NEWS
CLICO CoE report will not be made public
The commission of enquiry report into failed insurance giant CLICO will not be made public. Minister in the Office of the Prime Minister Stuart Young said during the post-Cabinet news briefing at the Office of the Prime Minister yesterday this decision was based on advice from the Director of Public Prosecutions. When Sir Anthony Colman's report was sent to the Prime Minister, the Prime Minister and the Cabinet forwarded it to the DPP. Young said the DPP responded to the Prime Minister this week and indicated that there is an ongoing investigation under his office into CLICO. Read more here
Cabinet agrees to pay cane farmers final $58m payment
Cabinet has decided to pay cane farmers the final settlement of $57,965,675 of the compensation package promised back in 2007. Minister of Planning and Development Camille Robinson-Regis made the announcement in a media release issued yesterday by the ministry. Robinson-Regis did not say when this sum, which represents the second and third tranche of the transitional payment, would be made. Permanent secretary Joanne Deoraj met with representatives of the cane farmers yesterday, informing them of the decision. “This will also be provided to the cane farmers in writing. I am intent on meeting with the cane farmers in person to discuss this further, and my ministry will also work with the farmers to determine how this amount will be shared,” Robinson- Regis said. Read more here
POLITICS
Imbert’s $B roadshow successful
The US$1 billion roadshow has been “very successful.” Minister in the Ministry of the Attorney General and Legal Affairs Stuart Young made this announcement at yesterday’s post-Cabinet news conference at the Office of the Prime Minister in St Clair. Young disclosed that on his way to the briefing, he received a message from Finance Minister Colm Imbert about the roadshow. “The roadshow has been very successful. From what I saw it was oversubscribed...maybe as much as three and half times oversubscribed,” Young said in response to a question from Newsday about the roadshow. Confirming the contents of Imbert’s message during the briefing, Young said, “We’ve agreed to a final interest rate of 4.5 percent. Read more here
Rowley heads to US for medical check-up, vacation
Prime Minister Dr Keith Rowley is expected to leave this week for a medical examination in the United States and then on vacation. Minister in the Office of the Prime Minister Stuart Young however yesterday dispelled any concerns about the Prime Minister's health, saying that Rowley had gone from a hectic campaign season into Government at a time when there were many challenges and tough decisions to make. He said the Prime Minister had worked very hard and was proceeding on a well-earned vacation. He said the country should pray for his continued good health. Young also confirmed that the Ministry of the Attorney General was expected to move out of Cabildo Chambers into the Government Campus Plaza within the next few weeks. Read more here
BUSINESS
Industry on brink of crisis
President of the Petroleum Dealers’ Association of T&T, Robindranath Naraynsingh, yesterday said the country’s 170 gas stations were on the verge of collapse due to poor profitability margins from the sale of fuel. Saying the gas stations service more than half the population on a daily basis, Naraynsingh admitted their industry had been plunged into a crisis. He could not say what percentage of the gas stations were likely to close their doors but said a dark cloud was hanging over their heads and “an impending doom was surely coming if this situation persists.” Read more here
IFC CEO Varun Maharaj resigns
Varun Maharaj has resigned as Chief Executive Officer (CEO) of the Trinidad and Tobago International Financial Centre (IFC). Maharaj’s resignation date is July 31 after serving as CEO for the past three and a half years. Maharaj told Newsday during a brief break between meetings, Maharaj said he decided to leave the IFC to pursue new career options. “I thought I needed something fresh. There are some opportunities that I’d like to explore. One in the US, one in Canada and one in the United Kingdom. I may also consider becoming self-employed...I haven’t decided as yet, but I’m taking the next month off to make some decisions,” Maharaj said. Describing his decision to leave as an “amicable parting of ways”, Maharaj told Newsday he was proud to have contributed to the development of TT as a regional financial services hub. Read more here
REGIONAL
Cayman Islands churches to push anti-gay marriage stance
Local church leaders representing various Christian denominations, including Anglicans and Seventh Day Adventists, are putting aside their doctrinal differences and uniting on a campaign to promote what they see as the biblical basis for family life in the Cayman Islands in a stand against “alternative lifestyles” and same-sex unions in particular. The church leaders are jointly spearheading an initiative “to raise awareness of biblical teachings” and an education programme that starts in September with an island-wide rally. Describing it as a platform for promoting traditional values and fearful of the “efforts to change cultural values”, the ministers and pastors involved said the religious community had been slow at coming together to promote what they are doing already with their individual congregations. Read more here
Report on Jamaica elections presented to OAS Permanent Council
Former Bahamas minister of foreign affairs, Janet Bostwick, who headed the Organization of American States (OAS) electoral observation mission (EOM) at the general elections held earlier this year in Jamaica, officially presented the mission’s report to the OAS Permanent Council on Wednesday. The meeting was presided over by Dr Elliston Rahming, ambassador and permanent representative of The Bahamas to the OAS and chair of the Permanent Council. Rahming, who is also The Bahamas’ ambassador and permanent representative to the United Nations, assumed the chairmanship of the OAS Permanent Council on July 1 for a three-month period ending on September 30. Read more here
INTERNATIONAL
'Feminist Christmas': World reacts to Clinton's Democratic convention
Hillary Clinton made history on Thursday when she became the first woman to accept the Democratic nomination for U.S. President, saying the "world is watching" the upcoming election. In contrast to her rival Donald Trump who promised "Americanism, not globalism," she pledged to stand by NATO allies "against any threat they face, including from Russia." You want a leader who understands we are stronger together when we work with our allies around the world," she told an enthusiastic crowd. Read more here
Amazon boss Bezos becomes world's third richest
Strong earnings from Amazon and a boost to the company's stock have made its founder, Jeff Bezos, the world's third richest person, according to Forbes. Mr Bezos owns 18% of Amazon's shares, which rose 2% in trading on Thursday. Forbes estimated his fortune to be $65.3bn (£49.5bn). Amazon's revenue beat analysts' expectations, climbing 31% from last year to $30.4bn in the second quarter. Profit for the e-commerce giant was $857m, compared with $92m in 2015. According to Forbes estimates, Mr Bezos's fortune is only surpassed by Microsoft founder Bill Gates, worth $78bn (£59bn), and the $73.1bn (£55bn) fortune of Zara founder Amancio Ortega. Read more here
29th July 2016