HE Governor issues statement on the Financial Support Package
In a statement issued today by H.E Governor on the Turks and Caicos Islands (TCI) financial support package his statements reads:
The UK Government-backed financial support package which is now in place buys us the time we need to tackle the dire fiscal legacy the Interim Government inherited. The package provides enough money to refinance TCIG’s high level of debt and the monthly deficits that will continue for two more years even with new budget measures. It does not provide any money to reverse previous spending cuts or fund significant new
expenditure; instead we need to use the breathing space it provides to bring revenue and spending into line. Tackling the severe and structural fiscal problems and achieving a fiscal surplus in the FY 2012/13 will be tough, but getting on course to do so is a key
milestone.
There are three elements to the $260m package:
*A bridge loan of $170m at 0.25% over LIBOR, to be replaced by a bond, syndicated bank loan, or other funding in the next few months. This has allowed
TCIG to repay its core debt - the existing and much more expensive Consolidated Loan, which was priced at 5% above LIBOR, along with other bank debt and the recent loans provided by DFID, and to pay the large backlog of unpaid non- financial creditors.
*A five year term loan of $30m at 0.75% over LIBOR. This is available if desired to repay other more expensive debts of TCIG.
A five year revolving bank facility of $60m, at 0.25% over LIBOR, which will fund the projected deficits over the next two years.
The budget will set out in detail the measures that are needed to set us on the road to fiscal surplus. The measures will include: raising revenues through the introduction of new revenue streams, changes to existing streams, plus improved collection and enforcement; cutting the cost of the public service by 25% by 2013/14, while building capacity in the most important services; reducing the costs of statutory bodies by 25% by 2012/13; introducing a new, more targeted and more fairly applied system of student support; cutting Government expenditure on rents by 25% by 2012/13; eliminating all non-essential expenditure and improving financial management and reporting; and, requiring all purchase orders and contracts over $5000, and all new leases, to be approved by the CFO and Permanent Secretary, Finance.
H.E further explains that, 'None of this is easy work and it will require some tough decisions.' I recognise that not everyone will be comfortable with the short term impact of some of these decisions. But we are set firmly on a clear course to establishing a strong financial foundation on which
TCI and future governments can build with confidence as the economy recovers.
Mr. Wetherell concludes his statements by saying to locals: Let us work together to help make TCI what we would all like it to be - an outstanding
place to live and work with equal opportunities for all and an attractive, welcoming destination for tourism, the central pillar of our economy.
GORDON WETHERELL
Injury forces Clijsters pull-out from Indian Wells
Kim Clijsters' nagging shoulder injury has forced her to withdraw from the BNP Paribas Open as she conceded to France's Marion Bartoli 3-6 3-1.
After winning the fourth-round match's opening set on the hardcourt surface, Clijsters called for her trainer at 1-2 before conceding one game later.
Clijsters' exit at Indian Wells ended any hopes the Belgian had of regaining the world number one ranking.
She had needed to do better in the event than Dane Caroline Wozniacki.
Clijsters has been taking the painkiller Advil to cope with the injury since before she won her fourth Grand Slam title at the Australian Open in January.
"With those higher shots against the opponent today, I just feel it pinching a little bit more when I have to do that kick serve and when I have to reach that right arm up higher with the forehand," said two-time Indian Wells winner Clijsters.
In the quarter-finals 15th seed Bartoli will face 19th-seeded Ana Ivanovic, who beat fellow Serb Jelena Jankovic - the defending champion - 6-4 6-2 earlier on Tuesday.
Sixth-seed Jankovic, who beat Wozniacki in last year's final, converted only one of seven break-point opportunities as she was defeated by Ivanovic for the first time in three meetings.
"I felt like my game was not really there. I wasn't really doing the right things out there," Jankovic said.
Meanwhile, Novak Djokovic advanced through to the fourth round with a 6-0 6-1 win over Ernests Gulbis.
The third seed broke Gulbis three times in the opening set and twice in the second to maintain his unbeaten run so far this season.
"I am just trying to play as best as I can, I couldn't have asked for a better start to this year," said Djokovic.
"The last three months have been unbelievable."
In the next round Djokovic, the Australian Open champion, will meet either number 16 seed and fellow Serb Viktor Troicki or the 24th-seeded Frenchman Michael Llodra.
Seventh-seeded Czech Tomas Berdych crushed 26th-seeded Thomaz Bellucci of Brazil 6-3 6-2 to join Djokovic in the fourth round.
Vybz Kartel Deny Selling Soul To The Devil
Dancehall Hero Vybz Kartel publicly address accusations of him selling his soul to the devil for the first time.
Long before his skin bleaching saga, Vybz Kartel have received several bashing from fellow artists and fans alike for an alleged affiliation with the Cult or Freemason as some would refer to it. But during his lecture at UWI last week Thursday (March 10), Vybz Kartel asked the audience how does one go by selling the soul to the devil.
“This is a question now for the audience… I would like to know how does one go about selling their soul to the devil,” Vybz Kartel ask the over 1000 individuals in attendance. “Does the devil have a bank account or do you first put an ad in the classified that say soul for sale in good condition, leave a number to call, the devil calls you, and you work out the fine print of it, he gives you a managers cheque for your soul.”
Vybz Kartel allegedly wears an evil masonic ring on one of his fingers.
This is also coming from an artist that once said in a verse of one of his more popular songs that he “reach 33 degrees a masonry heights a evil.”
Source: Urban Islandz
Afeni Shakur's Hearing For Drug Arrest Pushed Back Until June
Afeni Shakur's court hearing for possessing a controlled substance was delayed for the third time.
According to reports, a hearing in Robeson Country District Court was pushed back until June 2nd, although no reason for the delay was given.
In April of 2010, agents with the state division of Alcohol and Law Enforcement charged Afeni Shakur with possession of marijuana, simple possession of a controlled substance and maintaing a dwelling or place for a controlled substance.
While details of her original arrest are scant, Afeni was released on $10,000 bond when she was originally arrested on April 16th of 2010.
The next hearing in the Afeni Shakur case will be on June 2nd.
50 Takes G-Unit International With New Distribution Deal
50 Cent is taking his record label international with a new European distribution deal for G-Unit Records.
According to reports, 50 Cent is planning to open an office in the United Kingdom via a new marketing and distribution deal with PIAS Group.
"Last year we took the decision to restructure the label and begin to carve out it's own world-wide distribution, marketing and promotions strategy, said Nikki Martin, Vice President, G-Unit Records & Entertainment. “After signing with EMI for North America we looked at who could help develop the brand in other key territories and we decided to partner with PIAS who shared our vision and passion for the music."
50's UK's office will be headed up by renowned DJ, Dan Greenpeace, who is a notable figure in the UK music industry.
PIAS is one of Europe's leading independent music labels, launched in 1982 by Kenny Gates & Michel Lambot.
The PIAS Group is headquartered in Brussels and has local offices in the UK, France, Germany, The Netherlands and Spain.
Rapper Kenzo Sues CBS Over 'Shizz/John Wall' Dance Track
A Kentucky rapper credited with helping bring national attention to the "Shizz" dance has filed a $150,000 copyright infringement lawsuit against CBS Broadcasting.
Rapper Kensey "Kenzo" Rankin filed the lawsuit in United States District Court for the Central District of California.
Kenzo claims he owns the copyright to the song "Do the Shizz," along with plaintiffs Gracie Productions and a man named Marcus Clark.
The song, which was inspired by a popular Louisville dance created by a man named Lawshawn "Sugar Shizz" Talbert, achieved regional success.
But the record broke nationally when John Wall began doing the Shizz during his first year at Kentucky.
The dance then became commonly referred to as the John Wall Dance, even though John Wall has always credited the originator.
Kenzo's lawsuit claims that CBS has created and aired several segments about John Wall and the dance using their music, without the proper permission.
"Defendants CBS knew at all relevant times that Plaintiffs were the copyright owners of the Musical Composition and Sound Recording," the complaint reads.
In addition to at least $150,000 in damages, Kenzo and the other Plaintiffs in the lawsuit are seeking to prevent CBS from using the song in any further segments.
Tragically, the creator of the dance, Lawshawn "Sugar Shizz" Talbert, may never benefit from the popularity of The Shizz.
Sugar Shizz was shot in the head and killed in a South Louisville neighborhood in August of 2010
Doug Parnell speaks to Civil Servants & Taxpayers
RTC News received a press release from the leader of the PDM, Doug Parnell as he voice his concerns against the latest release inregrads to taxes.
Mr. Parnell states:
This is a Public Notice to all taxpayers and civil servants from the Peoples Democratic Movement
The PDM has called on the Interim Administration not to impose the 10 percent tax on utilities, but particularly on electricity bills. This will have a devastating and irreversible impact on the TCI people and our fragile economy. The Leader of our party Mr. Douglas Parnell met with the Chief Economic Advisor on Monday March 7th to deliver this request in person. We await a positive response from the revenue review team on the elimination of this proposal.
Additionally, we have also sent our draft response on the Essential Payroll and Pension changes report issued by the Interim Administration to the Governor and the Chief Executive opposing certain recommendations contained in the document. We will provide a more detailed list to the public imminently. The main theme is that there should be no retroactive law imposed upon civil servants to meet a financial end, especially in such a short time span as 1 month.
We are also renewing our call made last April for the Interim Administration to restore BACK PAY to civil servants affected by the 10 percent pay cut last March 9th 2010.
British MP rejects UK takeover
UK Member of Parliament Lord Nigel Jones, has come out against United Kingdom's direct rule in the Turks & Caicos Islands. The Liberal Democrat peer had several pointed questions this week directed to new Minister of State to the Foreign and Commonwealth Office, Lord David Howell.
Lord Jones admonished the UK b stating: "The Turks and Caicos Islands are in a peculiar position, because they were a prosperous overseas territory until just over a year ago, when the previous government decided to impose direct rule following a report from Sir Robin Auld citing suspected corruption. I oppose direct rule. It has gone down like a lead balloon with the islanders and many CARICOM countries. Business confidence has collapsed and proposed developments have been abandoned."
"As a result, the TCI economy has run into deficit, costs are rising while a special prosecutor takes her time deciding whether any charges are to be made, and the many Haitian workers on TCI are living in dire poverty because no one can afford to employ them anymore and there is no point going back to Haiti following the devastating earthquake there," said Jones.
During an Overseas Territories debate last Wednesday, Lord Jones told the House of Lords and the FCO that the Turks & Caicos Island's economy has collapsed due to the UK take over. Jones asked, "Who is going to pick up the tab for the catastrophic collapse of the economy [of Turks & Caicos]?"
Lord Jones will take up the answers to his direct questioning of UK's actions in the coming weeks.
Tourists still enjoying TCI
The Turks and Caicos hotel and tourism association has sad that the recent protests in Providenciales especially has not hampered that sector and tourists have been enjoying their stay despite the unrest
A statement from President of the TCHTA Karen Whitt, noted that despite the sustained process it was business as usual for the sector. “The peaceful demonstration located approximately 0.5 miles from the Providenciales International Airport has caused the Turks and Caicos Hotel and Tourism Association (TCHTA), the TCI Tourist Board and the TCI Airports Authority (TCIAA) to identify an alternate access route, allowing persons to travel quickly to and from the airport.
The demonstration has not compromised the safety of TCI’s visitors and residents and The Turks and Caicos Islands remain a very safe and well-sought after destination,” read a part of Whitt’s statement.'
Whitt pointed out that the Hotel and Tourism Association was ensuring that the sector remained undisturbed, saying that Grace Bay, which is the main tourism area was not affected.
“Tourism agencies are working arduously with the Interim Government on the matter and all businesses throughout the islands continue to function as normal. We encourage all tourism partners worldwide to continue to choose Turks and Caicos as your destination,” Whitt noted.
The police, who also issued a statement on the protest, declared that it did not upset the equilibrium of the sector, adding that for the most part, the demonstration was peaceful and police had to re-direct traffic.
He also said that the demonstration were noisy but non violent, as the protesters directed their anger at the island's administration, and that the police, at this point would only be monitoring the situation so that it does not escalate into anything serious. He said tourists and visitors should not feel threatened as there has been not threat to their well-being.
Statement from Gordon Wetherell
RTC News received the following statement from H.E Gordon Wetherell on the grant to the TCI Government.
H.E statements reads:I am pleased to confirm that the British Foreign Secretary has today announced that he has approved a discretionary grant of £6.6m to the Turks and Caicos
Islands Government (TCIG). This exceptional grant will reimburse TCIG for money spent during this past financial year (2010/2011) in dealing with corruption and violent crime.
This one-off grant will cover the full costs incurred by the Special Investigation and Prosecution Team (SIPT) and by EAPD, the firm of lawyers engaged on civil recovery work; as well as costs incurred by the Royal Turks and Caicos Islands Police Force (RTCIPF) for their work to tackle violent crime.
The RTCIPF have worked hard to combat last yearʼs spike in violent crime. I am grateful to them for their hard work and dedication in difficult circumstances. The grant provides a significant contribution towards the costs of the two operations mounted by the police force to clamp down on crime, and gun crime in particular.
Though it is an integral part of good governance for any Territory government to ensure that its criminal justice system is properly funded, the UK Governmentʼs grant recognises that the burden in the TCI this past year has been exceptional. It will supplement the financial support package put in place by the UKʼs Department for International Development to enable future costs in this and other areas to be met from the Turks and Caicos Islands Government budget.
GORDON WETHERELL