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Survey asks TCI Government to negotiate and support ‘survival’ loans for Tourism industry

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#TurksandCaicosIslands, May 13, 2020 – Hassle-free loans with soft terms are a viable option to bring buoyancy to some of the tourism and hotel sector businesses in Turks and Caicos struggling to survive in the midst of a global pandemic caused by the coronavirus, revealed a new survey.

More than half of those who participated in an April survey, conducted by KPMG and commissioned by the Turks and Caicos Hotel and Tourism Association, TCHTA replied that ‘yes’, they would take out a loan.

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“Fifty-four per cent of employers said that they would choose to apply for additional debt if it can be made available on “soft terms” i.e. with no “red tape”, no additional security and where it is to be used for specific purposes. This does not take into account other sources of finance such as private equity, mezzanine finance etc.” said that survey which was, this week, issued to members of the TCHTA and media.

It is not a far-fetched prospect for the Turks and Caicos Islands Government to support the opportunity for companies to stay afloat amidst the public health crisis which has grounded travel indefinitely.  With so much at stake, the survey recommends that TCIG would do well to support a Staff Retention Program and government-backed loans.

“This is another suggestion that has been put forward to TCIG and HMG on behalf of TCHTA which is modelled on an initiative already introduced in the UK called a Coronavirus Business Interruption Loan scheme. In the UK 80% of such loans are backed by the government.  

Any initiative in TCI along these lines need not necessarily be exactly the same as the initiatives introduced in the UK but it appears from anecdotal evidence that something similar with a credit enhancement component e.g. a sovereign guarantee of some description will be needed to make more debt available in the prevailing circumstances and to entice employers to take on more debt to finance commitments to the program.”

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The suggestion, explained the report, is both practicable and internationally touted.

“This initiative put forward by TCHTA is also consistent with the actions that WTTC are advocating to global governments with substantial tourism industries.”

A government guaranteed loan scheme is however, not hugely popular for the membership of the TCHTA.  Some 46 per cent of those taking the survey expressed that they would not apply for a loan.

The survey was administered between April 12-20. Employers participating in the questionnaire represent 5,606 employees.

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

TCI Tourist Board – Represented at New York Travel & Adventure Show

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Manhattan, New York (Friday, February 3, 2023) – The Turks and Caicos Islands recently participated in the successful New York Travel & Adventure Show held at the Jacob K. Javits Convention Center in Manhattan, New York from Saturday, January 28th – Sunday, January 29th. The event was New York’s largest travel gathering since 2019, providing the perfect platform to showcase the Turks and Caicos Islands and its unique luxury offerings as a multi-island destination. This was part of a larger effort by the Turks and Caicos Islands Tourist Board to showcase the destination at several major travel shows in the United States.

Mary Lightbourne, the Acting Director of Tourism, and Gabriel Saunders, the Senior Public Relations Officer, proudly represented the Turks and Caicos Islands at the event and emphasized its status as a premium travel destination. During the event, they engaged with travel enthusiasts, media outlets, influencers, and more to further increase visibility about the World’s Top Trending Travel Destination for Fall 2022. Visitors at the booth were given informational brochures on the destination and treated to a tasting of Bambarra rum, as well as Bambarra rum cakes. As a special souvenir, they were also gifted Beach Buddies keychains, designed as queen conch shells, spiny lobsters, Turks Head cacti, flamingos, and pelicans – symbolizing the coat of arms of the Turks and Caicos Islands.

“The New York Travel & Adventure Show was an ideal platform to facilitate us bringing the stunning beauty and diverse offerings of the Turks and Caicos Islands to a massive audience of travel enthusiasts”, stated Mary Lightbourne. “Through this opportunity, we were able to foster valuable connections with key industry leaders and share our islands’ captivating allure with travel lovers in a significant source market”, added Lightbourne.

Attendees had the chance to interact with the Turks and Caicos Islands Tourist Board’s representatives and learn about the destination’s diverse offerings, including world-class beaches, turquoise waters, luxury resorts, and vibrant culture.

“We were honoured to showcase the distinctive character of our destination and provide attendees with a taste of the local flavours and products that make our tourism product truly remarkable,” said Gabriel Saunders. “The Turks and Caicos Islands offers an unparalleled travel experience and we were grateful for the opportunity to inspire more people to come discover its beauty” added Saunders.

The New York Travel & Adventure Show was a two-day event that brought together top travel experts, destinations, and cultural attractions from around the world to provide inspiration and information to travel enthusiasts. The Turks and Caicos Islands Tourist Board also represented the destination at the recent Chicago Travel & Adventure Show and will be an exhibitor at the upcoming Atlanta Travel & Adventure Show and the Dallas Travel & Adventure Show.

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Caribbean News

The Idea that became an Iconic Event for Providenciales, Turks & Caicos

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By Dana Malcolm

Staff Writer

 

 

#TurksandCaicos, February 2, 2023 – An idea executed to perfection with the help of the entire Turks and Caicos community, that’s Island Fish Fry.  Born 10 years ago, in January 2013, it was a partnership between the Government, Private institutions, vendors and supporters all working together to make develop an authentic TCI experience; today it is an indisputable success.

Since its inception, Island Fish Fry has become a staple of the TCI community.   It’s where you can get your T-shirts to Lobster Mac and Cheese, a taste of Monkey Bag rum or TCI brewed beer, natural coconut water in branded coconut mugs, the oceanic beauty captured in charms and household items or glittering handmade bangles with entrepreneurs and crafters clamouring for their space at the ‘Fry’.

We spoke to several people who told us about the history of the event and what they love most about the evolution and realization of Island Fish Fry Ralph Higgs, Former TCI Tourist Board Director under whose direction the event was conceptualised recalled its beginnings.

“I do remember my first Fish Fry, it was the 29th of January 2013— It came as a result of many of our local businesses, mainly restaurants and other businesses featured at the fish fry saying ‘we don’t have an avenue or an outlet where tourists can come and try our products’.  Hence the idea of a weekly fish fry where tourists can come and try our products, try the cuisine, see the art and craft and then go on to enjoy it.”

Higgs says the event is a source of pride especially considering its capacity to nurture the arts in young Turks and Caicos Islanders

“Well I feel proud of the event but more so many of our local businesses and artisans that have found themselves at fish fry,” he used Wellington Williams, one of the country’s most prolific jewellery makers, as an example, “I remember him as a little boy trying to find his way in that business and he approached us at the Tourist Board for space at the Fish Fry and we were delighted to have him display his art. I think the rest is history. He is a success story by every definition and there are many others who have been able to find their footing because of the event.”

In a decade, the well-loved event has not faltered, only inclement weather and the Covid-19 pandemic have the reputation of putting the brakes on the outdoor festivity which features live music, community dancers, on the grill cooking and picnic styled eating.  Yet, even those challenges were overcome.

In 2021, Josephine Connolly became the country’s newest Minister of Tourism and in our chat with her about Island Fish Fry, Connolly described her elation when she was able to lead a team into resuming the event, finally.

“Fish Fry belongs to the people of this country— We made a concerted effort to make sure that a sense of normalcy returned to the people of this country, our tourist arrivals [had] continued to increase during COVID therefore we had to continue with the fish fry to ensure that our guests received their TCI flavour though it.  I am elated that Fish Fry returned and the entire Turks and Caicos and our guests are elated.”

Higgs praised the continuity of the event highlighting the vendors, musicians, entertainers, crafters, officials and others who have persevered to ensure there was a rich range of Turks and Caicos creativity and culinary skill on display week after week.

“There were many who came and showed support and many of them are still at the fish fry playing music, selling their goods and services and I’m so proud of all of them.”

Island Fish Fry celebrated its ten year anniversary on Thursday January 26th 2023.

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Bahamas News

Consumer protection, 85 businesses to be put under watch 

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By Dana Malcolm 

Staff Writer

 

 

February 2, 2023 – Grocery stores and dozens of other businesses will be under the microscope soon as the government begins aggressively enforcing the Consumer Protection Ordinance passed back in 2016 with an all-new Compliance and Regulatory Enforcement (C.A.R.E) Drive.

Carried out by the Department of Trade, Industry, and Fair Competition the drive aims to “actively educate providers whilst enforcing the main provisions to protect consumers under the Consumer Protection Ordinance,” a press release explained.

Firstly, Consumer Officers charged with protecting the people of the TCI from unfair business practices will be assessing the prices of selected breadbasket items in 23 different stores countrywide each month to see whether price gouging is being carried out by businesses.

Breadbasket items are currently duty-free under the Food and Fuel Tax Break until the end of the financial year in March and all savings from those tax exemptions should be passed on directly to the consumer. After each assessment, which will continue for several months at least a monthly price report will be published on the Department of Trade’s website.

In addition, the Consumer Officers will be monitoring other business activities across the country “to ensure that providers are compliant with their duties to consumers.”

Those responsibilities include:

  • Giving customers certain basic information about goods and services being sold;
  •  Informing consumers about terms and conditions before any payment is made (e.g., warranties, refunds, returns, exchanges, etc.) and;
  • Abstaining from misleading and deceptive conduct, false representation and unfair business practices.

The government says they will reach at least 85 businesses with the C.A.R.E. Drive but they did not indicate the process behind how these businesses had been singled out. Non-compliant ones will be fined after a thorough investigation and warnings are issued by the Department of Trade.

With this in mind, business owners are being encouraged to familiarize themselves with their duties under the Ordinance lest they be caught in breach. The government did not say what entities would be assessed and whether that included major retail grocery stores, gasoline dealers, water companies, electricity providers, telecommunications companies and other essential providers of the services that all islanders spend on.

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