Bahamas News

DPM Presents Budget Issues to Grand Bahama Chamber of Commerce

Published

6 years ago

June 19, 2018

#GrandBahama, June 19, 2018 – Bahamas – The government has made provisions to empower people during this current budget period, said Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest during the Grand Bahama Chamber of Commerce Business Luncheon, June 15, at Pelican Bay.

Minister Turnquest, in explaining why the government will increase VAT from 7.5% to 12% to increase revenue, presented to Chamber members what the government faced when coming to office on May 10, 2017. As a result of the large commitments due, the government borrowed some $1.4B to cover those expenses. This, he said, was not the end of it, as there were other outstanding bills amounting to millions of dollars.

What previous governments have been doing is using the current budget to pay last year’s bills, and rolling it over continuously. He said, there were a number of times he called for outstanding bills that were not brought to his attention until months later amounts to hundreds of millions of dollars and added that he has advised the staff that if it happens again, “when you bring me that next bill and it relates to the previous period, bring me your resignation the same time.”

This resulted in more bills coming, but the government will partially deal with those this year.

With a debt of $7.2B, and interest on that debt in the amount of $381M annually, which increased by $89 in the past year, the government is faced with a serious challenge.

“That $381M represents more than our National Security budget, our Health budget, or Educational budget by over $100M. Obviously that is not sustainable.”

He continued, “For years, we have been borrowing to meet our commitments rather than trying to make government more efficient and roll back our expenditure.”

A lot of money was spent when a previous administration created programmes to employ people, he said. The economy was slow and people were losing jobs at an alarming rate. While the government employed some individuals, it cost a lot of money. It is difficult to adjust government spending, continued the Deputy Prime Minister, adding that whenever someone is let go, there is the political side, and that person is in a position of having no safety net. This results in their having to go back to the government for assistance.

“So have you really won anything? Not really because you’re taking them off of the government payroll where they are doing something and putting them on the social roll where they are only getting into mischief. It isn’t really the answer, certainly not in the short term.”

The government went through the process of trying to cut costs without causing social upheaval and they started by looking at contract workers who had been on the payroll for the 52 week job programme, which became 104 weeks. “There was no off ramp provided for them. They were left just as vulnerable one year later, as they were when hired.” This, he said, is not sustainable, productive or empowering to the people. To deal with this, the government has provided not only free education at BTVI, but established a Small Business Development Centre which will come on stream in July.

“The change is not a simple one. It is not like in the private sector who know what to do.” He continued, “It’s not all bottom line. You have to maintain a stable environment and recognize that these are people that you’re dealing with. That’s a little bit different than just looking at a profit motive. “Whatever approach you take, it has to be gentle, accommodating and it has to make provision for those being transitioned out.”

By: Robyn Adderley (BIS)

Photo Caption: Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, made a presentation on the 2018/2019 Budget, currently being debated in the House of Assembly to the business community at the Grand Bahama Chamber of Commerce Business Luncheon on Friday, June 15, at Pelican Bay resort.

(BIS Photo/Lisa Davis)

Bahamas News

C&W COMMUNICATIONS PROUD TO BE ASSOCIATED AS ATHLETES “CHASE THE SUN”

Published

3 hours ago

May 4, 2024

Shanieka

World Relays to be title sponsored by BTC, one of C&W’s local brands.

In just a few days, athletes from over fifty countries will converge in The Bahamas for the BTC World Athletic Relays Bahamas 24. C&W Communications, the parent company of BTC, is proud to be associated with this major event, which will see athletes from The Bahamas, Barbados, Jamaica, and Trinidad & Tobago competing for a place in the upcoming Olympic games in Paris.

Inge Smidts, CEO of C&W Communications, who also serves as Chair of the BTC Board of Directors will be in the stands to witness the highly anticipated relays. Smidts says, this was an event that she simply could not miss. “We are proud to support our Caribbean athletes, and we wish them well as they vie for a spot in the Olympic games.

The relays will be held one of in our markets, The Bahamas, and we are honoured to be the title sponsor of the event. The world relays represent the spirit of relentless courage and the willingness to succeed of the Caribbean people and of our business. Through partnerships like this we demonstrate our unwavering commitment to connect communities and change lives.”

In addition to its sponsorship of the event, Smidts says it was important that athletes, officials, and fans stayed connected during the games. “As a business we are focused on ensuring that our customers have access to faster, stronger, and more reliable connectivity, and we worked with our partners to make certain that athletes and guests remain connected.

We have offered e-sim cards, and we also worked with the major hotels to set up care centers to ensure that we address any connectivity concerns on the spot. Additionally, I am pleased to announce that BTC will provide free Wi-Fi at the stadium giving patrons and athletes the opportunity to share every riveting moment.”

BTC has hosted a special event just for the Caribbean athletes, at the newly renovated Queen’s Staircase in Nassau, a recently renovated historic landmark visited by thousands of tourists each day. This event gave athletes the opportunity to unwind, mingle, and to learn more about each other right before the competition.

This is the fourth time that BTC and its parent company C&W Communications have title sponsored the world relays. The BTC World Athletic Relays will be held at the Thomas A. Robinson Track & Field Stadium from May 4-5, under the theme, “Chase the Sun, from Paradise to Paris.”

Bahamas News

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

Published

3 hours 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

8 hours 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.”