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Labour Government to sell its shareholding in The Cable to nationals
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| The Cable on Cayon Street, St. Kitts (photo by Erasmus Williams) |
BASSETERRE, ST. KITTS, DECEMBER 17TH 2008 (CUOPM) – The governing St. Kitts-Nevis Labour Administration continues to give assistance to small local businesses to keep nationals employed and income to support their families.
Cabinet under the chairmanship of Prime Minister Hon. Dr. Denzil L. Douglas approved the application for tax concessions for six small local companies in the areas of information technology services, local tour services, retail and cleaning services.
“Cabinet was of the view that in this time of great global economic and financial challenges, government must come to the aid of small, local companies to prevent their failure and to protect the employment and income sources of our citizens,” said Minister of State for Information, Sen. the Hon. Nigel Carty.
Mr. Carty said the Federal Government is proactive in rendering assistance to local businesses at a time when the governments of the United States and Europe governments have had to step in to bailout many banks and manufacturers.
He added also that Cabinet’s recent policy to assist small hotels in improving their dining services and improving their overall profitability is another intervention by government that constitutes a proactive response to the global economic challenges.
In the past few months, Government has sold its shares in Cable & Wireless (St. Kitts and Nevis) Limited, now known s LIME; CEMACO at Pond’s Pasture to C & C Supermarket and The Depot on Central Street to a small local businessman, Mr. Steve Wrensford.
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