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INFLATION CONTINUES TO TREND DOWNWARD

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KINGSTON, May 26 (JIS):

Jamaica’s inflation rate continues to trend downward, reaching a 50-year low of three per cent at the end of the March 2016 quarter.

Bank of Jamaica (BoJ) Governor, Brian Wynter, says the figure is the lowest since financial year 1966/67.

“It is lower than the 3.7 per cent that was recorded in December 2015 and it is lower than the four per cent that was recorded in March 2015. It was also well below the bank’s target range of 5.5 per cent to 7.5 per cent that had been set for 2015/16 fiscal year,” he said.

Mr. Wynter was addressing the BoJ’s quarterly press briefing on May 26 at the bank’s headquarters, downtown Kingston.

He said a 1.3 per cent fall in consumer prices during the March quarter contributed to low inflation out-turn.

“This fall in prices was mainly influenced by declines in energy and transport-related costs and domestic agricultural food prices. The fall occurred despite exchange rate depreciation of 1.4 per cent for the quarter,” the BoJ Governor noted.

He informed that the Statistical Institute of Jamaica (STATIN) is reporting that inflation continued to decline in April, falling to -0.4 per cent, and pushing the annual inflation rate down to 2.4 per cent.

Mr. Wynter also attributed the low level of inflation to the BoJ’s monetary policy “supported by the strong fiscal policy stance of the Government.”

“This fiscal anchor has proven to be a powerful force for macroeconomic stability. In line with this, inflationary expectations continue to be firmly anchored in single digits,” he said.

 

He noted that the bank’s latest inflation expectations survey, conducted in February 2016, indicated a slight fall in expected inflation, 12 months ahead, to 4.3 per cent from the 4.4 per cent that was recorded in the December 2015 survey.

 

News

Subject identified

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SERVICE WITH PRIDE AND INTEGRITY

 

***MEDIA RELEASE***

May 18th, 2024.

Following a police shooting incident on May 14th, the Royal Turks and Caicos Islands Police Force (RTCIPF) is now able to name the deceased male subject, with the permission of the family.

The Serious Crime Unit contacted the relatives of the deceased, and formal identification has taken place, with the subject being identified as 14-year-old Antorens Dorcely, also known locally as ‘Toto’.

During this challenging time, the RTCIPF also expressed its deepest condolences to the deceased’s family, and the force will continue to offer support through our Family Liaison Officer.

In light of this incident, the RTCIPF is urging the public to show respect and sensitivity towards the grieving family by refraining from sharing any footage of the deceased on social media.

Sharing such material can cause additional distress and harm. We emphasize the importance of empathy and respect for the family’s privacy as they navigate their grief. The death of any young person is a loss to the TCI.

The RTCIPF is committed and dedicated to conducting a thorough investigation and ensuring that all aspects of the incident are carefully examined and the findings are communicated transparently to the public.

A request has been made to an external police force to conduct a review of the incident. This is a routine procedure and intended to ensure an independent and objective review of the facts. The community’s cooperation and respect during this time are essential. The RTCIPF assures the public that we remain dedicated to upholding justice and accountability.

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group 

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Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

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Crime

Male Charged with Robbery

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#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have charged a man who allegedly stole a vehicle.

The accused, DANVANTE  BRISCO, 30,  of  Kew Town, Providenciales, was charged with:

  • One Count: Robbery
  • One Count: Taking Motor Vehicle Without Authority
  • One Count: Using Offensive Weapon to cause fear

Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.

The matter was adjourned to July 05 for a Sufficiency Hearing.

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