NEWS
Met Office predicts near normal wet season with high flood potential
The Meteorological Office says the 2023 wet season will be near-normal but the potential for flooding remains high. In a release, the Met Service said the first half of the wet season, from June to August 2023, is likely to be mostly wet as usual. It said there is a greater than 32 per cent chance for near-normal rainfall to occur over most areas during this period, with a 51 per cent chance for above-normal rainfall in pockets across western Trinidad. Read more here
3 children’s homes face shutdown as licence deadline looms...St Jude’s to move out of Belmont
Despite a three-month extension, some children’s homes will fail to make the July 1 deadline for licensure and will be automatically shut down by law. As a result of this, plans are being made to find alternative locations for the wards of the state at three of 13 unlicensed homes who have indicated they will be unable to meet the requirements and are opting out of the process. Guardian Media was also told that plans are also being made to relocate the St Jude’s Home for Girls from its current location in Belmont. Initially, the unlicensed homes were told to have their licences in hand by March 31 or they would face closure. However, a three-month extension was given by Minister Ayanna Webster-Roy to 13 facilities. At that time, Webster-Roy said it would not be in the best interest of the 214 children at these facilities to remove them from a familiar space, given that these locations were very near qualification for their licences. Read more here
POLITICS
Wade Mark on Russia/Ukraine war: It helped our economy
Opposition Senator Wade Mark says Russia's invasion of Ukraine, one year ago, helped slightly boost TT's economy in relation to the energy sector. Mark was speaking in the Senate on Tuesday morning during the second reading of the Finance (Supplementation and Variation of Appropriation) (Financial Year 2023) Bill, 2023. Mark said the government over-estimated oil prices in the most recent budget presentation and is now "crying" because those figures have not been realised. "But you know who is hurting most? The people, because the rainy-day fund called the HSF (Heritage and Stabilisation Fund) will not be provided with any injection of revenues because government went so high and the price has come down, so there is a gap." Read more here
BUSINESS
ANSA Merchant Bank reports over $250M in revenue over first quarter 2023
ANSA Merchant Bank Limited (AMBL) has reported robust revenue of TT$256 million for the first quarter of 2023. This represents an increase in revenue of 49% compared to the first quarter of 2022. Profit before yax (PBT) for Q1 2023 is TT$59 million. The strong performance of AMBL and its subsidiaries saw earnings per share increase in the first quarter of 2023 to $0.61, up materially from the corresponding quarter in 2022. Chairman of ANSA Merchant Bank Limited Group A. Norman Sabga described the Q1 2023 results as stellar. Read more here
NGC still plagued with supply challenges
While the Phoenix Park Gas Processors Limited (PPGPL) plant is now back up and running without any disruption to this country’s cooking gas supply, the National Gas Company says it is still experiencing natural gas supply challenges in meeting its total customer demand requirements. “We are continuing to work closely with all our suppliers and customers to rectify the situation at the earliest opportunity,” NGC told Express Business in an e-mailed response sent on Monday. Read more here
REGIONAL
ExxonMobil injects more than $180B into local businesses
EXXONMOBIL Guyana and its reporting contractors spent over $80 billion (US$400 million) with over 1,500 Guyanese businesses in 2022 alone. That is part of the more than $180 billion (US$900 million) spent with locals since the first oil discovery in 2015. By the end of 2022, the company and contractors had employed over 5,000 Guyanese workers, representing more than 65 per cent of the overall workforce in the local oil and gas industry. Notably, the number of Guyanese working offshore continued to grow. Among the 2,700 personnel committed to supporting ExxonMobil Guyana’s operations, over 1,300 were Guyanese, constituting approximately 48 percent of the offshore workforce. These numbers will continue to increase as more projects come onstream, providing opportunities for businesses and individuals alike. Read more here
INTERNATIONAL
Global warming set to break key 1.5C limit for first time
Our overheating world is likely to break a key temperature limit for the first time over the next few years, scientists predict. Researchers say there's now a 66% chance we will pass the 1.5C global warming threshold between now and 2027. The chances are rising due to emissions from human activities and a change in weather patterns expected this summer. If the world passes the limit, scientists stress the breach, while worrying, will likely be temporary. Hitting the threshold would mean the world is 1.5C warmer than it was during the second half of the 19th Century, before fossil fuel emissions from industrialisation really began to ramp up. The 1.5C figure has become a symbol of global climate change negotiations. Countries agreed to "pursue efforts" to limit global temperature rises to 1.5C under the 2015 Paris agreement. Read more here
17th May 2023