Beautiful Virgin Islands

Monday, Jun 30, 2025

Penn: Coronavirus Has Hit BVI Economically

Penn: Coronavirus Has Hit BVI Economically

On the heels of the British Virgin Islands first Novel Corona Virus scare, Opposition Leader Hon. Marlon Penn said the virus is already impacting the Territory via its economy.
Hon. Penn pointed out that the impact on the Financial Services sector is ‘major.’

Coronavirus has already hit the BVI in a major way. The BVI financial services industry represents over 40 per cent of its shares in Hong Kong, China, Asia, [and the] Pacific region,” he said.

The Opposition leader said the issue is far-reaching as the BVI’s financial services sector’s ‘tentacles spread far and wide’.

He continued: “This is something that is of concern to me. So while we are looking at coronavirus coming to our shores, we also have to think about the economic Corona. And, we are feeling already I have no doubt, and it is going to impact our revenues in 2020,” he added.

Meanwhile, Penn pointed out just how the virus which is believed to have commenced in China, impacts the Territory.

“Many businesses are closed, or they are working short shifts, there is not much activity happening at this time. What is the impact on our industry? Are we looking at that? Are we measuring the potential impact economically on the coronavirus in the Asia/Pacific region? Hong Kong, China, Singapore?” Hon. Penn asked.

Further, he stated that January is typically the BVI’s biggest month for incorporations.

“Typically we get about 10,000 to 8,000 incorporations in the month of January alone annually,” Hon. Penn disclosed.

He added, “That has been traditionally the busy period for incorporations. But, half of the firms have been shut down or are operating skeleton staff. What does those numbers look like today February 28? Do we see a trend? Do we see this slowing up? These are things that we have to be mindful of; we have to accelerate the whole issue of diversification. We have to accelerate how we innovate in this industry, how we protect this industry.”

The financial services industry is already being impacted by other global pressures that saw revenue loss of about $30M last year.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
×