Bahamas News

Education Systems Must Embrace E-Commerce

Published

7 years ago

July 13, 2017

Bahamas, July 13, 2017 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the reality of e-commerce provides tremendous opportunity for businesses, and the Government must ensure that the country’s educational systems allow persons to be able to take advantage of these opportunities.

DPM Turnquest said The Bahamas, like many other countries in the region is well connected. In 2016, the country boasted the following statistics:

Mobile voice penetration rate of 95 subscribers per 100 inhabitants;
Mobile data penetration of 53 subscribers per 100 inhabitants; and
Residential fixed broadband penetration of 74 subscribers per 100 inhabitants.

He recalled the days when persons had to pay a bill, they would have to drive to the location and stand in a long line, or if they wanted to send money to a loved one, they would have to drive to the bank and standing on a long line.

“Now, with the advancements in technology such as mobile banking and e-transactions this can all be done from the comfort of your chair in your office or simply by using your mobile phone,” the DPM said at the International Telecommunications Union’s Global Symposium of Regulators held at the Atlantis Resort, Tuesday, July 11, 2017.

He explained that as an entrepreneur, he is always pleased to see businesses embracing technology to reinvent themselves.

“In The Bahamas, I have witnessed the courier industry move from simple face to face interactions to integrated e-commerce systems which utilise technology to track packages, send notifications, interact with customers and receive payments. This is progress.”

He noted however, that while the new advances in technology are important and can provide tremendous opportunities for growth and development, everyone should also be aware of address potential threats.

“Just a few years ago in The Bahamas, a local business establishment reported that its website was hacked. The perpetrators held the business’ online portal for ransom in an attempt to extort funding.”

DPM Turnquest added that around the world, there have been similar attacks and hackings at institutions which form the backbone of any economy such as Financial Institutions, Central Banks and electricity companies where in some cases, information is lost, potentially forever, or stolen and publicly released.

He said the G7s 2017 Communique from Finance Ministers paragraphs 14 and 15 highlight the importance of mitigation of Cyber Attacks. The paragraphs read:

“In light of the increasing digitalisation of financial services and the evolving cyber threats landscape, it is important to pursue effective approaches for assessment of cyber security at the financial firm and sector level as well….

“We recognise that cyber incidents represent a growing threat for our economies and that appropriate economy-wide policy responses are needed. No point of cyberspace can be absolutely secure as long as cyber threats persist in the surrounding environment.”

The DPM explained that as these attacks become more frequent, they severely damage the level of trust placed on our institutions, industry and even technology itself, resulting in losses to economies.

“No investor is interested in trading with a country or depositing funds in a financial institution prone to cyber attacks. We must jealously protect our digital footprint and ensure the highest level of data protection available.”

Story by: Llonella Gilbert

Press Release: BIS

Photo Credit: Jonesbahamas

Bahamas News

Bahamas economic growth

Published

3 days ago

May 4, 2024

Shanieka

Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos

Published

4 days ago

May 4, 2024

Shanieka

RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

Bahamas News

Get your laugh on, March On show coming to Turks and Caicos with box office at IGA Friday and Saturday

Published

4 days ago

May 3, 2024

Shanieka

Dana Malcolm

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale this weekend from May 3 to 5.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attention.”

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

A ticket booth will be set up from today, Friday May 3 in the foyer of IGA grocery store beginning at 1 p.m. Friday and then again all day on Saturday, allowing residents to purchase with cash.

Online tickets are available for purchase with credit cards. Then the full team returns on Friday, May 11 for the actual showing at 8 pm and their two showings on Saturday at 4pm and 8 pm. The venue is Brayton Hall, Providenciales under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Tickets are only $60 for general seating and $75 for VIP seating.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stoplaughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”