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Gov’t Looking To List Entities To Be Privatised On Jamaica Stock Exchange

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KINGSTON, July 22 (JIS): The Government of Jamaica is moving to change the model used for the privatisation of state-owned entities.

Deputy Financial Secretary with responsibility for Public Enterprises in the Ministry of Finance and Planning, Ann-Marie Rhoden, said the Ministry is looking at listing public entities that are suitable for privatisation on the Jamaica Stock Exchange (JSE).

Mrs. Rhoden, who was speaking at a JIS Think Tank on Tuesday (July 21), said that this method will replace the existing process of extending private invitations to investors to purchase entities or soliciting requests for proposals.

She said when this model is approved and implemented, it should result in a quicker turnaround time in privatisation of loss-making entities.

Mrs. Rhoden informed that the procedure was used successfully in the past for privatisation of the National Commercial Bank (NCB) and the Cement Company.

“We believe that the time is right for us to return to that model. There are entities that are ready for privatisation and if we were to develop the prospectus and get the entities out to market to the stage of listing, then we could complete a privatisation exercise in six months or so,” she pointed out.

Mrs. Rhoden was speaking within the context of recommendations made by a team from the Asian Development Bank (ADB), who are in Jamaica, to present their report: ‘Finding Balance 2014: Benchmarking the performance of State-Owned Enterprises (SOEs) in Island Countries.’

Jamaica, for the first time, participated in the study, which reviews the historical financial performance of SOEs in selected island economies, identifies the drivers of performance, and outlines successful reform strategies to inform future policy action.

Former Minister of State-Owned Enterprises in New Zealand, Hon. Richard Prebble, who is a part of the ADB team visiting Jamaica, said the listing of public enterprises on the stock market has been a successful model for the Government in New Zealand.

“The present New Zealand Government has listed some SOEs in New Zealand and that has turned out to be very successful. One of the reasons is once you list, the share price appears every day and that’s a great incentive for the directors to start to concentrate on what the business really should be doing, now…and that is a model that has worked,” Mr. Prebble noted.

In the meantime, Mrs. Rhoden said that this model will promote ownership of local enterprises by Jamaicans and result in more efficient management and delivery of service.

“So it wouldn’t be a matter of ‘selling-out’, because it’s our own Jamaican people on the stock exchange, who would own the asset; not a single or two persons, but the mass of Jamaica that would be owning and feeling good about themselves,” she noted.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

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DEPARTMENT OF TOURISM REGULATIONS INTRODUCES “RATE YOUR RIDE” SYSTEM FOR TOURISTS VISITING THE TURKS AND CAICOS ISLANDS

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FROM THE MINISTRY OF TOURISM

 

Providenciales, Turks and Caicos Islands, 27th March, 2024 – Providenciales, Turks and Caicos Islands: The Department of Tourism Regulations is proud to unveil the “Rate Your Ride” system, a new initiative designed to enhance the vacation experience for tourists exploring our picturesque islands.

The “Rate Your Ride” system empowers tourists to provide valuable feedback on the quality of transportation services they receive while visiting the Turks and Caicos Islands. Through an easy-to-use online form, tourists can rate factors such as cleanliness, comfort, safety, and professionalism of drivers, helping us to assure the highest quality of service standards across all modes of transportation.

By participating in the “Rate Your Ride” system, tourists play a crucial role in shaping the future of transportation services in the Turks and Caicos Islands. Their feedback will enable us to identify areas for improvement and ensure that every visitor enjoys safe, comfortable, and convenient travel throughout their stay in the Turks and Caicos.

The code will also be publicly accessible through the cooperation of volunteer drivers who will make the rating code available in their vehicles. Flyers and stickers displaying the code will be distributed at hotels, resorts and airports. The mandated display of these codes is expected to align with the rollout of our tourism regulations in 2025.

For more information about the “Rate Your Ride” system and other initiatives by the Department of Tourism Regulations, please visit gov.tc/tourismregulations/or contact us via telephone at 946-4970 and email at tourismregulations@gov.tc.

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THE DEPARTMENT OF BEHAVIOURAL HEALTH SERVICES CONDEMNS RECORDING OF PERSONS WHO ARE IN CRISIS

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FROM THE MINISTRY OF HEALTH AND HUMAN SERVICES

 

Providenciales, Turks and Caicos Islands, 27th March 2024– The Department of Behavioral Health Services is appealing to the general public to refrain from recording and circulating videos of persons who may appear to be experiencing a mental health crisis. Anyone can experience a mental health crisis at some point in their life. According to the World Health Organization, 1 in 4 people will experience a mental health problem in any given year. Persons may struggle with very common conditions such as Anxiety and Depression or be diagnosed with more serious conditions like Bipolar Disorder or Psychosis.

“There are a lot of misunderstandings about various mental health conditions and how they may manifest. In addition, there are a number of negative perceptions and misconceptions that society exhibits towards people with mental health problems. However, just as we would show care and concern for someone diagnosed with Cancer, or any other physical illness, in the same way, we need to be as caring and helpful to persons with mental illnesses”– stated Director of the Department of Behavioral Health Services, Dr. Alicia Malcolm.

The Department is urging the public to call the following numbers if you see someone who appears to be experiencing a mental health crisis:

338-5473/338-3616: Providenciales, North or Middle Caicos

338-3614/338-3612: Grand Turk, South Caicos, Salt Cay

338-6301: Nights and Weekends

If someone is putting themselves or someone else in immediate, serious risk of harm, call 911.

The Department of Behavioral Health services is here to help and provides the following services which are free and confidential:

Location of above services:

o             Sam Harvey Building, Down Town, Providenciales,

o             Primary Health Care Department, Cheshire Hall Medical Center, Providenciales 

o             Department of Behavioural Health, Duncombe Alley, Grand Turk

 

Let’s all do our part in creating a community where people with mental health problems feel respected, supported and cared for. 

For additional information, please visit the Ministry of Health’s Facebook page on https://www.facebook.com/tciministryofhealth/ or the Department of Behavioral Health Services Faceebook on https://www.facebook.com/TCIDBHS/.

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Breaking Ground: TCI Could Lead in Regional Communication Standards

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Cardiff, Wales, United Kingdom, 27th March 2024: The PR, marketing, and communications sector is poised for potential growth and could lead the Caribbean region in terms of industry standards says Damian Wilson. Wilson’s suggestion comes after the release of a new research report into the current trends and future direction of the sector as a possible emerging industry in the Turks & Caicos Islands (TCI).

Wilson is the report’s author, which conveys the findings of research which he initiated. “One of the key research results is the considerable optimism by industry practitioners and government alike, with persons seeing growth potential. I believe that we can become regional leaders in this field. I believe that one of the initiatives that could be used to do this is by establishing a ‘TCI Centre of Communications Excellence’ within the TCI Community College. Such an institute would be dedicated to communication and media innovation with a particular focus on digital communications and ICT,” says Wilson.

He further explained, “I believe that the PR, marketing, and communications sector, like much of the country, is at a crossroads and could have an even greater impact on our socio-economic fabric. Some may have concerns about our small size, but I believe this makes us far more agile than our neighbours. All in all, any potential growth must be underpinned by new investments, professional development, and a strategy to integrate the sector into the broader economy.”

Wilson also said that he sees his research as a first step in understanding our own industry sectors in the TCI and would love to see more profound research and analysis conducted. He’s hoping that the report will spark discussion along those lines. The report is entitled ‘Current Trends and Future Direction: A Preliminary Report on the PR, Marketing, and Communications Sector in the Turks & Caicos Islands’. Anyone wanting a copy of the report can contact Damian Wilson via his email, damian.wilson.pr@gmail.com.

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