Business

BVI Signs Strategic Marketing Agreement with US Trade Group FCCA

Published

2 years ago

March 25, 2023

Editor

PHOTO: KELVIN TITLEY

The British Virgin Islands has signed a strategic partnership with marketing trade group Florida-Caribbean Cruise Association (FCCA) to attract more cruise lines to the territory.

FCCA represents more than 90% of the worldwide cruise capacity. The contract, made public by FCCA on March 24, focuses on boosting cruise ship calls, attracting more cruise lines to the BVI, and sharing new revenue opportunities with local businesses.

The BVI joined the FCCA as a Presidential Partner in 2017 after the devastating Irma and Maria hurricanes damaged the territory’s infrastructure, including hotels, roadways and ports.

Kye Rymer, who was responsible for Communication and Works before the dissolution of the House of Assembly this month, said the territory was “excited to expand our partnership with the FCCA as strategic development destination partners. This collaboration will amplify our cruise tourism reach, improve, and develop the services and products we offer for our cruise guests and generate more opportunities for the people of the Virgin Islands in this sector.”

FCCA Chairman and Carnival Corporation Chairman Micky Arison added that the “new agreement shows the momentum that FCCA and destinations are having in working together to maximise cruise tourism’s benefits. The British Virgin Islands has been a long-standing partner of the industry, and I am thrilled that this agreement signifies the improvement of so many lives and livelihoods.”

The BVI is a popular Caribbean cruise destination with main island Tortola and sister islands Virgin Gorda and Jost Van Dyke top places for tourists.

In 2020, just three years after the hurricanes Irma and Maria, the tourism revenue in the Caribbean dramatically declined as a result of the coronavirus disease (COVID-19) pandemic.

In the BVI, tourist arrivals fell from 894,991 visitors in 2019 to 305,356 visitors in 2020; and dropped further to 133,715 visitors in 2021.

But with strategic marketing measures, repairing of the damaged infrastructure, and the removal of international travel restrictions, the territory’s tourism sector saw a steady upward climb in 2022, moving from 28,224 visitors in August 2021 to 325,753 visitors.

Additionally, cruisers and day-trippers increased from 2,641 by the end of August 2021 to 204,330 for the same period in 2022, a 7,637 percent growth; while, overnighters, which stood at 27,604 by August 2021, reached 123,445 for the same period in 2022 – a 347 percent increase.

The FCCA Chairman stressed that the goals of the expanded agreement is to find “ways to convert cruise guests to land-based vacationers, increasing summer cruising to the destination, working in tandem with cruise agents and creating a destination service needs assessment that can pinpoint the BVI’s strengths as well as identify areas that need shoring up.”

Cruise ship passengers have spent a total of $9.8 million in the BVI during a single tourist season in the BVI.

The BVI Tourist Board is anticipating a solid 2022/2023 season with total arrivals of around 703,000, of which 59 percent or 411,000 visitors are expected to be cruise passengers and day-trippers, and the remaining 41 percent, about 292,000, would be overnight visitors.

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Business

BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes

Published

7 days ago

October 31, 2024

Editor

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.

Business

Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development

Published

7 days ago

October 31, 2024

Editor

The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.

Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”

This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.

A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.

In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.

Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.

Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.

To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.

The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.

In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.

Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.

Business

FirstBank Customers Accounts Show Zero or Negative Balances Electronically

Published

2 weeks ago

October 22, 2024

Editor

– 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.