TTMA IN THE NEWS
Ministry, TTMA, chambers in discussions — Should forex 'honours' system be changed?
Finance Minister Colm Imbert says the ministry is engaging various chambers of commerce and the TT Manufacturers Association (TTMA) on whether or not the system in which foreign exchange (forex) is distributed should be changed. He made this revelation during a media conference held virtually on Tuesday in which he also explained the process of TT earning and distributing forex for local consumption. He said the Central Bank, when allocating forex to local commercial banks, depend on these entities to adhere to an “honour system,” in how US currency is shared to customers. Read more here
Imbert to consult with stakeholders on changing forex distribution system
Finance Minister Colm Imbert has announced plans to consult with stakeholders on changing the method for allocating foreign exchange. The discussions will outline the path toward achieving equitable distribution. For 25 years, an “honour system” has been in place for the distribution of foreign exchange by commercial banks in T&T. However, with businesses clamouring for more forex to be made available, Imbert has announced a possible plan to “regularise” how this is done. This move can take effect after consultations with stakeholders, which can conclude as early as the end of this year, Imbert said while speaking at a virtual press conference yesterday on financial issues. Read more here
NEWS
Teen's struggle to register for CSEC goes viral
A video posted to social media by an 18-year-old student of El Dorado East Secondary School has gone viral, garnering widespread attention and support in cyberspace. In the video, the frustrated teen claims he was prevented from registering for his Caribbean Secondary Education Certificate (CSEC) exams due to not having parental consent, despite him legally being an adult. The teen, who identified himself as a self-sufficient youth trying to better his future, said he is raising himself with some financial assistance from an aunt abroad. Dressed in his school uniform, he explained he has neither a mother nor a father. Read more here
Woman leaving Cunupia after threatening demands for money
A Cunupia businesswoman is now selling her spa and says she will be relocating after repeatedly being targeted by extortionists for $30,000. Malaika Garraway, the owner of Array Massages and Massage Training, is speaking out about the constant threats she has been facing. Garraway told Guardian Media yesterday that the gangsters threatened her teenage son and her mother’s life. She said this was the straw that proverbially broke the camel’s back. Read more here
POLITICS
Minister laments ‘misinformation’ in pilots’ dispute with CAL
Finance Minister Colm Imbert says he offered to settle the wage negotiation impasse between Caribbean Airlines and pilots to put an end to misinformation floating around. Speaking during a virtual news conference yesterday to address concerns about the country’s supply of foreign exchange, Imbert acknowledged the resolution of the first dispute for the period 2015 to 2020. He said he was pleased to put an end to the issues raised by the pilots. Read more here
ANSA McAL acquires US company
Local conglomerate, ANSA McAL, yesterday announced the acquisition of the US-based chlor-alkali producer Bleachtech LLC via its US subsidiary ANSA Chemicals US LLC, for a purchase price of US$327 million. In a news release, the group described the acquisition as the largest its 143-year history. Bleachtech, which is based in Cleveland, Ohio, operates two chlor-alkali plants in Seville, Ohio and Petersburg, Virginia that produce sodium hypochlorite (bleach), sodium hydroxide (caustic soda) and hydrochloric acid. The acquisition was largely financed via a term loan arranged in North America by Citibank NA and is expected to be materially accretive to ANSA McAL’s earnings in the first full year of operations in 2025, the group said. Read more here
BUSINESS
T&T Stock Exchange pushes for evolution and diversification
The Trinidad and Tobago Stock Market is evolving and diversifying, according to Eva Mitchell, chief executive officer of the Trinidad and Tobago Stock Exchange (TTSE). Mitchell made these comments while discussing “Unveiling the Blueprint: Building a Well-Diversified Stock” during a panel discussion at the TTSE’s Capital Markets Conference last week Wednesday. Other panel speakers included managing director of the Jamaica Stock Exchange Dr Marlene Street-Forest, chief executive officer of NCB Merchant Bank (Trinidad and Tobago Ltd) Marli Creese, and group deputy chief executive officer Business Generation at First Citizens Jason Julien. Read more here
REGIONAL
Electronic system for declarations, stronger penalties imminent
Guyana’s Integrity Commission Act, which was enacted in 1997, is set for an upgrade which would foster stronger, transparent and more accountable mechanisms, Minister of Parliamentary Affairs and Governance Gail Teixeira has said. A review of the legislation is underway with the aim of streamlining the submission process for declarations of income, assets, and liabilities. While engaging members of the media on the sidelines of an event on Tuesday, Minister Teixeira said that several areas of weakness have already been identified. For instance, the Act will establish formal guidelines for electronic declarations, and implement advanced cybersecurity technology to safeguard uploaded data. Read more here
INTERNATIONAL
Sarah Smith: Why the US gave Trump a second chance
This is surely the most dramatic comeback in US political history. Four years after leaving the White House, Donald Trump is set to move back in, after millions of Americans voted to give him a second chance. The election campaign was one for the history books: he survived two assassination attempts and his original opponent President Joe Biden dropped out just months before election day. Although final votes are still being counted, the majority of Americans in key battleground states chose to vote for him, with many citing the economy and immigration as a chief concern. Read more here
6th November 2024