NEWS
Contractor killed over money
A small contractor. who also moonlights. as a “PH” taxi driver. “to make ends meet”. was stabbed to death. on Saturday night allegedly. by one of his. part-time employees. over money. Michael Ali, 31, a father. of a two-year-old. daughter, of Quarry Village,. Siparia, died some. three hours after the. attack while undergoing. treatment at the San. Fernando General Hospital. A 42 year old fruit. vendor has since been. detained. The suspect,. police said, was released. from jail about. three weeks ago. “Michael didn’t deserve. that,” cried Ali’s. grieving uncle-in-law. Jaglal Singh. He described. Ali as an honest,. hardworking man who. always looked out for. others. “With all his (suspect). faults he (Ali) still gave. him a chance and carried. him to work with. him in Princes Town. Read more here
Five weeks after chairman walks over board dispute: CDA manager quits
Five weeks after Anthony Pierre resigned as chairman of Chaguaramas Development Authority (CDA), the general manager of the State-owned company has also quit. On Friday, Michael Anatol, who was on a six-month probationary period with the CDA, submitted his resignation to acting chairman Narine Lutchmedial. Contacted yesterday, Lutchmedial said Anatol relinquished his position after serving for three months and one week. “We were doing an assessment into his performance. Then he submitted his resignation. From the tone of his resignation he wants to part ways,” Lutchmedial said in a telephone interview. Read more here
T&T students in J’ca ‘safe’, brace for Matthew
Trinidad and Tobago students at the Mona Campus of The University of the West Indies, in Jamaica, had no choice but to ride out the bad weather generated by Hurricane Matthew. Speaking to TV6 yesterday, Education Minister Anthony Garcia said he had been in contact with T&T High Commissioner to Jamaica Fitzgerald Jeffrey and had been informed that a close eye was being kept on the situation. “All our students are safe. They are well taken care of. Their parents may not worry. He (Jeffrey) is monitoring the situation hour by hour. They will be safe,” Garcia said. Jamaica Prime Minister Andrew Holness told citizens to hope for the best but prepare for the worst, in an address to the nation yesterday as Matthew bears down on Haiti, Jamaica and Cuba. Read more here
POLITICS
Abdulah wants more specifics in budget
Movement for Social Justice political leader David Abdulah has called for specific measures to deal with the safety and security of the country, even as he noted that last Friday’s budget was not a blueprint for transformation ad growth as it lacked specific provisions to deal with the escalating crime rate. National Security received the biggest chunk of the budget pie according to Finance Minister Colm Imbert’s budget presentation. “The safety and security of citizens is not being acted upon. The murder count is 344 and at the rate we going, it is likely that we will have 500 people being murdered before the end of 2016,” Abdulah said, while addressing an MSJ press conference at the party’s St Joseph Road, San Fernando, headquarters. Read more here
Regiment recruits to help crime fight
Parliamentary Secretary in the Ministry of National Security, Glenda Jennings-Smith, says the latest batch of T&T Regiment recruits will play a key role in this country's crime fighting arsenal and, more critically, act as a deterrent to those who may be considering nefarious activities. She was speaking at the T&T Defence Force’s Regiment Passing Out Parade at the Teteron Barracks, Chaguaramas, on Saturday. Addressing the recruits of Intake 1601, Jennings-Smith said, “While your initial training period might be over, your career in the military has only just begun. “You joined the Force at a time when our security threats have evolved to a transnational level and are not only multi-dimensional but wide ranging in scope, ranging from the illicit trafficking of arms, ammunition, to narcotics, contraband trade, and within our regional and international waters, terrorism and money laundering.” Read more here
A need for reform
Former prime minister Basdeo Panday said the current conflict between the President and the Prime Minister is further evidence of the urgent need for constitutional reform. Panday has been long advocating for changes to Trinidad and Tobago’s Constitution. “How can you have the President as Commander-in-Chief of the Armed Forces and the Prime Minister responsible for running the same organisation? The problem arises because we have one person Head of State and another as Head of Government?” he asked. Read more here
BUSINESS
RBC takes sponsorship lead for ICATT conference
‘The commitment by RBC Royal Bank to be the lead Titanium sponsor of the 2016 Annual International Finance and Accounting Conference to be hosted by The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) underscores the Bank’s focus on strengthening operational integrity and building sustainable partnerships with key stakeholders in the community. The Conference, which takes place at the Hyatt Regency Hotel & Conference Centre, Port of Spain, on Wednesday and Thursday, will bring together some of the leading experts in finance and accounting, who will speak on the theme “Turnaround Prescriptions _ Strategies for Success in Challenging Times”. The conference formally opens at 8.30 am on Wednesday. “At RBC, we recognise the positive impact we can have on the communities and countries in which we live and work. As a leading financial institution we are indeed happy to partner with ICATT as Titanium sponsor for this very important forum which seeks viable prescriptions for meeting the challenges our economies face today,” said Rob Johnston, CEO, RBC Financial Caribbean Limited. Read more here
UWI lecturer: Cuts not drastic enough
UWI Economics lecturer and deputy dean for distance and outreach Dr Daren Conrad does nothing Government went far enough in consolidating expenditure in 2016/2017 Budget. He described the fiscal package presented on Friday by Finance Minister Colm Imbert as “more of the same.” “Given the serious financial predicament the country finds itself in, I think the budget was very much run of the mill in its nature.
“The minister missed a wonderful opportunity to sensitise the nation to just how severe our financial circumstances are and why much needed expenditure reduction is necessary,” he said. Conrad felt no real attempt was made to reduce spending on transfers and subsidies although that would have gone some way in tightening expenditure and reducing wastage. Read more here
Budget 2017: an investment perspective
This week, we at Bourse take a closer look at the highlights of the 2016/2017 fiscal budget, placing particular emphasis on opportunities and implications for investors. The Minister of Finance, in an effort to generate part of the estimated $9.6 billion in one-off revenues, announced the sale of several assets owned by directly or indirectly by the State. We consider these hereunder. Read more here
REGIONAL
This Is It - Jamaica Braces For The Worst From Hurricane Matthew, Gov't Pleads For At-Risk Residents To Relocate
As flooding from brief periods of torrential rainfall exposed the looming threat of Hurricane Matthew, Minister of Local Government and Community Development Desmond McKenzie yesterday lamented the fact that residents of low-lying and flood-prone areas have repeatedly refused to heed calls for them to evacuate. McKenzie, who was addressing a press conference to give an update on Jamaica's readiness for the passage of Matthew, indicated that several attempts to encourage residents in Port Royal and other areas to relocate have proven futile. "We cannot put the lives of our first responders at risk, and as such, I am pleading with residents to heed the calls to relocate. We have made buses available to transport people to the National Arena," he said. Read more here
Suriname grants licence to first Islamic bank in Western Hemisphere
In major development that will see Suriname hosting the first Islamic bank in the Western Hemisphere, the Central Bank of Suriname has finally, granted the Trust Bank a licence to commence Islamic banking. Trust Bank plans to be in operation by the first quarter of 2017. Foreign investment will now flow through Trust Bank and will be a boost to the Surinamese economy. The bank is now busy putting together the physical and human infrastructure to meet its target opening date. A year ago, Trust Bank signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB) to process and support its conversion into Islamic compliant operations. In discussing the vision and goals of the bank, the chief executive officer of Trust Bank, Maureen Badjoeri, said: “Within our new strategy, one of our ambitions is to contribute to the socio economic development of SMEs. Once becoming an Islamic Bank, and with the collaboration with ICD, Trust Bank wants to facilitate SMEs in more ways than just financially. With this approach, SMEs will be able to start-up or expand production of goods and services with a spin-off in job creation, trade, export and adding to GDP growth and strengthening of the Surinamese currency and economy.” Read more here
INTERNATIONAL
Colombia referendum: Voters reject Farc peace deal
Trump running out of time as controversies pile up
Donald Trump's tax controversy and his self-destructive lack of discipline threaten to drain the Republican nominee of something he can't afford: time. With 36 days remaining before Election Day, the real estate mogul's campaign is consumed with the fallout from a New York Times story published over the weekend that found Trump reported a $916 million loss in 1995. That loss could mean Trump went 18 years without paying federal income taxes. Those findings -- which Trump's campaign isn't disputing but haven't been independently confirmed by CNN -- would be daunting for any presidential candidate to overcome. But they're especially challenging for Trump, who is losing control of the campaign's narrative after a strong September in which he narrowed the race with Hillary Clinton. Read more here
3rd October 2016