TTMA IN THE NEWS
Manufacturers welcome help in budget
Scanners, e-payment and forex access as promised in budget 2024 will help local manufacturers, Trinidad and Tobago Manufacturers Association (TTMA) head Roger Roach said in a statement on Monday, after the presentation by Finance Minister Colm Imbert. Roach welcomed Imbert's statement, saying growth was now being driven in a much more balanced manner by the energy and non-energy sector. "The minister detailed, led by the non-energy manufacturing sector, in 2022 the country experienced 1.5 per cent growth, but this is expected to increase to three per cent in 2023, and again would be led by the robust non-energy manufacturing base of the country. Similar trends are anticipated in 2024 and 2025." Read more here
Budget 2024: TTMA welcomes news of Statistical Institute
The T&T Manufacturers Association (TTMA) has welcomed the announcement of the long-awaited Statistical Institute to ground policy and prediction based on trends. The announcement was made by Finance Minister Colm Imbert in his budget presentation in Parliament on Monday. In its response to the minister's fiscal package, the TTMA said this Institute, once established, will assist policymakers in generating informed positions in charting a way forward for T&T. TTMA also welcomed the Government’s move to maintain and expand the forex framework at the EXIM Bank and at the same time, implement the SME foreign exchange facility which is anticipated to reduce the use of credit card usage by small businesses. Read more here
Business groups welcome retirement age adjustment
A cross-section of the business community, including the Trinidad and Tobago Manufacturers’ Association (TTMA), Trinidad and Tobago Association of Retired Persons (TTARP) and Ernst and Young, say they agree with Government’s proposal to increase the retirement age, but there are also recommendations for the State to turn its attention to errant business owners who fail to pay national insurance for staff. During his 2024 Budget presentation on Monday, Finance Minister Colm Imbert revealed that the Government will be pressing ahead with its plan to increase the retirement age from the current 60 years to 65. Once the proposal takes effect, employees will have the option to work for five more years before they tap into the National Insurance Retirement Benefit (NIB). Currently, individuals who make a minimum of 750 contributions earn a payout of $3,500 per month from the fund. With the population living longer, the fund has reduced significantly, and the Government is attempting to close the gap. Read more here
Govt not adjusting exchange rate at this time—Imbert
Finance Minister Colm Imbert Government is not adjusting the foreign exchange rate in order to keep the inflation rate down. Speaking at the T&T Manufacturers’ Association (TTMA) Post-Budget Discussion at the Hyatt Regency hotel in Port-of-Spain on Tuesdayy, Imbert said as soon as the foreign exchange rate is adjusted, there will be demands from the labour sector and it will be difficult to oppose those demands. “If you devalue the currency and let it move by 50 or 30 per cent, or whatever number it is, then the labour unions will say alright, the cost of living has gone up and inflation just hit 20 per cent, because you did that and now, we want a 20 per cent increase. So it also helps with dealing with collective bargaining. So, at this time, this Government is not going to adjust the exchange rate,” Imbert explained. Read more here
VAT HEADACHE
The Government is “not sleeping” on the annual problem of Value Added Tax (VAT) refunds but possible solutions may present more issues to implement, Finance Minister Colm Imbert has said. He said yesterday exemption on VAT for the energy sector is being considered in order to reduce Government’s annual refund bill by $6 billion and a “sales tax” was being considered. Imbert said that of some $7 billion owed by the Government in VAT refunds, around $6 billion is owed to the energy sector and the remaining one per cent to non-energy. The latter includes small and medium enterprises (SMEs) and the manufacturing sector, Imbert said. Read more here
NEWS
NGC to invest in bp, Shell solar-energy project
The National Gas Company is moving ahead to invest significant sums in a massive Caribbean solar-energy project recently announced by Shell and bp. NGC president Mark Loquan, speaking at the TT Chamber of Industry and Commerce's annual post-budget discussion, on Tuesday, described it as the company's "foray into the green space and taking the bold steps of going green." Loquan did not share extensive details of NGC’s investment. However, he said while natural gas is the least harmful of fossil fuels used for energy production, the company is invested in a future of renewable energy. Read more here
Trini journalist wins BBC Intl Radio Playwriting competition
For playwright, journalist, and movie junkie Julien Neaves, winning the BBC International Radio Playwriting Competition is as serious as it is fulfilling. Five years ago, in 2018, Neaves submitted his first radio play, Tanty Get Ah Android!, for the same competition. He was selected as a finalist but did not secure the prize. It was within this time frame that he submitted work for several literary competitions like the Commonwealth Short Story Competition, but failed to advance. Neaves, in a phone interview yesterday, said the loss in 2018 gave him the encouragement to keep trying. Neaves’ second radio play, The Mighty Corbeau, got the judges’ nod of approval this time around. He topped this year’s competition category in English as a First Language. Read more here
POLITICS
Entrepreneurs tell Imbert: Blame banks for low % of business accounts
After Finance Minister Colm Imbert revealed only 28 per cent of this country's businesses have business bank accounts, entrepreneurs say it's because opening such accounts is extremely challenging. During the 2024 budget presentation in Parliament on Monday, Imbert said 72 per cent of Trinidad and Tobago businesses do not have a business bank account, 88 per cent do not accept digital payments, and 55 per cent of the population "do not now have the knowledge to use mobile or web online banking. Read more here
BUSINESS
‘T&T must earn more forex’
President of the T&T Chamber of Industry and Commerce Kiran Maharaj says as a country, more foreign exchange needs to be generated, but there is also need to ensure sectors are properly activated with the potential to support the needs of citizens. “We also need to support our sectors to be more locally conscious, especially with our food and digital sectors,” she said, while speaking at the post-budget discussion hosted by the chamber yesterday titled, “Creating a sustainable economy: The next big play for T&T.” She also reiterated the call for Government to deal with the current crime scourge which continues to negatively impact businesses. Read more here
REGIONAL
Food production system to be transformed into major income earner for citizens
President, Dr. Irfaan Ali, on Tuesday, echoed his undying commitment to transforming the agricultural sector into one that shines as a major income-earner for men, women and especially young people. The President made these remarks during a discussion with the directors of the Inter-American Institute for Agricultural Cooperation (IICA), including Director General Manuel Otero. Dr. Ali is currently in Costa Rica where he will be honoured with the prestigious IICA award for his remarkable leadership in food security and sustainable development. Speaking on the steady progress Guyana is making when it comes to reducing its food import bill, the President said: “We have set ourselves a goal of reducing the food import bill in CARICOM by 25 per cent by 2025,” adding that this goal must be coupled with critical policies, budgetary allocations, among other necessities. Read more here
INTERNATIONAL
Venice tourist bus plunges from bridge, killing 21
At least 21 people including several children have died after a bus crashed off a flyover near Venice and burst into flames, officials say. The electric bus broke through a barrier and plunged almost 15m (50ft) near railway tracks in Mestre, which is connected to Venice by a bridge. Five Ukrainians, one German and the Italian driver were among the dead, city prefect Michele Di Bari said. Venice Mayor Luigi Brugnaro said a "huge tragedy" had taken place. "An apocalyptic scene, there are no words," he said on social media. CCTV footage of the flyover from Tuesday night showed the vehicle driving past another bus, before toppling off the carriageway. Read more here
4th October 2023