By Dana Malcolm
#TurksandCaicos, October 29, 2022 – TCI residents should be on the lookout as alarm bells start to clang in neighboring countries about a possible recession.
The US and The Bahamas, two countries with which the Turks and Caicos has significant ties, are warning that a recession is possible in the next 12 months.
Bahamian, Gowen Bowe, CEO of Fidelity Bank and former chairman of the Bahamas Chamber of Commerce & Employers Confederation told the Tribune, that The Bahamas has until the end of the year to prepare for what might be a major economic shock.
He warned that Tourism, (a major earner for the Bahamas and the TCI) might be crippled maintaining that the Bahamas should get ready for a potential “shutdown” in the leading industry. In light of this, he encouraged residents to pay keen attention to the US markets.
He cited a factor that underpinned his assessment as the fact that most of the Gross Domestic Product is generated from Tourism, a luxury item which people tend to cut in a recession.
So what is happening in the US?
Major news agencies in the last week have begun to warn that the country is tipping close to the breaking point. Financial consultants at Politico, Forbes, Bloomberg have all indicated the possibility of a recession is close.
On October 5th, The Conference Board, a nonprofit research organization said the probability of an economic downturn in the US in under 12 months is at 96 percent.
Twelve days later, Bloomberg indicated a recession in the next year is almost certain, their economic model puts the chance of recession at 100 percent.
The White House messaging is different, as experts sow seeds of caution Brian Deese, Director of the White House’s National Economic Council, told the Financial Times: “We have a degree of strength and resilience in the labour market and household balance sheets and in business investment. That is continuing to move our economy forward, and that’s really important—we are in a stronger position than . . . frankly, any other country to navigate through this transition without having to give up those gains.”
While no one knows for sure what the economy will do, what is for certain is that the Turks and Caicos will feel the sting of the US recession many times over if it does occur.
National Food Policy to be created in the Bahamas
By Shanieka Smith
#TheBahamas, February 2, 2023 – A new initiative by the Ministry of Agriculture, Marine Resources and Family Island Affairs in the Bahamas will see the creation of a National Food Policy geared towards ensuring food security on the island.
“This agricultural policy would encompass a holistic approach and incorporate regulations, legislation, and other aspects to assist the farmers who have not really gotten the attention they deserve for a long time,” said the Minister of Agriculture, Marine Resources and Family Island Affairs, Hon. Clay Sweeting.
Other initiatives within the agriculture sector will also be implemented, such as the digitalization of applications and forms, which will make farming more efficient.
Clay said, “we have already digitalized for the most part the Department of Marine Resources and soon we will unveil new services such as dog licences, import permits, and other services needed for a successful agricultural sector.”
The construction of the Cultivation Centres (TCC) in Eleuthera and New Providence with produce exchange, food processing kitchens and farm stores will continue.
Sweeting said he hopes these initiatives will help to decrease the country’s yearly $1 billion food import bill.
Consumer protection, 85 businesses to be put under watch
By Dana Malcolm
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.
74 Foreign Nationals Convicted in The Magistrate’s Court
#TheBahamas, February 2, 2023 – In Magistrate’s Court #1 today, seventy-two (72) foreign nationals were arraigned before Magistrate Algernon Allen Jr. for various immigration offenses.
Thirty-two (32) Cuban nationals were convicted of Illegal Landing. Two (2) of them were subsequently sentenced to four months in the Bahamas Department of Correctional Services (BDOCS). Thirty (30) were conditionally discharged and released to the Department of Immigration to be deported.
A total of forty (40) Haitian nationals were convicted of Illegal Landing. Two (2) received custodial sentences of three months at BDOCS, and thirty-seven (37) were conditionally discharged and released to the Department to be deported. In addition to the charge of Illegal Landing, one (1) Haitian man was also convicted of Knowingly Attempting to Misleading an Immigration Officer and subsequently sentenced to six months at BDOCS on each count. The sentences are to run concurrently.
Three (3) Haitian nationals were also charged with Overstaying. Two (2) pleaded guilty and were convicted. Respectively they were fined $2,000.00 or, in default of payment, served six months at BDOCS, conditionally discharged, and deported. One (1) Haitian female pleaded not guilty, and the matter was adjourned to a later date. Upon payment of fines, completion of sentences, and discharge, all persons were ordered to be turned over to the Department of Immigration for deportation.
The Department remains committed to executing our mandate to ensure compliance with the Statue Laws of our country.
For more information, call the Public Relations Unit at 1-242-322-7530, visit our website at www.immigration.gov.bs, or call our Investigation hotline anonymously, at 1-242-604-0249.
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