~ And what are the implications of moral hazard? ~ By Terrance Rey The question of whether the government can guarantee the recovery of the ENNIA pension fund is a critical one, especially for the policyholders whose pensions are at stake. With the looming financial instability of ENNIA, there is increasing pressure on the government to step in and provide assurances. However, while a government guarantee might offer much-needed security to policyholders, it comes with significant challenges and risks. The Nature of Government Guarantees A government guarantee essentially means that if ENNIA cannot meet its obligations, the government will step…
Author: The Publisher
On Wednesday, October 2, 2024, NV GEBE hosted several Members of the Parliament of St. Maarten for an insightful presentation and tour of the Power Plant. The delegation in attendance included: the Hon. Chairlady of Parliament Sarah A. Wescot-Williams, along with the following Honorable MPs: Melissa D. Gumbs, Viren V. Kotai, Francisco A. Lacroes, Ludmila N.L. de Weever, and Darryl T.J. York. Also, in attendance were various faction members, including: Oliver Williams and Carlita Guy, and St. Maarten Parliament staff members S.G. Garrick Richardson, Jessica Duzong-Weeks and Rosencio Hassell. At the opening by Troy Washington, NV GEBE’s Temporary Manager, he…
GREAT BAY, St. Maarten (October 3, 2024)—The Council of Ministers has approved the amendment to the 2024 budget, and it has already been sent to Parliament, said Finance Minister Marinka Gumbs. Although the amended budget contains a reduction of approximately 25 million guilders in both income and expenditures compared to the current budget, it still includes allocations for several key investment projects that are crucial to St. Maarten’s development, such as improvements to the prison, GEBE, and the Mental Health Foundation. Minister Gumbs expects Parliament to pass the amended budget by the end of October 2024, thus allowing the necessary…
GREAT BAY, St. Maarten – Honor to Whom Honor is Due: For World Tourism Day 2024, eight individuals who have significantly contributed to the development of tourism on the island were honored by Minister of Tourism, Economic Affairs, Transport, and Telecommunication Grisha Heyliger-Marten, along with the St. Maarten Tourist Bureau. The ceremony took place earlier this week at the Bureau’s office. The honorees were Regina Labega, Vernon Jacobs, Jerome Welcome-Reiph, Zephanie Fleming, Marcel Gumbs, Keith Franca, Lucien Deher, and Felix Hyman. In picture, L-R: Regina Labega, Vernon Jacobs, Minister Grisha Heyliger-Marten, Jerome Welcome-Reiph, Zephanie Fleming, Marcel Gumbs, May-Ling Chun. World…
PHILIPSBURG–The recent decision by CMA CGM, one of the world’s leading ocean freight companies, to re-route its transhipment operations from Pointe Blanche to Guadeloupe due to Port SXM’s inability to accommodate larger LNG-powered vessels has prompted Member of Parliament for the United People’s Party, Francisco Lacroes to renew his call for swift and decisive action to transition St. Maarten towards using Liquified Natural Gas (LNG). MP Lacroes issued a press release Wednesday stating, “As global industries transition to cleaner, more efficient energy sources, St. Maarten faces a critical moment in ensuring its place as a leading regional port and economic…
WILLEMSTAD/PHILIPSBURG – For the past week, the flags of Curaçao and Sint Maarten have flown on the property of the Royal Canadian Mint (RCM) in Winnipeg, Canada. The raising of the flags symbolically concluded a special visit to the Mint, where the first strike of the Cg1 and Cg5 coins took place earlier in the day, bringing the CBCS one step closer to the introduction of the Caribbean guilder. The Cg1 and Cg5 are the final coins in the Caribbean guilder series to be minted, following the completion of the lower denominations. As the coins rolled off the press, Alex…
GREAT BAY — Minister of Tourism, Economic Affairs, Transport and Telecommunication, Grisha Heyliger-Marten (3rd R), last week paid an unannounced visit to the small businesswomen housed temporarily at the Pavillion at the old Government Administration Building area while work on the Soualiga Market gets off the ground on Backstreet. The Minister listened to the concerns of the market vendors and urged them to exercise some patience while the necessary attention is being given to how to drive traffic to their temporary location. ### ADVERTISEMENT
Dear Editor, In light of the renewed emphasis on reigniting agriculture on the island, it is important to also realize that without conservation measures to protect our natural resources this ambition may be but a pipe dream if we continue along our current path. As a Small Island Developing State, St. Maarten’s efforts toward self-sufficiency and food security through agricultural development are vital, especially given our island’s vulnerability to external shocks driven by climate change. However, while these developments are promising, it is essential to recognize that any agricultural revival will remain unsustainable unless it is firmly grounded in the…
PHILIPSBURG – The Rotary Club of St. Martin Sunrise continues its annual “Back to School Program,” a long-standing initiative designed to equip students with the essential tools for academic success. This program led by Rotarian Marcellia Henry, Club Leadership Chair and Facilitator, was a resounding success. Several members of the club joined the distribution at different schools, making the event a collaborative and impactful experience for all involved. This year’s project, in collaboration with Princess International Group of Companies Sint Maarten and Qredits, has made a significant impact by distributing school bags and supplies to local schools and foster homes.…
The international Fintech Islands Experience (FiX) returns to the Caribbean for its third successive year, from January 22-24, 2025, focusing on three core pillars, as it seeks to fulfil its mission to build out the fintech ecosystem in the region. The highly successful financial conference will be held again at the Sam Lord’s Castle Wyndham Grand Barbados Resort. FiX25 aims to bring together a community of disruptive and innovative leaders who are redefining financial services under its core pillars—entrepreneurship, policy, and talent. These pillars are designed to foster a thriving fintech ecosystem by providing start-ups with the foundation they need,…
