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Bahamas Min. Finance vs opposition on Civil servant pay

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Bahamas, September 3rd, 2017 – Nassau – When civil servants did not receive their salaries for the month of August, they weren’t the only ones with something to say about it. PLP Chairman Bradley Roberts called it “highly unfortunate and heartless on the part of the prime minister”.

In response to Roberts however, Minister of Finance and Deputy Prime Minister, K Peter Turnquest said, “it is unfortunate that Mr. Roberts did not take the time to avail himself of the facts with respect to the non payment of workers. That is, if his true intention was to ensure the well being of those employees.”

On the note of these employees’ well-being, Roberts argued that those affected were parents depending on funds to send their children back to school this week. He said, “while students and their parents suffer because of the terrible policies of Dr. Hubert Minnis which created unnecessary uncertainty, hardship and misery for countless Bahamian families, the prime minister and his foreign minister violated their own self-imposed policy on foreign travel and are enjoying cocktails in Atlanta at the expense of Bahamian taxpayers, hundreds of whom Minnis fired since coming to office.” Roberts even ended his statement by warning the prime minister not to trigger a revolt by civil servants through his actions.

Not affected by this statement, Turnquest rebutted, “do note that the Ministry of Finance continues to work through a litany of unresolved financial and human resource issues left behind by the former PLP administration so as to ensure that all legitimately engaged persons receive their due compensation. The government will not be distracted by idle and duplicitous voices who – when they had their time – squandered the people’s money, and cared little about the actual well-being of Bahamians.”

Despite both differring political view points, Turnquest promised that “the matter has been addressed with the requisite files sent to the respective banks for posting on Friday afternoon. Most if not all of these persons should receive their salaries today.”

Approximately three hundred and thirty two (332) contract workers from the Ministry of Education were not paid on time, due to the fact that their salaries had been “coded”, as their initial contract period had expired and the necessary adjustment had not been made to the system.

Story By: Kay-Marie Fletcher

Bahamas News

Digital coin created for Caribbean’s Dominica as island partners with Huobi

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By Shanieka Smith

Staff Writer

 

December 2, 2022 – The Commonwealth of Dominica has partnered with cryptocurrency exchange Huobi, to issue its own national cryptocurrencies, Dominica Coin (DMC), and Digital Identity Documents (DID), already reports indicate a surge for the Huobi token.

This new collaboration with Dominica will bring the Caribbean one step closer to being a global cryptocurrency exchange centre.  Huobi also announced its intention to move headquarters from Seychelles to the Caribbean.

It was explained, “The deal is noteworthy partly because of its connections to crypto billionaire Justin Sun, founder of the Tron blockchain where the Caribbean island’s new token will initially reside.”

Dominica Coin (DMC) and digital identity documents (DID) will be issued by Huobi Prime via the TRON network (a project dedicated to building the infrastructure for a truly decentralized Internet); both will serve as credentials for the future metaverse platform based in Dominica. DIDs can be used for cryptocurrency Know Your Customer verification, applying for loans, and opening bank accounts on the island.

The DMC is not yet ready for launch, but The HT token is up 15% over the last 24 hours to $7.12. It’s up 40% over the past seven days.

As one of the first Caribbean islands to adopt the citizenship-by-investment policy, the Dominican government is seeking to delve into the metaverse and Web3 technology as a means to boost the country’s development.

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Bahamas News

Imminent Worldwide Measles Threat; 25 Million CHILDREN miss First Dose

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By Dana Malcolm

Staff Writer

 

December 2, 2022 – Forty million children are at risk of Measles as what the World Health Organization is describing as an “imminent threat” takes shape. A joint report between the WHO and the U.S. Centres for Disease Control revealed that a record number of children missed their measles dose with 25 million children missing their first dose and 14.7 million children missing their second dose in 2021 alone.

Nine million cases of measles were recorded last year, twenty-two countries experienced large and disruptive outbreaks and 128,000 deaths occurred, the report says.

“The paradox of the pandemic is that while vaccines against COVID-19 were developed in record time and deployed in the largest vaccination campaign in history, routine immunization programmes were badly disrupted, and millions of kids missed out on life-saving vaccinations against deadly diseases like measles,” said Dr. Tedros Ghebreyesus, WHO Director-General.

Measles is easily one of the most contagious viruses in the world and while many people think itchy spots when they think of the disease it can cause pneumonia, seizures and brain damage in about 30 percent of infected individuals.

Herd immunity will not work with this disease, say experts, unless 95 per cent of people or more are vaccinated; only 71 per cent of children in 2022 are fully vaccinated.

“Measles anywhere is a threat everywhere” the report said, emphasizing that no WHO region has achieved and sustained measles elimination.

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Bahamas News

FTX founder Sam Bankman-Fried admitted he’d screwed up

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By Shanieka Smith

Staff Writer

 

December 2, 2022 – An interview with FTX founder Sam Bankman- Fried on Wednesday at the DealBook Summit revealed that there were no risk management teams or form of corporate control to help govern the organisation.

Bankman-Fried resigned from his position in November following a liquidity crisis that resulted in the loss of billions in customer funds.

The CEO said he was shocked by what had taken place.  While he had made loans to his hedge fund Alameda, Bank-Fried said he did not intentionally commingle the funds.

Bankman-Fried acknowledged that he had a responsibility to the company and all its customers but he “screwed up.” “There was no person who was chiefly in charge of positional risk of customers on FTX, and that feels pretty embarrassing in retrospect,” he shared.

The investigation is ongoing and it still needs to be clarified whether customers will be able to regain any funds.

Former Securities and Exchange Commission lawyer Howard Fischer said that Bankman-Fried’s comments are being scrutinised.  “Everything he says that turns out to be contradicted by admissible evidence will be taken as evidence of deceit.”

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