke positively about the potential economic impact of the Americas Cup but stressed that for our economy to be able to support our debt service cost, it would be crucial to increase the working population in Bermuda from 33,500 to at least 45,000.

Speaking at the third sector conference Building Hope at the Hamilton Princess yesterday, Ms Foulger said that job losses could eventually be recouped if the organisations could become stronger.

Elaine Butterfield, executive director of the Centre on Philanthropy, which organized the event, has previously warned Bermudas charities are experiencing unprecedented financial pressure, with 65 per cent experiencing an increase in demand for their services coupled with a reduction in donations.

Mr Simmons delivered a fairly positive outlook, telling the audience: I have just got back from the future and it is looking pretty good so you dont have to worry about change.

He said that Bermuda had spent the past 20 to 30 years in a grazing period.

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