Business
BVI airport development on front burner
(GIS) — Minister for Communications and Works Honourable Kye Rymer has said that his ministry stands ready and committed to support every effort to enhance the system of airports in the Territory.
Honourable Rymer’s comments come on the heels of the Territory’s participation in the recently held Airport Expansion summit for Latin America and the Caribbean held in Florida, United States of America from February 7 to 10.
Honourable Kye Rymer said, “I am indeed thrilled that the VI was represented at this summit where the information gleaned will better equip the Territory with the necessary tools to make sound decisions on the way forward as we take the necessary, measured steps to develop and enhance the system of airports in our Territory.”
Chairman of the Board of Directors, Mr. Theodore E. Burke led a delegation including Managing Director Mr. Kurt Menal and Director of Finance Mr. Elvis Harrigan to the summit which saw the attendance and participation of Government Officials, Investors, Airport Management and Aviation Professionals, Architects, Engineers and Consultants who engaged in discussions on the most effective ways to approach airport expansion and development projects in Latin America and the Caribbean through varied financing and management models.
Mr. Burke said the Authority is keen to continue the ground work for the proposed airport expansion and development project and its participation in the summit did not only provide the team with the requisite tools to make better informed decisions but also connected it to a network of experts who would provide assistance through the process.
Mr. Burke added, “During the summit, we were able to interact with other airports who underwent expansion projects using various models as we seek to determine the best possible option for our own development project. These included Public/Private Partnerships (PPPs/P3’s), Government funded and self-funded, who were able to share their reality of each method.”
The Authority’s delegation also engaged in informative sessions on the Miami International Airport expansion project, expansion of airports in the Caribbean region, airports of the future and airport expansion through P3’s with the experts directly involved in these projects. The team also participated in sessions on aeronautical infrastructure, airport design, financing and project management, sustainable development, implementation of PPPs, budgeting best practices and PPP strategies and PPP Policy and regulatory frameworks.
Managing Director, Mr. Kurt Menal shared that the team is revisiting the various studies and plans that were developed over the years for the proposed expansion project.
He added, “We will be utilising all the resources already available to us while simultaneously enhancing our service offering through the optimisation of our current infrastructure. The intention is to develop the Terrance B. Lettsome International Airport based on a road map for efficiently meeting aviation demand through the foreseeable future while preserving the flexibility necessary to respond to changing industry conditions.”
Following the summit, some members of the delegation also attended a session with the Airports Council International (ACI) on Legal Considerations for Airport Construction Projects. This session discussed the main aspects of each stage of the project life cycle, from project definition to planning, design, construction and handover.
Director of Finance, Mr. Elvis Harrigan said both sessions were very timely and informative and equipped the team with the relevant foundational knowledge to revitalise the airport expansion project and advise the ministry on a development option going forward.
The expansion of the Terrance B. Lettsome International Airport has been the subject of discussion for several years and various studies and assessments have been undertaken to support the proposed project. The Ministry of Communications and Works and the BVI Airports Authority have shifted the focus from airport expansion to holistic airport development based on a master plan which is a long-term guide to development that supports an airport’s business and infrastructure development strategy.
In the interim, the authority in concert with related national development partners will continually work to improve connectivity to the Territory through a robust air service development programme utilising the current infrastructure.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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Business
Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development
Business
FirstBank Customers Accounts Show Zero or Negative Balances Electronically
– Persons Accessing Cash In Bank
This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.
The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.
“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”
The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.
JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.
While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.
At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.
The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.
JTV News will continue to monitor the situation closely and provide updates as more information becomes available.
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