TTMA In The News
Business groups warn: Economic diversification hinges on IR reform
Unless Trinidad and Tobago’s (TT) existing industrial relations (IR) system is reformed, five major business groups are warning that the “much-needed” economic diversification and preservation of jobs is unlikely to occur. The call to action comes from the American Chamber of Commerce of Trinidad and Tobago (AmCham), the Energy Chamber of TT (Energy Chamber), the TT Chamber of Industry and Commerce (TT Chamber), the Trinidad and Tobago Coalition of Services Industries (TTCSI) and the Trinidad and Tobago Manufacturers’ Association (TTMA). In a detailed statement issued this past Monday (April 4), the ‘Joint Chambers’ said economic diversification requires competitive, export-driven companies who are able to sell goods and services beyond TT’s borders. “If we are going to be globally competitive, we need to reverse the current trend in declining productivity…One of the most important elements needed to increase productivity is a dynamic labour market and a supportive industrial relations environment.” Read more…
Imbert mulls over US$ window for manufacturers
Stating that the manufacturing sector has held its own when it comes to contributing to the economy, Finance Minister Colm Imbert said government is exploring the option of having a US currency loan facility at EXIMBANK for manufacturers to access US currency and for repayment of that loan to be in TT currency. He said the manufacturing sector is the sector that is “saving” T&T, while the energy sector is giving this country a “big hit” namely, oil, gas and petro-chemicals. T&T is losing billions of dollars in the petro-chemicals sector. Imbert acknowledged that manufacturers have creditors who need to be paid in US currency and therefore, the Government needs to manage the supply of US currency very carefully. He said for 2016, the private sector has contributed well in excess of US$1 billion and therefore government needs to work with manufacturers to increase capacity. Read more…
Imbert: Govt looks into lending US$
Government is “toying” with the idea of opening a window for manufacturers to access US dollar loans through the Export Import Bank of Trinidad and Tobago (EXIM Bank), which can be repaid in Trinidad and Tobago currency. Noting the manufacturing sector is currently “saving the economy”, Finance Minister Colm Imbert said the arrangement will assist the manufacturers in importing inputs needed for their business. Read more…
NEWS
Cops Can’t Catch Killers
Police are having a hard time finding killers to an extent where there has been a sharp decline in the detection rate for murders in the past eight months. The detection rate was 17.8 percent between August 2014 and March 2015, but for the same months in late 2015 up to last month, the figure was a low 8.6 percent, acting Supt Zamsheed Mohammed of the Homicide Bureau disclosed yesterday. “The situation was identified that the detection rate was too low and with the continuous upsurge in homicides it poses challenges to the officers to the Homicide Bureau,” Mohammed told reporters yesterday during the weekly media briefing at the Trinidad and Tobago Police Service (TTPS) headquarters on the corner of Edward and Sackville Streets, Port-of-Spain. Read more…
Mom and son living in savannah washroom
Ingrid Applewhite, 30, and her son, Joshua, 12, have been living in the female washroom at the recreation ground at Pinto Road, Arima. Applewhite began living in the washroom behind the stands at the savannah four months ago after she lost her job at a restaurant and could no longer pay her rent. “The restaurant closed for health reasons and they sent us home and never called us back. We were staying by relatives but that did not work out either,” she said. Joshua, who has been attending Arima Boys’ Government Primary School, has not been to school for almost two years. Applewhite and Joshua sleep in one of the bathing stalls in the stands at nights and during the day wander around the savannah. Read more…
Thief nabbed in pensioner's home
A chase between police officers and four armed thieves through the forested terrain of Guaracara ended in the bedroom of a 76-year-old wheelchair-using woman on Tuesday. From her kitchen, pensioner Dularie Baldeo saw one of the thieves bleeding and hiding near her bed. “I tell him: 'Go! Who you be?' But he didn't want to go. He didn't answer,” said Baldeo. Within moments their concrete house was surrounded by police officers who detained the suspect. Read more…
POLITICS
Emrith can handle his business — Moonilal
Oropouche East MP Dr Roodal Moonilal yesterday said he expected his former United National Congress (UNC) colleague, Ken Emrith, will defend himself against allegations made against him in the Panama Papers. Speaking to reporters following a meeting of the Standing Finance Committee of the House of Representatives, Moonilal said, “I imagine that he can take care of his own business and seek legal advice on the matter.” Indicating he has not spoken to Emrith since the Panama Papers were made public, Moonilal observed, “Interestingly, they are not pointing to any criminal conduct or illegal activity. As you know, tax avoidance issues is a global issue. President Obama has spoken about this as well.” He said it was possible other TT citizens or Caribbean nationals may be “caught in this international exposure,” and added that it was no secret that Emrith worked with Brazilian company OAS Construtora for many years. Read more…
Petty crime accused clog up remand system: $50m burden on State—AG
It costs the State almost $50 million a month to maintain 2,235 remand prisoners in T&T. Attorney General Faris Al-Rawi revealed the figure as his office began its national consultation on prison reform at City Hall, Port-of-Spain, yesterday. Refering to statistics complied by his office over the past six months, Al-Rawi claimed that taking into consideration the annual budgets of the Prisons Service, Judiciary, Office of the Director of Public Prosecutions (DPP) and other criminal justice stakeholders, remand prisoners, who account for a little over 60 per cent of the prison population, cost the State between $20,000 and $25,000 a month each. That is a real figure to grapple with because coming out of this discussion we must decide what are we going to do about it. Are we prepared to make some hard and unpopular choices?” Al-Rawi asked. Read more…
Rambharat: Forester to move to Augustus Long by weekend
Agriculture Minister Clarence Rambharat has said forester Jamal Bain is expected to be transferred to the Augustus Long Hospital at Pointe-a-Pierre by the weekend. He is also appealing to the public to make blood donations. Rambharat was speaking yesterday at the Cocoa Research and Development Symposium at the Faculty of Engineering of The University of the West Indies, St Augustine. Read more…
BUSINESS
Scotiabank: TT economic outlook remains weak
Country's economic outlook “remains weak.” This was one of several observations made by Scotiabank in its latest executive brief, released on Tuesday. Other observations include the High Court likely dismissing the United National Congress’ challenge over the legality of extended voting hours in six constituencies due to the weather during last year’s general election. However, the bank noted if the appeal is upheld, by-elections could put the ruling People’s National Movement’s 23-18 par- liamentary majority at risk. Scotiabank said after experiencing an estimated 1.5 percent contraction in 2015, real GDP is forecast to decline by one percent this year, weighed down by subdued energy prices, fiscal tightening, and delays in the construction of a major petrochemicals project and production from the Starfish field. However, it said, “We expect a gradual recovery to materialise in 2017 as modest improvements in energy prices, billions of dollars of investment slated for energy projects, and higher natural gas output from the Juniper field will lift real GDP growth to around one percent.” Saying that inflation will likely remain contained, the bank said, “We expect annual average headline inflation to hover around four percent in 2016- 17 as tax reforms and improving commodity prices feed through to prices.” Read more…
GHL drops $0.55
Overall market activity resulted from trading in 12 securities of which three advanced, five declined and four traded firm. Trading activity on the first tier market registered a volume of 105,642 shares crossing the floor of the Exchange valued at $1,164,995. Guardian Holdings Ltd was the volume leader with 39,200 shares changing hands for a value of $519,400, followed by GraceKennedy Ltd with a volume of 27,531 shares being traded for $141,784.65. Sagicor Financial Corporation contributed 18,153 shares with a value of $127,152.83, while FirstCaribbean International Bank added 9,126 shares valued at $59,319. National Enterprises Ltdenjoyed the day’s largest gain, increasing $0.06 to end the day at $10.06. Conversely, Guardian Holdings Ltd suffered the day’s greatest loss, falling $0.55 to close at $13.25. Read more…
TT$7 to US$1 by end of 2016
Trinidad and Tobago will allow its dollar to fall to $7 to US$1 by the end of 2016, and to $7.50 to US$1 by the end of 2017, Scotiabank analysts in Canada have forecast in the bank's March executive briefing released in Canada and Port of Spain on Tuesday. “After maintaining the (TT dollar's) quasi-fixed exchange rate of 6.3-6.4 per US dollar (USD) for several years, the Central Bank of Trinidad and Tobago (CBTT) is open to greater currency flexibility,” a team of Scotiabank analysts led by Pablo Breard said in the briefing. Read more…
REGIONAL
We've Talked Too Long - JMA Boss Declares Time To Act Against T&T
As anger continues to mount against Trinidad and Tobago (T&T) over a protracted immigration and trade gridlock, the Jamaican Government is being urged to stop talking and act. "We have talked for too long," declared Metry Seaga, president of the Jamaica Manufacturers' Association, as he addressed a Gleaner Editors' Forum held at the newspaper's North Street, Kingston, offices. The focus of the forum was on the upcoming Expo Jamaica 2016, scheduled for April 14 to 17, but Seaga took time out to respond to the concerns regarding the country's relationship with T&T, particularly in light of recent complaints about ill-treatment of Jamaicans denied entry into the twin-island republic. Foreign Affairs Minister Kamina Johnson Smith has already launched a probe into the reports, and William Mahfood, president of the Private Sector Organisation of Jamaica, has called for a boycott of that country's exports. However, when the matter was raised about what has become a sore issue in Jamaica, T&T's largest trading partner in the region, Seaga declared that something has to give. Read more…
Puerto Rico lawmakers approve moratorium on loan repayments
Early Wednesday morning, Puerto Rico's House of Representatives approved a bill imposing a moratorium on servicing the US territory’s massive $70 billion debt. The Senate approved the bill in the early hours of Tuesday morning, and the House passed it some 24 hours later after a lengthy debate. It now goes to Governor Alejandro Garcia Padilla, who is expected to sign it. According to the governor, the bill to stop the loan payments is the best way to guarantee continued services for the 3.5 million residents of the US Caribbean territory, in the absence of a federal bailout. The US Congress so far has not granted the island the right to bankruptcy protection, as the White House and Puerto Rico governor have sought to do, and the bill is seen as adding pressure on Congress for a restructuring of the island’s debt burden. Read more…
INTERNATIONAL
Trump meeting suggests campaign changes
Donald Trump met Wednesday with GOP strategist Paul Manafort, a huddle that suggests campaign changes could be in the works after the billionaire lost the Wisconsin primary and is facing an uphill climb to clinch the Republican presidential nomination before the convention. Two knowledgeable sources say Manafort, who was recently hired by Trump to lead his delegate operation, is taking on an expanded role. Manafort's message at the New York City meeting: There are two weeks to right the ship, figure out a real New York and California strategy and develop an outline of a conservative message. The move raised questions about the future of Trump's embattled campaign manager, Corey Lewandowski. Read more…
Netherlands rejects EU-Ukraine partnership deal
7th April 2016