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THREE MORE YEARS OF HIGH INFLATION, says US Fed

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By Dana Malcolm 

Staff Writer 

 

#USA, December 16, 2022 – Inflation won’t level out for another three years; the harrowing financial forecast comes from the US Federal Reserve.  The Fed has however decided to fight back with a continued rise in interest rates until at least 2024.

It means pushing rates up another .50 points reaching the highest levels since the recession 15 years ago.

The Fed said despite low unemployment and growth in production Inflation is still elevated because of supply and demand imbalances related to the pandemic, higher food and energy prices, and other issues. In light of these issues and the country’s two percent inflation goal they decided to continue raising rates citing it is ‘appropriate’ action maintaining it was strongly committed to reaching two percent.

The Fed’s three year prognosis on protracted higher living costs due to high inflation is based on the PEC price index which captures inflation across a wide range of consumer expenses and reflects changes in consumer behavior which is only expected to be back to a healthy two percent by 2025.

The country is still predicted to enter a recession in 2023.

In October the possibility of recession was at 100 percent according to economic forecasts by Bloomberg.

Bahamas News

CIBC Caribbean Celebrates Joy of Giving with Cash Rewards  

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Nassau, Bahamas – The holiday spirit returned in full force this week as three CIBC Caribbean clients walked away with surprise cash prizes at the grand finale of the bank’s Joy of Giving campaign. The event marked the close of a region-wide lending initiative that brought together opportunity, empowerment, and a dash of festive excitement.

In The Bahamas, the energy was high as finalists Inga Satchell, Sherrie Wells, and Athena Simmons on behalf of Alistair Delancey, made their cash prize selections in real time, greeted with applause and emotion from supporters and CIBC Caribbean team members as amounts were revealed.

CIBC Caribbean’s Director of Personal and Business Banking, Gezel Farrington, underscored that the Joy of Giving campaign, launched during the 2024 Christmas season, was more than just a lending drive.

“Joy of Giving was a chance for hundreds of qualifying clients to win big while securing their financial goals. Clients who were successfully approved for mortgages, land loans, auto loans, and personal loans were automatically entered into a sweepstakes for over US$100,000 in total cash prizes across participating countries,” Farrington said.

From each country, three winners were drawn and invited to choose one of three credit card decals at a local branch. Each decal reflected US$1,500, US$2,500, and US$5,000 cash prizes. Both Alistair Delancey and Sherrie Wells won US$1,500.

The Bahamas’ $5,000 winner, Inga Satchell, became an eligible entrant before even knowing about the campaign.

She said, “Honestly, I wasn’t even trying to apply. I just needed some statements in order to apply for a personal loan and my mortgage officer encouraged me to submit my documents. Next thing I know, a few months later, I’m being told I’ve won money.

“Winning was a total surprise. I would’ve been happy with any amount, but I’m definitely grateful to walk away with the top prize.

Inga added, “My overall experience with CIBC has been great. From my mortgage process to credit card experiences, they have kept me informed every step of the way. That level of service really stands out.”

The Joy of Giving campaign successfully paired financial empowerment with a feel-good finish. It reminded all involved that banking can be both meaningful and memorable. Whether getting the keys to a new home, purchasing a first car, or covering important personal expenses, CIBC Caribbean remains committed.

Farrington continued, “As financial advisors, we strive to provide our clients with a service that meets the needs of their demanding lives. We’re here to help them tackle challenges head-on, and our banking solutions are designed to provide the tools and support necessary to make ambitions a reality.”

Photo Caption: Standing from left to right are CIBC Caribbean Director of Personal and Business Banking, Gezel Farrington; Joy of Giving winners Sherrie Wells, Inga Satchell and Athena Simmons, and CIBC Caribbean Business Banking Manager, Jamaal Mortimer.

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Finance

Turks and Caicos Border Force Shows Strength as Security and Revenue Measures Deliver Results

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Deandrea Hamilton

Editor

 

Turks and Caicos, May 23, 2025 – The Ministry of Immigration and Border Services, under the leadership of Deputy Premier Jamell Robinson, is reporting significant strides in both national security enforcement and revenue generation—delivering a performance that exceeded expectations in a year marked by regional instability and growing border threats.

Speaking in the House of Assembly on May 21, Minister Robinson confirmed the ministry achieved 102% of its revised revenue target, collecting $238.1 million compared to the $233.5 million goal. At the same time, it operated with fiscal discipline, underspending its operational budget by nearly $1 million. This strong financial performance solidifies the Ministry’s role as the government’s top revenue-generating agency.

“Even while we have faced the greatest number of threats at our ports and borders, our teams remain resilient,” Robinson told the House. “They are making significant inroads, waging war on anything illegal that threatens the safety and livelihood of our people.”

One of the most persistent challenges remains illegal migration, particularly from neighboring Haiti. Over the past year, enforcement teams intercepted 27 migrant boats carrying 3,412 people—up from 2,882 individuals and 23 boats the previous year. Inland enforcement led to the removal of over 450 undocumented individuals between January and March 2025 alone.

The ministry also reported 385 seizures of prohibited and restricted goods, with associated penalties totaling nearly $385,000. New portable scanning technology has enhanced cargo inspections, identifying discrepancies and recovering an additional $9,000 in duties and $4,400 in fines. From general cargo and transit sheds to postal services, enforcement teams uncovered 66 incidents of undeclared goods in just one quarter, including drugs and firearms, yielding over $21,000 in revenue.                                                                                                                                                                                                                                                         A major compliance win came through targeted audits of five major importers, which resulted in the recovery of $1.3 million in unpaid customs duties and fees. This brought the total compliance recovery between May 2024 and February 2025 to $1.75 million. Revenue collected for undeclared goods also reached $146,592.76, with all payments fully received.

“The Border Force’s strengthened compliance measures ensure fair trade and prevent fraud,” said Robinson. “These efforts protect our economy from unfair competition and revenue losses.”

To build on these results, the Ministry is continuing with the phased rollout of its digital border management system. With $12 million already invested and an additional $5 million allocated this year, the program aims to digitize key services, improve efficiency, and modernize immigration operations.

In response to critical gaps in mobility, the Ministry has budgeted $400,000 to purchase new vehicles for enforcement teams, ending years of reliance on rental transportation. A further $170,000 is earmarked to establish a fully operational K-9 unit in Grand Turk, and to expand the existing unit in Providenciales. These trained dogs and their handlers are expected to enhance detection capabilities for drugs, firearms, and contraband.

An additional $500,000 is allocated for tools to improve fraud detection and field operations, including advanced scanning equipment and forensic technologies.

Deputy Premier Robinson praised the dedication of border personnel and reaffirmed the government’s commitment to properly resource its frontline defenders, calling the investments a vital safeguard for national security and economic integrity.

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Finance

Minister Jolly with Encouraging Signs for Agriculture and Food Security Push

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Deandrea Hamilton

Editor

 

Turks and Caicos, May 23, 2025 – The Turks and Caicos Islands is expected to see encouraging signs of progress in agriculture and food security, with Minister of Tourism and Agriculture  Zhavargo Jolly unveiling a series of new initiatives in his 2025/26 Budget presentation aimed at transforming local food systems. From commercial farming zones to youth-led innovation and infrastructure upgrades, the government’s efforts reflect a determined shift toward greater self-sufficiency and economic resilience.

A significant step forward is the formation of the National Agriculture and Food Security Board, now led by Reverend Courtney Missick. The board is charged with guiding the long-term transformation of agriculture across the islands, rooted in the idea that food security is not just about nutrition, but national sovereignty.

Minister Jolly highlighted completion of Phase I of the national Agro-Park Plan, announcing that over 150 acres in North Caicos will be designated as a government-supported commercial farming zone—directly benefiting farmers from his home constituency. A Crown Land request for 50 acres in Providenciales is also underway, with development already in motion including access roads, irrigation lines, and essential infrastructure.

The ministry’s Business in a Box initiative is also expanding, supporting dozens of new farmers with training in hydroponics and poultry, and equipping them with start-up kits and business support services. This program now reaches residents in North Caicos, South Caicos, Providenciales, and Grand Turk—ensuring broad-based access to opportunities in a revitalized agricultural sector.                                                                                                                                                                                       A new Agricultural Online Platform is nearing completion and will allow residents to apply for licenses, permits, and land access via mobile devices—streamlining government services and increasing transparency.                                                                                                                                                                                     Funding has been allocated to further expand hydroponic and shade house farming, improve port infrastructure for trade, and hire a dedicated Biosecurity Officer to help enforce new regulations and manage threats to plant and animal life. The government is also enforcing its Dog Control Ordinance and strengthening customs cooperation to ensure imported food and plant products are safe and compliant.

Youth engagement remains a central feature of the government’s strategy. A community garden has been established at Louise Garland High School to give students hands-on agricultural education, and a new pilot abattoir program at Her Majesty’s Prison is turning food production into a tool for rehabilitation and skills development.

The year’s efforts culminated in the “Farm to Table” event—an encouraging sign of what the future could hold. More than just a culinary showcase, the event was a public celebration of local production, culinary creativity, and national pride.

Premier Charles Washington Misick confirmed that $86.7 million has been allocated for Economic Affairs this year, covering agriculture, infrastructure, tourism product enhancement, and environmental resilience. These investments represent the government’s broader commitment to diversifying the economy and empowering communities through sustainable development.

As Minister Jolly said, agriculture is being reimagined—not just modernized. The encouraging signs of progress reflect a growing belief that the hands of the people of Turks and Caicos can grow not just food, but a stronger, more self-reliant future.

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