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All NEW:  TCI FINANCE launched

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Dana Malcolm

Staff Writer

 

#TurksandCaicos, January 20, 2024 – TCI Finance, the new marketing agency for the Financial Services Industry, has officially launched; outfitted with a new CEO the government-funded entity is going after the ‘big fish’, that is International finance professionals and high-net-worth individuals via a sophisticated new brand and website.

Featuring the Tagline ‘What Moves You?’ the website bills the Turks and Caicos as an emerging leader in international finance with a strong legal system, effective regulations and no direct taxes. It encourages investors to ‘invest somewhere you love’.

The team of finance veterans that sit on the TCI Finance board was put together in early 2022 to fulfill the government’s mandate of increasing the financial sector’s revenue to a cool $25 million in the next five years. It’s a mandate borne from a desperate need to diversify the economy and optimise the sector.

Now Paul Pirie, CEO, and former Executive Director at JPMorgan Chase & Co is leading the charge.

Locals are not to be left out of the significant growth expected to come for the financial services sector.

“TCI Finance works in the best interests of investors, institutions, and our own citizens to develop the Turks and Caicos Islands and foster a thriving, inclusive IFC community built on a foundation of social and economic growth,” Pirie said in a recent press release.  It’s reminiscent of the rhetoric making up the country’s new investment policy.

When Magnetic Media spoke to board member David Stewart, a 30-year-lawyer and Co-Chair of TCI Finance, last year he had explained that keeping islanders involved was part of the group’s mandate.

“Our measures of success will be in investors won, and good quality and well-paid professional jobs for residents of TCI created, alongside the creation of a strong, reputable, and attractive brand aligned with and connected to our superb reputation as a luxurious, beautiful place to work, live and play.”

After spending nearly two years behind the scenes the agency is stepping into the limelight with a sustained push ‘to promote and market the Turks and Caicos Islands as a welcoming, supportive, and well-regulated jurisdiction for international financial services,” said Stewart.

Pirie is joined by:

  •  Chair – E Jay Saunders (in his capacity as Minister of Finance)
  • Vice-Chair – David Stewart (in his capacity as President of the FIA)
  • Angela Musgrove (in her capacity as CEO of Invest TCI)
  • Athenee Harvey-Basden (in her capacity as PS, Ministry of Finance)
  • Niguel Streete (in his capacity as CEO, Turks and Caicos Financial Services Commission)
  • Drexwell Seymour, Certified Public Accountant
  • Mr.  Marcus Samuel (in his capacity as Chair of the Bankers association)
  • Sally-Ann Astwood (appointed by the Hon. Leader of the Opposition)
  • Ryan Blain (on behalf of the accountancy association)
  • Rochelle Musgrove
  • Ervine Quelch (corporate development, former NIB board member)

The TCIF is a non-profit partially owned by the Government and the Finance Industry Association (FIA),

News

ELECTRICITY BILL SHOCKER: PELICAN ENERGY WARNED GOV’T

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TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response

PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.

Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.

That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.

Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.

He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.

Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.

Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.

Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.

Saunders did not disclose the programme’s total cost.

His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?

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Bahamas News

More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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Health

47,459 MEASLES CASES, 44 DEATHS ACROSS AMERICAS  

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WASHINGTON, D.C. — The Americas has recorded 47,459 confirmed measles cases and 44 deaths in 2026, the region’s highest case count in 22 years, prompting the Pan American Health Organization (PAHO) to urge stronger vaccination, surveillance and rapid outbreak response.

As of July 18, cases were already more than triple the 15,011 recorded during all of 2025. Guatemala, Mexico, the United States and Peru account for 95% of confirmed cases. Guatemala leads with 30,371 cases and 26 deaths, followed by Mexico with 12,255 cases and 17 deaths.

PAHO classifies the regional public health risk as very high, citing active outbreaks, immunity gaps, international travel and populations with inadequate vaccination coverage.

The organization says prevention starts with vaccination. Countries are being urged to achieve and maintain at least 95% coverage with two doses of measles-containing vaccine, particularly protecting children and under-vaccinated communities.

Measles spreads through the air when an infected person breathes, coughs or sneezes. Symptoms can include fever, cough, runny nose, red eyes and a rash.

PAHO is urging health authorities to detect suspected cases early and respond rapidly to stop transmission. Unvaccinated and under-vaccinated people, young children and communities with limited healthcare access face increased risk of severe illness and death.

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