TTMA IN THE NEWS
Trade and business information portal launched
The Ministry of Trade and Industry (MTI) celebrated the launch of its trade and business portal – a one-stop hub for accurate and up-to-date business and investment information – at the Trinidad Hilton, Port of Spain, on Wednesday. Trade Minister Paula Gopee-Scoon in her feature address assured that the ministry is committed to closely coordinating with both the public and private sector as well as international organisations to ensure that the portal will be continuously updated. Read more here
Trinidad and Tobago, Guyana can help each other grow
The May 22 memorandum of understanding (MOU) signed between Trinidad and Tobago and Guyana comes at an opportune time for this country. This was the view expressed by the University of the West Indies (UWI) economist Dr Vaalmikki Arjoon in an interview on Tuesday. The MOU was signed after a three-day Agri Investment Forum in Guyana from May 19-21. The agreement seeks to address partnerships in areas of trade and investment including non-tariff barriers, agriculture and food security, energy, infrastructure, security, education, tourism, sports and culture; with the aim of developing strategic co-operations and partnerships for both countries. Read more here
NEWS
TTADA seeks clarity on hybrid-car tax waiver
The TT Automotive Dealers Association is calling for clarity on the time period in which taxes would be removed on hybrid electric passenger cars, after the Finance Minister Colm Imbert announced that customs duty, motor vehicle tax and value added tax (VAT) would be waived on private passenger hybrid cars. President of the association Visham Babwah said the association is “weary” that the minister’s announcement did not come with an expiry date. “The Finance Minister can discontinue this exemption without any notice to citizens and car dealers which could have a serious negative impact on importers causing great financial loss.” Read more here
Low turnout on first-day rollout of paediatric vaccines
Unlike the rollout of COVID-19 vaccines for adults and teenagers, parents and children did not rush to vaccination sites for the first day of administration of the Pfizer-BioNTech vaccines for children ages five-11. The vaccines became available at several sites across the country yesterday and the process will continue from Mondays to Fridays between 8 am and 3 pm, although these are the hours when children in that age group are at school. Four sites are available on Saturdays. At some health centres in South Trinidad yesterday, hours passed without a child taking the vaccine. Marabella and Ste Madeleine were particularly slow in the morning period. Read more here
POLITICS
Govt wants CCJ to replace Privy Council but Mark says not yet
The Government supported Independent Senator Anthony Vieira's motion for the Caribbean Court of Justice (CCJ) to replace the Privy Council (PC) as Trinidad and Tobago's highest court but the Opposition said the time was not yet right, in the Senate on Wednesday. Attorney General Reginald Armour praised Vieira's motion to alter TT's Constitution to adopt the CCJ, but Opposition Senator Wade Mark warned of an alleged threat to democracy and the independence of TT's lowers courts. Mark echoed a claim by former prime minister, the late Patrick Manning, when in opposition in 1987, that TT was not yet ready for that change. Read more here
PP changes to OAS contract are not what PM claims, says Moonilal
Oropouche East MP Dr Roodal Moonilal has admitted two changes were made to the contract between the National Infrastructure Development Company (Nidco) and OAS Constructora just before the People’s National Movement Government took office in 2015. However, he says these changes had nothing to do with OAS’ bankruptcy or the relinquishing of almost $1 billion in performance bonds, which the T&T Government now has to pay back to the Brazillian construction firm. Holding up the arbitrary ruling from a London Arbitration Court, dated April 16, Moonilal yesterday blamed the Government for breaking the contract with OAS Constructora. Read more here
BUSINESS
Gopee-Scoon: Guyana/Trinidad and Tobago MOU can help fix food security issues
Trade and Industry Minister Paula Gopee-Scoon said the memorandum of understanding (MOU) between Trinidad and Tobago and Guyana for renewed and enhanced co-operation will provide a sustainable solution to issues of food prices, security and availability. She made the statement after the signing of another MOU between the Ministry of Tourism and the Royal Caribbean at the Trinidad Hilton, Port of Spain on Monday. Read more here
Energy windfall is temporary
Unless it borrows vast sums of money, the Government will not be able to afford the salary increases being sought by the trade unions representing public servants. So said Prime Minister Dr Keith Rowley at a public meeting in Arima on Tuesday night. He said an increase of four per cent—two per cent for each of the two collective bargaining periods—would cost $1.45 billion in backpay and an additional cost of $730 million more for public servants’ salaries for each succeeding year in perpetuity. “The question is: Is that sustainable?” he asked. Read more here
REGIONAL
‘Together, we will succeed!’ – President Ali
Not even intermittent showers could stop the riveting, packed-out celebration of Guyana’s 56th Independence flag-raising ceremony held at Damon Square, Anna Regina on Wednesday evening into Thursday morning. The vibrant evening started off with an impassioned, well-delivered speech from President Dr Irfaan Ali who underscored the occasion as one for recommitment to securing Guyanese freedom through working together for the “One Guyana” vision. “Together, we are going to embark on the journey of prosperity with all of you; the achievement of peace and prosperity; this is a golden opportunity to attain that objective. We will succeed and make proud all those whose struggles were important in achieving our independence,” Dr Ali said. Read more here
INTERNATIONAL
Ukraine war: World Bank boss warns over global recession
The head of the World Bank has warned that Russia's invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump. David Malpass told a US business event on Wednesday that it is difficult to "see how we avoid a recession". He also said that a series of coronavirus lockdowns in China is adding to concerns about a slowdown. His comments are the latest warning over the rising risk that the world economy may be set to contract. "As we look at the global GDP... it's hard right now to see how we avoid a recession," Mr Malpass said, without giving a specific forecast. "The idea of energy prices doubling is enough to trigger a recession by itself," he added. Read more here
26th May 2022