Downsizing of Financial Services entities being noted by Premier Smith
Speaking to residents of the Fifth District at a community meeting in Huntums Ghut on November 7, 2012 Hon. Smith said the downsizing has created some employment and that Government must look at the issue with the hope of also finding ways to keep those businesses in the Territory.
“Unfortunately, over the past several months and even recently we are seeing that some of the companies are downsizing and as a result of that there is some unemployment in that area. But as a country we have to look at that issue and see what action we can do to encourage those companies to retain their businesses here so that they could continue to have employment,” Premier Smith remarked.
Only yesterday November 7, 2012 Virgin Islands News Online reported that recently there have been several layoffs of local employees by Trust companies that have been downsizing or reportedly outsourcing jobs to other countries.
Former laid off employees of the local Trust Company TMF had told this news site that some 15 of them were laid off from their jobs from July of this year up to November 2, 2012.
It is this news site’s understanding that TMF, with its headquarters in London, England, had over the years acquired two other Trust Companies- Commonwealth and Equity Trusts, which could have also contributed to the downsizing and laying off of local employees.
There are reports also that the company, because of the downsizing, has allegedly outsourced some of the jobs to Sri Lanka.
The local manager of the company, Mrs. Linda Romney Leue, could not be reached for comments as of press time.
This news site is also working on other stories of major layoffs since last year, including by a telecommunications giant and another major Trust company as well as many local businesses that have closed their doors within the past 11 months.
Tourism
Meanwhile, Premier said it is hoped that as US economy recovers so would the VI’s as more tourists hopefully would choose the Territory as their vacation destination.
He noted that a more strategic, intense and effective promotion campaign has been embarked upon by the BVI Tourist Board and that positive results are already being seen, including increased booking of flights to the Virgin Islands from the United Kingdom over the past several months.
Noting now that the election is over in the US, Premier Smith said improvements in bookings is also expected to dramatically increased up north.
He also spoke about a new Director of Tourism being appointed in the United Kingdom as well as a new advertising agency to promote the Territory in the UK.
In light of an expected improved tourism season, Premier Smith noted that developmental work is ongoing at Brandy Wine Bay beach and Government is looking to see what can be done at Cane Garden Bay beach to make it more attractive.
The Hon. Premier, who holds the portfolio for Tourism, also spoke about implementing beach policy management “so that when visitors come they would be able to have a good time on a beach that is well managed.”
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41 Responses to “Downsizing of Financial Services entities being noted by Premier Smith”
1- How many B V Isladers have been referred and placed into jobs by the Labour Dept over the last 12 months?
2- What were the job categories/positions that person were referred to with a break down on the amount of persons placed in each category?
3- What is the criteria for the issueance of work permit renewal from the Department?
4- Is the above criteria the same across the Board, or do special persons and companies get preferential treatment from the Commisoner and her staff?
Please stop posting ignorance for the world to see. We all have freedom of speech and expression but when you know better do better. Everybody knows Dr. Smith cares for this country and what kind of person he is. Stop this nonsense about him destroying public servants because it's a lie. Let's focus on the bigger picture and that's making the BVI a world class destination for business which will ensure that our economy continues to grow and our people have a decent standard of life. Willful ignorance doesn't help anyone.
Moreover, at home our economic pillars are fragile and showing some wear that should be cause for concern. The only thing that is constant in these two industries(tourism & financial) is change. Most companies undergo structural adjustments in response to market conditions. Hopefully, this is what driving the adjustment in the industry. Additionally, the tourism industry is tied to