Daily Brief - Friday 29th October, 2021

TTMA IN THE NEWS

Higher freight rates could see further rise in food prices

Sky-rocketing freight rates will now add to the already high prices of goods initially triggered by global supply chain disruptions. Freight costs went from US$4,000 for a 40-foot container to US$20,000 per container and without Government intervention, it is the consumer that will have to bear that cost. On Wednesday, Prime Minister Dr Keith Rowley confirmed that Trinidad and Tobago will be impacted by the global supply chain disruptions and clogs and yesterday, members of the food distribution and business sector weighed in on the adverse impact of the bottlenecks, saying there could be higher prices and even difficulty for consumers to access goods. Read more here

 

NEWS

TCL reports $467m revenue

The Trinidad Cement Ltd (TCL) Group recorded revenue of $467 million during the third quarter of this year. TCL reported this in its consolidated, unaudited financial statements for the nine months ending Sept 30, 2021. TCL said this represented a three per cent decrease compared to the third quarter of 2020. "Revenue for the quarter was mainly impacted by reduced cement sales attributable to adverse weather in Jamaica. On a year-to-date basis, the TCL Group recorded consolidated revenue from continuing operations of $1.4 billion, 12 per cent higher than the same period in 2020." Read more here

 

POLITICS

Duke accuses PNM of giving Tobago lands to friends

Take the political “heads” off the PNM in the Tobago House of Assembly elections as they’re only for friends and financiers—“giving away” 12 acres of prime Tobago land to “friends” for experimental strawberry cultivation. That’s the call—figuratively– and claim from Progressive Democratic Patriots leader Watson Duke at PDP’s campaign meeting on Wednesday. This was towards the December 6 THA polls. PDP’s theme is Leh We Fix Dis. Read more here

 

BUSINESS

NIF’s net profit increases by 103%

The National Investment Fund (NIF) has recorded a profit of $643 million for the nine month period ended 30 September 2021. This was a 103 per cent increase from the net profit that NIF made for the comparative period last year. NIF recorded a net profit of $317 million for the nine month period ended 30 September 2020. The increase in NIF’s net profits was attributed mainly to an income of $633.8 million from its investment in its subsidiary the Trinidad Generation Unlimited (TGU). NIF is a holding company for the assets transferred from the government initially being investments in TGU, Angostura Holdings, Republic Financial Holdings, One Caribbean Media and West Indian Tobacco Company. Read more here

$112.2m payment for NIF bond holders

The National Investment Fund Holding Company (NIF) Ltd made its sixth coupon payment of $112.2 million to bond holders on August 9 on the three series of its $4 billion bond, the company has announced. This brought total interest distribution to $673.2 million. The seventh coupon payment is scheduled for February 9, 2022, NIF said in a statement. Read more here

 

REGIONAL

Striking a balance between wealth and environment

Even with a burgeoning oil and gas economy, Guyana is still working to maintain its stance as a global powerhouse in the fight against climate change. In doing so, the Dr. Irfaan Ali-led government has crafted a revised Low Carbon Development Strategy (LCDS) 2030, which was released on Thursday for public consultation. The original LCDS was pioneered in 2009 by then President and current Vice-President, Dr. Bharrat Jagdeo, and has now been altered in keeping with Guyana’s current status as a petroleum producer. “So, the context of the LCDS we launch today – LCDS 2030 – is very different to the context of 2009…we intend to remain one of the world’s lowest carbon economies – prioritising action on forests and energy,” Dr. Ali noted. Read more here

 

INTERNATIONAL

COP26: Biden lands in Europe ahead of climate summit

President Joe Biden has arrived in Europe ahead of next week's key UN climate summit, with his signature climate policy yet to pass through the US Congress. The president's $1.75 trillion (£1.2tn) Build Back Better social welfare package includes more than $500bn of spending on green policies. Before leaving Washington, Mr Biden described the measures as historic. But differences among Democrats mean it is unlikely to pass before the summit. "It's a framework that will create millions of jobs, grow the economy, invest in our nation and our people, turn the climate crisis into an opportunity," Mr Biden said in a TV address from the White House. Read more here

29th October 2021

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