NEWS
Imbert: Reduction in banks' reserve requirement not unusual
Finance Minister Colm Imbert says there is nothing unusual about the Central Bank's decision on July 19 to reduce the reserve requirement for commercial banks from 14 to ten per cent. He made this comment on July 23 after former Central Bank deputy governor Dr Terrence Farrell raised a question about the decision and Oropouche West MP Davendranath Tancoo made related claims. In a post on X (Twitter), Imbert said, "The Central Bank has reduced the reserve requirement for commercial banks, well within international norms, to facilitate credit to businesses and individuals. Because of confidence in the economy, credit has been growing at seven per cent per year but the naysayers see this as bad." Read more here
Dengue cases increase to 450
Over the past four days, the Ministry of Health (MoH) has recorded 58 new dengue cases. This now brings the total number of laboratory-confirmed dengue infections to 450, a whopping jump from 392 recorded just last Friday. In a release yesterday, the ministry said the death toll remained at four. But with cases increasing daily, the ministry is advising the public to be aware of symptoms. These include fever, headaches, pain behind eyes, skin rashes, muscle and joint pains, nausea, vomiting and diarrhoea. Read more here
POLITICS
TT political analyst weighs in on US election: Does Kamala have traction?
Political scientist Dr Bishnu Ragoonath asked whether US Vice President Kamala Harris has sufficient political traction to now be seemingly assuming herself to be Democratic Party nominee in the US Presidential election next November. He spoke to Newsday on July 22, the day after US President Joe Biden’s sudden withdrawal of his candidacy for re-election, after calls by a snowballing of voices from Congress. Many feared their own prospects for re-election could be pulled down by low polling for Biden after his poor performance in the live television debate against Republican nominee Donald Trump on June 27. Read more here
Former energy minister: Focus on maritime industry
Amid T&T’s decreasing oil and gas production, diversification should be pivoted to the maritime sector as the Gulf of Paria is suited for a natural deep-water harbour, says former Energy Minister in the People’s Partnership Kevin Ramnarine. Ramnarine said this at Monday’s UNC Budget consultations in Caroni Central. He was among the panellists including MP Arnold Ram, agriculturist Donny Rogers and MP David Lee. Among the challenges facing T&T, Ramnarine said, was a “massive drop in foreign reserves.” The Government’s answer involved borrowing US dollars and that would lead to a debt crisis for others ahead, he said. Read more here
BUSINESS
Young talks green energy projects with development bank
Minister of Energy Stuart Young met with the Trinidad and Tobago representative of CAF – Development Bank of Latin America, Bernardo Requena, at the ministry at the International Waterfront Complex in Port of Spain, on July 22. In a media release, the Ministry of Energy said Young and Requena discussed technical assistance and loan facilities that are available to Trinidad and Tobago for energy projects with a focus on harnessing green energy. They also discussed strategies to reduce methane emissions. Read more here
New stage in T&T’s relations with Curaçao
T&T has concluded the first round of negotiations for a Partial-Scope Trade Agreement (PSTA) between this country and Curaçao. A statement from the Ministry of Trade and Industry said T&T’s participation in the first negotiating round took place over the period July 17 to 18, 2024 in Curaçao. It said the negotiation of a PSTA with Curaçao is aligned with the T&T Trade Policy 2019 to 2023: Towards Sustainable Economic Growth and Diversity (TTTP). “Specifically, goal five, which seeks growth in market share within traditional and non-traditional markets through inter alia. increasing export market penetration by growing existing market share, exploring new markets and profit opportunities, and improving trade diplomacy and deepening regionalism. Further, a PSTA with Curaçao will allow for the full utilisation and expansion of existing relations, including air transportation,” the ministry said. Read more here
REGIONAL
Guyana manages heaviest cargo ever
Last week, the BBC Echo Vessel successfully berthed at the Muneshwers Shipping, John Fernandes and Guyana Shore Base Inc. Terminals, bringing with it crucial transformers for Guyana’s highly anticipated Gas-to-Energy and the Guyana Power and Light (GPL) Enhancement Projects. According to a press release, among the 16 transformers delivered were two record-breaking units, each weighing an unprecedented 241 tonnes—the heaviest cargo ever managed in Guyana. Cranes Guyana Inc. (CGI), a subsidiary of Muneshwers Limited and John Fernandes Limited, was awarded the contract by Boltcargo India to manage the discharge, side-wharfage, transportation, and storage of nine transformers. Read more here
INTERNATIONAL
Netanyahu facing 'day of rage' in Washington, protesters say
Thousands of pro-Palestinian protesters will descend on Washington for a "day of rage" over the war in Gaza as Israel's prime minister Benjamin Netanyahu speaks in Congress on Wednesday, organisers have warned. The message comes after Mr Netanyahu said he would "present the truth about our just war", during his first trip outside Israel since the Israel-Hamas conflict began. Ahmad Abuznaid, executive director of the US Campaign for Palestinian Rights and a chief organiser, said protesters would "make the statement that war criminals like Netanyahu are not welcome" in the United States. Mr Netanyahu was invited by Republican House Speaker Mike Johnson to give his first address to Congress in nine years. Mr Johnson has warned against protests inside the House chamber, saying there would be arrests "if we have to do it". Read more here
24th July 2024