Daily Brief - Monday 26th February, 2018

NEWS

Trim $800M Fat

With a Government mandate to split the company into two distinct divisions and do away with the current superstructure management, Petrotrin is moving rigorously to stem annual losses which have been put at $800 million. This was revealed yesterday by Petrotrin chairman Wilfred Espinet who said that expenses which Petrotrin could avoid, amounts to $400 million. A large chunk of this goes into paying top managers, the chairman disclosed. Read more here

Drive-by murder in PoS

A 22-year-old man was killed in a driveby shooting on Broadway, Port of Spain, yesterday afternoon. He has been identified as Nicholas Antoine, of Diego Martin. A video being widely circulated on social media shows Antoine lying faced down in a pool of blood on the pavement in front of Maraj and Sons Jewellers. Police said Antoine was standing on the pavement around 3 pm when a silver RAV 4 sopped up alongside him and the occupants opened fire. He was shot multiple times. Read more here

Little Children Suffering

The sexual and physical abuse of T&T children is so overwhelming that it has reduced the Children’s Authority chairman to tears. And it is causing him many sleepless nights. Delivering a sermon at St Paul’s Anglican Church in San Fernando yesterday during regular Sunday morning mass, Hannif Benjamin said, “From last year into this year, we have seen some of the most atrocious acts against our children and we have seen it from year to year to year to year.” Read more here

 

POLITICS

Bhoe boasts of PP’s work

Caroni Central MP Dr Bhoendradatt Tewarie boasted last week that the People’s Partnership (PP) government was successful in diversifying the economy. In making this boast, Tewarie claimed the ruling People’s National Movement (PNM) was more interested in “political survival of that party” rather than the, economic survival of the country. In his contribution to debate on a private motion on the economy in the House of Representatives, Tewarie listed the boardwalk and a water park in Chaguaramas, amongst several projects undertaken by the PP which were aimed at diversifying the economy. Read more here

Muslims welcome talks with PM

Muslim leaders yesterday welcomed Prime Minister Dr Keith Rowley’s invitation for talks to clear up any misinformation related to the Carnival terror threat. Imam Nazim Mohammed, of Masjid Umar Ibn Khattab Jamaat in Rio Claro, whose daughter, son-in-law and three grandchildren travelled to war torn Iraq in 2015, said the meeting is urgently needed. Read more here

Moonilal on PM’s bribe claims: Take it to the police

On the heels of Prime Minister Dr Keith Rowley saying that he had proof that Opposition Members of Parliament had received bribes while they were in government, Member of Parliament for Oropouche East Dr Roodal Moonilal has called for Works and Transport Minister Rohan Sinanan to make a report to the police by tomorrow. Read more here

 

BUSINESS

Finance Ministry washes hands of BarterCoin

The Finance Ministry has distanced itself from BarterCoin Exchange Ltd and the company’s plans for an initial coin offering (ICO). In a statement, the ministry also said it has “not endorsed a BarterCoin Exchange nor an ICO.” In addition, it cautioned the public that the TT Securities and Exchange Commission (The Commission), recently said it, “has not as of this date approved any ICO. Read more here

SEC hearing on NCBJ-GHL takeover bid today

The T&T Securities and Exchange Commission (TTSEC) will hold a hearing today on matters pertaining to the proposed takeover bid made by NCB Global Holdings Limited (NCBGHL) for a majority stake in regional insurance provider Guardian Holdings Limited (GHL). In a published notice last Friday, the TTSEC stated that it would conduct a hearing into the acquisition of GHL, for the purpose of disclosure of the facts and circumstances surrounding the bid made for its acquisition by NCBGHL. Read more here

Getting more value from NEL

This week, we at Bourse review the most recent financial results of National Enterprises Ltd (NEL). NEL's share price has slipped from $10.81 to $9.65 (down 10.7 per cent) year-on-year, which may be reflective of investor expectations of the performance of NEL's investee companies. We take a look at the NEL's nine-month performance relative to the value contributed by its investee companies and provide a brief synopsis of the company's value. National Enterprises  Ltd (NEL). Read more here

 

REGIONAL

Liars Test SLB

Despite extending great effort to arrive at the best repayment plans to meet the needs of customers, Monica Brown, executive director at the Students' Loan Bureau (SLB), said the organisation is being severely challenged by borrowers who lie, give fake addresses, and believe that they are entitled. Addressing a number of concerns that continue to emerge following news of the agency's plan to name and shame chronic delinquent borrowers on March 4, Brown told The Gleaner that it was crucial that students see the need to do their part. Read more here

 

INTERNATIONAL

President, or Emperor? Xi Jinping pushes China back to one-man rule

The announcement Sunday that China will drop term limits on the presidency clears the way for Xi Jinping to rule the country indefinitely. However, analysts warned that what initially seems like a demonstration of absolute power could actually be a sign of weakness, with Xi apparently unwilling to allow the rise of a potential political rival. This could lead to future instability in the world's most populous country as wannabe successors jockey for power within a Communist Party (CCP) completely dominated by the 64-year-old Xi. And his absolute authority will also leave him vulnerable to absolute blame in the instance of an economic shock or foreign policy crisis. Read more here

Leicester explosion: Four people confirmed dead

Four people have died in an explosion at a shop in Leicester.

Residents said they heard "a big thud, like an earthquake" at the time of the blast in Hinckley Road at about 19:00 GMT on Sunday. Four other people remain in hospital, one with serious injuries, the force said. Supt Shane O'Neill said police believe there may be more people unaccounted for and rescue efforts were continuing on Monday. At this stage the explosion is not being linked to terrorism, he added. The building consisted of a shop premises on the ground level and a two-storey flat above. Witnesses said the shop was formerly a Londis but recently became a Polish supermarket. Read more here

26th February 2018

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