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Irma cost TCI $2.7m earnings per day, no official cost of the storm revealed

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#TurksandCaicos, September 16, 2017 – Providenciales – Turks and Caicos is not yet reporting on the cost to the country of Hurricane Irma but according to GDP projections for the 2016-2017 fiscal year, the country lost an average of 2.7m per day and with tourism still limping along, it is fairly certain the price tag of revenues lost as the country rebounds will be high.

Reports internationally put damages for other jurisdictions, like fellow British overseas territories – Anguilla and the British Virgin Islands at $290m and $1.4b respectively.   Barbuda, where it is said the island was 95% damaged has listed Irma’s cost at $215m and there are more figures including in St Kitts and Nevis, $80m; the French territories of Saint Martin and Saint Barthelemy, where the French PM has visited is with destructed pegged at $2.28b; Puerto Rico costed at $800m and the US Virgin Islands is saying Irma brought destruction at $2.4b.

Barbados, Cuba, The Bahamas, the United States and the TCI are among the countries still tallying financial losses after their encounters with the hurricane which is recorded as one of the strongest storms ever.    Winds in #HurricaneIrma had gotten to 185mph at her strongest.

The Turks and Caicos was spared a direct hit, but three islands are declared to be in a state of emergency:  Grand Turk, South Caicos and Salt Cay.   As for likely losses in revenue to the country since Hurricane Irma forced everything to shut down since last week Wednesday, we’re talking about some $13.5m in lost earnings.

#MagneticMediaNews

 

Caribbean News

Deputy Premier Spot on, TCI TODAY Removed from EU Blacklist

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Deandrea Hamilton

Editor

#TurksandCaicosIslands – February 20, 2024Sixteen months after being added to the European Union’s Black List for non-cooperative tax jurisdictions, the Turks and Caicos Islands is now off that list.

“Today,the Council removed The Bahamas, Belize, Seychelles and Turks and Caicos Islands from the list of non-cooperative jurisdictions for tax purposes.”

The release explicitly states that in the case of the Turks and Caicos and The Bahamas, “ever since October 2022, deficiencies in the enforcement of economic substance requirements had been identified in both of these jurisdictions by the OECD Forum of Harmful Tax Practices (FHTP).”

It was recommended for remedy to the deficiencies has now been “converted from hard to soft recommendations,” said the statement.

That pivot was fundamental in the de-listing of the two countries said the information from the Council.

“…which allowed the Code of Conduct Group to consider these jurisdictions with no or only a nominal corporate income tax.”

When Magnetic Media spoke to E. Jay Saunders, Turks and Caicos Deputy Premier and Finance Minister in March 2023 he had full confidence that it was only a matter of time before the TCI was given a more favourable position with the EU. 

“There is no question about it. I’m confident that by February 2024, we will be off the list– I’m completely confident and there are no lasting repercussions.”   

 It had been sub-par computer systems that landed the TCI on the list.  The Deputy Premier, at the time offered that the EU was being too dramatic and its language, disproportionate surrounding the issue. 

That black listing and gray listing is often viewed as a black eye in the financial services sector, therefore this announcement today is vindication for the TCI and a huge plus for the Fintech ambitions of the Misick-led government.

 Twelve others remain with the unsavory categorization including Caribbean neighbours: Trinidad and Tobago; US Virgin Islands; Anguilla and Antigua and Barbuda.

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Caribbean News

Jamaica hosts 2nd Global Tourism Resilience Conference

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Rashaed Esson

Staff Writer

 

#GlobalTourism#Jamaica, February 19th, 2024 – Strengthening the future of global tourism against growing climate challenges, Jamaica hosted the 2nd Global Tourism Resilience Conference in Montego Bay from February 17th to the 18th, featuring high level delegates from the around the world, such as the Secretary General of the United Nations World Tourism Organization and spearheaded by its co-founder, Edmund Bartlett, the Minister of Tourism for Jamaica. The conference was under the theme “Navigating the Future of Tourism Resilience,” and addressed the swift need for more innovative strategies to combat the growing challenges that threaten Tourism. Sustainable tourism practices, crisis management, digital transformation, and the importance of promoting global partnerships, were among the topics discussed. 

 

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Caribbean News

Dengue in Peru-Over 12 Thousand Cases

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Rashaed Esson

Staff Writer

 

#Dengue#Peru, February 19th, 2024 – Since the start of the year, there have been more than thirteen thousand cases of dengue in Peru, with over three thousand in the fifth week alone, according to the Peruvian Ministry of Health. The northern region reportedly has the highest number of cases. Revealed in a February 16th report by the United Nations Office for the Coordination of Human Affairs, this represents a 53.4 percent increase in cases compared to 2023. This massive increase is linked to prolonged heat waves caused by the El Nino effect, the ministry reporting over 100 consecutive unusually hot days and more than 200 warm nights. Higher temperatures create favorable conditions for dengue transmission.

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