Daily Brief - Monday 4th November, 2024

NEWS

DOMA president worried about US$ shortage, TT$ weakness

Downtown Owners and Merchants Association (DOMA) president Gregory Aboud welcomed the re-opening of the Exim Bank forex window but had deep concerns about the state of the TT dollar. He spoke to Newsday on November 3, just hours after Finance Minister Colm Imbert said the window would be re-opened but with just US$25 million per month (down from US$30 million) and be used for zero-rated items that are not made in TT, such as essential foods, pharmaceuticals and sanitary pads. He said any injection of forex, such as via the Exim Bank, to "those privileged enough considered to be vital to the economy" was welcome. Such an injection increases the supply of US dollars in a market that is not only starved but also acting under distorted conditions, Aboud said. Read more here

Nicholas Lok Jack appointed ABIL chairman

One of T&T’s most prominent businessmen, Arthur Lok Jack, has stepped down as the chairman of Associated Brands Industries Ltd (ABIL). Speaking at a dinner at the Hyatt Regency, Port-of-Spain, on Saturday to celebrate the 50th anniversary of the group of companies, Lok Jack said one of his three sons, Nicholas, has now been appointed ABIL chairman. Nicholas Lok Jack has been ABIL’s group CEO and deputy chairman for several years Reflecting on the fact that he turned 80 this year, Lok Jack said his new role in the group he founded in 1974 would be as advisor to the new chairman. Read more here

 

POLITICS

Imbert: Forex window reopens, US$25m available from EximBank

Finance Minister Colm Imbert has announced that EximBank's forex window has been reopened, with a US$25 million monthly allocation. In a release on November 3, Imbert said the decision to resume the window from November 1 was made by Cabinet after a comprehensive review by his ministry.The window was created in 2020 in response to the covid19 pandemic and ran until September 2024. Read more here

Tancoo accuses Govt of supporting “forex cabal”

The Opposition United National Congress (UNC) has accused the Government of having a vested interest in promoting and facilitating black market forex transactions in the country. Speaking at the UNC’s weekly media conference in Chaguanas yesterday, Member of Parliament Davendrenath Tancoo said the Government’s forex distribution policies are designed to enrich its financiers and friends at the expense of small and medium businesses and common people. Tancoo, the opposition’s shadow finance minister, called the businesses, who he alleged were benefitting, the “foreign exchange cabal.” Read more here

 

BUSINESS

Shell third quarter profits hit US$6b

Dutch multinational Shell released financial results for the third quarter of 2024 on October 31. The oil and gas company announced a profit of US$6.02 billion, "despite the lower crude prices and weaker refining margins, reflect strong operational performance in integrated gas, upstream and marketing." This is a decline of 3.1 per cent from US$6.22 billion during the same period in 2023. Revenue during the three months stood at US$71.08 billion, down from US$76.35 billion in Q3 2023. Read more here

Bryden partners with Universal Studios for minions hot chocolate

Bryden pi has become the first brand in the region to partner with Universal Studios, featuring characters from the Despicable Me films. Through this partnership, CAFÉ Barista and Bryden pi have launched a repackaged Hot Chocolate, which will now feature this exclusive product offering. Read more here

 

REGIONAL

Caribbean Airlines commences non-stop flights between Guyana, Suriname

Caribbean Airlines on Sunday morning began non-stop flights between Eugene F. Correia International Airport in Guyana and Johan Adolf Pengel International Airport in Suriname. Speaking at the launch, Oneidge Walrond, Minister of Tourism, Industry and Commerce, said the flight represents a significant step forward for both Guyana and Suriname, enhancing connectivity and fostering stronger ties between the two nations. She added that the flight also helps expand Guyana’s role as a regional hub by opening more travel options for our residents and supporting the country’s growing tourism sector. Read more here

 

INTERNATIONAL

Pro-EU leader wins Moldova election despite alleged Russian meddling

Moldova's pro-EU President Maia Sandu has claimed a second term after a tense election run-off seen as a choice between Europe and Russia. The Moldovan Central Electoral Commission confirmed Sandu's victory on Monday morning. With most votes counted Sandu had won 55%, and in a late-night speech on Sunday she promised to be president for all Moldovans. Her rival Alexandr Stoianoglo, who was backed by the pro-Russian Party of Socialists, had called for a closer relationship with Moscow. During the day the president's national security adviser said there had been "massive interference" from Russia in Moldova's electoral process that had "high potential to distort the outcome". Read more here

 

 

4th November 2024

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