NEWS
Jwala Rambarran on HSF US$913.5m loss:This should disturb us all
Ex-Central Bank governor Jwala Rambarran says the loss of US$913.5 million incurred by the Heritage and Stabilisation Fund (HSF) in 2022 should "disturb us all." He described it as a "grave fiscal irresponsibility." In its annual report last week, the HSF revealed that it recorded its first-ever loss at a total of US$913,456,918. It said from that total, US$908,481,002 was a result of loss from investments. In a release, Rambarran, who served as the board's director in 2012, said the revelation reminded him of the Urdu word, barrakat. He said it is used to describe the ability to earn wealth and keep it and was often used by his grandparents. Read more here
Penal, Debe residents worry over rising flood waters
As rain fell “bucket a drop” from Saturday evening into Sunday, it left Penal and Debe residents hoping that low tide would take floodwaters out of their homes. It was the first major flooding event of the 2023 Rainy Season in the region that caught residents off-guard, leaving them unable to load sandbags and raise appliances and furniture off the floor in advance. The Penal/Debe Regional Corporation (PDRC) was on standby to assist residents trapped in their homes in case more rain fell overnight. PDRC chairman Dr Allen Sammy told Guardian Media that rain fell persistently for 18 hours, with intense showers and a few periods of drizzle. It stopped around 3.30 pm, allowing people some movement. Flood-prone areas like Penal Rock Road, Scotts Road, Seebalack Trace, Goodman Trace, Mulchan Road, Rochard Road, Clarke Road and adjoining roads flooded. Read more here
POLITICS
UNC slams PNM's 10 'pillars' of local govt reform
Opposition MP Saddam Hosein has slammed the PNM's ten "pillars" of local government reform, calling it a "sham." Hosein was speaking at the UNC's weekly media briefing in Port of Spain on Sunday morning. In 2019, under then minister of rural development and local government Kazim Hosein, a series of graphics were posted to the ministry's page to explain these "pillars." And with 2023 local government elections set for August 14, the PNM has since reposted a summary initially posted in 2020 – reminding the public of what they entail. Read more here
UNC complains of technical vocational studies in schools
Tabaquite MP Anita Haynes says that while Prime Minister Dr Keith Rowley does not know he is responsible for the inequitable education system he complains about, technical vocational studies are lacking. At an Opposition media conference in Port-of-Spainon Sunday, Haynes said that after eight years in Government, Rowley only now discovered that the school system does not cater to all students. She said Rowley told the public that somebody needs to do something about the curriculum that is failing students. Haynes said when the United National Congress raised questions about technical vocational studies in schools, the People's National Movement (PNM) spoke about it. She said she posed questions in Parliament about the number of technical vocational instructors employed by the Ministry of Education (MoE) and vacancies as of April 30. Read more here
BUSINESS
HSF climbs to US$5.139B in December
The net asset value of Trinidad and Tobago's Heritage and Stabilisation Fund (HSF) totaled US$5.139 billion, as at December 31, 2022, which was a 9.06 per cent increase for the Fund's first quarter. The net asset value of the HSF ended its 2022 financial year on September 30, at US$4.712 billion, adding US$427.3 million between October 1 and December 31, 2022. According to the executive summary for the Fund's first quarter, the Government contributed US$182.2 million to the Fund on December 23, 2022. The HSF's recovery in the first quarter of its 2023 financial year, followed a US$751 million decline in its net asset value in its 2022 financial year. Read more here
Strengthen private sector for long-term growth
The World Bank on Friday said small Caribbean countries can accelerate private-sector development by addressing key sources of vulnerability and improving the investment climate. A report titled “The Caribbean Regional Private Sector Diagnostic (RPSD)” identifies ways to reduce cross-cutting constraints to private investment, such as gaps in connectivity and skills mismatches, and break the region’s current low-growth, low-productivity trend. The study also examines two key sectors, the digital economy and renewable energy, in which greater private investment could contribute to export diversification and job creation, enhance productivity, and strengthen resilience to climate change and natural disasters. Read more here
REGIONAL
Georgetown benefits from over $10B in enhancement works
The People’s Progressive Party/Civic (PPPC) government has spent over $10 billion on infrastructure and other works in the capital city, Georgetown, between 2020 and 2022, including $6 billion on the construction and rehabilitation of roads. Contrary to those efforts, the Mayor and City Council which is responsible for the City, as of 2023, owes the Guyana Power and Light Inc. $3.2 billion, owes the Guyana Revenue Authority (GRA) $1.7 billion in taxes for the period 2016 to 2023, representing outstanding PAYE which was deducted from employees but never remitted to the GRA, and also owes the National Insurance Scheme a further $387 million owed in employee contributions as at end of April 2023, jeopardising workers’ benefits. Read more here
INTERNATIONAL
Hunter Valley: Ten people killed in wedding bus crash in Australia
At least 10 people have died and 25 others are in hospital after a wedding bus crashed in an Australian wine region. The passengers were returning from a wedding at a winery on Sunday night in Hunter Valley, a popular spot for wine tourists, when their coach overturned. Police have charged the 58-year-old bus driver with 10 counts of dangerous driving which resulted in death. They said they were still in the process of identifying the dead. The newly-weds, however, weren't reported to be on the bus. Police commissioner Karen Webb said the site of the crash is "still an active crime scene". "We've got forensics officers processing the crime scene, we've got crash investigation unit officers, we've got rescue officers [on scene]," she added. Read more here
12th June 2023