TTMA IN THE NEWS
TTMA COMMENDS GARY
The Trinidad and Tobago Manufacturers’ Association is commending the Commissioner of Police on the progress made in policing across the country since his appointment to the Top Cop position in August. The TTMA notes the many positive outcomes of the operations, which Commissioner Griffith has spearheaded within recent times, inclusive of major drug busts and apprehension of kidnappers. We believe that the signal which is being sent to the criminals in our society is that it is no longer business as usual as it appears that Commissioner Griffith has engaged his mandate without fear and or favour. The TTMA supports the Commissioner in his crime-fighting endeavours and stands ready to work with him as required in any capacity. The swift action of Commissioner Griffith and his teams serve to rebuild confidence in the police service as we all work together toward a safer Trinidad and Tobago. Read more here
TTMA: Griffith on right track
The T&T Manufacturers’Association (TTMA) has commended Police Commissioner Gary Griffith for the progress made in policing across the country since he took up the position in August. The business group noted the many positive outcomes in police operations in recent times, including major drug busts and apprehension of kidnappers. “We believe that the signal which is being sent to the criminals in our society is that it is no longer business as usual as it appears that Commissioner Griffith has engaged his mandate without fear and or favour,” the TTMA said in a statement. Read more here
NEWS
Crime, corruption, flooding affecting Penal/Debe business
“Crime, corruption, flooding, lack of transparency and accountability are crippling our county, our businesses and our livelihoods.” These were the sentiments expressed by president of the Penal/Debe Chamber Rampersad Sieuraj at his organisation's Christmas dinner last Saturday at Achievors Conference Centre, San Fernando. The statements came hours after a Penal family, including two children, were kidnapped. The family, Aaron Sooknanan, 28, his Venezuelan-born wife Paola Sanchez-Sooknanan, 26, and their children, Ricardo, five and Isabella, three, were rescued by police without any ransom being paid. Read more here
Galleons Passage fails to complete Tobago voyage
Passengers trying to make their way to Tobago via the Galleons Passage were left confused as to the exact reason why the vessel had to return to the Port of Port-of-Spain while on the way to the Scarborough Port yesterday. The vessel was making the journey to Tobago after having departed Port-of-Spain around 11 am. The vessel was scheduled to arrive in Tobago at 4.30 pm. But passengers claim around 2 pm, almost midway through the journey, it was announced that the Galleons Passage would not make it to Scarborough but had to return to Trinidad. One man,who made a short recording, which has been making the rounds on social media, claims passengers were told rough seas and bad weather were being given as the reasons for the journey being aborted. His recording showed bright sun and calm seas. Read more here
POLITICS
DPP vacancies at 57 per cent
Joint Select Committee (JSC) member Paul Richards says the public will be frustrated with vacancies in the Office of the Director of Public Prosecutions (DPP) and how this impacts on the justice system. “So while we touting that we want to solve crime and we want to reduce criminality and we want to increase the efficiency of the criminal justice system, the public can hear this is one of the problems. Because if you have 57 per cent of your staff in a critical agency like the Office of the DPP lagging behind like this...it is somebody’s fault and the public is paying for this inefficiency...with continued lapses, with people sitting on Remand for years – six years on average, and presumed innocent. And the public has a right to be frustrated with this.” Read more here
Space crisis at DPP’s office
There is a space crisis at the Office of the Director of Public Prosecutions (DPP) and as a result, vacancies cannot be fulfilled at this time. This was yesterday disclosed during the sitting of the Joint Select Committee (JSC) of the Parliament on National Security. JSC member Gerard Ramdeen asked to clarify how many vacancies have been identified. He said based on information given by the DPP in a letter dated August 2018 identified 74 – the sanctioned strength 120, which he said represents 56 per cent vacancies. However, Prabhawaite Maraj, Director of Personnel Administration corrected Ramdeen identifying 73 vacancies at the Port-of-Spain office. Read more here
BUSINESS
Money (that’s what I want)
Not enough companies list shares or borrow money by issuing bonds. And there just aren’t enough buyers and sellers willing to trade or invest. As of September 2018, there was over 4.99 billion in excess cash sitting in commercial banks. This is cash that can be invested to build businesses and create jobs. Potential investment is trapped. Sagicor has decided to de-list from the TT and Barbados stock exchanges. Following a US$536 million acquisition by Canada’s Alignvest, it will re-list on the Toronto stock exchange. Read more here
Scotiabank declares $644m profit
Scotiabank T&T Limited yesterday reported income after tax of $644 million for the year ended October 31, 2018, a decrease of $13 million or two per cent compared to the corresponding period in 2017. This reduction in profitability was driven by the increased corporate tax rate levied on commercial banks—from 30 to 35 per cent—combined with higher levels of loan loss provisioning. However, Managing Director Stephen Bagnarol said the bank continues to highlight its financial strength with return on equity of 16.05 per cent and return on assets of 2.69 per cent. Read more here
REGIONAL
'Charge Them!' - Private Sector Wants Persons To Be Held Criminally Responsible For Findings At Petrojam
Someone should be held criminally responsible for two of the more damning findings unearthed by a comprehensive audit of the state-run oil refinery Petrojam and the Petroleum Corporation of Jamaica, private sector leaders charged yesterday. Further, the Private Sector Organisation of Jamaica (PSOJ) wants the findings referred to the finance ministry, in keeping with the Financial Administration and Audit Act, "to see what, if any, sanctions should be imposed". Read more here
INTERNATIONAL
Huawei CFO Meng Wanzhou arrested in Canada, faces extradition to United States
A Huawei spokesperson said Meng was detained by Canadian authorities on behalf of the United States when she was transferring flights in Canada. Huawei said she faces unspecified charges in the Eastern District of New York. The Wall Street Journal reported in April that the US Justice Department was investigating whether Huawei violated US sanctions on Iran. "The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng," the spokesperson said. "The company believes the Canadian and US legal systems will ultimately reach a just conclusion. Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and EU." Read more here
Rescue mission in Japan after two US Marine aircraft collide
6th December 2018