Business, Economics, News

St Kitts-Nevis government to introduce campaign finance law

http://www.caribbeannewsnow.com/topstory-St-Kitts-Nevis-government-to-introduce-campaign-finance-law-34036.html #

Published 7 April, 2017

By Ken Richards

BASSETERRE, St Kitts (WINN) — Campaign financing is part of the St Kitts and Nevis government’s good governance legislative agenda, Prime Minister Timothy Harris confirmed on Wednesday at a press conference.

The prime minister was responding to a question about how much of a priority for the administration that issue is.

“Campaign financing that is part of good governance and that is a matter that is there, when that particular program is put to the public then the public will be advised of it. You brought in too, the mischief being propagated by persons who are no longer with the PLP in large measure because of that mischief.”

Harris was referring to a question from WINN FM about allegations from three former executive members of Harris’s Peoples Labour Party (PLP), allegations of unaccounted for campaign funds.

The prime minister told reporters that legal action had already been initiated on that matter.

Citing an apology he had received from one media house on the issue, Harris suggested that others could find themselves before the court on the unaccounted for campaign funds allegations.

“I would therefore caution those who want to propagate those mischief, that they will answer to the court. I myself, is not going to get into any to or fro but it is discouraging when media houses attempt to take hearsay without a scintilla of evidence from disaffected persons and attempt to propagate it as if there is some truth in it. Not one scintilla of evidence and that has been reported not just by myself, but by senior members of the party.

“In fact all you have from those stories are some hearsay. Not one credible bit of evidence has been put in the public domain, so why are we talking about this hearsay and propaganda that people are attempting to put on social media for others to follow. I have taken legal action because ultimately that is where the matter will resolve itself,” Harris said.

Former PLP deputy leader Sam Condor, chairman Douglas Wattley and secretary Clecton Phillip have been calling for an inquiry into the alleged unaccounted for campaign funds.

The three are no longer executive members of the PLP, after a new executive was voted in at the party’s recent convention.

They continue to maintain however, that there is need for an inquiry into the matter.

WINN FM’s follow-up question pointing this out didn’t find favour with Harris.

“Yes but if it is a question to do with the PLP, please that is a matter already before lawyers and I will not entertain any questions to do with that matter,” he said.

WINN FM wished to follow up on a statement that the prime minister made by pointing out that the allegations were not coming from persons on the street but from three persons who were executive members.

“For the record I am not entertaining that discussion at an appropriate forum of the PLP you could perhaps put that to the PLP. I am dealing here as the prime minister with matters relevant to the government and the accusation of members, whoever they are, of the PLP have no bearing on the functioning of this government and they are not matters that I raised or matters that I figure a press conference of the government should be diverted to,” the prime minister replied.

Republished with permission of West Indies News Network

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Business, Economics, International news, News

Uncertainty over Brexit negotiations keeps sterling under pressure

Published: 6 April 2017

By Ritvik Carvalho | LONDON
Some British sterling money in coins and bank notes is seen September 2, 2005. BANKG REUTERS/Catherine Benson

Britain’s pound edged lower against the dollar on Thursday, as investors saw uncertainty surrounding Britain’s departure from the European Union outweighing some signs of economic resilience.

The pound bounced on Wednesday on stronger-than-expected services data, which gave investors a sign Britain’s dominant services sector — key to its economy — was still thriving.

But it reversed some of those gains on Thursday, as investors took the view that until either Britain or the EU shows signs of softening their negotiating stances, Brexit would be negative for the British economy.

Sterling was off 0.1 percent at $1.2479 by 0902 GMT. It was also 0.1 percent lower at 85.85 pence per euro.

“The moment I’ll turn my view around and turn materially long on sterling is when I know the European Union is willing to give Britain a good deal on services — financial services to be more specific,” said Jordan Rochester, currency strategist with Nomura.

“Confidence on both sides is pretty firm, so the initial talks are going to be slow and it’s not until mid-May when those talks start so we’re a good six weeks away from them.”

Sterling has lost nearly a fifth of its value against the dollar since Britain voted to leave the EU last June.

Since then, investors have broadly stayed bearish on the currency despite initial signs of resilience from the economy that confounded expectations of a slowdown, worried about long-term uncertainty surrounding Brexit.

Speculators took their bets against the pound versus the dollar to record high levels last month, and although they have since trimmed those short positions, they remain close to those levels. [IMM/FX]

European Council President Donald Tusk will meet British Prime Minister Theresa May in London on Thursday.

The EU’s chief negotiator, Michel Barnier, on Wednesday insisted that Britain must stop pressing for immediate parallel talks with the bloc on a post-Brexit free trade deal, and first agree on withdrawal terms.

Investors are now eyeing the EU summit on April 29, where EU directives for Brexit negotiations will be ratified.

“The ebb and flow of Brexit negotiations looks well underway, with PM May seemingly softening some of the red lines (e.g. free movement) during a transition period post-Brexit. Yet cable (sterling/dollar) could well trade well within $1.23-26 for a couple more weeks,” ING strategists wrote in a note to clients.

(Reporting by Ritvik Carvalho Editing by Jeremy Gaunt.)

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Business, Economics, Local news, News

St Kitts-Nevis Anguilla National Bank Group of companies Records Best Financial Performance in Years . AGM Set For April 27th

http://timescaribbeanonline.com/st-kitts-nevis-anguilla-national-bank-group-companies-records-best-financial-performance-years-agm-set-april-27th/ #

Published: 5 April 2017

The election of a new Team UNITY Administration ,  the installation of a new board of directors and the hard work of Senior Management  is continuing to be  a good combination  for the St.Kitts-Nevis Anguilla National Bank Group. The St.Kitts-Nevis Anguilla National Bank Group of Companies is again performing well and has  recorded one of it’s best years ever for the financial year 2016. The Bank recorded a Net Operating profit of $28.4 Million which is an increase of 10% over the same financial period in 2015.  This announcement was made by St.Kitts-Nevis Prime Minister and Minister of Finance Dr. Hon. Timothy Harris at his Monthly Press Conference.

Prime Minister Harris stated “St Kitts-Nevis Anguilla National Bank Group of companies has recorded one of its best years. For the financial year ended 2016, National Bank group recorded one of its best normal net operating profit of $28.4 million. This represents an increase of 10.1% percent over the comparative period for the financial year ended 2015. Indeed, National Bank group’s profits for the last 5 financial years are as follows:

Profits approximated:

 

2016 – $28.4 million

2015 – $25.8 million

2014 – $25.3 million

2013 – $22.0 million

2012 – $14 million .”

 

The Prime Minister also announced that the Bank has paid an interim dividend and will hold it’s AGM onApril 27th 2017.

Prime Minister Harris declared “ Our National Bank Group of Companies is in good hands. A successful bank means secure jobs and a stable financial system. An interim 5 percent dividend of $6.7 million was paid last Friday March 31, 2017 its 3622 shareholders on record.  It is expected that the final dividend will be announced at the Bank’s AGM slated for April 27, 2017.”

The Board of the SKNA National Bank Group continues to be given high praises for their prudent and efficient oversight of the Management of the Institution.

 

The Group’s Board of Directors includes Howard McEachrane Chairperson, Norton A. Bailey 1st Vice Chairperson, Alexis Nisbett 2nd Vice Chairperson, Talibah Byron Director, Elreter Simpson-Browne Director, Dr. Cardell Rawlins Director, Lionel Benjamin Director, Theodore Hobson Director, Director William Liburd and Director Wallis Wilkin .

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Business, Economics, Local news, News, Regional News, Travel

Customs Department to take over alleged money laundering incident

Published: 4 April 2017

The Custom and Excise Division will be taking over the investigation into an alleged case of money laundering involving a male and a female who were intercepted at the VC Bird International Airport last Friday evening.

Lev Josiah of Paynters and Erica Thomas of Mount Joy were arrested by police and taken into custody.

They were intercepted by Airport Security, with over US $20,000 and almost EC $3,000 in their possession. The monies were seized and the matter handed over to the Customs department and the police.

Police Public Relations Officer (PRO) Inspector Frankie Thomas told OBSERVER media yesterday that Erica Thomas was released pending further investigations, while Josiah remains in custody and will have to answer to the comptroller of Customs today.

Airport Security was conducting one of their routine security checks when they found Josiah with over US $18,000 and EC $785.

Thomas, on the other hand, was caught with the lesser amount, of over US $2,000 and EC $1750.

The two were booked to travel to St Maarten

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