Providenciales, 01 Jul 2015 – Global ratings agency Standard & Poor’s (S&P) has maintained its BBB+ rating with a stable outlook for the Turks and Caicos Islands (TCI) it announced Tuesday, 30th June 2015.
This strong grading follows TCI’s first sovereign rating in 2014 which provided global recognition of its financial reforms and fiscal success.
A team from S&P visited the islands in May and met with a range of politicians, officials and business leaders as part of the annual review process.
“This is further expert recognition of our tremendous progress in making the TCI one of the fastest recovering economies in the Caribbean,” said Minister of Finance, Washington Misick.
“S&P has recognized our ongoing success in consolidating public financial management reform and improving our fiscal resilience. BBB+ means that we are more highly rated than many countries in the Caribbean.”
S&P again made clear that TCI’s close relationship with the UK, as an Overseas Territory, was a key factor in its rating calculation.
One of the benefits of maintaining a BBB+ rating is in strengthening the TCI’s negotiating position as it holds discussions with financial institutions ahead of refinancing its UK-guaranteed $170m bond, when it matures in February 2016.
The TCI plans to issue invitations to tender for its refinancing requirement in September 2015. It is TCI’s intention to use $110m already held in a sinking fund, plus an additional contribution from the first half of financial year 2015-16 to repay most of the bond, with the balance being covered by new bank debt.
The BBB+ rating is a strong factor in attracting foreign direct investment to TCI and building confidence amongst its existing business community. The TCI economy grew by an estimated 4.6% in 2014 and is forecast to grow an average of 2-3% per annum over the next three years.
The TCI government generated a US$77.3m operating surplus and a 16% increase in recurrent revenue to $246.5m for the financial year ending March 2015.
The surplus further consolidates the Islands’ position as one of the strongest economies in the Caribbean region. In March 2015 the TCI government’s net debt to GDP ratio was approximately 24%, while its revenue to GDP is 30%.
Why Jonquel & WNBA Ladies get LESS PAY than Klay & NBA Guys; its forcing ladies into risks abroad
By Dana Malcolm
#USA, June 25, 2022 – Being a player in the NBA is probably one of the most lucrative jobs that one can imagine. Though better players get better salaries those salaries range between 900 thousand dollars for the lowest-paid players to up to 45 million for the highest-paid players but it is the NBA that ultimately decides how high salaries can go.
The total amount of money any team can spend on their players’ combined salaries is set by the NBA. The teams then decide what to pay their lowest and highest-ranked players. For the 22-23 season the cap is $122 million.
For example in the 2021-2022 Champions the Golden State Warrior’s lowest salary will go to Shaun Livingston, a guaranteed $1,333,332. Their highest salary will go to Stephen Curry, a guaranteed $45,780,966. This is in addition to sponsorship deals that can rake in millions of dollars for in-demand players.
In the WNBA 2021-2022 season, Brittney Griner earned a base maximum salary (without sponsorships) of $221,450. That is the highest salary in the WNBA. One of the best players in the league, Griner is paid four times lower than an NBA rookie.
This is true for women across the board, including the Bahamas’ Jonquel Jones. Jones is one of the highest-paid players in the WNBA and is regarded as one of the most prolific. Her salary is 208,000 per year.
Recently Griner was arrested in Russia for a small quantity of marijuana; she was there because she outsourced herself to the Russian team UMMC Ekaterinburg to have a chance at earning more money.
Grand Bahama’s Jonquel plays for the same team and says she can’t turn her back on the international leagues because the salary is just not comparable. Two months ago she expressed the stress of traveling through Russia on Twitter.
“Just landed in Turkey and all I want to do is cry. That situation was way more stressful than I realized. Thank you God for always watching over and protecting me.”
Despite playing in China and Korea she said she never felt unsafe until the war describing it as “unprecedented.”
Despite the stress and danger, she told ESPN she was just going to have to deal with it.
“While the [WNBA] is making the right and necessary strides to pay us more and ensure that if we don’t want to go overseas, we don’t have to, I just feel like in my situation, the money is not comparable. I have to think about the financial status of my family and everybody else, and also the opportunities that I’m leaving if I don’t go.”
Remembering Griner Jones said “I’ve been looking at these pictures that I have on my phone, the last set of pictures I took with her we were going to Valencia or wherever. We were all just joking and laughing around and stuff, and it’s just crazy how fast things can change.” While she has hope things will change she says it probably won’t be in her playing years. For context, Jones and Curry are both power forwards.
In 63 appearances in 2020-21. Stephen Curry averaged 32.0 points, 5.8 assists, and 5.5 rebounds. In 17 appearances in the same year, Jones has averaged 15.1 points, 9.4 rebounds, and 1.9 assists. The men’s league plays over 1000 matches per year. The women play under 300 WNBA and NBA players are comparable in talent so why is the pay so low?
Viewership plays a major role. More people watch the men’s games than women’s games, millions more which means a lot more money for the NBA. But this is not the only reason.
“The president of the WNBA thinks that one of the reasons men are paid more than women is that 50 percent of the NBA’s revenue is shared between the league and the players; however, there is about an 80-20 split for the WNBA. This means that the players only receive about 20% of the WNBA’s total revenue” says one academic paper done on the wage disparities in 2020. The study also referenced the 1,230 games men play each season compared to the women’s 204.
The WNBA has quality players with star value just like the NBA. The issue of lower revenues can be solved in great part, by better publicity, more games on the roster and lower age ranges for players.
Drumming up excitement, seeking out sponsorship deals, greater publicity, and all-star face-offs between the NBA and WNBA are all genuine possibilities that could prove instrumental indrawing tv viewership and courtside attention.
Until then stars like Griner and Jones will continue to relentlessly outsource themselves and play all year round for a piece of the pie their male counterparts take home in a single season.
TURKS AND CAICOS ISLANDS POST CABINET MEETING STATEMENT
#TurksandCaicos, June 25, 2022 – Her Excellency the Acting Governor, Anya Williams, chaired the 19th meeting of Cabinet on Wednesday 22 June 2022 in Grand Turk. All other members were present.
At this meeting Cabinet:
- Approved the terms and conditions for an application from a land surveyor for a licence.
- Approved the making of the Revised Edition of the Laws 2021 (Commencement Order) 2022 subject to the approval of the House of Assembly; laws will be now be made available free of charge to members of the public on the Attorney General’s website. Physical reproductions will continue to be sold.
- Discussed proposed amendments to the Insurance Ordinance as drafting instructions to the Attorney General’s Chambers and consultation with the industry.
- Approved for the Insurance (Amendment) Bill 2022 to be introduced to the House of Assembly as soon as possible.
- Approved the revision of the Anti-Money Laundering Committee Budget for the Financial Year 2022/2023 for office furniture and supplies; confirmed annual payments for the annual membership costs to the Egmont Group of Financial Intelligence Agencies (FIA) and annual costs of the FIA’s travel costs for the Egmont annual meeting.
- Approved a three year rental lease agreement for the relocation of the Ministry of Tourism, Environment, Fisheries and Maritime Affairs, Culture and Heritage, Agriculture, religious Affairs and Gaming, and the Tourist Board and Department of Culture in Providenciales.
- Approved a lease agreement for a temporary HQ for the Turks & Caicos Islands Regiment in Providenciales.
- Was updated on the proposed merger of NIB/NHIP Compliance and Collections. Further consideration was requested before Cabinet can take a decision.
- Noted the award of the following contracts in line with the provisions of the Public Procurement Ordinance:
- PN 005600, TR 21/48, Furniture and equipment for Mental Health Facility – Grand Turk
- PN 005611, TR 21/30, Ballistic Vests for the Royal Turks and Caicos Islands Police Force
III. PN 005614, TR 21/37, Bellefield Landing Civilian Safety Project – Safe Boat Slips
- PN 005627, TR 21/53, Furniture and Equipment for Public Works Programme Management
- PN 005630, TR 21/08, Vehicles for Government (resubmission)
- Approved for a request from American Airlines to waive the import customs duties and customs processing fees for replacement parts for an aircraft that had an emergency landing on Providenciales to be forwarded to the House of Assembly for consideration and approval.
- Noted a paper from the Turks and Caicos Islands Airports Authority (TCIAA) for legislative amendments to be made to the TCIAA Ordinance to regulate industrial action by employees of the TCIAA. Cabinet requested further consideration. Proposed amendments will be considered by the House of Assembly for approval in due course.
- Approved the grant of a long lease to an applicant for a funeral home and cemetery on 60003/231 PT (2.5 ACRES)
Turks & Caicos Islands Government retains it BBB+ credit rating
#TurksandCaicos, June 25, 2022 – On the 29th of March 2022, Standard and Poor’s Global (S&P) released the results of the review of the 2021 sovereign credit rating for the Turks and Caicos Islands (TCI). S&P has affirmed the country’s sovereign credit rating for long-term bonds, denominated in both domestic and foreign currency, of BBB+. Additionally, the agency also maintained the outlook as Stable for the TCI.
The Rating Agency advised that the stable outlook takes into account that the country’s economy will continue to recover given the strong performance of tourism and will improve in 2022. Furthermore, S&P believes the TCI will continue to adhere to prudent financial management and limit borrowing, and that fiscal reserve balances will increase during the next two years. Additionally, the rating agency also expects continuity in TCI’s institutional relationship with the U.K.
In its report, the rating agency advised that the rationale for the rating was a result of the Country’s institutional and economic profile. That is, the economic recovery led by resurgence in tourism and continued institutional stability. S&P indicated that despite the short-term pressures of the global COVID-19 pandemic in 2020, the TCI Government’s prudent actions, aided by the U.K.’s swift transfer of vaccines, allowed international travel to resume as early as the first quarter of 2021. The combination of the Government’s swift response, coupled with pent-up demand in key source markets, led to a strong recovery in tourism, which in turn, has led to a better-than anticipated economic recovery. S&P estimates GDP per capita to be $23,674 in 2021, up from $20,757 in 2020 – a 14% year over year increase. Tourism remains the core pillar of the economy, indirectly accounting for about 65% of GDP.
S&P indicated that the ratings could be revised upwards if better-than-expected GDP increases and continued favorable growth prospects were to substantially boost economic resilience. Additionally, the rating agency also stated that they could also raise the ratings if better availability of timely data, especially on external flows and stocks, were to boost transparency and indicated that TCI enjoyed a significantly stronger economic or external position.
However, if the rebound in tourism is interrupted or turns out to be weaker than expected, leading to prolonged stress on revenues, this may cause the TCI Government to run persistent fiscal deficits that could materially worsen public finances. This could lead to a down grading of the rating.
Commenting on the rating, Minister of Finance, Investment & Trade, Hon. E. Jay Saunders, stated that “I am happy and extremely proud that S&P saw fit to maintain our country’s credit rating at BBB+, particularly at a time when many countries had theirs downgraded – mainly due to the COVID-19 pandemic. This is a testament to the strength of our economy, and particularly, our government’s prudent handling of it. We have taken particular note of S&P’s comment that they could raise the ratings on better availability of timely data, and we are working towards achieving that.”
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