Investments

St. Kitts – Nevis National Bank Earns EC$81m Profit In 2007

Basseterre, St. Kitts – Nevis
March 05, 2008 (CUOPM)
The indigenous St. Kitts – Nevis – Anguilla National Bank is reporting a net profit of EC$81 million in 2007 compared to EC$68 million in 2006.

Bank Chairman, Mr. Walford Gumbs in the Annual Report for 2007, released at the recent 37th Annual General Meeting, disclosed that total assets increased to EC$1,935,130,000 or 19.9 percent from EC$1,614,256,000 in 2006, while deposits grew from EC$1,141,913,000 in 2006 to EC$1,290,808,000 or 13 percent in 2007.

He said that the Bank’s loan portfolio increased by EC$132,886,000 or 15.7 percent to EC$979, 357,000 from EC$846,471,000 in 2006.

Mr. Gumbs said the achievements in the Bank’s operations during the year are extremely commendable as this performance surpassed budgetary estimates.

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Nevis Minister Supports Company Ordinance Bill legislation

Charlestown,Nevis
March 05, 2008

Minister of Land and Housing in the Nevis Island Administration (NIA) the Hon. Robelto Hector supported a Bill to amend the Company Ordinance of 1999, in a stated position made during the Nevis Island Assembly held on Thursday 28th February 2008.
 
Mr. Hector said he supported the Bill and was happy that the Mover of the Bill came before Parliament to seek support of his government ministers for stamp duties to be paid when shares are transferred.
 
The Bill as it stood required for amendments to be made to the 1999 Company Ordinance and Section 7 of the Amendment was used which showed where a $250 fee would be sought instead of the 1999 Bill that stipulated a $50 charged fee.

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St. Kitts – Nevis Keeps Inflation Rate Low

Basseterre, St. Kitts – Nevis
March 03, 2008 (CUOPM)

The Federation of St. Kitts and Nevis registered the second lowest rate of inflation for the last nine months of last year, the Eastern Caribbean Central Bank (ECCB) is reporting.

According the Basseterre-based financial institution, the rate of inflation in the member countries of the Eastern Caribbean Currency Union (ECCU), ranged from 1.1 percent in Anguilla to 6.2 percent in St. Vincent and the Grenadines during the first nine months of 2007.

The rate of inflation in the ECCB member countries for the first nine months of 2007 is 1.1 percent in Anguilla; 2.5 percent in Antigua and Barbuda; 3.2 percent in Dominica; 5 percent in Grenada; 2.2 percent in Montserrat; 1.6 percent in St. Kitts and Nevis; 4.3 percent in St. Lucia and 6.2 percent in St. Vincent and the Grenadines.

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USVI & Saba Interested In Nevis’ Geothermal Scheme

Charlestown, Nevis
February 29, 2008

Two high powered delegations from the neighbouring United States Virgin Islands (USVI) and the Dutch Territory of Saba left Nevis today February 29, 2008, following a two day visit for a first hand look at the ongoing geothermal explorations on the island.
 
Both delegations were welcomed to the island by Premier of Nevis Hon. Joseph Parry at his Bath Plain Office on Tuesday and were hosted by the Nevis Island Administration (NIA) at a dinner in their honour at the Four Seasons Resorts on Wednesday.
 
Following a drill site visit to the West Indies Power Nevis Ltd Spring Hill site on February 28, 2008, Lieutenant Governor of the United States Virgin Islands Mr. Greg Francis accompanied by his Senior Policy Advisor Mr. Nathan Simmonds and Director of the Virgin Islands Energy Office Mr. Bevan Smith Junior told the Department of Information that he was impressed with the operations and that geothermal energy was something they planned to look into.

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Doing Business In Nevis Just Got Easier

Charlestown, Nevis
February 28, 2008
The 2006 World Bank’s Report on doing business ranked St.Kitts- Nevis number eighty five out of over one hundred and seventy countries in the world and last among the Organization of Eastern Caribbean States (OECS).

This new administration of only 19 months old, took a giant step Thursday by making it simpler for persons to do business in Nevis.

During Thursday’s sitting of the Nevis Island Assembly at Hamilton House, the Nevis Reformation Party (NRP) led administration acknowledged the problem and provided a solution with the passage of the Nevis Investment Promotion Agency Ordinance, 2008.

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