TTMA IN THE NEWS
Biz Day chambers’ expectations of Mid-Year Review
Timely disbursement of VAT refunds, re-introducing an export allowance, measures to tackle crime and reviving the Economic Development Advisory Board are on the mid-year review wish lists of the TT Manufacturers' Association (TTMA) and the Couva/Pt Lisas Chamber of Commerce (CPLCC). Business Day spoke with TTMA president Christopher Alcazar and CPLCC president Ramchand Rajbal Maraj prior to today's budget review in Parliament. The TTMA has long called for improved processing/payment times, so it comes as no surprise that "resolving the vexing VAT refund problem" topped Alcazar's list. Read more here
NEWS
Father of kidnapped teen may send children abroad
Yesterday marked 16 days since Port of Spain teenager Darrell Cuffy was kidnapped, and his worried father is now contemplating sending his three other children abroad to prevent what happened to his eldest son. Businessman Farrell Cuffy yesterday made a heart-rending plea to the kidnappers who snatched his son, to send him home in time for Mother’s Day on Sunday so that his wife Elizabeth could smile once more. Read more here
Cops must be trained in proper gun usage —Griffith
Last week Wednesday’s shoot out between two police officers has been criticised as “not poor quality officers” but “poor quality management.” This was the view of former national security minister Gary Griffith. Griffith, in an interview, blamed the hierarchy of the Police Service for not being able to “grasp the importance of providing officers with the proper training and tools needed to excel. Read more here
7 cops to face trial
Seven police officers have been committed to stand trial on the charge of misbehaviour in public office after a teenager was allegedly set on fire at the Princes Town Police Station. Read more here
POLITICS
All Eyes On Colm
Finance Minister Colm Imbert will today deliver his much-anticipated mid-year review of the 2018 Budget. This year, though, it’s not just a review of the half-way point of the financial year – it also marks the midpoint of the PNM administration’s term in office. Imbert has remained tight-lipped about what the country can expect – he declined to comment for this article – but hinted last Friday during the launch of the Export Import Bank’s (Eximbank) US$100 million facility for manufacturers, that there would be some “positive news” about the economy. Read more here
Shelve property tax as energy revenue rises
The Government should not institute the property tax since Finance Minister Colm Imbert recently said T&T has “turned the corner” and also projected “good news” in today’s mid-year Budget review, says Opposition Chief Whip David Lee. “He has painted a more positive outlook for T&T in recent weeks. Also, energy prices are better than before. If the situation is really good, Government should have no need to pursue the property tax and inflict further hardship on the public,” Lee said yesterday. Read more here
BUSINESS
TT’s energy landscape
Trinidad and Tobago has been involved in the petroleum sector for over 100 years and is the largest oil and natural gas producer in the Caribbean. However, by the early 1990s its hydrocarbon sector moved from being primarily an oil-based economy to a mostly natural gas-based sector with the construction of the LNG trains at Point Fortin. The energy sector accounts for around 32 per cent of the country’s gross domestic product (GDP). Read more here
Sod turned for $70m agri park
After a four-month delay, construction has finally started on a $70 million Agro-Processing and Light Industrial Park in Moruga geared at revitalising the agricultural sector. However, farmers say unless the severe labour shortage is addressed, there may not be adequate produce for processing. During the sod turning ceremony at Saunders Trace, Moruga yesterday, Trade Minister Paula Gopee-Scoon said the park will be completed by March next year. Five factory shells will be built and 18 lots prepared to accommodate businesses of all sizes. The parks will facilitate processing of fish, food, bakery products, pasta products, confectionery items and beverages. Read more here
Govt now controls 26% of bank
The Government now controls just over 26 per cent of Republic Bank from shares it received from distributions paid by CLICO Investment Bank-In Compulsory Liquidation (CIB-ICL) and its control of CLICO through the Central Bank. Read more here
REGIONAL
Anti-Gang Boost - Parliament To Set Up Committee To Review Law
Acknowledging that Jamaica's crime problem is fuelled primarily by gang-related activities, Minister of National Security Dr Horace Chang has indicated that Parliament will be asked to review the anti-gang law, formally titled the Criminal Justice (Suppression of Criminal Organisations) Act. "We are giving an undertaking to ensure that the select committee will be appointed not longer than two weeks from now. It is a matter that must be done urgently as part of the total fight against criminal activity," Chang told the House of Representatives yesterday following a statement on the recent gang feud in Grange Hill, Westmoreland, which claimed the life of seven persons, including two children. Read more here
INTERNATIONAL
Israel strikes Iranian targets in Syria in response to rocket fire
President Trump welcomes 3 Americans freed by North Korea
Under an American flag and dark night sky, US President Donald Trump personally welcomed home three American detainees Thursday morning after they were released from North Korea. The Americans -- Kim Dong Chul, Kim Hak-song and Kim Sang Duk, also known as Tony Kim -- were freed Wednesday while Secretary of State Mike Pompeo was on a visit to the North Korean capital of Pyongyang to discuss President Trump's upcoming summit with North Korean leader Kim Jong Un. Read more here
10th May 2018