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FSC confirms staff changes at ScotiaBank TCI, Emergency executives brought in

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Providenciales, Turks and Caicos Islands – March 1, 2018 – The Financial Services Commission is aware of the reports which have residents and depositors of ScotiaBank Turks and Caicos concerned.  Managing Director of the FSC, Niguel Streete told Magnetic Media, the situation is being closely monitored.

“The Commission is aware of changes at the senior management level of the bank and is closely monitoring these developments to ensure a smooth and controlled transfer of responsibilities.”   

For days now, there have been murmurings about staff problems at popular ScotiaBank and the accusations have been wide ranging and potentially damaging for those involved.

The FSC is legally tasked with protecting the public’s interest on behalf of the Turks and Caicos Islands Government, this includes depositors.  The shocking collapse of TCI Bank in 2009 has left the market leery of troubling news emanating from the banking sector.

While many of the claims by public pundits have not been substantiated, Magnetic Media was able to confirm that there is an emergency team in country, reportedly from Canada, to help during this staff crisis.

A customer of the bank shared, on Tuesday, that the Providenciales Leeward Highway branch and the Grand Turk branch of ScotiaBank, has been for weeks now, sharing staff.

The FSC did not expound on any rumors in the public domain but Mr. Streete did say, “The Commission’s oversight and risk monitoring/supervision framework extends to working closely with the bank’s parent company and its regulator on effective supervision of the bank’s operations in the TCI.”

Magnetic Media has reached out to ScotiaBank for comment on what is going on, but up to publication time, there had been no reply.

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.

Caribbean News

CARPHA Remembers Former PAHO Director Emeritus – Dr. Carissa Etienne as a “Tireless Advocate for Regional Solidarity”

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Port of Spain, Trinidad. 01 December, 2023: It is with profound sadness and shock that I extend my deepest condolences to the family and friends, people of Dominica, the Caribbean Community and the Pan American Health Organization (PAHO), on the untimely passing of PAHO Director Emeritus, Dr. Carissa Etienne.

Dr. Etienne’s contributions to public health in the Americas were not only significant, but also transformative.  Her leadership and unwavering commitment to our Caribbean Community’s collective pursuit of healthier people, healthier spaces and a healthier Caribbean were a source of inspiration to many.  Dr. Etienne was a tireless advocate for The Americas’ regional solidarity, for she knew that was the only way to address the glaring inequalities that exist here.

She was the Director at PAHO for most of the life of the Caribbean Public Health Agency (CARPHA), and under her leadership, CARPHA graduated from the PAHO Biennial Work Programme (BWP) arrangement to having framework agreements.

PAHO funded many of the programmes that are difficult to attract support, like the Caribbean Regulatory System (CRS) and the Medicines Quality Control and Surveillance Department (MQCSD), which are important services for the Region to ensure the quality of medicines.  Under Dr. Etienne’s leadership, PAHO also funded non-communicable disease interventions, another area that does not attract large pots of funding, although the number one cause of deaths in the Caribbean region. 

During the Pandemic, CARPHA worked with PAHO to fund the downpayments to give 12 Member States access to COVID-19 vaccines through COVAX to the tune of US$2.6 million.

Dr. Etienne will be remembered as a true Caribbean lady who worked with great dedication and focus throughout the horrible COVID-19 period and right up to her last working day at PAHO.

During this challenging time, we pray that God will give strength to Dr. Etienne’s family, friends, and colleagues.  CARPHA cherishes the memories of her remarkable contributions to the well-being of individuals and communities throughout the Americas, but especially the Caribbean.

The CARPHA Executive Management and staff stand in solidarity with our Caribbean Community as we mourn the loss of a visionary leader. 

 

Dr. Joy St. John

Executive Director, CARPHA

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Energy & Utilities Commissioner says new legislation will help to stabilize energy costs in Turks & Caicos Islands

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Providenciales, Turks and Caicos Islands – Thursday, 30th November 2023: The Energy and Utilities Department (EUD) of the Turks and Caicos Islands, today reminds the public that the comprehensive Renewable Energy Legislation is currently before the House of Assembly and that the Legislation not only addresses the existing challenges posed by fuel price volatility but also lays the foundation for a sustainable and resilient energy future for the TCI.

In a recent press release, FortisTCI cited global factors such as production cuts and increased demand for fuel, leading to a surge in market prices. The EUD acknowledging these challenges thanks our power supplier for its proactivity when it comes to informing consumers of any changes in the cost of electricity.  Further, the Government of Turks and Caicos wants residents and guests to know that it is committed to taking proactive measures that will transform the energy landscape through robust Renewable Energy Legislation. 

In that vein, Delano Arthur, the new Energy and Utilities Commissioner looks forward to working with FortisTCI in the upcoming days to find innovative and collaborative solutions to reduce the cost of Fuel and Energy in the Turks and Caicos Islands.  This initiative aims to not only mitigate the impact of volatile fuel prices but also secures a sustainable, reliable and affordable energy future for all of us.

 Key components of the Renewable Energy Legislation include:

  • Integrated Resource Plans: A formal planning process to prioritise renewable energy in addressing evolving energy needs.
  • Competitive Tendering Process: Government-run initiatives to promote healthy renewable energy competition, achieve low-cost energy, and meet Paris Agreement goals.
  • Administrative and Regulatory Measures: Establishing clear processes and responsibilities for all players who are in the renewable energy market.
  • Licensing and Safety Standards: Comprehensive licensing provisions to ensure accountability and safety standards for renewable energy systems.
  • Net Billing Program: Allowing building owners to self-generate and sell surplus electricity back to the grid.

The Renewable Energy Legislation serves as a mitigation against volatile fuel prices. By transitioning to cleaner energy sources and fostering a diverse renewable energy infrastructure, these Islands aim to reduce dependency on fossil fuels. The competitive tendering process introduced in the legislation ensures the selection of the most cost-effective renewable energy solutions, contributing to energy affordability and stability.

As the Islands invest in renewable energy, the increased share of clean, locally produced electricity provides a stable alternative to fluctuating fuel prices. The Net Billing Programme further incentivises distributed energy generation, offering a predictable path for building owners to contribute to the grid and receive compensation, thus reducing reliance on traditional fuel sources.

 

For further information, please contact:

Delano R. Arthur

Commissioner

Energy and Utilities Department

Turks and Caicos Islands Government

eud@gov.tc

649-338-3514

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Caribbean News

CANARI outlines climate priorities ahead of Cop28

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Rashaed Esson

Staff Writer

 

The Caribbean Natural Resources Institute (CANARI) informed that the Caribbean Climate Justice Alliance, in preparation for the upcoming annual COP28 in 2023, launched its “Caribbean Climate Justice and Resilience Agenda,” outlining the priorities for climate justice and resilience in vulnerable Caribbean small island developing states (SIDS).

 

In a press release, CANARI highlighted that the agenda recognizes the major threat of climate change to the region as well as aims to louden the voices of the at-risk groups “on the frontlines of the climate crisis and catalyze actions for climate justice and local resilience in the Caribbean SIDS.”

 

The priorities stated under the agenda are:

 

  1. Curbing emissions to limit global temperature

increase to 1.5 ̊C

 

  1. Scaling up locally-led solutions for adaptation and

loss and damage

 

  1. Improving access to and delivery of climate finance

for frontline communities, small and micro enterprises, and civil society organizations as part of a ‘whole of society’ approach

 

  1. Scaling up just, nature-based solutions for resilience

 

  1. Supporting a just transition for pro-poor, inclusive,

sustainable and resilient development

 

  1. Promoting gender equity and social inclusion

approaches to climate action

 

  1. Promoting youth and intergenerational equity as

core to the climate response

 

  1. Integrating a rights-based and earth-centered

approach in addressing all these priorities and ensuring climate justice

 

The at-risk groups referred to in the release include small-scale farmers and fisherfolk, rural women producers, income-poor people, elderly and disabled people, Indigenous and Afro-descendant communities, migrants, and LGBTQIA+ people.

 

Being cognizant of the severity of the effects of climate change on the Caribbean, CANARI referred to the fact that the very existence of the region is on the line.

 

“If greenhouse gas emissions continue unabated and global temperature exceeds 1.5 ̊C, the impacts of rising sea levels, more intense hurricanes, rainfall variability, ocean acidification, and other changes threaten the very existence of our way of life in the Caribbean and other SIDS that have contributed the least to global emissions.”

 

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