NEWS
Attzs: Use EximBank window, structural approach on forex
Economist Dr Marlene Attzs said a managed floating exchange is not without risks and she preferred to first give the EximBank window a chance to operate as a short-term measure, while awaiting a structural approach to the foreign exchange (forex) crunch over the long-term. Attzs spoke to Newsday on November 14 on whether TT's successful use of a managed flotation of the TT dollar in 1993 has any lessons now for the country's current forex shortage/predicament. Recently former Central Bank governor Euric Bobb and former finance minister Wendell Mottley publicly called for the managed flotation of the TT dollar, which they had overseen in 1993. Read more here
Flood victims still under water, cry out for help
More than 60 hours after torrential rains devastated parts of South Trinidad with severe flooding, residents of Penal and Woodland are still pleading for help. Some say they are going hungry, have no water to clean and are unable to work and many say they have yet to get help from the authorities. As of 6 pm yesterday, Penal/Debe Regional Corporation chairman Gowtam Maharaj reported that floodwaters continued to rise in Clarke Road and Suchit Trace, Penal, even as water levels began to recede in other areas. While much of the floodwater had drained from Penal Rock Road, Goodman Trace, and Nagassar Trace, another river course through the Penal community breached its banks on Wednesday evening. This overflow brought fresh floods to Clarke Road, Ramdharry Trace, Naipalia Trace, and surrounding areas, making these roads impassable for small vehicles. Some residents remained trapped in their homes in San Francique. Although floodwaters began to recede on Wednesday, progress stalled yesterday. Read more here
POLITICS
Imbert: Credit card spending up by 50%
Finance Minister Colm Imbert said a 50 per cent hike in the use of credit cards could be partially blamed for TT's current foreign exchange (forex) crunch. He was speaking on November 14 at the University of the West Indies (UWI), St Augustine at the Principal's Research Award Ceremony. Imbert said he had met private bankers two days prior and had asked about credit-card use. He said he had learned that over the past five years, the number of credit cards issued had risen by 50 per cent. Likewise, he said credit-card spending had also risen by 50 per cent. Read more here
Duke: Decision to restrict Tobago expenditure an election ploy
Watson Duke has labelled the Tobago House of Assembly’s (THA) decision to restrict expenditure to 2023 levels in 2025 as an election ploy, and one he is predicting will leave Tobago in disarray. In a live social media video yesterday, Duke argued that the assembly’s decision to reduce spending now, after already exhausting $7.5 billion over the last three years, was a last-minute tactic that failed to address the island’s real development needs. Read more here
BUSINESS
Plipdeco records 6% increase in revenue
The Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) generated $285 million in revenue in the quarter ended September 30, 2024. This was an increase of $16.1 million when compared to 2023. In its consolidated interim financial statement for the nine months ended September 30, 2024, published on the TT Stock Exchange website on Thursday, Plipdeco said it experienced a six per cent increase in throughput from its containerised cargo operations, which played a contributory role in the increased revenue generated year to date. It said its third-quarter results reflected earnings before interest, taxes, depreciation and amortisation (EBITDA) of $79.3 million, with the EBITDA in 2023 being $40.6 million. Read more here
Flow feeds hundreds of homeless people in PoS
One hundred employees of Flow, led by the company’s vice-president and general manager Simone Martin-Sulgan, earlier this week cooked tasty meals for 600 homeless people in Port of Spain. The Flow team, joined by representatives of the NOVA Committee of the Trinidad and Tobago Chamber of Industry and Commerce and local NGO, Kids in Need of Direction (KIND), were led by the soup kitchen’s team as they prepared tasty meals on Tuesday and yesterday. Read more here
REGIONAL
Prosperous, resilient future lies ahead for Guyana
President Dr Irfaan Ali on Thursday evening affirmed that his government is confident that the path being defined for Guyana will lead to a prosperous, resilient future as the vision is about creating wealth in ways that multiply opportunities. The Head of State made this remark while delivering the feature address at the launch of GuyExpo 2024 which is being held under the theme: “Guyana on Show, the Fastest Growing Economy.” The President remarked that this event is one of the Caribbean’s longest-standing expositions and it not only showcases Guyanese talent, creativity and products but also fosters regional co-operation which is essential to achieving complete prosperity. Read more here
INTERNATIONAL
COP29 hosts accused of detaining climate defenders
The Azerbaijani government is using COP29 to crack down on environmental activists and other political opponents, according to human rights groups. This is the third year in a row a country hosting the climate summit has been accused of oppression and curtailing the legal right to protest. Climate Action Network, a group of nearly 2,000 climate groups, told BBC News the protection of civil society is crucial if countries want to see progress on climate change. Read more here
15th November 2024