2024-05-28 - Channel 5 Belize

H.R.C.U. Sees Historic Turnout for 80th A.G.M.

Holy Redeemer Credit Union saw a record turnout for its Eighth Annual General Meeting inside the Belize City Civic Center. In its eightieth year, the financial institution has hit a few milestones that were highlighted during the meeting, including breaking ground for its Belmopan headquarters which is scheduled to be completed in 2025. The building will be named after former H.R.C.U. President, Fred Smith. H.R.C.U. was also connected to the National Payment System in June 2023. One of the major announcements that member owners look out for during these meetings has to do with their dividend and rebate. News Five’s Paul Lopez tells us more.

Paul Lopez, Reporting

Belize’s oldest and largest credit union, the Holy Redeemer Credit Union, held its Eightieth Annual General Meeting on Saturday inside the Belize City Civic Center.

Dr. Carol Babb, Director, H.R.C.U.

“I want to thank you for coming to this very important A.G.M. As Ms. Castillo mentioned we celebrated eighty years of stellar service to the people of Belize. Remember HRCU is a member only organization. We are the owners of this credit union and we are very proud because on the sixteenth of May 1944 we started and now we are celebrating eighty years. Let us say happy birthday H.R.C.U.”

More than two thousand, eight hundred member-owners were present at the AGM. Wendy Castillo, the President of the Board of Directors, noted that an institution which started with seventy-five cents has grown to more than seven hundred million dollars in assets.

Wendy Castillo, President, Board of Directors H.R.C.U.

“Today what started with seventy-five cents, today I can tell you as your president and a member of this board that today we are seven hundred and seventy-three point nine million in total asset. Look at that growth. Who would have thought that seventy-five cents eighty years later would translate into a million dollar institution. give yourselves a round of applause because you did that, the member owners.”

As it pertains to HRCU’s loan portfolio, that has also seen an increase over the last year. Marion Marsden, Chair of HRCU’s Credit Committee, announced that eighteen thousand and sixty-seven loans were issued over the past year. Loans issued went primarily to investments, house repairs and vehicle repairs.

Marion Marsden, Chairperson, Credit Committee, H.R.C.U.

“The credit committee is pleased to report that your credit union continues to have a strong loan portfolio. Credit union policies ensure that our loans are the highest quality and in the best interest of each member. From this activity our loans portfolio grew from two hundred and fifty-seven point eight million to two hundred and sixty-eight point eight million, or an increase of four-point two six percent. Major loan categories were investments, totaling twenty-six point seven million which is thirty one point nine seven percent with six hundred and sixty-seven loans. House repairs and renovations totaling twelve million with fourteen-point three five percent with one thousand seven hundred and eighty -four loans. And vehicle repairs totaling eight point one million and nine point seven percent, with one thousand four hundred and nineteen loans.”

At the A.G.M., close to three thousand members who were in attendance learned that the board of directors is recommending a four percent dividend and a rebate of ten percent. Castillo made the announcement.

Wendy Castillo

“Dollar value of loans issues accounts to eighty-three point six million. The number of loan issues in 2024, is eighteen thousand and sixty-nine loans to member owners. The total gross profits is forty-two point three million. Total net profit of twenty-seven point nine million dollars. Give yourselves a round of applause. These are really good numbers considering coming out of the COVID pandemic. Your board is recommending a four percent dividend today and a rebate of ten percent. So that is what you the member owner will receive on your investment in H.R.C.U. this year. Give your board and members a round of applause.”

H.R.C.U. is celebrating eighty years of service to the nation of Belize. And this year’s AGM saw the most member-owners in attendance. Clement Usher, the Chief Financial Officer of the institution, sought to emphasize just how significant eighty years of service is.

Clement Usher, Chief Financial Officer, HRCU

“Today at this massive A.G.M., because honestly this is the most people I have ever seen at one of our A.G.M.s, I understand the count has now reached two thousand eight hundred. We celebrated our birthday on Wednesday May fifteenth, 2024. Just imagine, H.R.C.U. is now four scores, eight decades, eighty years, nine hundred and sixty months, twenty-nine thousand two hundred days, seven hundred thousand eight hundred hours and forty-two million forty-eight thousand minutes old. You guys deserve a round of applause for that. I say these numbers to empathize this milestone achievement for H.R.C.U.”

Reporting for News Five, I am Paul Lopez.

Stake Bank Discontinues Lawsuit Against GOB et al.

News Five has confirmed that Stake Bank Enterprise Limited has discontinued claims against the government and other parties. Stake Bank had filed a claim against the Attorney General of Belize, the National Environmental Appraisal Committee, Portico Enterprise Limited, Waterloo Investment Holdings Limited, Belize Cruise Development Limited, and Belize Logistics Terminal Limited.

The notice is dated May 24th, 2024, and it was filed by Barrow and Williams LLP, attorneys for Stake Bank.

Earlier this month, News Five reported that the facilities of Stake Bank were sold to Operaciones Portuarias, a corporation registered under Honduran law and affiliated with brothers Guillermo and David Bueso. The announcement was made by Atlantic Bank Limited. In its statement, the bank noted that it removed the debt owed by Stake Bank from its books and no longer conducts banking business with Stake Bank.

Belize Showcases Successful Blue Bonds Initiative at SIDS International Conference

The Government of Belize and The Nature Conservancy (TNC) co-hosted a side event at the 4th International Conference on SIDS in Antigua and Barbuda. The event, titled “How Debt-for-Nature and Debt-for-Climate Swaps can Help SIDS Economies: Belize Case Study and Tools for Governments,” highlighted the success of the Belize Blue Bonds. This case study demonstrated how debt-for-nature and debt-for-climate swaps can assist SIDS countries in meeting their nature and climate commitments, fostering blue economy strategies, and increasing resilience to natural disasters without escalating national debt.

The TNC Nature Bonds Toolkit was officially launched during this event. Head of Delegation and Minister of Sustainable Development and Climate Change, Orlando Habet, inaugurated the meeting. Beverly Wade, Director of the Blue Bonds and Finance Permanence Unit, discussed the structure, benefits, and challenges of the Belize Blue Bonds from their inception to implementation. She also highlighted the targeted nature outcomes and impacts achieved to date.

*Head of Delegation and Minister of Sustainable Development and Climate Change, Orlando Habet*

The panels featured Wade, Kevin Bender, Director of the Nature Bonds Program at The Nature Conservancy; Jean Paul Adam, Former Minister of Finance for Seychelles; and Ambassador Jessye Lapenn, Senior Coordinator for Atlantic Cooperation from the United States. Ambassador Janine Felson, Deputy Permanent Representative of Belize to the United Nations, delivered the closing remarks.

In 2021, the Government of Belize, The Nature Conservancy, and the United States International Development Finance Corporation pioneered the Belize Blue Bonds as an innovative financial solution. The initiative enabled a BZD728 million debt conversion for marine conservation, significantly reducing Belize’s debt-to-GDP ratio and national debt by 12%. It also created long-term sustainable financing for conservation and secured commitments to protect up to 30% of Belize’s ocean space, among other conservation goals. To date, BZD18 million has been committed and invested in government and non-government partners through the Belize Fund for a Sustainable Future to achieve key marine conservation and responsible blue economy development targets.

Belize Audubon Society Has New President

Kevin Geban was elected as the new president of the Belize Audubon Society (BAS) during its 55th Annual General Meeting on Saturday. Geban was the former first vice president. Geban and the newly elected officials will join the existing board members for the 2024–2025 term.

A release from BAS says that members convened to review achievements over the past year, highlighted by the presentation of the BAS Annual Report and Fiscal Report, which detailed the organisation’s activities and financial performance.

Pope Francis Apologizes for Homophobic Remark During Meeting with Bishops

Pope Francis recently issued an apology for using an anti-gay slur during a closed-door meeting with bishops. The 87-year-old pontiff reportedly made the offensive comment last week, suggesting that gay men should not be allowed to train for the priesthood.

In a statement released by the Vatican on Tuesday, they clarified that the Pope never intended to offend or express himself in homophobic terms. He extends his apologies to those who felt offended by the use of the term, as reported by others.

Despite this incident, Pope Francis has consistently emphasized an inclusive stance within the Church.

The controversy arose when two Italian newspapers, Corriere della Sera and La Repubblica, reported on the May 20 meeting, citing sources present. According to their reports, the Pope used the term “frociaggine,” which translates to “faggotry” in English, while discussing the presence of gay men in seminaries.

Corriere della Sera pointed out that the Pope, being Argentine and speaking Italian as a second language, may not have fully realized the offensiveness of his language. The remark reportedly elicited incredulous laughter from the bishops present.

It’s important to note that the Vatican had previously ruled in 2005 that men who are actively gay or have “deep-seated” homosexual tendencies cannot be ordained. Pope Francis reaffirmed this ruling in 2016 and advised Italian bishops in 2018 not to accept gay candidates for the priesthood.

North Korea’s Rocket-Carrying Satellite Explodes Mid-Flight

North Korea’s bid to launch a second spy satellite ended in failure as the rocket carrying it exploded mid-flight. The announcement came late Monday, following South Korea’s military report of an “unidentified projectile” launch.

Initial analysis pointed to issues with a newly developed liquid-fuel rocket motor, though other potential causes are still being investigated. Earlier, officials in South Korea and Japan had also indicated that the launch appeared unsuccessful. South Korea’s Joint Chiefs of Staff observed North Korea firing an “unidentified projectile southwards” over the Yellow Sea, followed by the sighting of numerous fragments in the sea minutes later.

Following the failed launch, nuclear envoys from South Korea, the United States, and Japan had a phone conversation, condemning the attempt. They emphasised that it violated United Nations Security Council resolutions banning North Korea’s use of ballistic missile technology, posing a severe threat to regional peace and security.

North Korea had notified earlier in the day about its launch plan, stating that the window would remain open until June 4. This comes after North Korea successfully launched its first spy satellite in November on its third attempt, which drew international condemnation. That launch followed a meeting between Russian President Vladimir Putin and North Korean leader Kim Jong Un at the Vostochny Cosmodrome in eastern Russia, where Putin promised technical assistance to North Korea.

Kim Jong Un had declared at the end of last year that Pyongyang would launch three more military spy satellites in 2024 as part of a military modernization programme that saw a record number of weapons tests in 2023.

Source: Aljazeera