NEWS
Abdulah: Upper class must also bear ecomonic burdens
Pointing out that 25 percent of the population was already living below the poverty line in Trinidad and Tobago, the Movement for Social Justice (MSJ) has observed that any “burden of adjustment” should be extended to those persons in society who were living ostentatious lifestyles and earning salaries of $100,000 per month and over. Addressing a press conference at the MSJ’s St Joseph village, San Fernando headquarters, yesterday, political leader David Abdulah asked about Prime Minister Dr Keith Rowley warnings to the nation to brace itself for economic adjustments and “even some pain” in the 2017 budget, said the issue was how those adjustments would be made and which sector would bear the brunt of the adjustments. “Who is going to bear the burden of those adjustments? If it was up to the MSJ, those who are earning $100,000 or $150,000 a month, they are the ones who have to be bearing the burden of adjustment because there are people right now who are living as if the price of oil is $90 dollars but 25 percent of the population is below the poverty line. Read more here
12 homeless after fire guts 4 houses
Ten-month-old Aliyah Allard cried of hunger yesterday, but there was little her mother Afesha Noel could offer to her and her 11-year-old sister Aliesha Joseph after fire destroyed their home on Saturday night. Their home was one of four destroyed along the Old Train Line, King’s Wharf, San Fernando which left 12 people with nothing but the clothes they wore. At about noon yesterday, Noel said in an interview they had not eaten and although the Disaster Management Unit provided food hampers, there was nowhere to cook. She and her children camped a neighbour’s home last night, but will have to find a new home soon. Aliesha, who is expected to write the Secondary Entrance Assessment next year, lost all her books and uniforms. Read more here
Man killed after search for missing daughter
Vishnu Persad went in search of his missing 14-year-old daughter. When he returned home he was shot and killed. ersad, 36, of Navet Village, Rio Claro, died in the gallery of his home at 12.10 a.m. yesterday. He was shot in the left side of his back and was found bleeding from his mouth and nose. Persad and his family had returned from Mayaro after searching for his daughter Shivani Persad. Read more here
POLITICS
Petrotrin intervention coming
Government will have to intervene in Petrotrin’s $20 billion debt which becomes due shortly and which the State-owned company will not be able to service, says Prime Minister Dr Keith Rowley Government’s will have “to restructure the debt and reorganise the company” as it was doing now, he said. Addressing the nation last evening on the occasion of the first anniversary of his People’s National Movement Government in office, Rowley said that Government intends to sit down with the Oilfield Workers Trade Union to discuss the way forward for Petrotrin and Trinmar. Oil production which has been sliding steadily over the last few years, he noted, was now down to below 70,000 barrels a day, the lowest in 65 years, and well below where it should be if “we are to rely on it as heavily as we are do now.” Spurred on by gas supply concerns, Rowley noted that TT has been engaged in discussions and negotiations with the Venezuelan Government with a view to partner with them and the international private sector to monetise, through Pt Lisas, Venezulea’s gas rich Dragon fields. Read more here
Rowley mum on reshuffle
Prime Minister Dr Keith Rowley yesterday played his cards close to his chest about his impending Cabinet reshuffle. The question about re-aligning his ministers was thrown at Rowley three times while he spoke on i95.5 fm radio, but on each occasion he avoided the topic. It was the prime minister who first spoke about Cabinet changes during an interview on the anniversary of his administration. He said those changes are expected after the Budget was read. The Budget is expected in the last week of September. Host Natalie Ligoure asked Rowley what was his appraisal of his talent and ministers after one year in Government. Rowley stated that while people come forward to get selected and elected in the political arena, “the Government has a lot of people in it who are not experienced. But it is a particularly difficult time for the country.” He said while ministries are getting up to speed, not all were up to speed.
Probed by Ligoure which ministry was falling behind, Rowley said “I am not going to get in that conversation with you.” Read more here
$115m MORE FOR CRIME FIGHT
Cabinet has approved US$17.5 million (TT$115m) for the purchase of “major equipment” to upgrade the intelligence-gathering capacity of the police, Prime Minister Dr Keith Rowley announced in his address to the nation last night as he lamented the non-stop killings. The funds are targeted at the Criminal Gang and Intelligence Unit of the Trinidad and Tobago Police Service. The National Security Council “had Cabinet authorise” the sum, Rowley said, having previously stated that “Government will sustain its resourcing of the police and other security agencies to allow them to better engage in crime prevention and detection”. Read more here
BUSINESS
RBC Royal Bank hosts mortgage seminar for prospective homeowners
Prospective homeowners were given valuable insights and added financial incentive to realise a dream when RBC Royal Bank Trinidad and Tobago held the latest in a series of mortgage seminars at its Independence Square branch in Port-of-Spain recently. Attended by scores of RBC clients, the seminar featured a panel of experts who spoke about the entire process to be followed by applicants, especially first-timers, seeking residential mortgages. In addition, two RBC mortgage specialists walked the clients through a simulated mortgage application, giving an assurance that “we are prepared to meet you almost anywhere” to help them own their homes. Prospective homeowners were pleasantly surprised when a reduced mortgage rate was offered to clients who made formal applications on the day of the seminar and who eventually qualified for the mortgage. Read more here
Imbert cites identical FATCA legislation: Nothing new about proposed tax laws
Proposed legislation which will allow law enforcement agencies, both here and abroad, to identify people whose income does not match their salaries is no secret to the Opposition, says Finance Minister Colm Imbert. Imbert’s statement yesterday sought to correct statement attributed to Opposition Leader Kamla Persad-Bissessar. It comes ahead of today’s meeting between Government and Opposition representatives to iron out an agreement for the legislation to be approved before the deadline of September 30. Failure to pass the legislation by then will result in T&T being unable to trade internationally and will also result in the implementation of a 30 per cent withholding tax on US dollar transactions in the banking system. Read more here
FirstCaribbean earnings up
This week, we at Bourse evaluate the most recent financial performance FirstCaribbean International Bank Ltd (FCI), which has posted positive results for its nine-month period under review. We give our view on its performance thus far and outlook for the stock going forward. Read more here
REGIONAL
Growth Delay - Vaz Appeals For Patience, Says Council's Report May Be Ready Today
The Economic Growth Council (EGC) missed its August 31 deadline to submit its plans for growing the economy, but Daryl Vaz, the Government's point man on investments, says there should be no worries as the document could be submitted today. "It's being finalised right now," Vaz, the minister without portfolio in the Economic Growth and Job Creation Ministry in the Office of the Prime Minister, told The Gleanerlast Thursday. "From August 31 to now, it's being put together. It has not been submitted (to the Cabinet) and I think it [has been set] for the 12th of this month (today)," added Vaz, who has responsibility for land, environment, climate change, and investment. Vaz did not say what has caused the delay. Read more here
St Lucia cabinet rejects bid to end live coverage of parliament
According to former member of parliament Richard Frederick, an unnamed member of the Cabinet recently brought an unsuccessful proposal to end live television coverage of parliamentary proceedings in Saint Lucia. This follows a widely ridiculed performance by new prime minister Allen Chastanet last month, as leader of government business, in several clumsy attempts to introduce new legislation to the House, despite somesotto voce guidance by former prime minister Stephenson King. In a subsequent press statement, the opposition St Lucia Labour Party (SLP) said that Chastanet demonstrated “absolute cluelessness as to how the prime minister and leader of government business is to execute that responsibility.” Read more here
INTERNATIONAL
South Sudan's Kiir and Machar profited during war - report
Hillary Clinton stumbles -- will her campaign follow?
A weekend of stumbles has Hillary Clinton suddenly looking vulnerable at a pivotal moment of her battle with Donald Trump. Her swoon Sunday at muggy Ground Zero -- and damaging video of Clinton lurching into the arms of her security detail -- dramatically turned the state of her health from conservative conspiracy theory into a genuine campaign issue. The episode also exacerbates questions about transparency that have long dogged Clinton's White House bid after the campaign revealed the Democratic nominee is suffering from pneumonia -- a fact it kept quiet since Friday. But Sunday's drama was just merely a capstone on Clinton's rough 48 hours. Read more here
12th September 2016