Connect with us

News

Deputy Speaker says FSC given too much power in new Trust legislation

Published

on

Providenciales, 26 Jan 2016 – A strong caution came during House of Assembly debate yesterday from Opposition At Large Member, Hon Josephine Connolly during that first reading of the Trust Companies Licensing and Supervision Bill, 2015.

Hon Connolly reminded the House Speaker that the Premier had promised that the financial services industry would not be tampered with in a way that it gives the FSC unchecked power to alter regulations.

“Mr. Speaker I seem to remember the Honorable Premier stating at a previous meeting that we cannot put the finance industry in a position that when they wake up in the morning fees or regulatory amounts have been changed. Well, Mr. Speaker, it seems to me that “at any time” certainly includes first thing in the morning.”

The legislation is proposing, according to Deputy House Speaker Connolly, who is also a businesswoman that the FSC would have the policy power to boss around the commercial sector if it wanted to.

“I could describe this ordinance, somewhat tongue in cheek, as a stealthy, non violent coup d’état!

Hon Connolly pointed to Section 15 of the bill. “Section 15, page 15, entitled “Maintenance of Paid Up Capital”. Initially in part (a) the reader is directed towards the code………. an amount certain. But Mr. Speaker the story does not end there. Part (b) says the FSC can increase the share capital requirement …..and I quote “at any time”.

Connolly went on to draw reference to other areas of the proposed ordinance that gives the Financial Services Commission the power to change fees sporadically, citing also that the ‘code’ is mentioned 57 times in the bill.

Her recommendation to avoid, what she called ‘the absolute discretionary power of the FSC’ was for the Attorney General to explain and revamp.

She closed with some statistics to the Speaker; one that the FSC has grown in staff size by 400% between 2003 to 2015 but that Trust companies have fled this jurisdiction; a decrease from 20 to 11 between 2008 and 2015, according to the recent IMF report.

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.

News

On World Refugee Day, Global Solidarity Faces Critical Test

Published

on

On World Refugee Day, we reflect on the stories of millions forced from their homes. “Every individual carries a story of profound loss,” the UN Secretary‑General reminds us in today’s message. Refugees from Sudan, Ukraine, Haiti, and Myanmar—among other crises—highlight a surge in forced displacement matched by dwindling global support unhcr.org.

New figures from the UN High Commissioner for Refugees confirm this grim reality: more than 122 million people globally are forcibly displaced as of early 2025—up nearly 2 million from last year—while host nations, often low‑ or middle‑income, carry the heaviest burden

The World Health Organization adds that protecting the health of displaced people is “solidarity in action,” yet budget cuts threaten essential services in camps from Kenya to South Sudan.

The UN’s message is clear: refugees breathe courage and resilience, strengthening economies and communities when given opportunity. Yet xenophobia is rising; resettlement stalls, with under 8% of the world’s refugees finding safety abroadPublic opinion surveys show 67% support refugee protection, although 62% worry about economic impact.

Solidarity Means Action

On this day, unity must translate into support: humanitarian funding needs urgent replenishment; pathways to resettlement and asylum must be expanded; refugee voices need to shape policies; and long-term integration through education, decent work, and legal equality must become priorities.

“Becoming a refugee is never a choice,” the UN reminds us. But how the world responds is a choice. As crises persist—from Sudan’s civil war to Ukraine’s continued conflict—the choice is ours: uphold humanity and embrace solidarity, or let dwindling compassion define our legacy.

Continue Reading

Bahamas News

SOILCARE PHASE II ENGAGEMENT SESSIONS HELD AS BAHAMAS JOINS A COALITION OF COUNTRIES COMMITTED TO RESTORING LANDSCAPES AND SECURING A RESILIENT AGRICULTURAL FUTURE

Published

on

ST. GEORGE’S GRENADA – The Bahamas is joining a coalition of Caribbean Small Island Developing States, that committed to restoring landscapes and securing a resilient agricultural future, by tackling land degradation and drought. The Bahamas is one of six new countries scheduled to benefit from the Caribbean Small Island Developing States (SIDS) multi-country soil management initiative for Integrated Landscape Restoration and climate-resilient food systems (SOILCARE), Phase II, implemented by the Partnership Initiative for Sustainable Land Management (PISLM).

SOILCARE Phase I has been helping adopt policies, measures and best practices and support review of legal and institutional frameworks to achieve Land Degradation Neutrality LDN and Climate Resilience.

As PISLM prepares to launch Phase II of its flagship regional project, adding six new countries, two consultation sessions were completed on 3rd and 4th June by PISLM’s Sustainable Land Management Specialist Dr. Ronen Francis.

Project updates were present to the Permanent Secretary responsible for UNCCD IN the Ministry of Environment and Natural Resources, Mr. David Davis, Director of Agriculture – Dr Jason Sands and Danielle Hanek- Director of Forestry Unit of the Ministry of Environment and Natural Resources, the Bahamas.

This project will seek to assist the country in upgrading its National Soil Laboratories through provision of modern equipment, Standard Operating Procedures (SOPs) and training of technicians. It will also help the Bahamas, to develop Digital Soil Maps, develop their national drought risk plans, including improved drought management, Cat Island. It will also support a youth agri-business programme that will foster youth-led innovation and align with the CARICOM 25×25 vision.

This project is funded by the Global Environment Facility (GEF) and implemented with support from the Food and Agriculture Organization (FAO). Allocated funding is$17.9 million USD and $26.5 million USD in co-financing, by regional Governments, including the Bahamas.

Photo Caption:

Photo 1 Permanent Secretary responsible for UNCCD in the Ministry of Environment and Natural Resources, Mr. David Davis, Director of Agriculture – Dr Jason Sands Daniell, Ms. Danielle Hanek- Director of Forestry Unit of the Ministry of Environment and Natural Resources, the Bahamas and Dr. Ronen Francis-PISLM.

Continue Reading

News

CIBC Caribbean Hosts Career Day Experience  

Published

on

CIBC Caribbean proudly welcomed students from Shining Stars Preparatory School for an engaging and educational visit in celebration of the school’s annual Career Day.

Turks and Caicos Islands, June 19, 2025 –Shining Stars Preparatory School students got an inspiring introduction to the world of finance during a recent visit to CIBC Caribbean. Adorned in costumes, the future professionals were welcomed by the bank in recognition of the school’s annual career day.                                                                                                                                                                                                                                The visit formed part of CIBC Caribbean’s ongoing commitment to youth empowerment and education. With bright eyes and inquisitive minds, the students met with members of the Digital Banking, Personal and Business Banking (PBB) Sales, and Corporate Banking Support teams to learn more about the many career opportunities available within the financial services sector.

CIBC Caribbean Head of Country, Terrance Gibson, said, “At CIBC, we firmly believe that investing in our youth is investing in the future of TCI. Welcoming the students of Shining Stars Preparatory School into our space was not only a privilege, but a powerful reminder of why community engagement matters.”                                                                                                                                                                                                              The students were enthusiastic throughout the visit, eagerly asking questions and expressing keen interest in the daily operations of the bank. Their curiosity was met with thoughtful insights from CIBC Caribbean team members, who shared their personal journeys and professional experiences in banking.

As part of its broader community outreach, CIBC Caribbean has adopted Shining Stars Preparatory School. The bank has collaborated on a number of initiatives that promote learning, growth, and opportunity for young people.

Gibson added, “These bright young minds are full of potential, and our hope is that by opening our doors and sharing our knowledge, we have helped to spark interest in careers in banking, finance, and beyond. This relationship with Shining Stars speaks to our long-standing commitment to youth development and supporting the communities we serve.”

Continue Reading

FIND US ON FACEBOOK

TRENDING