TCI News
TCI: Oswald Skippings – Scotia Bank Closures
#Providenciales, June 11, 2018 – Turks and Caicos – This Scotia Bank bombshell dropped on The Turks and Caicos government and people in recent days, is a substantial addition to the gloom and doom that currently exist in Grand Turk post the onslaught of hurricanes Ike, Irma and Marie and the drastic failure of recent administrations.
It is an aggravation to the already high unemployment, the lack of commercial activity and other prevailing woes that have overshadowed Grand Turk over recent years. The fact is, the nation’s capital of Grand Turk will now have only one commercial bank, a situation that is definitely not attractive nor conducive to industrial and economic growth.
Heretofore, Government had a choice in selecting its banker, now it has no such choice. Therefore, government has no bargaining powers in selecting its banker and civil servants in both Grand Turk and Providenciales will be forced to deal with First Caribbean Bank as it is inconceivable that government would have two different banks to facilitate its financial business.
This move would inevitably increase inconvenience to First Caribbean customers in Grand Turk who are already faced with long, slow lines because of inadequate customer service, inclusive of their one and only ATM that is already too often dysfunctional.
This move also creates inconvenience in Providenciales by the closure of the Grace Bay facility, thereby adding tremendous pressure to the remaining one and only Scotia Bank in the most commercially active island in the Turks and Caicos.
It should be noted that if the lack of profitable, financial activity is a contributor to this drastic decision, then one must consider the hundreds of millions of dollars that are being remitted to foreign countries by work permit workers while so many Turks and Caicos Islanders are not employed. Therefore, this highlights further justification for the public and private sectors to first and foremost guarantee jobs for our very own Turks and Caicos Islanders whose monies will remain here in the banks and be invested here in the islands thereby creating even further and more profitable economic activity for the banks thereby guaranteeing their success.
These sorts of disasters should bring us to the realization that if we are to overcome the multitude of problems that are besieging us daily, there are some inherent political anomalies that we as a people need to recognize, admit to and commit to fix forthwith! For example.
When the HONORABLE Derek Taylor the then chief minister, conceived the idea, initiated the move and laid the foundation to establish a Turks and Caicos Bank, it was a visionary and noble aspiration. However, once again this was ruined by cronyism and selfish, greedy politicians, and unfortunately, blindly supported by overzealous irresponsible party supporters who not unlike now, put a blind eye to anything and everything 
wrong, oppressive or retrogressive their ruling party was doing.
It is why unless and until we as a people stop voting for a great, noble and heroic man that is now dead and political parties whose core principles and ideologies have also died, and begin to vote for committed, patriotic people with vision and intestinal fortitude, whether they be from a third forth or fifth political party or be independent candidates, we will continue to be duped, taken for granted and exploited by uncommitted and incompetent politicians, who are no longer held accountable by those of us who vote them into office.
It is obvious that the introduction of Trade Unions is long overdue and would undoubtedly go a long way in meeting many of the needs especially of the working populace. However, from a development, investment and an overall economic standpoint for Grand Turk, this does not eliminate the need for a commercial bank.
As a permanent and practical solution to this huge problem that we are experiencing with Scotia Bank, the Turks and Caicos Bank must be reinstated! Preferably, its board of directors must not be infested with politicians and or close relatives of politicians at all. However, if politicians are placed on the board of directors, then politicians from all sides should enjoy that privilege. This is the only way independent, bi-partisan, transparent and public scrutiny will be guaranteed, and it would then be next to impossible for corruption to rear its ugly head again and effect the closure of such a much needed national facility.
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.
-
Health1 week agoAstraZeneca withdraws COVID vaccines after millions took their jabs
-
Caribbean News5 days agoBelize, Jamaica and St. Vincent and the Grenadines eliminate mother-to-child transmission of HIV and Syphilis
-
TCI News4 days agoEquity in Energy says Bahamas Energy & Transport Minister in legislative roll out
-
TCI News4 days agoFamily of 16 tourist claims negligence in Grand Turk jet ski death; Coroner’s Court hearing evidence
-
Caribbean News5 days agoMagnetic Media attends Caribbean Media Summit, in focus AI in Journalism
-
world news6 days agoElectricity Access for 600 Million a goal of UN Sustainability Week
-
TCI News3 days agoAMERICAN MOTHER AND DAUGHTER ALLEGEDLY ARRESTED FOR TWO BULLETS
-
Bahamas News4 days agoThe Bahamas Successfully Hosts Its Fourth World Athletics Relays