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FortisTCI Limited and the Turks and Caicos Islands National Insurance Board Close on US$5 Million Bond Agreement

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Today, FortisTCI Limited (the Company) and the Turks and Caicos Islands National Insurance Board (NIB) held a joint press conference to announce the closing of a US$5 million bond agreement. The closing consisted of a US$5 million 5.14% Bond Issue 2016/2031, due by July 1, 2031. The net proceeds from the bond issue will be used to finance a portion of the Company’s estimated capital expenditure of approximately $70 million during 2016 and 2017 and will be paid 100% at par value plus accrued interest on redeemed amount. Negotiations for this bond began in February of this year. It was during this period that members of the FortisTCI Senior Management Team met with the NIB Board of Directors to provide a complete overview of the Company’s operations and for the NIB to conduct its due diligence exercise. The NIB has a bond portfolio valued at US$40,359,465 (unaudited) at the end of April 2016. Historically, the NIB has always made special provision for local investments in its portfolio which is guided by the Domestic Investment Policy in the Investment Policy Statement. The NIB believes that besides the social impact of investing locally that the TCI being a rapidly growing economy provides an opportunity to earn competitive risk-adjusted returns. Over the years, the NIB has primarily invested with the public sector or with quasi-government entities but has also invested in private entities. While historically this investment is not the largest local investment to date, it is significant in terms of the fact that it affords the people of the Turks & Caicos Islands an avenue to invest in a local reputable and fiscally sound company through their contributions entrusted to the NIB. NIB Chairlady Lillian Misick said, “The Board of Directors believes that this investment with FortisTCI represents the ideal type of local investment that the NIB should be pursuing, considering the underutilization of funds allocated for domestic investment. It also provides the opportunity for the Board to pursue its mandate to grow the fund to meet its future statutory obligations.” FortisTCI President and CEO Eddinton Powell said, “We are pleased to have reached an agreement with the Board of Directors of the Turks and Caicos Islands National Insurance Board. FortisTCI is indeed a strong company and a good investment that the Turks and Caicos Islands can be proud of. I join in celebrating this landmark achievement for FortisTCI, the NIB, and the people of Turks and Caicos Islands. I hope that this bond investment by the NIB in FortisTCI will be the first of many” -###- About FortisTCI 1) FortisTCI Limited (FTCI) is a wholly owned subsidiary of Fortis Inc., and is the sole provider of electricity in Providenciales, North Caicos, Middle Caicos, South Caicos, East Caicos and adjacent Cays. In August 2012, Turks and Caicos Utility Limited (TCU), which is the sole provider of electricity on the Islands of Grand Turk and Salt Cay, was acquired by FTCI. Together the two companies serve more than 14,000 electricity customers in the Turks & Caicos Islands archipelago. FTCI and TCU have an aggregate diesel-fired generating capacity of approximately 82 megawatts. For additional information, visit www.fortistci.com About The Turks & Caicos Islands National Insurance Board: 2) The National Insurance Board is a Social Security program established under The National Insurance Ordinance and subsidiary legislation, to establish a system of National Insurance providing for payment in respect of retirement, invalidity, death, sickness, maternity, employment injury and old age; to establish an insurance fund and for connected purposes. For additional information, visit www.tcinib.tc

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ANDY BURNHAM, NEW UK PM’S FIRST ORDER: LOWER THE COST OF LIVING

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Britain’s new Prime Minister launches his administration with tax relief aimed at easing pressure on household budgets as affordability becomes a defining issue for governments worldwide.

 

By Deandrea Hamilton | Magnetic Media

 LONDON, England — Andy Burnham has wasted little time signaling a new direction for the United Kingdom, making the cost of living the first priority of his administration with a plan to reduce household electricity bills through tax relief.

The newly elected Prime Minister announced that Value Added Tax (VAT) will be removed from domestic electricity bills beginning October 1, describing the measure as part of a broader effort to make everyday life more affordable for working families. The move fulfills a key campaign promise and marks an early shift in the government’s economic agenda.

Burnham inherits a nation still grappling with stubborn inflation, rising household expenses and years of political turnover. His opening policy signals an intention to focus on practical measures that deliver immediate financial relief while restoring confidence in government.

The announcement also resonates across the Caribbean, where affordability remains a pressing concern. In the Turks and Caicos Islands, the Government has just concluded its one-time cost-of-living assistance programme for qualifying residents. While the approaches differ, both reflect a growing recognition that easing financial pressure on households has become one of the defining challenges facing governments today.

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Six Unauthorised Structures Demolished During Multi-Agency Planning Enforcement Operation

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Before demolition

After demolition

Providenciales, Turks and Caicos Islands – Friday, 17 July 2026: The Planning Department, with support from the Informal Settlements Unit (ISU), and the Crown Land Unit conducted a coordinated enforcement operation on Thursday, 2 July 2026, resulting in the demolition of six unauthorised structures on private property at Block and Parcel 60502/48. Security for the operation was provided by the Royal Turks and Caicos Islands Police Force.

The enforcement action followed the issuance of an Enforcement Notice by the Planning Department on 29 January 2026, advising the persons responsible for the structures that they had been erected without the necessary planning approval and were required to be removed. Following the expiration of the compliance period, a multi-agency operation was organised to carry out the demolition.

Before demolition activities commenced, personnel conducted a comprehensive inspection of the site to confirm that all structures were unoccupied and free of gas cylinders or other hazardous materials. These precautionary measures were undertaken to safeguard the welfare of both the enforcement teams and the public while ensuring the operation was carried out safely and efficiently.

Upon completion of the exercise, participating agencies returned to Police Tactical Headquarters for a debrief, marking the successful conclusion of another coordinated enforcement effort.

The Government of the Turks and Caicos Islands reminds members of the public that all construction activities must receive the appropriate planning approvals before work begins. The Planning Department will continue to work alongside its partner agencies to enforce the Planning Ordinance, promote orderly development and ensure that construction throughout the Islands complies with the applicable laws and regulations.

Members of the public are encouraged to familiarise themselves with the planning approval process and to seek guidance from the Planning Department before undertaking any development to avoid enforcement action and loss of money invested.

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DDME’s Hurricane Hunt Scavenger Hunt Sparks Community Spirit and Storm Preparedness in Providenciales

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Department of Disaster Management and Emergencies: Providenciales, Turks and Caicos Islands — Fifteen teams raced across Providenciales on Saturday July 4th for the inaugural DDME Hurricane Hunt, a community scavenger hunt designed to combine friendly competition with hurricane preparedness education.

Teams were given a bag of supplies and 15 cryptic clues, participants had less than two hours to pinpoint locations and collect hurricane must-haves; including water jugs, shovels, flashlights and other supplies that every household should have on hand ahead of a storm.

The challenge tested not only participants’ local knowledge and navigation skills, but also their teamwork under time pressure; all while reinforcing practical lessons about what it takes to stay ready when a storm approaches.

Beyond the hunt itself, the event drew a lively crowd of families and supporters who turned out to enjoy a full day of festivities. Attendees took part in games, received free gifts, face painting, canvas painting, bounce houses and visited vendor booths; while enjoying fresh food off the grill throughout the afternoon.

“This event brought together the best of both worlds; a fun, high-energy competition and a meaningful reminder of how important it is for our community to be prepared,” Mr. Aaron Ballantyne, Community Preparedness Officer for Providenciales. “Seeing 15 teams fully engaged, racing to landmarks across the island while learning what belongs in a hurricane kit, was exactly the outcome we hoped for.”

DDME extends their sincere gratitude to the stakeholders that partnered with the event and generously donated their time, resources and efforts to make it a success: The Turks and Caicos Islands Red Cross, The Oseta Jolly Primary School, The Royal Turks and Caicos Islands Police Force, Do It Center (Building Materials), KB Homes, Digicel TCI, Frost Cay and Clint Grilling and Catering Services, along with all other vendors who were solicited.

The event’s success was also made possible by the private organizations and government departments that opened their locations to serve as scavenger hunt sites, allowing the hunt to unfold across the island; from Chalk Sound to Long Bay.

The quick thinking first place team consisted of; Neekimo King, Keturah Miller-Brown, Lashaunda Dickenson and Kebba Thomas who all walked away with exciting prizes.

Ms. Bernadya Smith, Public Information and Media Manager stated; “With hurricane season underway, this event, along with our recent Hurricane Expo held in Grand Turk and community pop-ups throughout the country, is a testament to DDME’s commitment to blending community engagement with year-round storm readiness. We look forward to making this event an annual staple that brings families together while keeping preparedness at the forefront of every community we serve.

Follow DDME social media pages to stay up to date with upcoming events and to join their weekly quizzes for a chance to win exciting prizes all hurricane season long.

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