NEWS
Rotaract youths engage in mangrove rehab
It is no secret, the enormous capacity mangroves have for sponging up carbon dioxide and other greenhouse gasses, and the importance of them to survive climate changes. Members of the Rotaract Clubs of San Fernando and San Fernando – South have been concerned about the reason mangroves are dying. They grasped the opportunity provided by Advisors Next Door to embark on an environmentally sustainable project and create a lasting impact on the community. Read more here
Report into abuse at children's homes finds staff instigate beatings
The Judith Jones Task Force uncovered horrific tales of physical abuse at children’s homes around the country – some of which were described as non-accidental incidents which actually led to death in some situations. The 307-page report, which was released by Minister of State in the Office of the Prime Minister with responsibility for Gender and Child Affairs, Ayanna Webster-Roy last Friday, explicitly detailed the sexual, physical and psychological abuse many wards face at institutions across the country. Read more here
POLITICS
Gonzales, Robinson-Regis dismiss UNC mismanagement claims
Public Utilities Minister Marvin Gonzales and Housing Minister Camille Robinson-Regis dismissed claims from Princes Town MP Barry Padarath about mismanagement in the public utilities sector. They did so on Sunday, after made Padarath made the claims at a news conference at the Opposition Leader's Office, Port of Spain, earlier in the day. He demanded that Gonzales be fired or resign. Read more here
Duke plans hunger march to protest hike in fuel prices
Progressive Democratic Patriots (PDP) leader Watson Duke is expected to continue his party’s bid to make political inroads into Trinidad by hosting a march to protest a recent increase in fuel prices. Duke, who touted the idea during the opening of the party’s Trinidad headquarters at Second Street, Barataria, earlier this month, raised it again as he addressed supporters at the party’s official launch at the Hyatt Regency Hotel in Port-of-Spain, on Sunday evening. Duke stated that he would be writing to acting Police Commissioner McDonald Jacob this week to seek permission for the public demonstration. Read more here
BUSINESS
FCB records $221m in profits for Q2 2022
The First Citizens Group has recorded a profit before tax of $220.9 million for the quarter ended 31 March 2022. This brought the group’s year-to-date profit before tax for the six-month period to $469.3 million. Profit after tax for the six-month period amounted to $335.2 million which represents an 8.8% increase when compared to the corresponding period to March 2021. First Citizens Chairman Anthony Smart said the performance “is a positive demonstration of the Group’s efforts to recover to pre-Covid-19 pandemic performance levels.” Read more here
IMF eyes sovereign debt exposure of region’s banks
The Director for Western Hemisphere Department at the International Monetary Fund (IMF), Ilan Goldfajn, says the Washington DC-based financial institution is paying close attention to the sovereign debt exposure of regional banks, especially where recent external shocks have significantly stretched public sector balance sheets. “Banks with highly concentrated exposures, mainly where these are systemically important institutions, can complicate recovery efforts if sovereign debt sustainability risks materialise,” Goldfajn told the Caribbean Media Corporation (CMC) in response to a question on whether regional banks are at risk of excessive sovereign exposure given the escalation of debt in the Caribbean region. Read more here
REGIONAL
Brighter prospects
Oil production offshore Guyana is slated for another boost in the near future as ExxonMobil moves ahead with plans for its fifth development project in the Stabroek Block, Uaru, which is expected to produce up to 250,000 barrels of oil per day. The company, through its local subsidiary Esso Exploration and Production Guyana Limited (EEPGL), has submitted a proposal for that project to the Environmental Protection Agency (EPA), which will assess the document and grant environmental authorization, once the requisite criteria are satisfied. According to the proposal seen by the Guyana Chronicle, the project will develop the Uaru, Mako and additional resources, if determined to be feasible and economically viable. Read more here
INTERNATIONAL
Ukraine war: This is your finest hour, Johnson tells Ukrainian Parliament
Boris Johnson has described Ukraine's resistance to the Russian invasion as the country's "finest hour" in an address to its parliament. Speaking via video link to MPs on Tuesday, he also set out details of £300m in extra military support. Downing Street said it would include electronic warfare equipment, a counter-battery radar system, GPS jammers and night-vision devices. It follows the PM's unannounced visit to Kyiv last month. Mr Johnson's speech echoed the words of Prime Minister Winston Churchill, just as Ukraine's President Volodomyr Zelensky did when he addressed MPs at Westminster in March. Read more here
3rd May 2022