In the blogs

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            [post_date] => 2015-07-30 10:00:12
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            [post_content] => Following the bank's closure 30 years ago, customers and creditors of the Bank of Commerce who lost money are to receive a payout of EC$15 million (US$5.5 million). The Prime Minister of St. Kitts & Nevis, Dr. Timothy Harris, announced that a court settlement had been reached after three decades of the bank being in liquidation, and payments to those who have lost would be made "in the not too distant future".

During the sitting of Parliament on Tuesday, the prime minister disclosed that he acknowledged that the 30 years it took to reach this stage was an "entirely unsatisfactory period of time" but said that the settlement would however still bring "tremendous relief to the many suffering depositors in the Bank of Commerce".

On the 9th of May, 1985, the bank was put into liquidation by order of the court, in response to a petition that was filed on the 2nd of February, 1985 by one of the financial institution's creditors, the Social Security Board (SSB).

The Social Security Board is expected to receive about EC$1.4 million (US$518,518) while the government which had substantial investment in the bank, would receive about EC$1.2 million (US$444,444). The Nevis Philatelic Bureau is also in line for just over EC$250,000 (US$92,592).
            [post_title] => St. Kitts' Bank Of Commerce Expected To Make A Payout Of US$15M To Depositors
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St. Kitts' Bank Of Commerce Expected To Make A Payout Of US$15M To Depositors

July 30, 2015
1

Following the bank's closure 30 years ago, customers and creditors of the Bank of Commerce who lost money are to receive a payout ofEC$15 million (US$5.5 million). The Prime Minist...Continue reading

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            [post_date] => 2015-07-29 10:00:25
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            [post_content] => In just over a year, the Jamaica Customs Agency (JCA) was said to have confiscated more than J$250 million (US$2.1 million) worth of counterfeit goods at the island’s ports of entry.

Major Richard Reese, Commissioner of Customs and the JCA’s chief executive officer, shared that some of teh confiscated items included cigarettes, clothing, footwear, handbags, belts and hats, some intended for the local market, others destined for other countries.

Addressing the JCA's five-day intellectual property rights seminar for custom officers yesterday, he made the disclosure alongside, Kalista Powell, a director in the agency's Border Protection Unit, who also disclosed that the containers bearing the counterfeit products were intercepted between January 2014 and April 2015, following intelligence and joint inter-agency operations that involved local and overseas law enforcement entities.

She said that in April, a significant portion of the items forfeited by the owners. Investigations are underway in relation to the other items.

"Persons have been charged and court proceedings are ongoing," Powell said at the seminar staged in collaboration with the World Customs Organization.

Commending the success of the operations, Major Reese said that counterfeiting and piracy of authentic products were "illicit businesses on which criminal networks thrive".

"This is one of the means by which organised crime criminal networks also fund their illegal activities. The Jamaica Customs Agency will continue to collaborate with our partners, local and international, as we make every effort to remove the profit from organised crime and facilitate legitimate trade," he assured.

Powell also emphasized the need for joint efforts to curb counterfeiting.The Jamaican laws states that the penalties for counterfeiting products, whether for manufacturing or trade, include forfeiture of goods, fines, or imprisonment.
            [post_title] => Millions Seized In Counterfeit Goods By Jamaica's Customs Agency
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Millions Seized In Counterfeit Goods By Jamaica's Customs Agency

July 29, 2015
1

In just over a year, the Jamaica Customs Agency (JCA) was said to have confiscated more thanJ$250 million (US$2.1 million) worth of counterfeit goods at the islands ports of entry....Continue reading

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            [post_date] => 2015-07-25 10:00:54
            [post_date_gmt] => 2015-07-25 14:00:54
            [post_content] => The Bahamian government has increased the minimum wage by 40%. He warns that employers who refuse to cope with the change will undergo the full extent of the law.

Increasing the amount to $210 per week or $42 per day or $5.25 per hour, the Ministry of Labour and National Insurance and the Minister of Public Service, Shane Gibson said he has signed the Minimum Wages Order to be raised. The new minimum wage will take effect on the 15th of August.

“While we in the government would have liked to have seen it a bit higher, we have accepted the recommendation of the National Tripartite Council and acted accordingly,” Gibson said.

Before coming to a final agreement on the figure for the new national minimum wage, the minister said that he was informed that members of the council “deliberated, agonized and analyzed” data acquired locally and internationally, and compared legislation from several CARICOM member states.

He said that the council would assist with managing the effects of the minimum wage order by monitoring the cost of living anf retail price index, and recommending any further increases where needed. Gibson in the meantime sent a strong warning to business that they would be closely watched to ensure that they always comply with the new order.

The Inspectorate Unit of the Department of Labour has also been instructed to implement a comprehensive inspection plan to ensure that there is compliance, and it would aggressively pursue violators who deliberately withhold the increment from hardworking Bahamians.
            [post_title] => Bahamians To Get Bigger Pay Packs As Government Increases Minimum Wage By 40%
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Bahamians To Get Bigger Pay Packs As Government Increases Minimum Wage By 40%

July 25, 2015
1

The Bahamian government has increased the minimum wage by 40%. He warns that employers who refuse to cope with the change will undergo the full extent of the law. Increasing the...Continue reading