TTMA In The News
TTMA on trade mission to Dom Rep
The Trinidad and Tobago Manufacturers’ Association (TTMA) will be hosting a trade mission to the Dominican Republic (DR) from September 12 to September 16, 2017 in collaboration with the Embassy of the Dominican Republic in Trinidad and Tobago. According to a release from the TTMA, the delegation, led by senior officials of the Ministry of Trade and Industry and the TTMA’s CEO Dr Mahindra Ramdeen, will consist of 14 member companies from varying sectors including: chemicals and non-metallic, food and beverage, distribution, transportation and shipping, automotive and manufacturers of household products. TTMA President, Christopher Alcazar said: “In keeping with our mission to increase the value and growth of the manufacturing sector in Trinidad and Tobago, the TTMA believes trade missions such as these play a pivotal role in opening new markets for our members with a view of ultimately generating much needed foreign exchange for our country.” Read more here
NEWS
Rage in Beetham
Assistant Commissioner of Police (ACP) in charge of crime, Irwin Hackshaw, yesterday warned Beetham residents against throwing debris onto the Beetham Highway and issuing threats to police officers on duty in the area. The comments were made by ACP Hackshaw following a heated confrontation between some Beetham Gardens residents and officers of the Inter-Agency Task Force (IATF) on Saturday. Two short videos of the confrontation were uploaded to social media over the weekend. In the footage, one man is seen telling the officers, “We do not go into the police station to harass officers, so why are officers harassing residents?” The same man is heard issuing a threat, “When we you see out of uniform, we will treat you the same way you treat us.” Following this confrontation, some Beetham Gardens residents began throwing debris onto the highway, prompting officers to maintain a static patrol in the area to prevent people from continuing to break the law. Read more here
Only man alive to do it offers his support
Grande Riviere resident Raymond La Croix, the first man who swam from Trinidad to Tobago, is supporting Public Services Association president Watson Duke on his swim today from Tobago. La Croix, who achieved his swim in 1993 after two failed attempts in 1991 and ‘92, spoke to Duke yesterday, giving him some pointers and how to go about his swim today. He said he felt if Duke pursues and accomplishes the swim, “it will send a strong message and the ministers would listen and bring some solution to the people of Tobago.” Read more here
Man killed in second attempt on his life
Years after surviving an attack on his life, a Cedros coconut vendor and fisherman was killed near his home yesterday. Errol Sookbir, 39, was killed mere metres away from the previous attack at Perseverance Estate in Cedros. Sookbir had just driven away from his home in his AD wagon when he was shot in his head and back. Read more here
POLITICS
Drones to protect Scarlet Ibis
The Ministry of Agriculture, Land and Fisheries has taken the initiative to use technology – drones - to protect the national bird. Drones, unmanned aircraft which are guided remotely, can be used to precisely monitor illegal poaching activities in the Caroni Swamp, which is soon to be declared as an Environmentally Sensitive Area (ESA). Over the last week, several test flights were conducted, zooming in on the birds’ roosting and nesting sites as well as the several rivers channels in the swamp which are commonly used as boat transport routes. Minister of Agriculture, Land and Fisheries, Clarence Rambharat, who has fully supported the initiative, said:“For several months I have been exploring the use of drones and other technology in law enforcement areas in the Ministry. Some are already in use by agencies that we work with. Read more here
AG heads to court tomorrow
Government is expected to file an Interpretation Summons in court by tomorrow asking the High Court to interpret what should be done regarding the 53 outstanding matters of former chief magistrate Marcia Ayers-Caesar. “We’re aiming to file it by Tuesday,” Attorney General Faris Al-Rawi said yesterday. It will be the latest step to try and deal with the matter of the cases which were partly heard and were left in limbo following Ayers-Caesar’s elevation to the High Court and resignation earlier in the year. Al-Rawi said the summons was one of two routes suggested by the Director of Public Prosecutions (DPP) on the matter. Read more here
Cuffie makes case for TTT
The revival of Trinidad and Tobago Television (TTT) will result in a significant reduction in the use of foreign exchange, Public Administration and Communications Minister Maxie Cuffie has said. Cuffie made the point during a meeting with the Filmmakers Collaborative of Trinidad and Tobago (FILMCO) on August 23, one day before Cabinet’s decision to shut down State-owned Caribbean New Media Group (CNMG) and revive TTT. Read more here
BUSINESS
NEL reports $53.6 million profits
National Enterprises Limited (NEL) has reported an increase in operating profits from TT $28.4 million in the fiscal year ended March 31, 2016 to $53.6 million this year; an increase if $25.2 million or 88.7 percent. During the company’s Annual General Meeting (AGM), held at Radisson Hotel, Port-of-Spain last Thursday, shareholders voted in favour of a proposal by the board that, having declared an interim dividend of $0.15 in December 2016, to pay a final dividend of $0.20 to shareholders on the register as of July 21, 2017. In its Annual Report 2017, NEL Chairman, Ingrid Lashley, said the board was pleased to report that with its portfolio of local investee companies, NEL “continues to provide shareholders with competitive dividends despite the challenges of the economic downturn.” “The share of profit of equity accounted investments, which will include shareholdings in Trinidad Nitrogen Company Limited (TRINGEN), NGC NGL Company Limited (NGC NGL), Telecommunications Services of Trinidad and Tobago Limited (TSTT) and Pan West Engineers and Constructors LLC (Pan West), is $145.9 million, an increase of $80.5 million or 123 percent over the corresponding period last year,” Lashley stated. Read more here
Govt secures US $25.6m for climate change
Minister of Planning and Development, Camille Robinson-Regis says that Cabinet has given approval for T&T’s participation in a CARICOM Climate Change Centre Climate Change Adaptation Programme. According to a release from the ministry’s website, the programme is being funded by the United States Agency for International Development (USAID) to the amount of US $25.6 million, and will be implemented by the Caribbean Community (CARICOM) Climate Change Centre. The release further states that as part of the programme, “Trinidad and Tobago will have to undertake activities to establish centralized institutions for the location of environmental and climate related data and information for easy access and management, establish systems to monitor the status of coral reefs, utilise satellite images and Geographical Information System (GIS) tools for decision making, training and capacity building for national technicians and local experts to support the incorporation of risk and hazard assessments in the planning and decision making process.” Read more here
Market reacts to lower earnings
This week, we at Bourse take a closer look at how investors, through stock price movements, have responded to companies’ earnings reports for the recently concluded quarter ended June 2017. We focus on trends in overall profits after tax and earnings per share (EPS) growth for each index for the period January 2017 to June 2017 and provide some insight into how investors may make adjustments to their portfolios. Read more here
REGIONAL
Clarendon Crisis - Police Kept Busy As Killings In Parish Run Into Triple Digits
In the past week, the parish of Clarendon recorded at least 10 murders, including the slaying of two children. Killings in the parish, which, before the latest incidents, stood at 93 since the start of the year, will now be pushed into triple digits. On Saturday, the police were kept busy in the community of Farm, Effortville, when three murders took place in just three hours. While processing the murder scene of 52-year-old Patrick Doeman, a carpenter of Bucknor district in the parish, the police were called to another scene in the same community, where 25-year-old Sadique Brown and a man identified only as 'Oney' were shot and killed. Three others were also injured in that same incident. Read more here
Threats fly amid Grenada passport controversy
In response to what it describes as “fake news” in relation to the alleged attempted sale of a Grenada diplomatic passport by one of its managing partners, citizenship consultancy firm Henley & Partners has threatened legal action against a financial compliance consultant and also a commercial boycott of Antigua and Barbuda. In denying that the firm had any knowledge or involvement in an alleged scheme to obtain a diplomatic passport from the government of Grenada for a Ukrainian businessman in exchange for a payment of US$1 million, attorneys acting for Henley asserted that a purported copy of a wire transfer for such a sum, ostensibly to the Wells Fargo account of Henley Global in Singapore, is "clearly bogus", "faked" and "created maliciously". Read more here
INTERNATIONAL
450,000 could seek disaster assistance, FEMA chief says
Providing some idea of the number of victims that Harvey is leaving it its wake, FEMA Administrator Brock Long said he expects the storm will drive about 30,000 people into shelters, and 450,000 people will seek some sort of disaster assistance. However, he warned, that it is a "dynamic" situation and "every number we put out right now is going to change in 30 minutes." Read more here
German killer nurse Niels H probed over 84 more murders
28th August 2017