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Finance

TCI Cabinet Agrees to Funding for Farmers hit by Hurricane Fiona and more

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By Dana Malcolm

Staff Writer

 

 

#TurksandCaicos, January 24, 2023 – A new farmer information system as well as money for our farmers affected by Hurricane Fiona is on the way, this was one of the newest updates from the Cabinet.

The TCIG approved adjustments to the Agriculture Finance Support Programme (Agro-Grant Incentive) for the provision of compensation for registered farms; those which had incurred damages due to Hurricane Fiona last September.

Also approved were proposed measures to control the roaming of livestock in the country, covering the registration of livestock farms, construction and maintenance of holding facilities, and the transport of livestock, a long-time complaint from residents in Grand Turk especially.

Additionally, two new public holidays are on the roster as the Cabinet approved a national break for the observance of the King’s Coronation on 8 May 2023  and 19 June 2023 to mark the King’s Birthday.

Also in the cabinet meeting, TCIG approved the use of existing funds to retrofit the Turks and Caicos Islands Community College.

Approval was granted for the gradual outsourcing of janitorial services for government buildings, including schools.

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Finance

NIB Pensions are late but will be paid 

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By Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, January 23, 2023 – National Insurance Board Pensioners in the Turks and Caicos who were worried about missing their payments this month will be able to rest easy.  While they were slowed down because of the new increase, the cheques will come and will be even bigger than usual.

“Pension Payday just for this month will be slightly delayed because we have to go and make changes to our systems so that we can pay at the new levels and our IT team is working toward that end,” said Rhesa Cartwright, National Insurance Board CEO.

The new distribution date for pension monies is Wednesday January 25.

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Caribbean News

2023 Already showing BIG COSTS to countries for Illegal Migration

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By Dana malcolm 

Staff Writer

 

 

#TurksandCaicos, January 20, 2023 – In the first five months of 2022 there were over 500 migrants caught on TCI shores and the US Coast Guard recorded the highest number of at sea interceptions in decades; those were shocking numbers then.

In the first 18 days of 2023 alone more than half that number have been captured in thwarted human smuggling operations. The total, so far put at 435 people in the last 26 days and all are scheduled to be repatriated to their home countries.

As the situation with Haiti worsens, the fiscal burden to the Turks and Caicos’ shoulders is increasing. Last year in a scathing letter to the United Nations who had (and continue) to call on the surrounding states to make space for migrants seeking to escape the dangerous conditions in their home countries Minister of Immigration and Border Services Arlington Musgrove had indicated that an annual $3 million of the country’s revenue goes towards repatriations alone.

Edwin Astwood, Leader of the Opposition had said in the second quarter of the year that repatriations were costing TCI taxpayers $1,300 dollars per migrant. That dollar amount was before inflation around the world hit decades long highs and the cost of oil, airplane tickets and food skyrocketed. What would have cost $1,300 in early 2022 is certainly costing much more in early 2023 with the TCI’s last confirmed inflation rate at over nine percent.

Nigel Dakin, Governor and co-chair of National Security in the country described the issue as Haiti unintentionally “bearing down on the TCI” as its residents try to find a better life.

The Turks and Caicos has since put a freeze on new visitor visa requests from Haitians.

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Bahamas News

CIBC First Caribbean Named ‘Bank of The Year’

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#Nassau, Bahamas, 20 January 2023 – Renowned global finance magazine, The Banker, recently recognized CIBC FirstCaribbean as ‘Bank of the Year’ for continuously striving to offer its clients the best services and experience in The Bahamas while delivering returns and gaining strategic advantage.

The prestigious award marks an eleventh win for the bank within the last 16 years and highlights recent accomplishments such as the launch of CIBC FirstCaribbean’s MasterCard Black Credit Card, smart automated banking machine installations and its 1st Insights Personal Financing Model.

Dr. Jacqui Bend, CIBC FirstCaribbean’s Managing Director, said, “The bank will continue its digitisation road map and streamlining activities. There will be a greater focus on growth, maintaining overall credit quality, managing costs, enhancing our client relationships and investing in our employees.”

The Banker, which is a part of the Financial Times Group publishing house, does not focus on figures alone, but rather looks for evidence of banks raising the bar for their local industries in the past twelve months, whether by using new technology or coming up with innovative, cost-efficient ways of expanding their businesses.

The Banker’s research staff compiles a list of major banks in countries across the globe and invites them to participate in the awards. Each bank is required to submit an entry form containing up-to-date financial figures and to answer, in detail, questions about performance technology, innovation and marketing initiatives.

Nikia Chrisite, CIBC First Caribbean’s Marketing Manager, said receiving the Bank of the Year award reflects CIBC FirstCaribbean’s values of trust, teamwork and accountability, and deserves celebration.

“At CIBC FirstCaribbean, we pay special attention to our clients, build on our technology base to create a modern digital experience, simplify the way we do business and invest in our people. This recognition by The Banker reflects what is being done to keep CIBC FirstCaribbean as the best choice for banking services.”

CIBC FirstCaribbean also won Bank of the Year in 2006, 2007, 2008, 2009, 2012, 2013, 2016, 2017, 2018 and 2020.

 

Release: FCICIBC

Photo Caption:  CIBC FirstCaribbean will soon add its eleventh ‘Bank of the Year’ award to its showcase reflecting previous wins over the last 16 years.

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