TTMA IN THE NEWS
Finance Minister on economic growth: People think things are getting better
Finance Minister Imbert is convinced that not only has the economy been growing consistently over the past three years but people are now feeling the positive effects of that growth. He was responding to questions during a panel discussion at the TT Manufacturers' Association (TTMA)’s annual post-budget discussion at the Hyatt Regency in Port of Spain on October 1, the day after the 2024/2025 budget was laid in Parliament. “I do think that quite a few people feel that things are better now than they were five or seven years ago,” he said. Read more here
Imbert: Energy sector tax legislation coming soon
Legislation geared towards increasing the amount of US dollars paid to the Government by energy sector companies is set to come into effect by early 2025. This was announced by Finance Minister Colm Imbert during a panel discussion at the Trinidad and Tobago Manufacturers Association’s (TTMA) Post Budget Discussion at the Hyatt Regency in Port-of-Spain yesterday. The Finance Minister explained that the country was currently missing out on approximately US$2 billion annually from energy sector companies. During the budget, the Finance Minister said by 2025 he would introduce legislation to encourage energy sector companies to pay all their taxes in US dollars, given all of their products are exported. Read more here
$2 increase for govt workers not meant to pressure small businesses
“It’s not a minimum wage per se.” Finance Minister Colm Imbert said the decision to increase the minimum wage for government workers by $2 was not meant to pressure the private sector to follow suit. “I said we didn’t want to impose another increase of the minimum wage in just 12 months, particularly for small businesses. Because the point I made was, yes, of course, if you’re earning minimum wage, you are going to be happy for any increase that you get because you’re really at the minimum. Read more here
NEWS
Pastor at funeral of 8-year-old drowning victim: Spend time with your loved ones
The Pastor officiating at the funeral of eight-year-old Kaden Sandy is reminding people to spend as much time as possible with their loved ones as life can be short. Kaden died on September 22 after a boating accident in Chaguaramas. Police said that around 7.15 pm, Kaden and four other people were two miles off Centipede Island, Chaguaramas, in a fishing boat named Perseverance and were assisting another boat, which had stalled at sea. Read more here
POLITICS
More $$ for Prime Minister's office, Parliament, President
The Office of the Prime Minister (OPM), Parliament and the Office of the President (OTP) all received increased allocations for fiscal 2025 in the 2024/2025 budget. According to the Draft Estimates for Recurrent Expenditure for Financial Year 2025, the OPM's allocation increased from $568,489,400 in fiscal 2024 to $ 778,796,200 210 in fiscal 2025. This represented an increase of $210,306, 800. The largest allocations for expenditure for the OPM were in the areas of repairs and maintenance of buildings and the operations of cabinet-appointed bodies. Read more here
BUSINESS
Buyer beware of policyholders' claims
The head of the Clico Policyholders Group (CPG), Peter Permell, has issued a caution to companies that may be interested in acquiring the State's 49 per cent shareholding in Clico that Executive Flexible Premium Annuity (EFPA) policyholders of the insurance company are entitled to claim the 15 per cent residual balance on their policies plus the accrued interest. In a news release yesterday, Permell disputed an assertion made by Finance Minister, Colm Imbert, that the 'assenting' EFPA policyholders 'sold' their policies in return for $75,000 in cash and zero-coupon bonds for a period of 20 years. Read more here
REGIONAL
Every region could soon have major facility to boost egg, chicken production
IN a strategic move to advance Guyana’s agricultural sector, President, Dr Irfaan Ali met with a group of young people from Region Five (Mahaica-Berbice) on Tuesday morning for a breakfast meeting at Park Square Funcity in Mahaicony. The focus of the discussion was on empowering the youth to play an active role in the growing agro-business sector, positioning them as key contributors to the country’s sustainable development. The meeting, which was attended by Minister of Agriculture Zulfikar Mustapha, technical staff from the Ministry of Agriculture and representatives from the Guyana Bank for Trade and Industry (GBTI) and Demerara Bank, underscored the government’s commitment to fostering innovation and entrepreneurship among the nation’s youth. Read more here
INTERNATIONAL
Bowen: Iran wanted to do real damage, and Israel's response may not be as restrained as last time
When Iran attacked Israel in April, it seemed like it was making a point – but Iran effectively gave notice of the attack in terms of how it carried it out, and everything was pretty much shot out of the air by Israeli and American defences. This time around it’s different. The Iranians looked like they wanted to do some serious damage and were making a much more aggressive point. Iran’s Islamic Revolutionary Guards Corps put out an announcement saying that they were retaliating to the killings of senior leaders in Hamas and Hezbollah, and warned that if Israel retaliated, in turn they would strike back. Read more here
2nd October 2024