TTMA IN THE NEWS
Imbert fields questions from businesses
For the past five years, Minister of Finance Colm Imbert has been hosted by the TT Manufacturers’ Association (TTMA) in a post-budget forum the day after the budget is read in Parliament. "The reason why I come to the TTMA post-budget forum is because I find this group – and you might find this strange – I find them non-political. "I find that the discussion is always serious, factual and to the point and people don’t get into political things," he said. This year was no different as a candid Imbert spoke with businesses during a panel discussion at the Hyatt Regency in Port of Spain on Tuesday, giving honest and open responses to questions posed by the TTMA’s membership. Read more here
NEWS
Boy, 4, shot at preschool needs child-sized wheelchair
The four-year-old boy who was shot in the leg when gunmen opened fire outside his preschool in Malick on September 25 needs a child-sized wheelchair. The boy was among three people injured when gunmen killed two men outside of Roxann's Learning and Childhood Centre in Malick, Barataria. Newsday spoke with principal Roxann King on October 2 for an update on the child's health as well as the plans to temporarily relocate the preschool. She said, "He is resting at home comfortably. His foot is in a cast until the bone mends back together. We are trying to locate a child-sized wheelchair in the meantime." Read more here
Port operating at ‘limited capacity’ after workers walk off the job
At least one business chamber is very concerned over industrial action at the Port of Port-of-Spain, which began yesterday. Scores of workers walked off the job over a range of issues, including health and safety concerns and stalled wage negotiations, which disrupted operations. The walkout began shortly after 7 am, with workers heading to their union, the Seamen and Waterfront Workers’ Trade Union (SWWTU), located on Wrightson Road, Port-of-Spain. The workers’ action mirrors strikes in the United States, where nearly 50,000 port workers launched a strike last Tuesday, disrupting operations on the Eastern Seaboard and Gulf Coast ports. Read more here
POLITICS
Al-Rawi upbeat on $$ for local government
Rural Development and Local Government Minister Faris Al-Rawi says he is very upbeat about the allocation his ministry received in the 2024/2025 budget and additional revenues of over $91 million, which can flow into the coffers of local government corporations from the collection of property tax. He added he knows complaints and allegations will be thrown at him over the allocation of money to his ministry. Read more here
Government to collect less $ from property tax
The recent reduction in property tax, from three per cent to two per cent, will decrease Government revenue, with projections of $125 million for 2025, down from an anticipated $400 million for the previous fiscal year of 2023/2024. In 2025, the Government expects to collect $100.1 million from alcohol and tobacco taxes and $63 million from online purchase taxes, as outlined in the 2025 Draft Estimates of Revenue presented alongside the $59.8 billion budget for fiscal 2024-25 by Finance Minister Colm Imbert. The total projected revenue for 2025 stands at $54.3 billion, which includes $14.2 billion from oil, $35.1 billion from non-oil sources, and $4.1 billion from capital revenue. The 2024 budget, also valued at $59.3 billion, estimated revenue at $54.1 billion but experienced a $3 billion shortfall due to lower energy prices. Read more here
BUSINESS
TT Chamber analyst wary about forex shortage solutions
While Finance Minister Colm Imbert “pulled some levers” to address revenue shortfalls, Colin Ramsey, partner at Ernst & Young, says persistent issues like heavy expenditure on subsidies, transfers and a bloated public sector, continue to drive the country’s annual budget deficits. Ramsey shared his analysis at the TT Chamber of Industry and Commerce’s annual post-budget discussion at Hyatt Port of Spain, on October 1. He expressed concern that TT revenue has failed to match annual expenditure every year for the last decade, barring 2022 when geopolitical forces impacted oil and gas prices, benefiting the country. Read more here
SMEs could be hurt
While Government does not wish to place additional stress on the small business sector, this can in fact materialise with the proposed increase in minimum wage in the public sector from $20.50 an hour to $22.50 an hour, says Garvin Joefield, economist with the Economic Intelligence Unit at Republic Bank Ltd. “While the minister indicated that his desire was not to place pressure on MSEs (micro and small enterprises) and marginal firms I think the very fact that we would have programmes like CEPEP and URP offering higher rates of compensation than in the SME sector and for marginal firms it could bring about the very thing that he feared. Read more here
REGIONAL
President Ali mobilises quick response to koker failure at Canal
On Tuesday afternoon, the middle door of a koker at Canal Number One in Region Three (Essequibo Islands-West Demerara) failed, because of immense pressure from seasonal high tides. However, swift mobilisation of the resources by authorities averted any major catastrophic events. President, Dr Irfaan Ali led from the front, leading a team from the Regional Democratic Council (RDC), the National Drainage and Irrigation Authority (NDIA) and the Guyana Police Force. “The middle door of the koker at Canal Number One has failed under the high tide. The National Drainage and Irrigation Authority is mobilising equipment and materials to install stop logs. Preparations are also being made to install a new door,” the Head of State said in a brief statement to his official Facebook Page. Read more here
INTERNATIONAL
Ukraine drone attack in Russia sparks fire
Thirteen people have been injured in Russia's Tver region after a large Ukrainian drone attack sparked a fire there, according to the Russian health ministry. Unverified footage has emerged purportedly showing a massive blast in the town of Toropets. Video footage circulating on social media showed detonations and smoke covering a large stretch of sky. A partial evacuation of the region was ordered after the strike in the early hours of Wednesday morning. The regional governor later encouraged residents to return, saying that all infrastructure in the town was working normally again. Read more here
3rd October 2024