Daily Brief - Wednesday 14th December, 2022


InvesTT to promote Phoenix Park estate at China-LAC summit

InvesTT Ltd will showcase TT’s investment opportunities at the 15th China-LAC Ecuador Business Summit on Wednesday and Thursday. It said its focus this year will be to promote eTecK’s Phoenix Park Industrial Estate. This annual summit is considered the most important business event between companies from China, Latin America and Caribbean countries. InvesTT wants the industrial estate to be a location for businesses wanting to access Latin- and North-American markets and those focused on trading to and from China. The targeted sectors are manufacturing, logistics and distribution and agri-business. Read more here

91 families get starter homes for Christmas

Christmas came early for 91 families who collected keys for starter homes from the Land Settlement Agency (LSA) during a ceremony at the auditorium of the Government Plaza in Port-of-Spain yesterday. In a brief address Minister of Finance Colm Imbert said most of the recipients were from his Diego Martin North East constituency. With pride he added that the starter homes cost just $150,000 which he pointed out was one-tenth of the cost of an HDC house. “And you’re still getting a house that is close to completion,” he said. “I do wish I could do so much more of this. This should be a special project all on its own and as long as I am Minister of Finance I will fund this programme to the hilt,” Imbert said. Read more here



Trinidad and Tobago re-exports ten million barrels of oil to 16 territories

This country has re-exported ten million barrels of refined oil products to about 16 Caribbean countries/territories, said Trade Minister Paula Gopee-Scoon in the Senate on Tuesday. She was replying to a question posed by Opposition Senator Jearlean John on behalf of her colleague Wade Mark about TT's re-export of imported refined oil products. John asked how much oil was re-exported, to which countries and at what prices. Gopee-Scoon replied that TT has exported 10,103,311 barrels of oil, of all types of product, from January-August. Read more here



Endeavour Holdings’ bond gets good rating from CariCris

Rating agency CariCris has reaffirmed its overall ratings for the $400 million bond issue of Endeavour Holdings Ltd as good. CariCris has also maintained a stable outlook on the ratings. It explained the stable outlook is based on its expectation that over the next 12 to 15 months, EHL will continue to display good financial performance supported by the continued uptick in economic activity in T&T following the removal of COVID-19 restrictions and its recent acquisition. “Once the upcoming balloon payment on Tranche A of the bond due in March 2023 is refinanced, we expect EHL to continue to fully meet its debt obligations over the next 12 to 15 months underpinned by stable cash flows and high cash balances,”CariCris explained. Read more here

SJBA president, board resign

Mass resignation at the San Juan Business Association (SJBA), due to alleged corporate governance issues and matters surrounding democracy within the organisation, have triggered fresh elections which will take place on Thursday. An e-mail to members that started circulating on WhatsApp said that a number of directors have resigned their positions. Read more here



‘Race, religion baiters must be called out’

Persons who perpetuate racism, division in society must be called out, President, Dr. Irfaan Ali has said in response to Georgetown Mayor, Ubraj Narine’s “reckless” outbursts and attempts to promote racial and religious hostility among citizens. “I have zero tolerance for race baiters and religious baiters in this country. They must be called out and shamed. The time for this nonsense has come to an end and we must start from here,” President Ali said during his address at the Police Commissioner’s Christmas Breakfast, on Tuesday. Mayor Narine, during a live broadcast on his Facebook page on Monday night, accused the current government of “bullying poor people because they are Afro-Guyanese.” He later started claiming that the President is discriminating against him due to his religion, as well as expressing “concerns” that Guyana was becoming a “Muslim state.” Read more here



FTX crypto boss Sam Bankman-Fried denied bail in Bahamas

Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, has been denied bail by a judge in the Bahamas. US authorities charged Mr Bankman-Fried with "one of the biggest financial frauds in US history" on Tuesday. The ex-FTX boss built a "house of cards on a foundation of deception," Securities and Exchange Commission (SEC) Chair Gary Gensler said. Mr Bankman-Fried has indicated that he will fight extradition to the US. Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his release on bail, citing a "great" risk of flight, and ordered that he be kept on remand at a correctional facility until 8 February. He was arrested in the Bahamas on Monday. Read more here

14th December 2022


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