PHILIPSBURG — According a recent announcement by the Central Bank of Curacao and St. Maarten on March 28, 2018, the National Ordinance Actualization and Harmonization Supervision Ordinances Centrale Bank van Curaçao en Sint Maarten (A.B. 2018, no. 5) came into effect on St. Maarten. This ordinance brought along changes in several supervision ordinances of the Central Bank of Curaçao and St. Maarten (CBCS). The CBCS was among other things, granted more supervisory power to perform market conduct supervision. Market conduct supervision aims to ensure orderly and transparent financial market processes, proper relationships between market participants and the exercise of…
Author: The Publisher
With this raging debate about insurance and the dreaded state of being ‘under-insured’ according to the conclusion of various insurance companies here on St. Maarten in the aftermath of hurricane Irma and the subsequent claims for damages that were filed, we at StMaartenNews.com thought it worthwhile to look into an interesting topic that has been discussed by many people ever since complaints about being considered under-insured hit the airwaves and social media. Self-insurance as an option to consider
by Chris Morvan You can tell when the World Cup is on because suddenly the world goes Brazilian. People who you know for a fact have never been within 1,000 miles of Rio de Janeiro have got that distinctive flag flying from their car. And why do these people feel the need to declare such an unwarranted allegiance? Because Brazil are always good and are quite likely to win the tournament again. Distinctive flag, did I say? With the greatest respect to whoever designed it back in the 19th century, it looks like something a teenager knocked up on his…
It snuck back in quietly, but Dollarization is back on the political agenda. With Ferrier’s announcement that we have just two years worth of guilder banknotes left, the decision will have to be made the coming months whether to opt for a Caribbean Guilder (with Curacao), a St. Maarten Dollar or go with the US Dollar or the Euro. Money is still on everyone’s mind, but we are still not seeing any flowing. Now it is even threatening to dry up. Yesterday, we published news that APS is discussing launching a St. Maarten Investment Bank. We have a suggestion for…
PHILIPSBURG – National Ombudsman in the Netherlands Reinier van Zutphen and St. Maarten’s Ombudsman Dr. Nilda Arduin have joined forces to come to the rescue of citizens who need post-hurricane help and do not get satisfactory attention of the government. At a joint press conference at the American University of the Caribbean School of Medicine in Cupecoy, Arduin and Van Zutphen explained how the office of the Ombudsman is able to help citizens in need in the face of the 2018 hurricane season that got underway on June 1. “When governments are involved and they come across people who are…
By Hilbert Haar Actions speak louder than words; that thought came to mind during the seventh annual Governor’s Symposium, this time with climate change as its central theme. The time to act is now, I heard. The sea level is rising and if we wait long enough we’ll see all our beaches, the airport, the cruise port, Philipsburg, Simpson Bay and other low lying parts of the island disappear under water. The Lowlands will become a separate island. Useless to say, with no beaches to go to, the strip in Simpson Bay swallowed by the sea and Philipsburg a no-go…
PHILIPSBURG – “We are among the most vulnerable Caribbean tourists destinations between 25 and 50 years from now,” Governor Drs. Eugène Holiday said in his opening address at the seventh annual Governor’s Symposium about the impact of climate change on Friday morning. Experts presented a bleak picture of St. Maarten’s future due to rising sea levels, stronger and more frequent hurricanes and periods of serious droughts. Joseph Isaac, head of St. Maarten’s Meteorological Department presented a number of options to mitigate the impact of natural disasters. “Build seawalls, improve drainage systems and amend building codes,” he said. “Every dollar spent…
PHILIPSBURG – The Common Court of Justice postponed on Thursday morning a decision about a civil inquiry at the Harbor Holding Company and its subsidiaries until December 13, but it granted the public prosecutor its request to suspend Mark Mingo immediately as statutory director for the duration of the legal procedures. The public prosecutor’s office filed a request to order a civil inquiry and to take provisionary measures against the port companies on September 1 of last year. Due to Hurricane Irma, that request got lost and the prosecutor’s office submitted its request again on February 19 of this year.…
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PHILIPSBURG – The statues at local roundabouts are important symbols but they are not official monuments, Minister Jorien Wuite (Education, Culture, Youth and Sport) said at Wednesday’s Council of Ministers press briefing. The statue of One Tete Lohkay and the statues at the Salt Pickers roundabout near the police station have both been damaged by Hurricane Irma. One Tete Lohkay has completely disappeared from its pedestal at the roundabout near Learning Unlimited. One Tete Lohkay, the runaway slave girl that became a legend in St. Maarten’s history, is even more of an important symbol because of the approaching date of…
