Local News

Deputy Premier Calls for Temporary Suspension of Virgin Islands Trade Commission Act

Published

1 year ago

November 1, 2023

Editor

Deputy Premier Lorna Smith, OBE, the Minister for Financial Services, Labour, and Trade, presented a bill to suspend the Virgin Islands Trade Commission Act, 2020, during her recent address to the House of Assembly. The Act, which was enacted on June 8, 2020, aimed to establish the Virgin Islands Trade Commission with the responsibility of overseeing various aspects of trade, investment, and consumer affairs in the British Virgin Islands.

The Deputy Premier, who assumed her role as Minister responsible for trade in April 2023, expressed concerns about the Commission’s early-stage development, casting doubt on its viability and efficiency. She stated, “Given the circumstances, a careful evaluation of the Act’s implementation became imperative.”

One of the significant concerns revolved around the dilemma faced by employees of the Trade Department, who were given only six months, from November 2022 to May 2023, to decide whether to transition to the Commission. This decision was complicated by the fact that the Commission had not yet become fully operational.

The critical juncture occurred when Deputy Premier Smith attended the orientation of the Commission’s Board on May 15, nearly six months after the Act had come into effect. She expressed her reservations about the Commission’s implementation at this meeting.

The suspension of the Act was further justified by the Deputy Premier’s concerns about the financial implications of maintaining the Commission. A budget of $1.5 million, in addition to business licensing revenues of approximately $960,000, was projected to fund the Commission’s core administrative costs. It was estimated that a 154% increase in trade licensing fees would be necessary to achieve financial independence in the Commission’s second year.

Deputy Premier Smith also raised concerns about the Business Licensing Act of 2022, which had even higher annual licensing fees, potentially resulting in increased costs for businesses and consumers. This concern was particularly noteworthy as many members of the House were advocating for financial subsidies to support local businesses.

In her address, Deputy Premier Smith assured that the underlying policies intended to strengthen trade-related public functions within the central government would remain unchanged. She emphasized the importance of the Trade Department being well-resourced, accountable to the Government and the public, and aligned with the Government’s priorities.

The Deputy Premier proposed a comprehensive plan that included a review of the department’s structure and operations, the development of a strategic plan, allocation of resources, and the establishment of clear accountability mechanisms for the Trade Department. These measures aimed to streamline and automate business processes, support local entrepreneurs, and promote investment and fair trade practices.

While the Virgin Islands Trade Commission Act of 2020 is not being repealed, the bill presented by Deputy Premier Smith seeks to temporarily suspend its operations. This suspension will allow for a period of reflection, reform, and revitalization in the trade sector, better aligning it with the needs and aspirations of the Virgin Islands and its people.

The Deputy Premier concluded her address by urging the House to support the bill, emphasising the importance of thoughtful reform for the Virgin Islands’ trade sector.

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International

Cuba Joins BRICS: A Power Shift That Could Reshape Global Alliances

Published

4 hours ago

February 11, 2025

Editor

Cuba has taken a bold step onto the global stage by joining BRICS as a partner country, a move that could shift economic and political dynamics in Latin America and beyond. This status, granted following the 16th BRICS Summit in Kazan, Russia, in October 2024, allows Cuba to engage with the group’s initiatives and benefit from its economic influence without holding full membership. The decision underscores BRICS’ expanding reach as it seeks to counterbalance Western financial institutions and foster stronger ties among developing nations.

Cuba was among 13 nations invited to become BRICS partner countries, signalling the bloc’s continued efforts to reshape global economic structures. While not yet a full member, Cuba’s closer alignment with BRICS could bring significant financial relief by opening avenues for investment and trade. The group’s economic powerhouses—China, India, Brazil, Russia, and South Africa—could provide much-needed capital to revitalise Cuba’s struggling economy, potentially helping the island navigate long-standing US sanctions.

One of the most immediate benefits for Cuba would be increased trade opportunities. With major BRICS economies looking to expand their influence, Cuba stands to gain from enhanced cooperation in key sectors such as energy, technology, and agriculture. China and Russia, already close allies of Havana, are expected to deepen their economic engagement, potentially reducing Cuba’s dependence on traditional trading partners. Additionally, BRICS’ efforts to develop alternative financial systems independent of the US dollar could provide Cuba with new mechanisms to bypass US-imposed restrictions.

For BRICS, Cuba’s inclusion strengthens its foothold in Latin America. With Brazil already a member, bringing Cuba into the fold reinforces the bloc’s presence in the region and challenges the influence of Western institutions such as the International Monetary Fund and World Bank. Cuba’s longstanding role in promoting South-South cooperation aligns with BRICS’ mission to offer developing nations an alternative to Western-led economic structures.

However, Cuba’s partnership with BRICS is not without risks. Increased economic ties with the bloc could escalate tensions with the United States, which has maintained a decades-long embargo against Cuba. Washington may view this development as a strategic challenge, potentially leading to stricter sanctions or diplomatic countermeasures. Such actions could complicate Cuba’s economic recovery, particularly if the anticipated benefits of BRICS integration take time to materialise.

Domestically, BRICS engagement could push Cuba towards economic reforms. While Havana is unlikely to abandon its socialist model, the need to attract foreign investment may prompt shifts towards market-friendly policies, similar to those adopted by China and Vietnam. BRICS-backed projects could modernise Cuba’s infrastructure, boost its tourism industry, and unlock the potential of its key mineral exports, including nickel and cobalt. The country also possesses offshore oil reserves, though exploration has so far been limited.

Despite the opportunities, challenges remain. Unlike resource-rich nations such as Saudi Arabia or the UAE, which were among those invited to join BRICS as full members, Cuba’s economic contributions to the bloc may be limited. The island continues to grapple with inflation, supply shortages, and structural inefficiencies, raising questions about how effectively it can integrate into BRICS initiatives.

Ultimately, Cuba’s engagement with BRICS represents a strategic gamble—one that could provide economic relief and bolster the bloc’s influence in Latin America but also provoke resistance from the US and its allies. Success will depend on Cuba’s ability to leverage its new partnerships while navigating the geopolitical complexities that come with them.

Local News

Sea Cow’s Bay Basketball Club to Host MLK Jr. District 3×3 Tournament This Weekend

Published

5 hours ago

February 11, 2025

Editor

The Sea Cow’s Bay Basketball Club, in collaboration with the BVI Olympic Committee, is set to host the MLK Jr. District 3×3 Basketball Tournament this Saturday, February 16, at the Multipurpose Sports Complex. The event, which runs from 1 PM to 6 PM, will feature the U13 and U16 age groups, with teams from across the territory encouraged to participate.

This tournament provides an exciting opportunity for the youth of the BVI to showcase their basketball talent while honoring the legacy of Dr. Martin Luther King Jr. The competition will see local teams from the District 3 (D3) and beyond battle it out in a fast-paced 3×3 format.

Public admission to the event is $2.00, and the registration deadline for all teams is February 13. Players can sign up by contacting Mr. Milton McLean at 542-0555.

In addition to the tournament, awards will be presented to the Champions in each division of the Holiday District Tournament, which was held in December.

The U17 category of the Holiday District Tournament saw the D3 team, made up of Jhustin Disla, Twari Samuel, and J’lun Ramirez, go undefeated, winning all four of their games to claim the title. Disla and D2’s Zion Phillip were named co-MVPs. In the U13 category, Money Jr., representing D7, with Steven Walters Jr., Zayden McIntosh, and Anthony Baker, also claimed victory, winning every game they played. Walters was named the MVP for his outstanding performance.

The MLK Jr. District 3×3 Tournament promises to be an action-packed event for basketball fans, with local talent set to shine on the court.

Whether you’re cheering for your local team or simply enjoying the sport, this tournament will be an excellent display of the BVI’s young basketball players and their commitment to the game.

Be sure to come out, support the teams, and enjoy the fast-paced action this weekend.

Entertainment

Drive-In Movie Night: A Double Feature Under the Stars

Published

5 hours ago

February 11, 2025

Editor

Grab your friends, family, and some popcorn for a night of unforgettable entertainment under the stars! The Rotary Club of Road Town is hosting a Drive-In Movie Night on Saturday, March 8, at the Skelton Bay Lot (Behind Parts & Power), promising a double feature event that will have something for everyone.

The evening kicks off at 6 PM with the much-anticipated Inside Out 2, followed by the action-packed Gladiator 2 at 8:30 PM. Whether you’re in the mood for a heartwarming animated adventure or an epic historical drama, this event has it all!

Ticket Information

$25 per car (purchase tickets in advance or at the door)
Food & drinks will be available for purchase on-site, ensuring you’re fuelled up for a fun night out.

This community event is an opportunity to come together for a night of fun, laughter, and cinema—all while supporting the Rotary Club of Road Town and its ongoing efforts in service to the community. The Rotary Club’s commitment to Peacebuilding and Conflict Resolution will be highlighted throughout the event, aligning with their District 7020 focus on fostering goodwill in the region.

Ticket Sales Locations:

Body Glam
Sotheby’s International
Flow

Whether you’ve got a classic vehicle or a new ride, the Drive-In Movie Night is a perfect way to enjoy a night out with loved ones, all while supporting the local community and the good work of the Rotary Club of Road Town.

Don’t miss out—mark your calendars and join us for a night of cinematic fun!