Nevis, West Indies. ?A Non-Tourist-Trap? Blog About Nevis.

PM Douglas Meets With Taiwanese Trade Delegation
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
April 14, 2011 (CUOPM)

A 25-person Taiwan Trade delegation has been invited explore all opportunities to invest in the twin-island Federation of St. Kitts and Nevis.

“We believe that the challenges that we face with regard to renewable energy have to be met. We believe that there are opportunities that our businessmen can benefit from if we were to make the transition from the old dependence on fossil fuel to what is now greener renewable energy,” said Prime Minister Hon. Dr. Denzil L. Douglas Hon. Dr. Denzil L. Douglas in welcoming the business persons when they paid a courtesy call late Thursday afternoon.

The delegation was accompanied by Taiwan’s Resident Ambassador in St. Kitts and Nevis, His Excellency Miguel Li-Jey Tsao.

Dr. Douglas hoped that the few days in St. Kitts and Nevis “will consolidate in your own mind that the new place to do business is the Federation of St. Kitts and Nevis.”

Manufactured goods ranging from memory cards and ceiling fans to furniture and plastic machinery will be on display during the April 15th to April 16th Trade Show organised by the Republic of China (Taiwan) and sponsored by the St. Kitts and Nevis Chamber of Industry and Commerce.

The Taiwan Trade Delegation are representatives of companies from Florida: King of Fans Solar Power Industry (ceiling fans and solar panel); MSI Miami Corp. (netbook, desktop computers); Genius Group KYE Systems America Corp (PC peripherals); Ben Q Latin America (PC, projector, Digital camera); TM Cell – an AT&T Contractor (Memory card); Snow Peas International (vegetable); Gran America (furniture); Sunny International Co (Sunglasses and handy tool); Lung Meng Machinery Co. (Plastic machinery); US-1 America Inc. (computer game); EURO-ASIA (fashion accessories).

Representatives from the Youth Taiwanese Chamber of Commerce and the Taiwan Trade Center in Miami are also among the delegation.

The Delegation will be guests at a Welcome Reception at OTI hosted by the St. Kitts and Nevis Chamber of Industry and Commerce on Thursday night.

The Opening ceremony of the Trade Show at the Royal St. Kitts Hotel on Friday include remarks by Prime Minister Douglas, Minister of International Trade, Dr. the Hon. Timothy Harris; Taiwan’s Resident Ambassador in St. Kitts and Nevis, His Excellency Miguel Li-Jey Tsao; Leader of the Taiwan Trade Delegation from Florida state, Mrs. Tsai Hui Wu and Chamber President Morton.

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4. St. Kitts – Nevis Opens Embassy In Taiwan
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All Investments Carry Some Risk

Basseterre, St. Kitts – Nevis
March 03, 2011 (CUOPM)

Government Treasury Bills are among the safest of investments.

So says Kittitian-born economist at the United Nations Headquarters in New York, Mrs. Willa Liburd, in response to a statement by Mr. Dwyer Astaphan who claimed that holders of government bonds tend to lose 25 percent of their investment in Treasury Bills.

At a recent political meeting Mr. Astaphan said “anybody who is investing in Government Bonds or Government Securities stands to lose 25 percent of the value of their investment.”

Prime Minister Douglas who was asked on Tuesdays for his reaction to Astaphan’s statement dubbed it “absolute nonsense” and charged that Astaphan seems bent on destabilising the country and create confusion in people’s mind.

Noting that she did not hear Mr. Astaphan’s statement, Mrs. Liburd said Treasury Bills “are among the safest of investments.”

“Treasury Bills are sold at a discount through a bidding process of tendering; so that you actually pay less than what you get when you redeem the Bills.  For a long time the yield of Government of St. Kitts and Nevis Treasury Bills was in the region of 8% per annum, even when interest rates at Commercial Banks on Certificates of Deposit were much lower,” said Liburd on the St. Kitts-Nevis List.

“When interest rates in general fell, they went down to 6% per annum; still a very enticing investment.  One-year Certificates of Deposits at home are in the region of 5% and a little higher at the Credit Union and I believe also at National Bank.  At the foreign banks at home they are lower.  91-day Certificates of Deposit here in the US are yielding as low as 0.15% per annum for amounts under US$100,000 and 0.20% for amounts of US$100,000 and over; that is, less than half of 1%,” said the United Nations economist.

She said that Government Treasury Bills are backed by the revenue generating capacity of the Government, but an additional safeguard is that a significant portion of St. Kitts and Nevis Government Treasury Bills are backed by the Eastern Caribbean Central Bank, as it is for other participating Governments of the ECCB.

“If they are not taken up by others, the ECCB is obligated to take them up to a certain quantity.  So if the former Minister of Government did say what he is claimed to have said, it would be good to know what he actually means,” concluded Mrs. Liburd.

“The Treasury Bills Investment Scheme that the Government of St. Kitts and Nevis is presently operating is exceptionally sound”.

There has never been any incident where when the time came for persons to have their investment returned on this kind of investment that they could not have their investment returns collected,” said Dr. Douglas, who emphasised that thee “has never been any incident or any occasion for the 16 years (of his Administration) and even before that I have been in office that the Treasury of St. Kitts and Nevis has been unable to pay investors in Treasury Bills on their investment at the end of the 90-day period when the expiration of those bills take place.”

He disclosed that the Cabinet every 90 days would ensure that the returns that are expected on people’s investment are actually realised for their benefit.

“There is no truth whatsoever. It is almost the ridiculous claims that were made a few weeks ago about the National Bank which eventually turned out to be yet another attempt by Dwyer Astaphan to create confusion and to create instability especially in the financial environment here in St. Kitts and Nevis.”

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St. Kitts-Nevis-Anguilla National Bank Choir
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
February 18, 2011 (CUOPM)

The St. Kitts-Nevis-Anguilla National Bank has a rich history steeped in the idea of people development, and as such, has played an important role in the development of the twin-island Federation.

“It has forged a productive mix of Public Sector-Private Sector support that has had profound impact on the socio-economic grow and development,” said St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil L. Douglas in brief remarks at a church service to mark the 40th anniversary of the local financial institution.

Dr. Douglas, also the Minister of Finance paid tribute to the founders of what began as a penny bank.

“We must make note of the founders of what is today National Bank. They were men of great commitment, understanding and vision who, with much effort and belief in what they were doing, laid the foundation of a fine and progressive financial institution. It was not always easy. In fact, there were significant challenges, and the good of the bank prevailed for the good of the people,” said Dr. Douglas.

He pointed out to the congregation that the bank is now operating in a financial environment that is far different than it was in its early days.

“Regardless, there is no end to challenges, but we can be confident that the St. Kitts-Nevis-Anguilla National Bank is in the hands of responsible staff and management, and that the public can have a high level of confidence in the institution,” said the Prime Minister who thanked “past and present members of the Board of Directors, management and staff for steadfast contribution to the excellent position the Bank enjoys today. In this regard, it would be remiss of me if I were not to mention the yeoman service provided by Sir Edmund Lawrence, who has been an anchor in the developmental processes of National Bank.”

He extended his best wishes for a continuing bright future, and its continuing contribution to the development of the people and of the nation of St. Kitts and Nevis.

Other attending the church service at the Wesley Methodist Church included Ministers of Government, members of Parliament, shareholders, customers, various sports organizations and the Board of Directors and staff of the Bank’s subsidiaries who were richly blessed in song.

The National Bank Chorale electrified the congregation with its soulful rendition of O Give Thanks by Hezekiah Walker and Total Praise by Richard Smallwood, moving the audience to a standing ovation as they gave thanks and praise to God for his blessings over the years.

The officiating clergy were Rev. Dr. Wycherley Gumbs Superintendant of the St. Kitts Circuit of the Methodist Church, Rev. Nasel Ephraim, President of the St. Kitts Christian Council, Rev. Joyce Rohan, Methodist Minister, and Bishop Ron Collins, President of the St. Kitts Evangelical Association.

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3. St. Kitts – Nevis National Bank Reports $50 Million Profit For 2009
4. St. Kitts – Nevis National Bank Earns EC$81m Profit In 2007
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