March 31, 2015: Cable and Wireless Communications, Plc (CWC) announced today that it has completed its US$1.85bn acquisition of 100% of the equity of Columbus International Inc.
Commenting on the completion of the transaction, Chief Executive Officer, Phil Bentley, said: “This is a transformational deal for Cable & Wireless Communications. Columbus Communications is an outstanding business; not only do we add significant fibre optic submarine backhaul and terrestrial broadband and TV capability to our leading mobile and legacy copper networks in the Caribbean, but our complementary B2B divisions can now offer geographical focus and a wider product offering in the faster-growing Latin American markets.
“We expect the operating synergies to be significant; together, the new merged company creates the opportunity to invest more, grow faster, and provide an improved customer experience and, most importantly, a development opportunity for our people that either company could never have achieved on their own.
“There has been an extensive and professional regulatory review, with appropriate remedies. We are pleased we now have the necessary Government support to conclude this important transaction and to start making the financial commitments required to deliver an outstanding customer experience and to enhance the telecommunications infrastructure and economic development of the communities we serve.”
Bentley noted that as part of the integration process, the Company “is undertaking a full review of all the brands we currently operate under, including the Flow and LIME brands as well as the business and wholesale brands,” but added that “no decision has yet been made.”
Commenting on the merger process and next steps, Bentley said, “Most of the markets we operate in have approved our integration plans and therefore today we can start to release some of the US$1.5bn investment monies we have set aside to provide our customers with an unrivalled telecommunications experience, improving coverage, reliability, products and speeds, and providing a welcome boost to both jobs and the economy in the countries in which we operate.
In a small number of markets where we have yet to receive all the necessary approvals required, we cannot commence our integration and investment plans; we will therefore continue to support the local regulatory due process until we have the green light to move forward in those markets.”
PREPARE FOR PRICE SPIKES AT THE PUMP: OPEC TO MAKE MAJOR GAS PRODUCTION CUTS
#TurksandCaicos, October 5, 2022 – A significant jump in gas prices may be looming as the Organization of Petroleum Exporting Countries (OPEC) is expected to cut production in its meeting on October 5th. Gas prices rose more than $2 dollars on Tuesday in anticipation of the meeting.
Gas prices had soared to incredible highs in early 2022 following sanctions on Russia over its invasion of Ukraine and western countries subsequently shunning the oil and gas provided by the Eurasian nation.
Gas Prices in the Turks and Caicos rose more than $1.68 reaching highs of $8.10 and power bills in June caused widespread panic and outrage in residents, prompting calls for the government to investigate and birthing forgiveness programs for the swaths of families unable to pay the bills in full.
The TCI has still not quite recovered from the ultra high prices earlier this year based on the government’s monthly gas price index and $2.5 million was just allocated to put a cap on fuel prices for domestic customers.
Now according to analysts at Reuters, oil production may be cut up to 1 million barrels per day. Currently oil prices are trading well below 100 dollars but all eyes are on the OPEC meeting to be held in Vienna.
With demand staying strong across the globe as the Russia-Ukranian war drags on, quarantines and lockdowns become a thing of the past, and upcoming sanctions to Russian crude oil consumers must brace for what analysts say will likely be a jump, once again, in prices.
Virginia Mourns Black Community Leader Murdered on Vacation in Turks & Caicos
#TurksandCaicos, October 5, 2022 – Kent Carter was an army veteran and the first Vice President of the National Association for the Advancement of Colored People in Arlington Virginia. An established realtor in his native US and described as a ‘stand up guy’, Kent was an active leader in his community— until last Sunday when criminals in an effort to take out rivals, uncaring of innocents, sprayed the vehicle he was traveling with bullets.
For months Turks and Caicos community leaders have been warning that gun violence is robbing us of our bright young men, now another nation has been robbed as well. It has been confirmed that Carter leaves behind a wife and at least one young daughter.
Kent’s death was confirmed by the NAACP Arlington Branch on Wednesday in a notification of loss.
“NAACP Arlington Branch mourns the tragic and unexpected loss of our 1st Vice President, Kent Carter, who passed away Sunday, October 2, 2022, while vacationing abroad.”
In the immediate hours after the announcement the story was picked up by multiple major American media houses including Fox News and tributes began to pour in. Virginia Senator Don Beyer described it as a ‘terrible loss’. Across the board from political organizations to county board members, to homeowners whom he had helped close on properties the environment was one of shock and disbelief.
Magnetic Media has observed the effect Carter, who described himself as a proud ‘girl dad’ had on the individuals around him. He participated in food drives, black upliftment sessions and was a regular vacationer to other places worldwide. Carter was not only a social activist he was a top realtor in his area and his personal social media is filled with smiling photos of families and individuals he helped to make homeowners, calls to action and social outreach programs. The outpouring of grief was astounding.
His neighbor Robert York described him to Fox News.
“Just a really great, standup guy, you know? One of the best neighbors you could have,” he said “He and his family, just really great neighbors. So this is just incredibly sad news.”
After enjoying a jet ski ride on Sunday October 2nd he was headed back to his hotel when gunmen rained bullets on the vehicle he was traveling in with when the operators of the rides who were themselves the target of the attack.
Indiscriminately cruel are the words that must be used to describe these criminals to whom innocence has proved to be no deterrent and proximity enough for a death sentence.
The tragedy raises tough questions. How many of our young men are involved in the ‘gun and drug trade’ which National Security officials have fingered for the attack? How deeply are they embedded? How many of them are on the streets in reasonable day jobs?
The government was aware of the issue at least as weeks ago at the very onset of this violence the premier rejected the idea that the young men involved in crime were not able to support themselves saying rather that they were trying to take shortcuts to wealth.
“In this microwave generation where instant gratification surpasses everything else there are too many young people who don’t want to go through the process and work hard. If you’re not prepared to do it the old-fashioned way and to be honest you’re making a shortcut that could potentially end in an early grave.”
Photo Credit: NAACP Arlington Branch
Statement on Incident Involving Visitor on 2nd October 2022
#TurksandCaicos, October 4, 2022 – The Government of the Turks and Caicos Islands (TCI) regrets the unfortunate incident involving the death of a visitor to our islands on 2nd October 2022. The incident which occurred was accidental and not one in which the victim was targeted. While the Royal Turks and Caicos Islands Police force (RTCIPF) continues their investigations, we wish to reassure the public (citizens, residents, and visitors alike) that the safety and security of all, is our top priority.
The TCI has long established itself as a safe destination for visitors from around the world. Evidence of this can be seen in the countless awards the destination has won, most recently at the World Travel Awards. Our commitment to providing safety to residents and visitors is unwavering. The government will continue to work with local authorities including the RTCIPF and our partners in the international community to protect residents and visitors alike.
The incident which occurred on the date mentioned above is one that is rare and does not reflect who we are as a people. On behalf of the government and people of these islands, we extend our sympathies to the family and friends of the victim.
As this matter is now an on-going police investigation, further statements will be referred to RTCIPF.
The TCI remains a safe destination and the government is working assiduously for it to remain as such.
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