1. The Business Scene - September 2010 – September 2011
BASSETERRE, St. Kitts - Despite the continued recession, the business world made its mark in the Federation this year with various activities geared towards retaining their customers in these competitive times.
The St. Kitts Nevis Anguilla National Bank hit a milestone this year – 40 years of service to the Federation. To commemorate this milestone the Bank has been hosting a number of community outreach activities including the planting of Frangipani trees to beautify the FT Williams Highway, Primary Schools Quiz Competition, and the recently implemented Primary School Scholarship Programme, among a host of others.
Similarly, the Development Bank of St. Kitts and Nevis celebrated a milestone this year as well – 30 years. The Bank celebrated with a month of activities, one of which was a very successful Street Bazaar/Market Day where the Bank’s clients ‘set up shop’ along Central Street, Basseterre and serviced the general public.
The long awaited iRepSKN store officially opened its doors to the St. Kitts population on June 23. Persons are now able to walk into a store and shop for a variety of clothing and represent the nationality of the country of their birth. The variety includes t-shirts, baby-tees, tank tops, dresses, ‘hoodies’, swim suits, tights, ‘onesies’, jeans and even underwear.
Another milestone in the business world occurred with the TDC Group of Companies’ Warren C. Tyson Memorial Scholarship Programme. This year the Programme celebrated its 30th instalment when eight students joined the 194 that have already benefited from the Scholarship.
Following two years of closure, the Four Seasons Resort on Nevis re-opened its doors on December 15, 2010 in grand style. This reopening also enabled over 400 persons to be employed or re-employed.
On September 3, 2011, LIME held a Back to School Fair dubbed Skool Aid where a number of free services were offered. Among them were free Dental checks and cleaning, free health checks, and free vision checks for students across St. Kitts and Nevis. This fair was significant as it was the first of its kind.
The downside in the business arena was the closure of a couple of businesses including Clear Harbor, and Reed Data Services while a number of others such as Island Hopper downsized. Small businesses also felt quite a squeeze over the past year and the introduction of VAT caused householders as well to groan continuously.
The increase in burglaries and murders caused some stores especially gas stations to close early while more of their profits were spent in beefing up their safety with more security equipment and more manpower.
However, the spirits of the commercial world lifted a bit when at the Independence Lunch of the Chamber of Industry and Commerce, the straight-talking new Commissioner of Police promised that it would not be business as usual and he promised that he would spare no effort in digging St. Kitts and Nevis out of the hole of criminality in which it presently finds itself.
Alas there has been no news that our national debt has decreased. The new IMF loan alarmed many.
Unfortunately more borrowing has taken place but the Republic of China on Taiwan has been a life saver, supplying assistance to Agriculture, Education, National Security, Port authority but most of all its surprising generosity to this country was seen when it restructured our debt payments to their country.
This is how it was reported in a release from the Communication Unit of the Prime Minister:
“He (P.M. Douglas) had requested that the interest rate be reduced from five to two-three percent, and a five-year moratorium be granted as a result of the difficulties being experienced in the local economy as a result of the international financial crisis.
“To my surprise I was informed last night the Government of Taiwan has agreed that the interest rate be reduced from five percent to one percent and that the moratorium starting payment has been extended not from five years as I had requested, but to 15 years,” he said.
In Tourism, Senator Richard Skerritt reported that St. Kitts recorded a 14 percent rise in stayover visitors from North America through August. He also reported another increase in cruise ship arrivals.
However, small hotels are still reporting that times are hard in the tourist industry and many have resorted to enticing students from the offshore universities to lodge with them in order to remain open.
In true domino effect, this has caused an outcry from private landlords who depended on the income from rented apartments at their residences.
This is but a brief overview from the layman’s perspective as s/he looks on at the Business Scene from September to September. Happy Independence! May next year be better than the last.
