NEWS
Enemy within
All prisons throughout T&T are currently on a “lockdown” as security measures are increased, including the installation of body scanners. The move comes on the heels of Friday’s prison break in which prisoners Allan “Scanny” Martin, Hassan Atwell and Christopher Selby shot their way to freedom from the Port-of-Spain Prison, Frederick Street, Port-of-Spain, killing police officer Sherman Maynard as they did so. A well-placed prison source yesterday said the “lockdown” would be in place for at least the next two weeks and would affect visits to prison by family members of prisoners. Contacted last night, Prison Officers Association president Ceron Richards said the heightened security measures were long overdue. Read more…
Hearing put off as accused killed
A hearing of the Vindra Naipaul-Coolman murder trail had to be cancelled yesterday due to the death of one of the accused, Allan “Scanny” Martin. Although jurors in the trial were told to return to court in September for the restart of evidential hearings, prosecutors and defence attorneys yesterday were scheduled to continue their legal arguments in preparation for the future hearings before the jury. When the case was called in the Port-of-Spain High Court yesterday, presiding Judge Malcolm Holdip suggested that the case be adjourned to this morning after hearing news of Martin’s death. Martin was killed by police last Friday in a firefight with police after bolting from the Port-of-Spain prison. Holdip is expected to address how Scanny’s death will affect the future of trial, if at all, when the case resumes today. Read more…
‘Fugitive’ Jack wants judicial review
Citing political bias, corruption accused Jack Warner has instructed his attorneys to seek judicial review of his extradition proceedings. Warner, leader of the Independent Liberal Party (ILP), told the media that several Government ministers have been publicly making statements about his matter. He said it was impossible for him to get a fair hearing, since his case had already been judged in the public domain. Warner was speaking following his reappearance in the Port of Spain Magistrates’ Court yesterday on 12 charges related to racketeering, corruption and money laundering allegedly committed in the jurisdiction of the United States related to FIFA activities when he was vice-president. He is currently on $2.5 million bail. Read more…
Two more killed over weekend
Two more men have been felled by bullets in three separate instances between Friday night and yesterday. According to police reports, the most recent killing took place last night. Police said 33-year-old delivery driver Michael Daniel was found dead on Sunday around 7 pm at the corner of Oxford and Codrington Streets, east Port-of-Spain. Police said residents heard gunshots and contacted them. When the officers arrived they found Daniel, of Bridge Road, John John, dead. In the second killing Alvin “Pin Head” Joseph died while at the Intensive Care Unit of the Eric Williams Medical Sciences Centre (EWMSC) on Friday night after being shot earlier that day. Police said Joseph, of St Francois Valley Road, Belmont, was walking down a flight of stairs at Building Two around 2.30 pm when he was shot by gunmen who alighted from a nearby car. Read more…
POLITICS
Tobago gets its money from Central Govt
The Tobago House of Assembly (THA) has received all monies owed by the Central Government. When contacted, Secretary of Finance and Enterprise Development, Joel Jack confirmed the information, noting that the monies have been received. “We got the 4th quarter releases as well as the arrears. However we have an issue with respect to the arrears, and I have spoken to the Finance Minister, and I am awaiting word on that,” he said. At last Wednesday’s Post Executive Council Media Briefing, Jack reported that the THA had not yet received its 4th Quarter funding from the Central Government to treat with recurrent expenditure and to treat with development programme expenditure as well as the outstanding 3rd Quarter shortfall to treat with payment of arrears to teachers and other public servants. As a result, Jack was adamant that development programmes were being stifled. Read more…
BUSINESS
Yetming: No majority state ownership for Angostura
Angostura chairman Gerald Yetming, yesterday, assured shareholders at the annual meeting of the rum and bitters producer that the company will not end up as a majority state-owned company, even though the Clico resolution calls for the transfer of Clico’s shares in Angostura and CL World Brands (along with Home Construction) to the Government. Clico owns 32 per cent of Angostura (66.9 million shares) and 48 per cent of CL World Brands, which owns 45 per cent of Angostura (some 92.5 million shares), which means that if both sets of shares are transferred to the Government, it would own 54 per cent of Angostura. This would make Angostura a majority state-owned company. Asked what would the Government’s stake in Angostura be when Clico’s shares in the company and CL World Brands are transferred to the State, Yetming said: “In the final shareholders’ agreement, certain transactions are contemplated, which are all linked to the Clico resolution, which is expected to bring a complete and final resolution to the Government’s intervention in Clico. Read more…
Unemployment up for first quarter
The unemployment rate has increased to 3.7 per cent for the first quarter of 2015, compared to 3.1 per cent in the same period last year. An according to the latest Labour Force Bulletin by the Central Statistical Office, more women than men are without jobs. “In terms of the unemployment situation, the data reflected an increase of 2,700 or 12.7 per cent in the number of unemployed persons in Trinidad and Tobago between the fourth quarter 2014 and first quarter 2015. “Unemployed males increased by 200 or 1.8 per cent while unemployed females increased by 2,500 or 24.8 per cent. A comparison of the data for the corresponding quarter in 2014 revealed an increase of 3,300 or 15.9 per cent in the total number of unemployed persons in Trinidad and Tobago,” the CSO said. When broken down by gender, the unemployment rate among men increased from 2.9 per cent to three per cent for the first quarter 2015 while the rate for women increased from 3.8 per cent to 4.7 per cent. Read more…
Ramnarine talks with CEOs
Energy Minister Kevin Ramnarine held talks last week with Rudolf Elias, CEO of Suriname’s national oil company Staatsolie. The talks took place at the Ministry’s headquarters at Tower C of the Port-of-Spain International Waterfront Centre. Discussions at the meeting centred on areas of cooperation between Suriname and Trinidad and Tobago. Ramnarine gave his commitment to sending a Ministry led delegation to Suriname in August to explore potential Investment opportunities and areas of cooperation in oil and gas. Also last week, Ramnarine said goodbye to Repsol’s TT Business Unit Director Luis Polo. The farewell function for Polo was held at the Hilton Trinidad. Spanish Ambassador to TT José María Fernández López de Turiso and several energy sector leaders were in attendance. Read more…
ANSA McAL up $0.02
Overall market activity resulted from trading in eight securities of which two advanced, one declined and five traded firm. Trading activity on the first tier market registered a volume of 57,462 shares crossing the floor of the Exchange valued at $2,425,780.64. Angostura Holdings Ltd was the volume leader was the volume leader with 30,000 shares changing hands for a value of $420,300, followed by First Citizens Bank with a volume of 10,499 shares being traded for $374,803.12. ANSA McAL enjoyed the day's largest gain, increasing $0.02 to end the day at $67.27. Conversely, Clico Investment Fund suffered the day's sole decline, falling $0.01 to end the day at $22.65. Read more…
REGIONAL
Grenada lowers Kick 'em Jenny alert level to yellow
The Seismic Research Centre (SRC) at the University of the West Indies has reported that the activity levels at the Kick-‘em-Jenny submarine volcano just off the north coast of Grenada has reduced significantly over the weekend. No activity had been recorded since 6:00 pm on Saturday. On Saturday, at around 5:50 pm, a team including a volcanologist from the SRC, Grenada’s acting national disaster coordinator, and a camera person, participated in a fly over of the Kick-‘em-Jenny area by helicopter. The volcanologist, Dr Frederic Dondin, who has conducted extensive research on Kick-‘em-Jenny, concluded, after his observations, that there was absolutely nothing unusual in the area. Based on the above findings, and given the fact that the activity levels at Kick-‘em- Jenny has diminished, the government of Grenada, based on the advice of the SRC has lowered the alert level to Yellow with immediate effect. Read more…
INTERNATIONAL
BP profits fall on low oil price
BP has reported a sharp fall in profits for the three months to the end of June as lower oil prices continue to hurt. Underlying replacement cost profit (RCP) was $1.31bn (£841m) compared with $3.63bn a year ago.However, after setting aside $7.5bn for further costs relating to the 2010 Deepwater Horizon oil spill disaster, BP recorded a loss of $6.26bn.On 2 July, BP reached an $18.7bn settlement with the US Department of Justice (DoJ) over the oil spill. BP said that in all, it was setting aside $9.8bn in the quarter for costs related to settlements with the DoJ and 400 local governments in relation to the oil spill, which became one of the worst environmental disasters in US history and claimed the lives of 11 people.The results come at a time of continuing uncertainty for oil companies, with oil prices more than 50% lower than last year. Read more…
28th July 2015