NEWS
ANSA confident despite big fall in profits
Despite a significant drop in profits for the financial year ending December 31 2022, Ansa Mc Al Group of companies is expressing an optimistic outlook on its future endeavours. The group shared its financial position on Monday at TATIL Building in Port of Spain. For the financial year ending December 31 2022, the group earned $251.5 million as compared to $697.1 million in 2021. Profit before taxation on 2022 was about $434 million as compared to $935 million the year before, signifying a 54 per cent reduction in profits before tax. Read more here
Union challenges Digicel’s firing of 126 workers employees
Less than a month after Digicel entered a debt restructuring plan, the company has announced plans to lay off 126 employees based in Trinidad and Tobago. In a release yesterday, Digicel said the layoffs are a result of a planned transition of its Trinidad consumer contact centre to a consolidated regional centre of excellence in Jamaica. The company also announced that its Regional Corporate Contact Centre will be consolidated as well, into a centre based in Trinidad and Tobago. The news was announced to staff yesterday. Read more here
POLITICS
PM meets former Speaker on plight of Trini refugees
The Prime Minister has met with former speaker Nizam Mohammed to discuss the plight of TT nationals, mostly Muslim women and children, stranded in “countries deemed conflict zones.” Dr Rowley, as head of the National Security Council, held talks with Nizam Mohammed at Whitehall on Monday according to a post on the Prime Minister’s Facebook page. Although the names of the countries were not listed, there have been reports since 2021 of close to 100 nationals in refugee camps in Syria and Iraq. Read more here
Devaluation would damage economy—Imbert
Finance Minister, Colm Imbert, said yesterday that a devaluation or a de facto flotation of the TT currency would do “tremendous damage” to the local economy, throwing hundreds of thousands of people into poverty and causing hyperinflation. He was speaking at a virtual news conference, called to discuss the concluding statement of the International Monetary Fund (IMF) team. During the news conference, Imbert went through each of the 20 points made in the concluding statement, which was issued the day after the mission’s two-week Article IV consultation. In point 12, the IMF mission said a more efficient foreign exchange infrastructure in T&T would help eliminate foreign exchange shortfalls that have been experienced here since 2013. Read more here
BUSINESS
Yachting industry facing headwinds
The Yachting Service Industry needs urgent attention to once again be a foreign exchange earner for the country. This is the view of president of the Trinidad and Tobago Coalition of Services Industries (TTCSI) Mark Edghill, who said Customs & Excise data show that 2000 was the best year for arrival of yachts, with almost 3,000 visiting our shores. Unfortunately, Edghill said T&T has not been able to maintain that momentum and the decline has been steady, with just over 100 vessels recorded in 2021. Read more here
REGIONAL
Confidence in local economy
The production capacity of Demerara Distillers Limited (DDL) will be further enhanced with the aid of an Inter-American Development Bank (IDB) loan. An approximately US $22 million contract was signed Monday between the two groups at the DDL Bottling Plant, Diamond, East Bank Demerara. Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, said the transaction speaks to the IDB’s confidence in Guyana’s economy. Read more here
INTERNATIONAL
Ukraine war: Germany sends much-awaited Leopard tanks
The first shipment of Leopard 2 tanks from Germany has been sent to Ukraine, the German defence ministry says. Eighteen cutting-edge main battle tanks were delivered after Ukrainian crews were trained to use them. Defence Minister Boris Pistorius said he was sure the tanks could "make a decisive contribution" on the frontlines of the war. Challenger 2 tanks from the UK have also arrived, according to reports from Ukraine. Ukraine has been calling for more modern vehicles and weapon systems for months to help fight Russia's invasion. The Ukrainian government is yet to comment on the arrival of the Leopard 2s, but they have confirmed the arrival of the first UK-made Challenger 2 tanks. Read more here
28th March 2023