INMATES AT HIS MAJESTY'S PRISON PARTICIPATE IN TRAINING HOSTED BY INVEST TURKS AND CAICOS BUSINESS SUPPORT UNIT
Two inmates at His Majesty's Prison, Grand Turk, had the opportunity to participate in a 2-hour business program hosted by Invest Turks and Caicos Business Support Unit and facilitated by Ms. Peshina Williams, owner of Vision Financial.
The seminar focused on key areas such as Introduction to Microsoft; Recording Sales & Expenses; Cash Book; Monitoring Inventory; Petty Cash Management; Float Management; and Organization of Worksheets.
Participants were able to hear from other local business owners looking to either start or who have already launched their own businesses. This was a mixed group of both young and even more experienced entrepreneurs.
In the end, participants received a Certificate of Participation from Invest Turks and Caicos for training in "MANAGING YOUR BUSINESS FINANCES WITH EXCEL TRAINING."
Prison Superintendent, Michael Woodbine said, “Preparing prisoners to return to our communities is key in them achieving a successful resettlement. Being able to use the temporary release to enable prisoners to attend events and build community links is part of the rehabilitative journey, and we will be enabling more opportunities in the future”.
Warriors Beat Kings in Game 7, to advance in NBA Playoffs
The Warriors did not take care of business at home on Friday night, but they put away the Kings with a thrilling Game 7 blowout 120-100 win Sunday at Golden 1 Center. Was that the aim to win at home?
In the first-ever postseason meeting between the Northern California rivals, Steph Curry and the No. 6 seed Warriors ended the dream season of the No. 3 seed Kings, who ended a 16-season playoff drought.
Curry was a man on a mission Sunday, as he brought out the grill and cooked Curry, dropping in a Game 7-record 50 points to carry the Warriors into the second round.
It was outstanding! Next up for the Warriors: LeBron James and the Los Angeles Lakers, who upset the No. 2 seeded Memphis Grizzlies in their first-round playoff series.
The Warriors will host Games 1 and 2 at Chase Center on Tuesday and Thursday, respectively. Games 3 and 4 will take place at Crypto.com Arena in Los Angeles.
Cuba cancels May Day parade due to fuel shortages
Cuba's communist government has cancelled Monday's traditional May Day parade because of acute fuel shortages.
Every year hundreds of thousands of people are bussed in from across the island to fill Havana's Revolution Square on International Workers' Day.
It is the first time since the 1959 revolution that the celebrations have been cancelled for economic reasons.
In recent weeks-long queues have formed at petrol stations, with drivers often waiting for days.
Earlier this month, President Miguel Diaz-Canel said Cuba was only receiving two-thirds of the fuel it needs, adding that suppliers were failing to fulfil contractual obligations.
While Cuba has access to low-grade crude, the US-sanctioned island lacks the facilities to process it.
Deliveries of higher-quality crude from Venezuela, Cuba's largest provider of fuel, have dropped by 50% in recent years.
Analysts say Venezuela is experiencing severe problems itself and finds it increasingly difficult to subsidise its socialist ally
The shortages have added to daily pressures faced by Cubans. According to Spain's El Pais newspaper, a typical monthly salary is $150-200 (£120-160), while a litre of cooking oil costs $30.
The government insists that its state-driven socialist model is best for the country and blames the problems on longstanding US sanctions.
Source- BBC
First Republic makes last ditch bid to find rescue deal
US regulators are racing to find a rescuer to buy First Republic Bank in a deal that could be announced as soon as Sunday.
The Federal Deposit Insurance Corporation has reportedly asked six banks to bid for the embattled lender.
Shares in First Republic plunged last week after it admitted customers had withdrawn $100bn in deposits in March.
At that time, its competitor Silicon Valley Bank had collapsed, prompting fears of a wider banking crisis.
SVB's failure was swiftly followed by the demise of another US lender, Signature Bank.
According to reports, the Federal Deposit Insurance Corporation (FDIC), a US financial regulator, sought bids for the First Republic by the end of last week and has been assessing them over the weekend.
Investment banking giant JP Morgan Chase is believed to be one of the banks invited to bid for the First Republic, according to news agency Reuters. Bank of America is also understood to have been approached.
JP Morgan and Bank of America declined to comment. The FDIC has been contacted for comment.
Concerns about the global banking industry gathered pace last month as problems at Silicon Valley Bank emerged.
Central banks around the world have been sharply raising interest rates over the past year to dampen the rate of price rises, otherwise known as inflation.
It has hurt the values of the large portfolios of bonds bought by banks when rates were lower, raising concerns that other firms faced similar situations.
At the same time in Europe, Swiss banking giant Credit Suisse - which had been engulfed in its own problems for a number of years - said it would have to borrow $54bn from the country's central bank to shore up its finances.
Credit Suisse has since been rescued by long-time rival UBS.
Like Silicon Valley Bank, First Republic is a mid-sized US lender. In March, a group of 11 US banks stepped forward to pump $30bn into the First Republic in an attempt to stabilize the business. They included JP Morgan.
However, investors in the bank were rattled last week when First Republic disclosed the amount that depositors had pulled from the lender in March.
First Republic counts wealthy individuals among its clients whose money is potentially at risk if a buyer is not found. In the US, the FDIC insures deposits up to $250,000.
Source-BBC
White House: "We've never been a deadbeat nation"
ABC News pressed the White House Thursday about the two major business lobbying groups now calling on President Joe Biden to discuss a potential default and future spending with Republicans, but the White House remains firm that they will not speak if the two issues are tied together.
When asked if the President will sit down with Speaker Kevin McCarthy right now on the budget -- as he said he would on Wednesday), Karine Jean Pierre responded that “What [the Republicans] put together is an agenda, an extreme MAGA wish list that basically says they're connecting the two, right? They're saying to ... the President, that we have to go with this agenda in its full form. And the President has said really -- really, really clearly, when it comes to the debt ceiling, they cannot allow this to happen.”
After the bill passed by a razor-thin 217-215 margin, House Speaker McCarthy said "The president can no longer ignore" the issue by not negotiating with the House Republicans."
While the House debated the measure, Biden indicated he was willing to open the door to talks with McCarthy, but not on preventing a first-ever U.S. default that would shake America's economy and beyond. When asked if the White House needs it to be a clean debt limit bill, without spending cuts, for the president to start talking with the speaker, Jean Pierre responded “We have said very clearly, they need to deal with what's at stake here, what's at hand. Which is the ... economy, which is making sure that we do not default. We cannot be -- we have never been -- we've never been a deadbeat nation.
Source-ABC
Nicole Scherzinger added to King Charles’ coronation concert
Nicole Scherzinger has been added to King Charles’ The Coronation Concert, taking place Sunday, May 7, on the grounds of Windsor Castle.
The former Pussycat Dolls singer and X Factor judge will be teaming up with world-renowned pianist Lang Lang to perform a song from Mulan.
“I am incredibly honored to be a part of such a historic event,” Nicole says in a statement. “The UK has been my home away from home for many years now, so this means so much to me to be lending my voice through the gift of song.”
She adds, “The piece I will be singing is such a powerful, moving song. And to be sharing the stage with Lang Lang will be a dream come true; a once-in-a-lifetime performance."
In addition to Nicole, The Coronation Concert will include performances by Lionel Richie, Katy Perry, Take That, Andrea Bocelli and more. Tom Cruise is among those who will appear in a prerecorded video message.
Source-ABC
Another FirstCaribbean sale blocked
FirstCaribbean International Bank Limited's (FCIB) sale of its St Kitts operation has fallen through as the Eastern Caribbean Central Bank (ECCB) decided not to grant final approval for the transaction.
FCIB had announced in October 2021 that it was seeking to sell its banking assets in four Organisation of Eastern Caribbean States (OECS) countries following the failed sale of a 66.73 per cent stake to the GNB Financial Group by its parent company Canadian Imperial Bank of Commerce (CIBC) in February 2021. CIBC decided to sell assets at the time for US$797 million.
Since then, FCIB has ceased its Dominican operations, lost its attempt to exit St Kitts and is still waiting on the St Vincent and Grenada deals to conclude, though FCIB Barbados had gained conditional approval on July 15 from the ECCB for the sale of its St Kitts and St Vincent operations.
However, in a notice published on April 6, FCIB explained that St Kitts-Nevis-Anguilla National Bank Ltd did not secure final approval from the ECCB to complete the acquisition. The ECCB also informed FCIB (Barbados) that it didn't grant final approval for the sale of its operations in St Kitts.
Only the Aruba sale by FCIB Cayman in February 2022 has gone through with the disposal of its Aruban operations bringing in US$6.8 million.
"We are an agile organisation, and it is our duty on behalf of our employees and clients to ensure that we deliver a steady ship that provides omni-channel access to banking services in St Kitts. We are prepared to pivot and look towards growing our business in St Kitts into the future," said FCIB Chief Executive Officer Mark St Hill in a press release.
The disclosure also mentioned that the ECCB will remain fully engaged with FCIB Barbados in assessing its regional footprint in the Eastern Caribbean Currency Union. There are four locally owned/locally incorporated banks in St Kitts and Nevis with FCIB Barbados's operation being the sole foreign-owned branch.
As a result of the ECCB's decision, FCIB intends to transform the way it does business in Basseterre, St Kitts, with the installation of smart ABMs and other self-serve products. This will be complemented by access to both in person and digital banking services in the Eastern Caribbean country.
"Our priority is to signal to the market that we are staying and open for business. We have been conservative in the St Kitts market over the past year and a half as we prepared the business for sale. However, we will now concentrate our effort on building the business, reconnecting with both our retail and corporate clients in a big way and providing them with the best products and services CIBC FirstCaribbean has to offer," said Donna Wellington, managing director for Barbados and the OECS countries.
The inability for FCIB to reduce its exposure in the Caribbean reflects the hurdles Canadian banks face to downsize their operations in the region. The Bank of Nova Scotia (BNS) was able to sell 11 of its operations in the Eastern Caribbean and Belize to Republic Financial Holdings Limited, Eastern Caribbean Amalgamated Bank and Caribbean Investment Holdings Limited between 2019 to 2021. The only transaction which didn't go through was the sale of its Guyanese operations to Trinidad and Tobago-based First Citizens Bank Limited in June 2022.
BNS has since sold Scotia Insurance Eastern Caribbean Limited and Scotia Insurance Caribbean Limited to GraceKennedy Limited while it continues to build its presence in Latin American markets and consolidate some operations in countries such as the Dominican Republic.
Royal Bank of Canada was able to exit the Eastern Caribbean after it sold to a consortium of banks in April 2021. Only CIBC has had difficulties in trying to reduce its Caribbean exposure. FCIB had attempted a US$240-million initial public offering in April 2018 before CIBC called it off.
FCIB's first quarter (November to January) saw its total revenue increase by 28 per cent to US$182.23 million with its net profit from continuing operations coming in 47 per cent higher at US$70.22 million. Its corporate and investment banking segment lead the charge with US$43.43 million in net profit from continuing operations while retail, business and international banking brought in US$3.57 million. Its wealth management arm earned US$1.13 million.
The net loss from is discontinued operations was US$1.90 million while the net loss from its discontinuing operations was US$232,000. Net profit attributable to shareholders stood at US$66.72 million with earnings per share at US$0.042.
FCIB's total assets marginally increased to US$12.88 million with loans and advances to customers at US$6.65 billion and securities at US$3.04 billion. The assets for disposal classified as held for sale, representing the unsold OECS operations, was valued at US$368.59 million.
FCIB's total liabilities and equity attributable to shareholders closed the quarter at US$11.66 billion and US$1.19 billion, respectively. FCIB's tier 1 capital and total capital ratios stood at 15.5 per cent and 17.2 per cent respectively at the end of the first quarter.
FCIB approved a dividend of US$0.0125 to be paid today totalling US$19.71 million. FCIB's share price on the Trinidad and Tobago Stock Exchange is up 33 per cent year to date at TT$7.25 which gives it a market capitalisation of TT$11.43 billion
Source-
Prosecutors dismiss Alec Baldwin charge
Prosecutors have formally dismissed an involuntary manslaughter charge against Alec Baldwin in the fatal 2021 shooting of a cinematographer on the set of the Western film “Rust, ” citing new evidence and the need for more time to investigate.
In a stunning turnaround for the 65-year-old A-list actor, special prosecutors Kari Morrisey and Jason Lewis filed the notice to dismiss the only charge against Baldwin on Friday in state District Court in Santa Fe. Prosecutors say the investigation is ongoing.
An involuntary manslaughter charge against Hannah Gutierrez Reed, the weapons supervisor on the film, is unchanged.
An online status hearing was scheduled for Friday afternoon in state District Court in the case against Gutierrez Reed. The hearing initially was to also include the Baldwin case, but that was called off after the charge against the actor was dismissed.
Friday’s court filing echoed early statements from prosecutors that new facts had been revealed in the investigation that demand further investigation and forensic analysis, with little time left before evidentiary hearings scheduled to start on May 3.
On Thursday, the special prosecutors said that the “decision does not absolve Baldwin of criminal culpability and charges may be refiled.” They have declined further comment.
Los Angeles-based entertainment litigator and defense attorney Kate Mangels, who is not involved in the “Rust” case, said opportunities for further charges against Baldwin are narrowing.
“If they don’t have the evidence now, I don’t see what evidence they could obtain or that could develop. … It looks like they already had 30 people on a witness list, a cooperative (codefendant) witness, investigations done by various law enforcement agencies. It seems like this has already been pretty well investigated. I can’t imagine what would arise to bring new charges.”
Lawyers for Baldwin were first to announce that prosecutors were changing course, in a sharp turnaround for the Hollywood luminary who just a few months ago was confronting the possibility of a yearslong prison sentence.
“We are pleased with the decision to dismiss the case against Alec Baldwin and we encourage a proper investigation into the facts and circumstances of this tragic accident,” defense attorneys Luke Nikas and Alex Spiro said in a statement.
Baldwin was pointing a pistol at cinematographer Halyna Hutchins during a rehearsal when it went off, killing her and wounding director Joel Souza.
Baldwin has said the gun fired accidentally and he did not pull the trigger. An FBI forensic report found the weapon could not have fired unless the trigger was pulled, however.
In March, “Rust” safety coordinator and assistant director David Halls pleaded no contest to a conviction for unsafe handling of a firearm and a suspended sentence of six months of probation. He agreed to cooperate in further inquiries into the fatal shooting.
A defense attorney for Halls said Friday that he is happy for Baldwin and also wishes the best for the Hutchins family.
“Mr Halls never believed Mr Baldwin should be charged with a crime. It was a tragic accident that is best resolved out of criminal court,” defense attorney Lisa Torraco said in an email.
When the manslaughter charges were announced in January, Santa Fe District Attorney Mary Carmack-Altwies said the case was about equal justice under the law and accountability in Hutchins’ death, regardless of the fame or fortune of those involved. She said the Ukrainian-born cinematographer’s death was tragic — and preventable.
A new legal team took over prosecution of Baldwin and Gutierrez-Reed in late March, after the original special prosecutor appointed in the case resigned.
The dismissal of the charge against Baldwin, also a coproducer on “Rust,” abruptly changes the tenor of the investigation, said John Day, a Santa Fe-based criminal defense attorney who is not involved with the case.
Source-
Peru ex-president to be extradited from US Published
Former Peruvian President Alejandro Toledo has surrendered himself to US authorities, in order to be extradited to Lima.
Mr Toledo, 77, is accused of taking $20m (£15m) in bribes from a Brazilian construction company while in office between 2001 and 2006.
He fled Peru to live in the US several years ago but was arrested by US authorities on Peru's request.
He has denied soliciting or receiving bribes.
Peruvian authorities alleged that Mr Toledo received millions of dollars from the Brazilian construction company, Odebrecht, in return for awarding public works contracts.
They provided the US with an extradition request in May 2018. Prosecutors are seeking a 20-year prison sentence.
Mr Toledo was first arrested in California in 2019. He was then granted bail in 2020 and ordered to live under house arrest with an electronic ankle monitor.
This week, the former president's lawyers unsuccessfully filed for an emergency stay to block his extradition. They argued his life was at risk if he returned to Peru.
Mr Toledo said the allegations against him were politically motivated. However a US District Court Judge in the Northern District of California previously found there was enough evidence to "establish probable cause to believe that Toledo committed collusion and money laundering".
On Friday, the former president was seen handing himself in to authorities in California and carrying a few belongings.
His extradition is expected to take only a few days.
Source-BBC
DELAY IN PROCESSING OF BOTC PASSPORTS
The Department of Citizenship and Naturalization within the Ministry of Home Affairs, Transportation, Broadcasting, Energy and Utilities, and Telecommunications Commission wishes to inform customers of the delays in the processing and issuance of BOTC passports due to the current strike by the UK Passport office workers between 3 April to 5 May.
Given the current delays, all citizens of the Turks and Caicos Islands is reminded of the importance of checking the validity of their passports whether there are immediate plans to travel, or not and before purchasing airline tickets. The Passport Office further recommends that you should apply for a new passport ten (10) weeks before you are due to travel to avoid any delays in receiving your new passport.
The Department further advise that there are strict guidelines governing the issuance of TCI emergency passports which will be accepted on the basis of the following conditions:
* Request from InterHealth Canada regarding an EMERGENCY transfer of a patient to another country outside the Turks and Caicos Islands
* Urgent business travel by Government Officials and Parliamentarians.
* Any other travel that may be considered on compassionate grounds.
Additional information and forms may be found on the website www.gov.tc/passports<https://nam10.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.gov.tc%2Fpassports&data=05%7C01%7Ccjarrett%40gov.tc%7C622d99a188b341fe66fc08db42861d67%7C898da87074ae446a96d282bf4c844fec%7C0%7C0%7C638176916024462773%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=WyO4d2QmGyDxTLSu25S%2BzVtbc4ncTW1F9%2FNC1jU5%2Foc%3D&reserved=0>