TTMA IN THE NEWS
Private sector reports an 88% turnout
The private sector was not affected by calls from various trade union leaders to participate in the day of “rest and reflection” yesterday, with businesses reporting that staff turned out for work as normal. In a joint statement, the T&T Chamber, AmChamTT, Energy Chamber and the TTMA said a comprehensive survey showed that 88 per cent of their members were not affected, 10 per cent reported a minor impact and only two per cent experiencing a major effect from the protest action. Read more here
NEWS
New debit card system for Food Support Programme…Robust move to avoid wastage
By December, the Social Development and Family Services Ministry plans to transition to a new debit card system for its Food Support Programme. This programme, an income-determined support mechanism, specifically targets vulnerable families who are unable to meet their basic food requirements. “The programme provides vulnerable families with food support for a period of two years. Also, a standard means test is the tool used to assess applicants to determine who falls under the poverty line and as such are in dire need of support,” said Natalie Walters. She is the manager of the ministry’s corporate communications unit. Read more here
Gyro vendor beaten and robbed
An Indian national was beaten and robbed while selling gyros in Princes Town on Friday night. Police said that around 10 pm, Kothakapu Proveenkumar, 29, was at his stall in Craignish Village, Princes Town, when three men approached him and began kicking and cuffing him. They then robbed him of $1500 from his sales and ran off. PC Rampersad of the Princes Town CID is carrying out inquiries but up to late yesterday no one had been arrested. In another incident, at 2.10 pm, Sardisai Sirju, 56, of Barrackpore, was walking along Bonanza Street, Princes Town, when he was held up and robbed at gunpoint of $5000. The gunman escaped in a black Nissan Teana. Read more here
$221.7m Curepe interchange
Should the State fail to reasonably respond to a call for the resumption of compensation negotiations with 15 homeowners who are being affected by the construction of the $221.7 million Curepe interchange project, then they will be left with no choice but to file legal action against the Ministry of Works and Transport, says attorney Michael Rooplal. Read more here
POLITICS
Caricom markets safe says Khan
Energy Minister Franklin khan said Caribbean Community (Caricom) member states which have contracts with Petrotrin for supply of refined products have no need to fear. Khan said while the company will be going out of the refining business which is no longer viable, they will be importing enough refined products to continue their export to markets in the region. Petrotrin’s chairman Wilfred Espinet on August 28, announced Cabinet’s decision to close the refinery and separate some 2600 workers. Read more here
2 Australian fast ferries for Tobago
Last Thursday, the Cabinet officially authorised the purchase of two purpose-built fast ferries to service the Trinidad and Tobago seabridge, Prime Minister Dr Keith Rowley disclosed on Friday in an exclusive interview with the Express. Read more here
BUSINESS
Unilever ends week higher at $26
Overall market activity resulted from trading in 15 securities of which five advanced, two declined and eight traded firm. Trading activity on the First Tier Market registered a volume of 443,552 shares crossing the floor of the Exchange valued at $2,442,628.38. GraceKennedy Limited was the volume leader with 295,078 shares changing hands for a value of $811,464.50, followed by JMMB Group Limited with a volume of 87,470 shares being traded for $148,868. National Enterprises Limited contributed 22,391 shares with a value of $200,399.45, while Guardian Holdings Limited added 15,000 shares valued at $253,500. Unilever Caribbean Limited registered the day’s largest gain, increasing $1.00 to end the day at $26. Conversely, First Citizens Bank Limited registered the day’s largest decline, falling $0.17 to close at $32.77. Read more here
Currencies and investor considerations
This week, we at Bourse take a closer look at the performance of the currency market and its impact on other asset classes. 2018 has, thus far, been a year in which the performance of non-US financial assets has been affected by deterioration of their currencies. Read more here
REGIONAL
Adventists Won't Shrink Back - Church Leader Urges Members To Stay True To Mission Despite Distractions
With Jamaicans across the island questioning how a man with a deadly criminal past was allowed to become a Seventh-day Adventist (SDA) deacon, the leadership of the church has declared that it will not be daunted in its mission by the past failures of some of its members. Pastor Everett Brown, president of the SDA Church in Jamaica, said during an installation ceremony for Adventist leaders over the weekend that the Church "must not give up on the people who are in need of healing and salvation". "We must not shrink back ... because some of our leaders and members have failed God and the Church. The Church today is not perfect, but one day, the Church militant will become the spotless bride of Christ," said Brown as he addressed the newly installed leaders of the SDA North East Jamaica at the Port Maria Seventh-Day Adventist Church in St Mary. Read more here
INTERNATIONAL
Trump's authority crisis deepens
Donald Trump's presidency is slipping deeper into a crisis of authority at a critical moment. Midterm elections are looming, he's facing new questions about his fitness for office, and he's hunting a hidden rebel within his own camp. Typifying the sense that what would once seem absurd now counts for normality in this White House, Vice President Mike Pence on Sunday offered to take a lie detector test to prove he was not the author of an op-ed by an anonymous senior official in The New York Times that assailed Trump for "half baked, ill-informed and occasionally reckless" leadership. Read more here
Swedish election: Main blocs neck and neck as nationalists gain
10th September 2018