Daily Brief - Wednesday 24th November, 2021

NEWS

Moody's predicts 5.9% growth for Trinidad and Tobago despite high debt

While Moody's rating agency has said pandemic pressures pushed Trinidad and Tobago's debt-to-GDP ratio towards 90 per cent, it was optimistic for a "strong recovery" next year of 5.9 per cent growth, it said in a report last Friday. However, it also warned of risks to TT based on an over-reliance on oil and natural gas, plus a dire need for economic diversification, including in the non-energy sector. Overall Moody's downgraded TT's rating from Ba1 to Ba2, while improving TT's outlook from negative to stable. Read more here

Judge rips into EOT for blocking Veera’s appointment

The Equal Opportunity Tribunal (EOT) and its chairman Donna Prowell-Raphael have come under stiff criticism for their adamance in blocking EOT lay assessor Veera Bhajan from taking up her appointment.  In ruling that the EOT and Prowell-Rapahel acted illegally and beyond their statutory remit in taking the action yesterday, High Court Judge Avason Quinlan-Williams noted that the lyrics of local dancehall artist General Grant’s hit “Pure Hate” resonated with her throughout her consideration of the case. “Pure hate and acting normal,” Quinlan-Williams repeated. Read more here

 

POLITICS

Augustine on Moody's THA downgrade: Recovery plan needed

Progressive Democratic Patriots (PDP) deputy political leader Farley Augustine says the latest Moody’s Investors Service report on the performance of the Tobago House of Assembly (THA) highlights how badly the covid19 pandemic continues to affect the island’s tourism-based economy. He told Newsday it also highlights the unsustainable nature of the THA’s existing economic structure. On Monday, Moody’s downgraded the THA’s issuer rating to Ba2 from Ba1 but changed its outlook to stable from negative. Read more here

 

 

BUSINESS

Young to energy companies: Think of country, not self

Do not think of yourselves, but think of the nation was the message given to oil and gas stakeholders by Minister of Energy Stuart Young during the first energy forum held virtually on Tuesday. “Having been in government for the last six years, I have realised that this is sometimes a difficult concept. I accept that people must advocate for themselves – and that may be a human instinct – but my challenge to you all as a membership is to compare and contrast that to what may be best for the country.” Read more here

Caricom talks sustainable energy and moves away from fossil fuel

The Seventh Caribbean Sustainable Energy Forum (CSEF) hosted by the Caribbean Community (Caricom) Secretariat and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) which kicked off on Monday is seeking to address the most pressing sustainable energy challenges and opportunities facing the region. The forum falls within the annual observance of Caricom energy month, which this year has as its theme, “From Dependence to Resilience: Fuelling our Recovery with Sustainable Energy.” In a statement CCREEE said the event is being held after it was deferred last year due to the COVID-19 pandemic and comes on the heels of the just-concluded United Nations Climate Change Conference (COP 26). Read more here

 

REGIONAL

Gov’t gears up for December-January rainy season

The Ministry of Agriculture is set to soon commence emergency works in anticipation of heavy rainfall and floods during the December-January rainy season. This was revealed by Subject Minister, Zulfikar Mustapha during an interview with the Guyana Chronicle on Tuesday, where he disclosed that the National Drainage and Irrigation Authority (NDIA) will be spearheading a series of emergency works across vulnerable communities that are prone to flooding. “We have some emergency works that will start shortly, that will accommodate the heavy rainfall during the Christmas period,” the minister said. Read more here

 

INTERNATIONAL

Sweden votes in Magdalena Andersson as first female PM

Magdalena Andersson has been approved by Sweden's parliament as the country's first ever female prime minister, after replacing Stefan Lofven as leader of the centre-left Social Democrats. Sweden is the only Nordic country never to have elected a woman as national leader before. Ms Andersson, who's currently finance minister, did not win Wednesday's vote. However, she was elected because under Swedish law she only needed a majority of MPs not to vote against her. Read more here

24th November 2021

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