NEWS
Privy Council rules EMBD must pay Junior Sammy $83M
The Estate Management and Business Development Company Limited (EMBD) will have to pay over $83 million in outstanding fees to Junior Sammy Contractors Limited. Delivering a judgment yesterday morning, five Law Lords of the United Kingdom-based Privy Council dismissed EMBD’s final appeal against Junior Sammy Contractors over the debt. Lord Ben Stephens, who wrote the judgment, ruled that former High Court Judge and current Appeal Court Judge Mira Dean-Armorer and the Court of Appeal could not be faulted for granting Junior Sammy a default judgment and ordering the compensation...read more
President Kangaloo: Strong families crucial to nation’s development
President Christine Kangaloo says the role of the family is crucial to the development of Trinidad and Tobago. She made this statement while delivering the feature address at the Divali Nagar celebrations and dance competition on Tuesday. Kangaloo noted that families that extend love and support can significantly influence the lives and behaviour of individuals. She remarked that those who live in homes characterised by support, safety, and love are far less likely to engage in acts of violence and abuse towards others. “They are far less likely to gravitate towards violence and crime as a means of feeling valued and respected; they are far less likely to need the false sense of power or security that comes from wielding a weapon. They are more likely to be self-confident and creative, and are more likely to be open and giving. That is the kind of person that building a true home produces,” she said...read more
More trouble at Cedros Secondary School
AFTER a video surfaced on WhatsApp showing two parents fighting outside Cedros Secondary School, a source close to the school tells Newsday there are many other problems at the institution. The source spoke to Newsday by phone on the condition of anonymity on October 29. They claimed the main issue at the school was the high level of indiscipline and violence among students. The source also claimed that 90 per cent of the school’s population scored less than 30 per cent in the Secondary Entrance Assessment (SEA)...read more
POLITICS
All-clear for Rowley...PM speaks tonight at Nagar despite Young furore
Prime Minister Dr Keith Rowley will be delivering the feature address tonight at the close of the nine-night Divali Nagar. National Council of Indian Culture (NCIC) president Deoroop Teemal told the Express by telephone yesterday that the NCIC received confirmation that Rowley will be attending and speaking on the final night of the Nagar...read more
Ramsaran writes Kamla for help on forex distribution issue
BEVERAGE producer Rajnanan Ramsaran has now appealed for parliamentary intervention and public advocacy on the foreign exchange (forex) distribution issues impacting local businesses. Ramsaran, the founder of Ramsaran Dairy Products, appealed to Opposition Leader Kamla Persad-Bissessar in a letter on October 28. His request for intervention followed similar requests he made last week to the Central Bank governor, the Auditor General and the managing director of the International Monetary Fund (IMF)...read more
Moonilal slams government over outcome of Junior Sammy lawsuit vs EMBD
FORMER Housing Minister Dr Roodal Moonilal has waded into the government over its defeat in the Privy Council on October 29, in a case involving the Estate Management Business Development Company Ltd and contractor Junior Sammy over a multi-million dollar lawsuit. Moonilal is also involved in a multi-million dollar case with the EMBD. In a statement, he said, “The Privy Council ruled today (October 29), in its Michaelmas term, in favour of local contractor Junior Sammy Contractors Ltd (JSCL) in a matter where the latter sued the company for outstanding monies on a contract awarded and executed fully during my term as Minister of Housing by the EMBD in 2015.” He said taxpayers paid millions for the “rum shop argument” advanced by the EMBD against Sammy...read more
BUSINESS
Ex-CBTT official, Supermarkets Association comment of forex distribution
FORMER Central Bank deputy governor Dr Terrence Farrell says he is concerned about recent statements in the public domain regarding foreign exchange (forex) distribution. He made this comment on October 29 in relation to a statement issued by Finance Minister Colm Imbert earlier in the day. Imbert said claims in the public domain that the EximBank directly sent foreign exchange (forex) to any importer are false. He said the special window created at the EximBank for importers to access forex to purchase food, medicine and other critical supplies during the covid19 pandemic was always a temporary measure...read more
Imbert: Exim Bank set up to assist exporters, not importers,
More focus needs to be placed on foreign exchange earnings and what can be done to boost the country’s exports and plug the forex leakages into the system. That’s according to Economist Dr Vaalmikki Arjoon, responding to the recent articles on businessmen complaining bitterly about the ongoing forex crunch. Minister of Finance, Colm Imbert, in a news release yesterday said that the foreign exchange window opened by the Exim Bank for wholesale importers of basic foods and pharmaceuticals during the COVID-19 pandemic was a temporary initiative. Imbert said, "The addition of a second forex window at the Exim Bank for essential imports during the COVID-19 pandemic cannot create a situation where, four years later, the Government is being held liable by certain private sector businessmen for the items they ordered and received without paying for them...read more
Trinidad sees US$5.4m revenue from cruise tourism
TRINIDAD generated US$5.4 million in revenue from cruise tourism over the past year, according to a study released by Business Research & Economic Advisors (BREA) titled Economic Contribution of Cruise Tourism to the Destination Economies. And according to the study, cruise tourism created 197 jobs in Trinidad, generating US$2.54 million in wages. Of these, 115 jobs were direct employment opportunities, contributing US$1.46 million to wages, it stated. The study reported that 65,900 passengers disembarked and visited onshore destinations during their cruise stop over the past year . Over the past year, passengers spent US$3.87 million, a 75% increase from the US$2.21 million recorded in BREA’s previous study in 2018. Passengers also spent an average US$58.68 over the past year, marking an 8% increase from the average spend of US$54.17 reported in 2018...read more
REGIONAL
Bahamas: Minister hints at possible illegal drug link in plane crash
National Security Minister, Wayne Munroe, says the pilot of the twin-engine plane which crashed on Ragged Island on Sunday, did not file a flight plan, hinting at the possibility of those onboard being involved in the illegal drugs trade. The authorities are yet to identify the two charred bodies found in the wreckage of the plane and Munroe told reporters, “the passengers aren’t immediately identified, which would kind of indicate there may have been no filed flight plan. “The briefing I received indicated that the Drug Enforcement Unit (DEU) and the Drug Enforcement Administration (DEA) officers were on the ground, and I would think that that may be some idea of what is being looked into,” he added...read more
St Kitts and Nevis cuts CBI Investment requirements
St Kitts and Nevis has made some adjustments to its Citizenship by Investment (CBI) programme including reducing the financial contributions. The Citizenship by Investment Unit (CIU) announced it had revised the minimum investment for a real estate project from US$400,000 to US$325,000. The minimum investment in a single-family private dwelling home has been lowered from US$800,000 to US$600,000. The fee for the addition of newborn children has been reduced from $30,000 to $7,500. CBI applicants with a dependant parent, can also add them to their application once they are 55 years and over...read more
INTERNATIONAL
Democrats and Republicans split on Israel’s responsibility for war’s escalation
Many American voters are concerned that the ongoing Middle East conflict will escalate into an all-out regional war, a new poll finds. About half of voters are “extremely” or “very” worried about the possibility of a broader war in the region. Though there is concern about the conflict growing, according to the survey from the AP-NORC Center for Public Affairs Research, fewer voters — around 4 in 10 — are concerned that the United States will be drawn into a war in the Middle East. This poll was conducted prior to Israel’s strike on military bases in Iran on Friday...read more
At least 63 people die in devastating flash floods in eastern Spain
At least 63 people have died in eastern Spain after flash floods swept away cars, turned village streets into rivers and disrupted rail lines and highways in the worst natural disaster to hit the European nation in recent memory. Emergency services in the eastern region of Valencia confirmed a death toll of 62 people on Wednesday. The central government office for Castilla La Mancha region added that an 88-year-old woman was found dead in the city of Cuenca. Rainstorms on Tuesday caused flooding in a wide swath of southern and eastern Spain, stretching from Malaga to Valencia. Floods of mud-colored water tumbled vehicles down streets at high speeds, while pieces of wood swirled in the water with household items. Police and rescue services used helicopters to lift people from their homes and rubber boats to reach drivers trapped on the roofs of cars...read more
30th October 2024