Offshore

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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Nevis Passes New Legislation For Investment Promotion

Charlestown, Nevis
February 29, 2008

Junior Minister responsible for Trade and Industry, Hon. Dwight Cozier, supported the Amended Investment Improvement Agency Bill which was passed, in the Nevis Island Assembly, on Thursday 28th February 2008.
 
The Nevis Investment Promotion Agency (NIPA) Ordinance 2008 would encourage increased investment provided by a solid legal framework designed for investor’s protection and for their understanding of the relevant laws of Nevis.
 
Mr. Cozier gave credit to the Nevis Reformation Party (NRP) for its committed support for Private Sector Investment and described the previous legislation as one which did not address the needs of Nevis.
 
“The old Act of 1987 did not address Nevis.  It assumed that both islands would choose to undertake Invest Promotion’s jointly.  However, the new Initiative provided effective policy and a regulatory framework for separate Investment Code and Legislation for both Islands; he said the Bill provided an avenue for business to be conducted more easily.”

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Nevis Government Launches 1st Small Business Week

Charlestown, Nevis
February 25, 2008

The first ever Small Business Week was officially launched today Monday February 25, 2008, by Minister of Social Development, the Hon. Hensley Daniel at the Nevis Cultural Center. 
 
The week which runs until Friday February 29 under the theme, “Bridges to Better Business” is organised by the Small Enterprise Development Unit (SEDU) in the Ministry of Social Development, Trade and Industry in the Nevis Island Administration (NIA).
 
While delivering remarks at Monday’s opening ceremony Junior Minister in the Ministry of Trade and Industry, the Hon Dwight Cozier said that the Nevis Reformation Party led-Administration continued to work with small business persons on Nevis, since it believed that it was through strengthening the small business sector that the economy would flourish.

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