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REGIONAL
Trinidad and Tobago
Income Tax Bill passed IN A drastic and desperate move, the Government butchered the controversial Income Tax (Amendment) Bill, deleting all clauses that required Opposition support to ensure its passage.
Chaotic end to Petrotrin PETROTRIN'S management had hoped that yesterday's emotionally- charged final hours for thousands of terminated workers would end smoothly, as the company began a new chapter in its bid to become profitable.
Single employee for Guaracara Refining Company THE Guaracara Refining Company is to have one employee.
Guards abandon Petrotrin posts AMALGAMATED SECURITY SERVICES has taken charge of securing the assets of Petrotrin.
5 charged with fraud THE level of fraud in the flood relief programme is 40 per cent, Prime Minister Dr Keith Rowley said on Thursday night.
Court orders Elias to repay Imbert $46m AFTER close to 19 years of legal battle, the Appeal Court has ordered that contractor Emile Elias repay Finance Minister Colm Imbert a mammoth $46 million stemming from a breach of contract lawsuit that was filed by Elias, involving work done by Imbert's company on the Grenada National Stadium in 1997.
Rice farmers referred to Fraud Squad INFLATED claims for compensation due to flooding by some rice farmers have been referred to the Fraud Squad, Agriculture Minister Clarence Rambharat said yesterday.
South contractors to fix potholes for free CONTRACTORS are also fed up with dealing with potholes and have joined the 'voluntary pothole relief' project to provide assistance.
Trinidad and Tobago continued
Flow to cut channel line-up CABLE provider, Flow, is removing several channels from its channel line- up.
Cost of roads to rise And the price of cooking gas will be subsidised by Government to stay the same.
SFC makes 50% jump ACTIVITY on the first-tier market increased by 64.51 per cent on a total of 2,523,811 shares crossing the floor compared to 1,534,172 shares traded in the prior week.
'Careful who you listen to' RESPONDING to public pressure and media attention, the Government hastily convened a news conference last week announcing they had decided to take the 'unusual' step of releasing the much sought-after Sandals MOU.
TTPost welcomes letters to Santa Claus THOUGH the company is going through a digital transformation and restructuring right now, to rely less on print mail and more on courier services, one old letter writing tradition is being encouraged.
Refinery to hit the market OFFERS for 'either the sale or lease' of the State-owned oil refinery at Pointe-a-Pierre which ended all of its operations on Friday 'will be evaluated by a team of experts', says Energy Minister Franklin Khan.
Concern as Petrotrin Sports Club left in limbo MEMBERS of the Petrotrin Sports Club at Guaracara Park, Pointe-a-Pierre, have expressed concerns over the future of the club following the winding down of the State-owned energy company.
Barbados
Cruise surge Almost 14 000 cruise ship passengers and crew could be descending on Barbados and the island’s attractions on Sunday when four mega ships call at the Bridgetown Port.
Barbados continued
Barbados gives commitment to blue economy Government remains committed to the development of the Blue Economy as the ocean has been identified as the “life blood” of the planet.
Consumers to pay less for petroleum products Consumers will be paying less for gasoline, diesel, kerosene and Liquefied Petroleum Gas (LPG) effective midnight Sunday.
Jamaica
Jamaica Tops World Travel Awards Jamaica and Jamaican companies emerged the big winners at the World Travel Awards (WTA) Grand Finale Gala Ceremony in Lisbon, Portugal, on Saturday night, winning eight of the coveted awards.
Wigton Windfarm to list on JSE THE Wigton Windfarm (WWF) initial public offering (IPO) on the Jamaica Stock Exchange (JSE) is expected for March 2019.
Thousands of farmers to receive US$ support in 2019 JAMAICA'S agriculture and rural tourism sectors are expected to get a boost from a US$60-million injection under phase two of the World Bank- funded Rural Economic Development Initiative (REDI) in 2019.
Guyana
Jordan promises not to borrow at rates that compromise Guyana’s fiscal stance In spite of the expected gains to come from the petroleum sector, the Coalition Government will continue to manage the nation’s debt in a most prudent manner.
The Bahamas
Stopovers Rise ‘A Phenomenal’ 18% In Abaco Stopover visitors to Abaco increased by “a phenomenal” 18 percent for the first eight months of 2018, with the island’s airport now the country’s second busiest due to Freeport’s decline.
Haiti
Monthly inflation increases according to the new CPI According to the new Consumer Price Index (CPI base 100, monthly inflation increased in October 2018 by +1.4% and +14.3% year-on-year (last 12 months).
St. Kitts and Nevis
Agricultural Weather Stations aim to reduce disaster damage for farmers in St. Kitts and Nevis As the Ministry of Agriculture strives to ensure food security, Agricultural Weather Stations were launched at Needsmust, on November 30, to help forecast the ever-changing weather conditions for the benefit of farmers.
Caribbean Farmers Ready for Coconut Boom Coconuts are a longtime staple of Caribbean cuisine, and practically an emblem of the region’s climate and culture. But a new international initiative is shifting coconut’s image to an icon for business process innovation, wealth generation and sustainable livelihoods.
Grenada
Grenada PM not surprised by Scotiabank sale Grenada Prime Minister Dr Keith Mitchell says he was not surprised at the decision by Scotiabank to sell its operations in nine Caribbean countries, saying he was also happy to see a Caribbean institution “playing an even bigger role in the banking system”.
Grenada to launch US$42m water resiliency project PORT-OF-SPAIN, Trinidad (IPS) Water-scarce Grenadians will soon get some relief through a Green Climate Fund (GCF)-approved project to be launched next year that will make Grenada's water sector more resilient to the impacts of climate change.
Antigua and Barbuda
Moves to arrest problems at GPO The Ministry of Works says every effort is being made to have the operations of the General Post Office return to normalcy at the earliest opportunity.
British Virgin Islands
BVIPA to issue contracts using new database, registration encouraged Months after central government created a database of contractors who would then be hired to carry out home repairs across the territory, the BVI Ports Authority (BVIPA) have employed a similar method to issue BVIPA- related contracts to businesses and individuals.Error! Hyperlink reference not valid.
Cabinet leases Blunder Bay! Private developers to build 5-Star Resort Virgin Gorda could soon be home to one of the world’s foremost five-star luxury resorts, at Blunder Bay, North Sound.
Dominica
$23 million in contracts signed for ongoing works in Roseau Valley The government of Dominica has signed contracts amounting to $23 million for ongoing works in the Roseau Valley.
New Smart Health Centre officially handed over in La Plaine The community of La Plaine now has a new Smart Health Centre.
Other Regional
New owners close $1.25 billion financing to restart USVI refinery Limetree Bay Ventures has closed a $1.25 billion financing to restart its refinery located at Limetree Bay, St Croix, US Virgin Islands. The company is undertaking the project in conjunction with the tolling, supply and offtake agreements that it executed with BP Products North America earlier this month. The common equity in Limetree Bay is owned by affiliates of ArcLight Capital Partners, Freepoint Commodities, and a leading sovereign wealth fund.
ECCB confirms receiving Republic’s application to acquire Scotiabank 24 hours after public announcement; begins review The St Kitts-based Eastern Caribbean Central Bank (ECCB) said on Saturday that it had received an application from the Republic Financial Holdings seeking regulatory approval to acquire the Bank of Nova Scotia’s operations and businesses in the Eastern Caribbean Currency Union (ECCU) one day after the announcement of the acquisition.
Other Regional continued
Cayman Airways takes delivery of the first Boeing 737 Max 8 in the Caribbean Cayman Airways took formal delivery of its new Boeing 737 Max 8 aircraft from Air Lease Corporation (ALC) on November 28, 2018, at a ceremony in Seattle hosted by Boeing to mark the occasion.
Tourism, food security among high-potential areas for expanding UAE- Caribbean cooperation Tourism, food security, manufacturing, logistics, and renewable energy have been identified as high-potential areas where companies in the UAE and Caribbean region can expand economic cooperation, according to new analysis from Dubai Chamber of Commerce and Industry.
INTERNATIONAL
United States
Nexstar to buy Tribune Media in $6.4 billion deal Nexstar Media Group Inc (NXST.O) said on Monday it agreed to buy Tribune Media Company (TRCO.N) in a deal valued at $6.4 billion.
Bank of America completes Brexit switch to Dublin Bank of America (BAC.N) finished moving its banking and markets operations in Europe to a new base in Dublin from London, the bank said on Monday, after it received all necessary regulatory and court approvals.
United Kingdom
Britain submits new terms for post-Brexit services trade at WTO Britain has officially notified the World Trade Organization of the proposed terms for its trade in services with other countries after Brexit, an important part of its divorce from the European Union, trade minister Liam Fox said on Monday.
Europe
EU calls for concrete, substantial changes to Italy budget The European Union executive welcomed on Monday a change of tone from Italy in its dispute with the bloc over its excessively expansionary 2019 budget, but called for concrete, substantial changes before halting disciplinary action.
China
China says U.S., China working toward removing all tariffs China’s foreign ministry said on Monday that the Chinese and U.S. presidents instructed their economic teams to work toward removing all tariffs, following a meeting in Argentina where the two leaders agreed to a truce in their trade war.
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Jordan promises not to borrow at rates that compromise Guyana’s fiscal stance Monday 3rd December, 2018 – Kaieteur News
In spite of the expected gains to come from the petroleum sector, the Coalition Government will continue to manage the nation’s debt in a most prudent manner.
Thats according to Finance Minister, Winston Jordan during his 2019 budget speech, which was presented to the nation on Monday last. The economist said that the Government will maintain a moderate risk of debt distress and, in this regard, will undertake not to borrow at rates that could compromise the countrys fiscal stance.
Jordan also reminded that the public debt legislation is currently being drafted and is expected to be laid in the House in 2019. He said, too, that the Government will prioritize the crafting of a national debt strategy and an annual borrowing plan, which together, will define the optimal mix of financing mechanisms in the short-to-medium term, for the funding of development initiatives.
The Finance Minister reminded that the Government also published a Public Private Partnership Policy Framework in 2018. He noted that this presents a structured framework within which the Government can pursue new options of financing that will reduce the need to incur significant debt.
Jordan said that this Framework will guide, in an open and transparent manner, how government will engage with the private sector in the provision of public goods for mutual benefit.
Further to this, Jordan said that the Government is preparing a roadmap to develop the countrys institutional, technical, financial, environmental and business expertise to engage private sector partners. In Budget 2019, he said that the Government has allocated $100 million to support this initiative.
PUBLIC PRIVATE PARTNERSHIPS
In an effort to fulfill its development objectives for Guyana, the Government will have to form partnerships with private partners. This collaboration will see private sector members participating more fully in procuring and financing infrastructural projects and services in the public sector.
To guide this Public Private Partnership (PPP), the Government adopted a policy framework that is intended to ensure value for every dollar invested in the Public Sector Investment Programme (PSIP).
This was expressed by Minister of Finance, Winston Jordan, at the 48th annual meeting of the Board of Governors of the Caribbean Development Bank (CDB). The event was held in St. Georges, Grenada.
The Finance Minister said that the document provides a structured platform for the local and external private sector to meaningfully engage the Government in achieving its national development agenda.
As Guyana rapidly approaches oil producer status, with the attendant massive inflow of new resources, Jordan said that the inclusiveness of all stakeholders in national development becomes a pressing imperative.
As such, Jordan noted that the document is a timely one.
According to the document, it is Governments intention to encourage innovation in as many areas as possible. The Government noted that traditionally, PPPs have been applied to the infrastructure sector in particular, in infrastructure, electricity, telecommunication, water, transport and solid waste sectors, and increasingly in the social (health and education) and Information sectors.
In the early stages of developing PPPs, Government said it will focus on the following key areas of development: the Demerara Harbour Bridge, the Linden-Lethem road link, the Deep Water Harbour and Container Port, the Mini and Maxi Hydro Plants and Energy Farms, Plantation Agriculture, the Modernization and Dredging of Port Georgetown, the Milk Plant for Guyana, the Information Technology farm; and Agro-industrial and Small Manufacturing arks.
The Government notes that the benefits and advantages of PPPs can be significant when they are well designed and implemented in a balanced regulatory framework.
It noted; however, that those positive outcomes have to be earned through projects that can catalyze development, are financially viable, will minimize impact on the national debt and can favourably affect Gross Domestic Product (GDP) growth.
To achieve this, the Government said that creative, competitive and transparent procurement processes as well as clearly articulated policies and procedures followed by thorough due diligence, must be applied.
It said that there are, therefore, certain key pre-conditions that need to be present in the policy framework for PPPs, as they are critical to delivering successful outcomes.
It said that these preconditions have been identified as affordability, the legislative environment, institutional arrangements and capacity building.
On the issue of affordability, the Government pointed out that this is a key requirement of all PPP projects. It said that the options must be affordable both to Government, and the public, given competing priorities and commitments.
The Government said that the rationale for PPPs is improved management of scarce resources, better risk allocation and more efficient and cost- effective delivery of services.
The Government said however, it should be noted that while the private sector may be willing to finance and deliver infrastructure and services through PPPs, only users or taxpayers can pay for these goods and services. It stressed that affordability, therefore, acts as a real constraint, and public bodies will need to give considerable thought to the selection of potential PPP projects, ensuring always that their choices are in line with Governments policy priorities and objectives.
With respect to the legislative environment, the Government said that Guyana already has many of the ingredients required for a successful PPP programme: a stable administration; an independent judiciary; a robust Procurement Act and mechanism; and reasonably well-performing public institutions.
“However, political and regulatory risks can be potential barriers to effective PPP implementation. A new PPP regulatory framework will be approved to provide further and concrete evidence of Governments commitment to a PPP policy and to establish the principles and rules with which all public bodies will be required to comply.”
As for institutional arrangements, the Government contended in its policy that international experience suggests that identifying and establishing clear and unambiguous institutional functions at the onset of a countys PPP programme, greatly assists in successful PPP implementation.
It said that while institutional roles and responsibilities may change over time, as Governments experience with PPPs grow, the following public institutions will have integral roles in the programme: the Ministry of Finance, Ministry of Public Infrastructure, and the Ministry of Business.
The Government said that strategic direction of the Governments PPP programme will be the responsibility of a Steering Committee. A PPP Core Team, within the Ministry of Finance will act as the Secretariat to the Steering Committee and as a focal point for the day-to-day management of the programme.
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Stopovers Rise ‘A Phenomenal’ 18% In Abaco Friday 30th November, 2018 – Tribune 242
Stopover visitors to Abaco increased by “a phenomenal” 18 percent for the first eight months of 2018, with the island’s airport now the country’s second busiest due to Freeport’s decline.
Dionisio D’Aguilar, Minister of Tourism and Aviation, told a weekend town meeting in Marsh Harbour: “Tourism is doing exceptionally well on the island of Abaco. For the first eight months of this year, stopover visitors are up 18 per cent and that is phenomenal.
“In the first eight months, the number of foreign visitors that came to Abaco by air was 95,000; the number of foreign visitors to Grand Bahama was 54,000. This island is doing well.”
Minister D’Aguilar said there were plans to hire a private company to run Abaco’s Leonard Thompson International Airport and the Treasure Cay Airport, similar to how the Nassau Airport Development Company (NAD) operates the Lynden Pindling International Airport (LPIA).
“We’re looking at creating a company to run that airport in much the same way that NAD runs LPIA,” he explained. “The airport, since its construction, has begun to deteriorate a little and we need to generate the funds to pay for its upkeep and maintenance.
“When you go through LPIA, if you go through the international side you pay a $48 passenger facility charge that keeps the airport wonderfully maintained. If you’re going on a domestic flight you pay $10 towards the kitty.
“Basically create a company that just runs the airport on a full-time basis and can maximise and bring focus as to why the other airport (Treasure Cay) is sitting vacant. What are we going to do with that empty Customs building? Whereas it’s now a part of a huge portfolio of airports, and we’re not bringing the appropriate focus on what’s a key entry point to the country.”
While in Abaco, Mr D’Aguilar visited Forest Heights Academy, the school of current junior minister of tourism, Khalea Richard.
He not only praised her excellent work thus far, but encouraged the students of Forest Heights to consider a future in tourism.
“The economic climate in Abaco is such that it allows you to create your own employment; to become entrepreneurs and chart your own economic future,” Mr D’Aguilar said. “The field is wide open for business.
“Any enterprise involving the sea is a hands down winner: Boating, fishing, diving, kayaking. On land, look at the rich culture of Abaco; the history, the heritage, the arts and craft. You can capitalise on these areas and package innovative tours and excursions for our visitors.”
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Agricultural Weather Stations aim to reduce disaster damage for farmers in St. Kitts and Nevis Friday 30th November, 2018 – SKN Vibes
As the Ministry of Agriculture strives to ensure food security, Agricultural Weather Stations were launched at Needsmust, on November 30, to help forecast the ever-changing weather conditions for the benefit of farmers.
This project aims to help agricultural agencies link agricultural activity with meteorological data, providing farmers with early warnings of weather variations. As a result, farmers will also be able to immediately receive technical recommendations to adjust their cultivation models and reduce disaster damage.
“We all know that the climate is changing and the weather patterns are changing,” said the Honourable Tom Lee, Ambassador of the Republic of China (Taiwan), adding that St. Kitts and Nevis and Taiwan are island countries that are susceptible to extreme weather.
“So it is important for both countries to learn how to adapt to the extreme weather… Most countries with the ability to adapt will be the winners in the future. As Taiwan is a strong ally to St. Kitts and Nevis, we are very willing to share our experience in this area. We launched this project [SKN Enhancing Agricultural Adaptive Capacity to Climate Variability Project] last year with the [aim] to help St. Kitts and Nevis to enhance its agricultural adaptive capacities.”
According to the Ambassador, there will be three stations in St. Kitts and one in Nevis, which can transmit accurate agricultural meteorological data directly from the stations.
Minister of Agriculture, the Honourable Eugene Hamilton stated that, because of the changing climate, it is important for St. Kitts and Nevis to formulate an adaptation programme. He added that the country urgently needs to pursue technical training, as well as research capacity building and professional consultation for such an adaptation programme.
“For information to flow smoothly from production to application, it is necessary to convert meteorological data into crop disaster prevention information and help farmers with disaster prevention through appropriate dissemination channels,” he said.
The type of data that will be gathered include temperature, humidity, rainfall, sunshine and soil moisture content in accordance with the meteorological needs of the agricultural industry.
“This is another step in building capacity so that farmers can produce with greater predictability, and our food security waste will be significantly reduced as a result,” said the minister.
Minister Hamilton stated that the project is expected to cover a period up to 2022 at a cost exceeding US $3million.
The minister expressed the gratitude of the Government and people of St. Kitts and Nevis for the generosity of the government and people of Taiwan.
“There is no doubt, Mr. Ambassador, that your country, which has been our first diplomatically, is our most authentic and valuable ally and I can assure you that you can always count on our support in any local and international endeavour.”
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Caribbean Farmers Ready for Coconut Boom Friday 30th November, 2018 – SKN Vibes
Coconuts are a longtime staple of Caribbean cuisine, and practically an emblem of the region’s climate and culture. But a new international initiative is shifting coconut’s image to an icon for business process innovation, wealth generation and sustainable livelihoods.
In the last four years, the Caribbean Agricultural Research and Development Institute (CARDI) has been implementing a major regional project, working alongside the International Trade Center and stakeholders along the coconut value chain to transition the region’s small-scale operations to enterprise-level profitability in the global coconut industry. The European Union and the African, Caribbean and Pacific Secretariat funded the four-year project to the tune of US$27 million.
An upcoming celebration called CARDI Day will highlight the Institute’s ongoing work in the EUACP funded Regional Coconut Industry Development Project, through a series of exhibitions, public lectures and school tours. Participants will see the many practical ways in which the project is breathing new life into one of the region’s oldest industries. Held on December 5, the celebration will also mark the day in 1974 when Caribbean government representatives met in Georgetown, Guyana to sign an agreement establishing the Institute.
Worldwide, a growing demand for fresh coconut produce is being driven by recent trends in the global food and beverage sector and the health and beauty market. It’s hardly surprising that Caribbean farmers are exploring new ways to get more out of the coconut value chain, converting every part of the iconic tree into marketable assets. But it’s not that simple. For many farmers, issues like pests, disease and limited market access are severely constraining their ability to make a sustainable living from coconuts.
Ricardo Vriesde farms his family’s 500-hectare lot on the coastal district of Coronie, just west of Paramaribo, a region once known as the coconut capital of Suriname. Far from reminiscing on glory days of coconut monoculture, Vriesde is embracing a mixed farming approach. Through the technical advice received under the project, he is replacing ageing coconut trees on his plantation with dwarf and hybrid varieties. And while waiting for the coconuts to come into production, he inter-plants with fruit trees such as cherries, carambolas and bananas to diversity income and regularise cash flow. Vriesde’s not limited to primary production. He plans to scale up his existing bottled coconut water business and has already secured machinery from Thailand to begin producing virgin coconut oil in early 2019.
And he’s not alone. CARDI is working alongside local and international agencies in Antigua and Barbuda, Barbados, Belize, Dominica, Dominican Republic, Guyana, Jamaica, St. Lucia, St Vincent and the Grenadines, and Trinidad and Tobago to help other farmers benefit from the window of opportunity created by an upsurge in global demand. In Belize, small- scale coconut processor Dona Dougal Sosa took part in a similar series of training modules to learn how to streamline the manufacturing and packaging processes for her line of coconut-based soaps.
In Jamaica, the project has focused on developing farmer’s business skills in order to open upcrucial access to financial products and services. A recent collaboration saw the International Trade Centre and the Development Bank of Jamaica providing financial literacy training to several Jamaican producers.
Those kinds of interventions are happening across the region’s coconut value chain, bringing together smallholder farmers and small-scale processors with representatives from finance and other sectors so that they can more easily share technical knowledge and market information. Barton Clarke, Executive Director of CARDI, says the multi-stakeholder efforts will add up to a more competitive coconut industry for the entire region.
“Through this Regional Coconut Industry Development Project, CARDI is working to improve income and employment opportunities, food security, and overall competitiveness of the Caribbean coconut sector,” Clarke said.
“In its first phase, the project has laid a firm foundation from which growth and expansion of the industry can now be accelerated. CARDI will continue to work alongside national stakeholders, regional actors and international agencies to deepen linkages with players from sectors such as health services, manufacturing, finance and tourism,” said Maurice Wilson, regional project coordinator.
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Monthly inflation increases according to the new CPI Saturday 1st December, 2018 – Haiti Libre
According to the new Consumer Price Index (CPI base 100, monthly inflation increased in October 2018 by +1.4% and +14.3% year-on-year (last 12 months).
This variation comes from the rise in almost all consumption functions, the most important of which are : Food and non-alcoholic beverages (+ 2.1% over one month and + 16.6% over one year), clothing and footwear (+1.2 % over one month and + 15.2% over one year), Furniture, household goods and household maintenance (+ 1.6% over one month and + 17.5% over one year), Health (+1.9% over one month and +20.5% % over one year) and Miscellaneous goods and services (+ 1.0% over one month and + 15.0% over one year).
Products that experienced the strongest year-over-year increases :
Food : Imported rice (+ 26.4%), meat (+ 22.1%), chadec (+ 22.9%), eggplant (+ 29.7%), the true tree (+ 28.2%).
Clothing : Dress (+ 17.3%) and shoes and tennis (+ 17.1%).
Furniture, household items... : Curtain (+ 22.6%), stove (+ 20.8%), refrigerator (+ 29.5%) and insecticides (+ 25.6%).
Health : Medication (+ 24.8%) and hospitalization costs (+ 15.4%).
Miscellaneous goods and services : Toilet soap (+ 17.1%), toothpaste (+ 22.1%) and perfume, eau de toilette (+ 16.2%).
Local products, increased in October by + 1.4% and + 13.3% yoy, slightly lower than the CPI Global + 1.4% in October and + 14.3% over the last 12 months. While, the price increase of imported products is higher than that of local products with monthly increases of +1.6% and annual +16.0%.
At the regional level, the highest monthly inflation was observed in the South Department (+ 1.8%) and the Metropolitan Area (+ 1.6%). While over the last 12 months, the departments of the North (+ 14.5%), Rest West and Transversal (+ 14.4%) showed the largest increases.
Consumer Price Index (CPI) for the whole country by consumption function
General index : + 14.3% over one year + + 1.4% over the month of October
Food and non-alcoholic beverages: month + 2.1%, year + 16.6% Alcoholic beverages and tobacco: month + 0.4%, year + 5.4% Clothing and footwear items: month + 1.2%, year + 15.2% Housing, water, gas, electricity and other fuels: month + 0.8%, year + 13.2% Furniture, household goods and household maintenance: month + 1.6% year + 17.5% Health: months + 1.9%, year + 20.5% Transport: months + 0.5%, year + 4.7% Communications: month + 0.3%, year + 2.9% Hobbies: 0.8% month, year + 14.5% Lessons: month 0.0%, year + 10.8% Restaurants: month 1.0%, year + 15.5% Miscellaneous goods and services: month 1.0%, year + 15.0%
Annual evolution of CPI October 2017 to October 2018
Global IPC : 2017: October: 10.7%; November 10.5%; December 10.5%; 2018: January 10.9%; February 11.0%; March 11.1%; April 11.2%; May 11.1%; June 11.7%; July 12.1%; August 12.7%; September 13.2%; October 14.4%
IPC of local products : 2017: October: 10.7%; November 10.4%; December 10.4%; 2018: January 10.5%; February 10.6%; March 10.8%; April 11.0%; May 11.1%; June 11.4%; July 11.8%; August 12.1%; September 12.4%; October 13.3%
CPI of imported products : 2017: October: 10.8%; November 10.7%; December 11.1%; 2018: January 11.4%; February 11.6%; March 11.5%; April 11.9%; May 11.0%; June 11.9%; July 12.7%; August 13.6%; September 14.0%; October 16.0%
CPI by geographic region :
Metropolitan area : months + 1.6%, year + 14.1% (Port-au-Prince, Delmas, Pétion-ville, Carrefour and Croix des Bouquet)
Rest West : months + 1.4%, year + 14.4% (South-East and West Departments without Metropolitan Area)
North : months + 1.4%, year + 14.5% (Department of North, North East and North West)
South : months + 1.8%, year + 14.3% (Department of the South, Grande-Anse and Nippes)
Transversal : months + 1.3%, year + 14.4% (Department of Center and Artibonite)2017-2018
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Tourism, food security among high-potential areas for expanding UAE- Caribbean cooperation Sunday 2nd December, 2018 – Caribbean News Now
Tourism, food security, manufacturing, logistics, and renewable energy have been identified as high-potential areas where companies in the UAE and Caribbean region can expand economic cooperation, according to new analysis from Dubai Chamber of Commerce and Industry.
The findings, released on the sidelines of the first UAE-Caribbean Cooperation Forum in Dubai, revealed that the value of non-oil trade between Dubai and Caribbean countries totaled $273 million in 2017.
Bilateral non-oil trade was dominated by imports from the Caribbean which were valued at $183 million in 2017, while $90 million worth of exports contributed 33 percent to Dubai’s trade with the region.
Suriname ranked as Dubai’s top Caribbean trading partner in 2017, with bilateral non-oil trade valued at $113.8 million, accounting for 42 percent of the emirate’s trade with the region. Guyana ranked second with $52.1 million in bilateral trade, followed by Dominican Republic and Trinidad and Tobago.
In addition, the findings revealed that the number of Caribbean companies registered with Dubai Chamber increased by 54 percent from 403 in 2013 to reach 621 in 2018.
Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, noted that the findings reflect the tremendous potential to boost bilateral trade and investment in the future as the UAE and Caribbean countries push ahead with plans to diversify their economies and explore business opportunities abroad.
“Dubai can serve as a global gateway for Caribbean exporters who are keen to broaden their horizons and access markets across the Middle East, Africa, and Asia, while the Caribbean region is fast emerging as an attractive investment destination, providing plenty of advantages which UAE companies can benefit from,” Buamim added.
Held on November 24-26, the UAE-Caribbean Cooperation Forum was co- organised by the UAE ministry of foreign affairs and international cooperation and Dubai Chamber of Commerce and Industry, in partnership with the UAE ministry of economy and the UAE ministry of culture and knowledge development.
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Nexstar to buy Tribune Media in $6.4 billion deal Monday 3rd December, 2018 – Reuters
Nexstar Media Group Inc (NXST.O) said on Monday it agreed to buy Tribune Media Company (TRCO.N) in a deal valued at $6.4 billion.
Nexstar said it would pay $46.50 per share, representing a premium of 15.5 percent to Tribune Media’s closing price on Friday.
The price per share value of the deal was in line with what Reuters reported on Sunday, citing people familiar with the matter.
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Bank of America completes Brexit switch to Dublin Monday 3rd December, 2018 – Reuters
Bank of America (BAC.N) finished moving its banking and markets operations in Europe to a new base in Dublin from London, the bank said on Monday, after it received all necessary regulatory and court approvals.
International banks are setting up subsidiaries across the European Union to ensure they can continue to serve clients. Their London operations may lose the right to operate across the EU with Britain’s departure from the bloc in March still filled with uncertainty.
As part of its preparation for Brexit, Bank of America announced last year that it would merge Bank of America Merrill Lynch International, its London-based subsidiary, into its Irish entity based in Dublin.
“We are pleased to have worked closely and constructively with our regulators to complete this critical component of our Brexit preparations exactly on schedule and well ahead of the earliest possible date of the UK’s exit from the EU,” Bank of America Merrill Lynch Europe chair Anne Finucane said in a statement.
Bank of America last year became the first U.S. bank to pick Dublin as its new base for its EU operations, as the Irish capital’s growing financial center competes with the likes of Frankfurt and Paris to win business leaving London.
Ireland’s central bank said in October that it is processing over 100 Brexit- related applications to authorize firms across sectors including investment management, banking, payments and insurance.
The regulator is still receiving applications from small to medium financial firms looking to set up or extend operations in Dublin, and it is aware of more to be submitted as the Brexit clock ticks down, an official familiar with the process said last month.
Bank of America will relocate up to 125 jobs from Britain, mostly to Ireland, as part of the move, according to a corporate filing seen by Reuters earlier this year.
The bank said employees in finance, risk, compliance, technology and credit functions would be affected. The moves will be a combination of staff relocation and new hires. It is set to take place between July and December this year.
The roles represent a first phase of job moves. A second is possible depending on the outcome of Britain’s negotiations with the EU, the bank said. The second phase would mostly relocate jobs to France, with some going to Ireland, Germany and other locations.
Bank of America said on Monday that it now employs over 800 people in Dublin and that its new European headquarters would operate through branches in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich.
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Britain submits new terms for post-Brexit services trade at WTO Monday 3rd December, 2018 – Reuters
Britain has officially notified the World Trade Organization of the proposed terms for its trade in services with other countries after Brexit, an important part of its divorce from the European Union, trade minister Liam Fox said on Monday.
The procedure is necessary because the United Kingdom has to disentangle its WTO membership from that of the EU. Fox said the proposed new terms circulated among WTO members would replicate Britain’s current obligations as far as possible.
“We see this only as a technical exercise that will provide continuity for business and, in future, we will work with other members on an ambitious agenda to liberalize international trade in services even further,” Fox said in a statement.
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Cruise surge Saturday 1st December, 2018 – Nation News
Almost 14 000 cruise ship passengers and crew could be descending on Barbados and the island’s attractions on Sunday when four mega ships call at the Bridgetown Port.
And chief executive officer of Foster and Ince Cruise World, Martin Ince, is hoping that authorities lay on extra personnel to dispatch them as quickly as possible.
The Caribbean Princess, with its 2 627 passengers and 1 190 crew, will be bringing the greatest number. It will be joined by the Queen Mary 2, the Norwegian Dawn, the Marella Explorer and the smallest with 100 passengers – the Sirena.
“On very busy days, I think as a destination, we need to be planning a little better to ensure that we can handle the surges,” Ince told THE NATION.
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Barbados gives commitment to blue economy Saturday 1st December, 2018 – Barbados Today
Government remains committed to the development of the Blue Economy as the ocean has been identified as the “life blood” of the planet.
Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, emphasized Government’s commitment to the process as he addressed the inaugural Sustainable Blue Economy Conference in Kenya this week.
Noting that Barbados had already announced a ban on single use plastics from April 1, 2019, Humphrey said his Ministry intended to engender a philosophy of “sustainable use and development” in the areas of fisheries, marine assets, resources, minerals and species for sustainable recreation and decent livelihoods for those who made a living from the sea.
“As such, Barbados is committed to a Roofs-to-Reefs model, as we strive for a sustainable balance in our new development trajectory,” he said, explaining that the ocean could not be protected if the damage on the land was ignored.
The Minister pointed out that the newly formed Ministry would focus its attention on transportation and logistics, housing and hospitality and health and nutrition within the short to medium term, as it seeks to build out the blue economy.
In addition, a number of strategic interventions required were also highlighted during the address. These include the establishment of a Maritime Training Institute and a network of marine management areas; enhancing the regulatory framework and infrastructure for the maritime transportation sector in line with international obligations; enhancing the governance framework for the Fisheries Sector and the establishment of a Real-time Ocean Research and Observations Systems Programme.
“Partnership and cooperation will be critical in all our blue pursuits. Barbados, therefore, stands ready to share its knowledge and best practices with other countries in this regard,” Humphrey said.
However, he pointed out that as a middle income country, and large ocean state, the means of implementation remained critical, with one of the challenges being access to concessional resources.
It was in this vein that the Minister said Barbados was keen to explore the establishment of an international marine mechanism equivalent to the REDD+ for forests. REDD+ stands for countries’ efforts to Reduce Emissions from Deforestation and forest Degradation and foster conservation, sustainable management of forests, and enhancement of forest carbon stocks.
He explained this would be used as a funding tool for accessing financial resources to support the sustainable use and management of the Exclusive Economic Zone, which in Barbados and for small-island developing states exceeds the terrestrial space.
“This is a moment in time that we cannot miss. The collective conscience of the world has now converged on the idea that to save and advance the interests of all people we must save and advance the interest of the ocean, which is the life blood of our planet,” Humphrey concluded.
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Consumers to pay less for petroleum products Sunday 2nd December, 2018 – Barbados today
Consumers will be paying less for gasoline, diesel, kerosene and Liquefied Petroleum Gas (LPG) effective midnight Sunday.
The retail price of gasoline will be adjusted from Bds$3.91 per litre to Bds$3.71 per litre, a reduction of 0.20 cents.
The price of diesel has decreased by three cents per litre, moving from $3.20 per litre to $3.17 per litre while kerosene will retail at $1.44 per litre down from $1.54 per litre, a reduction of 0.10 cents.
Similarly, there will be a decrease in the price of LPG. The LPG 100lbs cylinder will retail for $163.07, down from $168.42, a reduction of $5.35. The price of the LPG 25lbs cylinder will now be sold at $45.87, a decrease of $1.33. The cost of the 22lbs LPG cylinder will drop from $41.71 to $40.53, a reduction of $1.18; and the 20lbs LPG cylinder will retail at $36.84 down from $37.91, a decrease of $1.07.
These price adjustments are in keeping with Government’s policy of allowing retail prices to be reflective of those on the international market.
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Jamaica Tops World Travel Awards Monday 3rd December, 2018 – Jamaica Gleaner
Jamaica and Jamaican companies emerged the big winners at the World Travel Awards (WTA) Grand Finale Gala Ceremony in Lisbon, Portugal, on Saturday night, winning eight of the coveted awards.
Notably, Jamaica received the World's Leading Beach Destination and World's Leading Cruise Destination for 2018.
In highlighting the significance of the awards, Minister of Tourism Edmund Bartlett, who, along with chairman of the Jamaica Tourist Board, John Lynch, was present at the event, said, "I am truly proud to have been able to share in this moment. It highlights that Jamaica's tourism product is of the highest quality and remains top of mind for millions of visitors who come to our shores. Jamaica competed with the best of the best across the globe and has emerged a global winner, an acknowledgement of the hard work and innovation being done in the sector."
Delano Seiveright, senior adviser and strategist in the tourism ministry, noted that several Jamaican entities received the remaining awards.
Among them:
- World's Leading Luxury Hotel Villa, 2018 - Fleming Villa at GoldenEye
- World's Leading Villa Resort 2018 - Round Hill Hotel & Villas
- World's Leading All-inclusive Company 2018 - Sandals Resorts International
- World's Leading Family Resort Brand 2018 - Beaches Resorts
- World's Leading Caribbean Attraction Company 2018 - Island Routes Caribbean Adventures
- World's Leading Adventure Tour Operator 2018 - Chukka Caribbean Adventures
The event marked the climax of the WTA Grand Tour 2018 - an annual search for the finest travel and tourism organisations in the world. Government and industry leaders, luminaries, and international print and broadcast media from across the globe were in attendance. The WTA was established in 1993 to acknowledge, reward and celebrate excellence across all sectors of the tourism industry.
"Jamaica is poised for exponential growth in tourism and with this growth we will seek to be more innovative and provide more to our discerning visitors who come to get a taste of all the things we have to offer," the minister pointed out.
Bartlett will travel to Istanbul, Turkey, to speak at the third UNWTO-UNESCO World Conference on 'Tourism and Culture: For the Benefit of All', which will be hosted by the government of Turkey from December 3-5.
He returns to Jamaica on Thursday.
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Wigton Windfarm to list on JSE Monday 3rd December, 2018 – Jamaica Observer
THE Wigton Windfarm (WWF) initial public offering (IPO) on the Jamaica Stock Exchange (JSE) is expected for March 2019.
General Manager of Public-Private Partnerships and Privatisation Services at the Development Bank of Jamaica (DBJ) Denise Arana noted that the process is progressing smoothly and IPO activities will commence once the JN Fund Managers (JNFM) Limited debt refinancing process is completed.
JNFM, a licensed securities dealer and full service investment manager, was chosen through a request for proposal process offered by the DBJ to assist Wigton refinance its Petrocaribe loan.
“The refinancing is an important initial step that will restructure the balance sheet of the Wigton Windfarm to manage the foreign exchange risk it has now. I think this initial step will be very important in positioning Wigton as a very successful transaction,” she said.
Arana added that the terms of the offer are not yet finalised, “so we're still in that process of determining what that optimal (IPO) offer is that will maximise the value for government as shareholder”.
She was speaking to JIS News following a tour of the wind farm in Rose Hill, South Manchester on Friday. Teams from the DBJ and JNFM participated in the tour.
Wigton, a subsidiary of the Petroleum Corporation of Jamaica, is the largest wind energy facility in the English-speaking Caribbean and was built by the Government to help diversify Jamaica's energy mix.
The company began operating in 2004 with the commissioning of a 20.7 megawatt-generating plant, Wigton I.
This was followed by the development of Wigton II in 2010, which generates 18 megawatts of energy. Wigton III, the 24-megawatt expansion of the facility, was commissioned into service in June 2016 by Prime Minister Andrew Holness.
Once listed on the JSE, Wigton will be the second energy-related company on the market.
Arana indicated that Jamaicans will have an opportunity to purchase shares in the company once it becomes listed.
Deputy general manager of JNFM Limited, Jermaine Deans, said the refinancing process is important to the IPO.
Through that process, approximately $7 billion (US$52 million) will be refinanced through a series of senior secured bonds which will be supported by a debenture setting out a floating charge over all fixed and floating assets belonging to Wigton.
The refinancing will allow the funds to be repaid to the Petrocaribe Development Fund to be redeployed to other areas for growth inducement.
“We're interested in renewable energy. It is something that we started looking at about a year and a half ago, and we're doing this with Wigton. We also currently have the MPC Clean Energy Fund IPO in the market space [which] is also in the renewable energy and this is in Jamaica, Costa Rica and there are going to be some other projects across Latin America and the Caribbean. We see it (renewable energy) as the way to go,” said Deans.
“The United States and Europe have already gone that way quite a bit and the Caribbean is somewhat lagging and we're catching up,” he continued.
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Grenada PM not surprised by Scotiabank sale Sunday 2nd December, 2018 – Jamaica Observer
Grenada Prime Minister Dr Keith Mitchell says he was not surprised at the decision by Scotiabank to sell its operations in nine Caribbean countries, saying he was also happy to see a Caribbean institution “playing an even bigger role in the banking system”.
The Trinidad-based Republic Financial Holdings Limited (RFHL) said Tuesday it had entered into an agreement to acquire Scotiabank's banking operations in nine Caribbean countries.
An RFHL statement said that the banks being acquired are located in Guyana, St Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.
It said that the purchase price is US$123 million, which represents US$25 million consideration for total shareholding of Scotiabank Anguilla Ltd; and a premium of US$98 million over net asset value for operations in the remaining eight countries.
But while Antigua and Barbuda Prime Minister Gaston Browne said his Administration would not be issuing a vesting order to facilitate the sale, Mitchell, who is also the finance minister in Grenada, said he would not move to block the sale.
“I am happy to see a Caribbean institution playing an even bigger role in the banking system in this country,” Mitchell said, noting that while he lamented the fact that the Canadian bank was moving out, he was also very supportive of competition.
“While we see less competition, the fact is we still have diversity in the banking sector,” he said, noting that the Co-operative Bank in Grenada is the largest bank in his country.
“And it happens to be not just Caribbean owned, but locally owned.”
Mitchell said he believed Scotiabank had signalled its intention to move out some time ago, recalling he had discussions with senior officials recently and the answer given had indicated to him that the bank was looking outward.
““So I think we have to understand what is happening in the Caribbean. If one understood what was happening in the region, that was not something you would say that surprised us. It did not surprise me and I did indicate when I heard certain comments made not long ago by a leading director from the Bank of Nova Scotia, when I asked him about investment and the answer he gave.
“I was not surprised by the results I saw,” he said, adding that he had been informed of the proposed sale before the announcement was made”.
Meanwhile, the governor of the Central Bank of Barbados, Cleviston Haynes said the recent manoeuvres by the insurance company, Sagicor and Scotiabank are indications that these global institutions are reappraising their future development.
Stephen Bagnarol, Scotiatbank's senior vice president and head of the Caribbean South and East, said the financial institution was pleased to be entering into a partnership with the regional insurance company, Sagicor, to provide products to its clients.
Haynes said the region needs to recognise that it is operating in a global economy.
“What we have in the Caribbean generally are very small enterprises, and to be successful globally you really need critical mass. And I suspect that is part of the decision-making which….Sagicor may have made in coming to their decision whereas banking in the region, particularly post the global financial crisis, has not been seen as being very profitable to some, particularly the Canadian banks who see significant risks but perhaps not seeing the type of earning which they would want to make.”
Haynes said that though the moves by both Sagicor and Scotiabank represent business transactions in the best interest of large corporate entities, it is an unfortunate development for the region.
“The region has benefited all through the global financial crisis and more recently with the de-risking initiatives being taken on having these large Canadian banks in our presence.
“There are things we may not like, there are often criticisms of the pricing of the banks and so on, but I think as regional economies, having Canadian banks [in our] presence has been to our benefit and therefore there must be a little concern where, as a region, it appears that we are beginning to lose some of these banks, and therefore it is something we have to look at very carefully — but we also have to recognise it in the context of the global repositioning of large corporate entitites,” Haynes said.
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Thousands of farmers to receive US$ support in 2019 Monday 3rd December, 2018 – Jamaica Observer
JAMAICA'S agriculture and rural tourism sectors are expected to get a boost from a US$60-million injection under phase two of the World Bank- funded Rural Economic Development Initiative (REDI) in 2019.
The project is supported by the Food and Agriculture Organization Investment Centre Division and is geared towards enhancing agricultural productivity, agro-processing and rural tourism.
Phase one of REDI changed the lives of over 5,000 Jamaicans and created direct employment for over 1,400. It also contributed to the recorded growth in Jamaica's agricultural output in 2016 and lowering the country's food import bill by US$6 million.
REDI2, as the second phase is being called, is expected to strengthen linkages between Jamaica's agriculture and tourism sectors by enhancing market access and climate resilience of micro, small and medium-sized agriculture and community tourism enterprises. Rural producers and service providers will gain increased access to climate-smart technologies to improve their productivity and receive improvements to basic infrastructure and agro-logistics for enhanced market access, incorporating critical climate-resilient infrastructure to promote sustainability.
In addition to this project, FAO's Investment Centre Division is supporting the development of an irrigation project funded by the Caribbean Development Bank (CDB) following the Essex Valley Agriculture Development Project prepared in 2016. Under the Essex Valley project, the lives of over 700 farmers stand to be improved through an introduction to modern irrigation techniques, post-harvest facilities and compliance with food safety standards on approximately 1,700 acres of land.
The second project will target an additional 1, 500 acres of land in the parishes of St Catherine and Clarendon.
Roble Sabrie, economist at FAO noted that “FAO's support has been critical in the project design and economic evaluation of the prospected benefits that will be generated by both new projects that will help in addressing policy issues and form an integral part of the Government's efforts to support smallholders and modernise the sector.”
The CDB project will enhance the productivity of farmers in areas formerly used as banana and sugar plantations. Implementation of the projects will be guided by a feasibility study that will establish the area needs, the boundaries of the intervention and other technical aspects including an irrigation system, drainage intervention and associated production and marketing systems.
“The two projects, totalling US$60 million, could also have interesting interlinkages and cross-support each other due to FAO support during implementation” Sabrie added.
The FAO said it expects that once these projects get off the ground, the agriculture and rural sectors will expand and will foster the potential for increasing trade and investment in Jamaican agriculture.
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Grenada to launch US$42m water resiliency project Monday 3rd December, 2018 – Jamaica Observer
PORT-OF-SPAIN, Trinidad (IPS) Water-scarce Grenadians will soon get some relief through a Green Climate Fund (GCF)-approved project to be launched next year that will make Grenada's water sector more resilient to the impacts of climate change.
Currently, several households in the 134-square mile island in the Eastern Caribbean find themselves unable to pursue activities at their leisure because of water constraints.
“At certain times of the year people have to reach home at a particular time to fill water containers for use,” said Titus Antoine, acting head of the Economic and Technical Cooperation Department in Grenada.
He told IPS that while some communities in Grenada have a “good, consistent flow of water,” others, particularly in the southern tip of the island where residential and tourism accommodation density are high, suffer “a general shortage”.
That part of the island is the most “water starved”, Antoine said, “because of the erratic rainfall, limited water storage and the high demand when the tourism sector sometimes competes with residential demand.”
The Climate Resilience in Grenada's Water Sector (G-Crews) project, whose US$42- million budget will be mostly met by the US$35-million grant from the GCF, is designed to tackle water issues brought about by climate change. Among the various components of the project are a challenge fund for two of the biggest users of water in the island, agriculture and tourism; expanding the infrastructure of the island's National Water and Sewerage Authority (NAWASA); and retrofitting existing infrastructure to reduce leaks in the distribution system, as well as to better cope with extreme weather events such as hurricanes.
“The overall goal is to increase systemic climate change resilience in Grenada's water sector. What that means in practice is to both increase the water supply that is available as well as to strategically lower water demand in many sectors, particularly during the dry season. What is needed in order to achieve that is to improve water resource management, to increase water use efficiency, and to enhance the Grenadian water infrastructure,” said Dieter Rothenberger, the head of Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ)'s climate change projects in Grenada. GIZ is the implementing partner for the G- Crews project.
Grenada approached the GCF in partnership with GIZ for funding for the water resilience project because “water is one of the sectors the most negatively affected by climate change,” Antoine said, “with increased drought conditions and changes in the availability of fresh water. There is less rainfall. And when it does come, the timing and heavy type of rain wreaks havoc on the farming sector”.
After widespread consultation, Grenada decided water was a priority area that “if not addressed, it [would inhibit] regular economic development”, particularly in relation to the farming and tourism sectors, Antoine said
The G-Crews project, which runs from 2019 to 2023, is part of a much larger climate change initiative by the Grenada Government, known as the Integrated Climate Change Adaptation Strategies (ICCAS) project. That initiative has involved the Grenada government working with Giz and the United Nations Development Programme since 2013. “[ICCAS] was about mainstreaming climate adaptation issues within sectors like agriculture, coastal zone management, and indeed water…” Rothenberger said.
One of the goals of the G-Crews project — to strengthen the adaptive capacity and reduce the exposure of households, farmers and tourism businesses to the impacts of climate change on water supply has led to the creation of a challenge fund. This fund will help “to make sure the private sector, in particular tourism stakeholders and farmers, are benefiting from G-Crews, but are also contributing in making Grenada climate resilient. This challenge fund will be managed by the Grenada Development Bank (GDB),” Rothenberger told IPS by e-mail.
Antoine explained that the challenge fund will provide grants to the tourism and agriculture sectors covering up to 50 per cent of the cost “to adopt technology for greater efficiency in water use”.
“It will allow the tourism sector to retool in terms of water efficiency and it will allow farmers to be able to purchase irrigation technology that will make better use of scarce resources,” he added.
The water resiliency project will also extend NAWASA's existing water storage capacity at strategic locations throughout the island. This increased storage will make accommodation for reduced or erratic precipitation, increased temperatures and salt-water intrusion due to sea level rise.
In addition, “the current storage capacity for water in the event of a hurricane is up to three days,” Antoine said. “This project will move that to three weeks' capacity.” It will also help Grenada meet the global Sustainable Development Goals for water, he added.
A criterion for funding by GCF is a project's modalities for continuation and sustainability, Antoine said. “Grenada is accustomed to handling these types of projects, and we do have the local capacity” for ensuring its viability, he said.
“Over US$42 million is a major investment in Grenada's context,” he added. “There are other mechanisms out there for financing, but the GCF was particularly attractive because of the scope of this project. We saw it as a natural fit since it provided the opportunity to provide the scale of investment we wanted to have. We partnered with Giz, which is an accredited entity with the GCF.”
“The Green Climate Fund only supports projects which can prove to be highly climate relevant,” Rothenberger said. “This means that you have to convincingly show that the project will solve a challenge induced by climate change impacts now, but particularly in the future….That meant taking into account how climate change will impact the water sector in the future, including future water availability and scarcity. This was done by using existing regional climate models and fine-tuning and updating them for Grenada.
'The result of the modelling was that the conditions, including water availability, which Grenada had in the most serious recent drought in 2009/2010 will be the new climate normal in 2050. So the interventions were designed in a way to ensure that Grenada's water sector can deal with such conditions as the new normal. In that sense, Crews addresses both present as well as future challenges,” Rothenberger said.
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EU calls for concrete, substantial changes to Italy budget Monday 3rd December, 2018 – Reuters
The European Union executive welcomed on Monday a change of tone from Italy in its dispute with the bloc over its excessively expansionary 2019 budget, but called for concrete, substantial changes before halting disciplinary action.
“We are currently in intensive discussions with Italian authorities ... so now I would say the ball is on Italy’s side whether Italy comes with substantial adjustments to the 2019 plan,” European Commission Vice President Valdis Dombrovskis said.
“It is positive that the tone of discussion has changed but it is also necessary that there is a substantial adjustment to the 2019 budget,” he said on entering a meeting of euro zone finance ministers where Italy’s budget will be one of those discussed.
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China says U.S., China working toward removing all tariffs Monday 3rd December, 2018 – Reuters
China’s foreign ministry said on Monday that the Chinese and U.S. presidents instructed their economic teams to work toward removing all tariffs, following a meeting in Argentina where the two leaders agreed to a truce in their trade war.
Ministry spokesman Geng Shuang made the comment at a daily news briefing in Beijing.
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Income Tax Bill passed Saturday 1st December, 2018 – Trinidad Express Newspapers
IN A drastic and desperate move, the Government butchered the controversial Income Tax (Amendment) Bill, deleting all clauses that required Opposition support to ensure its passage.
The bill, which the Government said was crucial to avoid this country becoming blacklisted and was necessary to ensure international financial transactions are not hampered, was passed just before 9 p.m. with all Government members voting for it and all Opposition members voting against it. The final vote was 19-14.
After hours of debate on the motion for the Lower House to adopt the report of the Special Select Committee (SSC) on the bill, it was taken back into the committee stage of the Parliament.
It was here that the drama unfolded.
Attorney General Faris Al-Rawi asked whether the Opposition supported the bill.
Opposition Leader Kamla Persad-Bissessar had said the Opposition shared its concerns with the bill and would not support it.
Finance Minister Colm Imbert said under those circumstances, since the Government did not have 26 votes, it would delete clause two which required a three-fifths vote.
Opposition MP Dr Roodal Moonilal asked whether he heard Imbert right.
'Is the Minister of Finance saying...that because the Government doesn't have the constitutional majority, they are deleting the provision for constitutional majority. Is that correct?' he asked.
Imbert replied that because Persad-Bissessar said 'emphatically and unambiguously' that they did not support the bill in its current form, the Government would therefore pass what it could with its own majority.
The AG said the Government would delete all the provisions that required a constitutional majority.
Al-Rawi went on to slam the Opposition for its failure to support the bill, saying that the clauses were almost identical to what was in the FATCA legislation which was unanimously passed.
Framework in place
Persad-Bissessar said this was not FATCA but the Income Tax (Amendment) Bill.
She said there was a whole framework in place in the FATCA legislation.
She said she was 'baffled' by the AG's argument that the Income Tax (Amendment) Bill must be passed before agreements were signed. She said international law dictated that an international agreement be signed, then the country might or might not ratify it and then domesticate it into law.
'To say that this is identical to FATCA, that we are being illogical and inconsistent, I do not accept that argument,' she said.
Al-Rawi and Imbert held a news conference following the passage of the legislation to explain why the Government took measures to delete parts of the bill.
The Attorney General said the Government needed to give this country a 'fighting chance' as they did the best they could.
He said the deadline to meet FATF (Financial Action Task Force) obligations was November 30 (yesterday) and now that the bill has been passed it could report to them and ask for re-ratings.
Imbert said further that the Global Forum would turn its attention to this country when the bill is enacted and a meeting is expected to take place in January.
The Income Tax (Amendment) Bill is scheduled to move to the Senate next week for debate.
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Chaotic end to Petrotrin Saturday 1st December, 2018 – Trinidad Express Newspapers
PETROTRIN'S management had hoped that yesterday's emotionally- charged final hours for thousands of terminated workers would end smoothly, as the company began a new chapter in its bid to become profitable.
Instead, it was a day filled with chaotic scenes at the company's refinery operations at Pointe-a-Pierre, its tank farm and port facilities at Trinmar, Point Fortin, and at its facilities in Santa Flora.
In Santa Flora, a fire destroyed a cafeteria; workers refused to leave Trinmar's compound, saying they were not fairly compensated and in Pointe-a-Pierre, several workers locked themselves into the canteen area. In Santa Flora, they blockaded the roads leading to the facility and locked themselves in.
No one stopped them.
At all the facilities, the highly- paid and well-trained Petrotrin estate security guards walked off the job hours before the privately hired Amalgamated Security Services officers took charge.
As a result there was a surreal scene, since for the first time in decades, there was no one securing the company's normally high-security, fortified assets across south Trinidad.
Police officers were hastily rostered to the locations, until officers from Amalgamated took charge.
At Pointe-a-Pierre, the Express found an empty guard booth leading to the company's main administrative building at 3 p.m. Anyone had access.
For the workers, many wept openly as memories were shared with co- workers who had become friends and family. Men and women, many of them second and third generation Petrotrin employees, assembled at various locations with their bags of office belongings, ready to head home.
Attractive packages?
For most of the day, the transition appeared to be proceeding without incident.
However, around 1 p.m. some fired workers called a press conference at Paria Suites, La Romaine.
And for the first time, the media heard formally from workers themselves, not their mouthpiece - the executives of the Oilfields Workers' Trade Union (OWTU).
The workers spoke about the importance of their jobs to the economy, and said they wanted to debunk the claims made by Government politicians that Petrotrin employees were overpaid, under-worked, overstaffed, and had contributed to the death of Petrotrin's once priceless refinery operations.
They claimed that the Government and company chairman Wilfred Espinet had shared misinformation with the public and that the perception was that workers were being given 'attractive packages' as the company closed.
Spokesperson Gabriel O'Sauna said the shutdown was not due to the workers but rather, poor management by the board of directors and executives, both present and past.
He said the information circulating in the public domain about workers' salaries was untrue.
O'Sauna said janitorial services are subcontracted within Petrotrin, and the rate was between $15-20 per hour. It was not true that a cleaner earned $10,000 a month, he said.
He said those making over $40,000 monthly belong to middle and upper management.
'The facts of the matter remain that we are not responsible for the financial decisions that were made that caused the company to be in the state that it is in and that we the workers have to pay. To date I have not received salary for two weeks. We are yet to received our severance packages.'
O'Sauna who had been employed as an estate constable for 11 years said he received some $138,000 which amounted to one month's salary for each year worked.
Shawn Mootoo said he was a temporary worker at the company for some 30 years and was nearing retirement. He said the closure was difficult for him, adding that the company has not fairly compensated the workers who has spent years building the company.
Trouble starts
At around 2 p.m. news emerged that workers had been sent an e-mail that they must submit their 2017 tax returns before they could receive full outstanding payments.
An internal release stated: 'The process of granting the tax exemption to every employee could take some time. Accordingly, to avoid any delay in making the termination payments, where information/ documentation is outstanding to the BIR, the Board of Directors has instructed Petrotrin, as the employer, to ensure on-time termination payments by withholding taxes on the full amount and holding these in escrow until confirmation of each employee's tax status is received.'
This angered workers.
They would not be leaving until the company assured that they got their monthly salaries for November, and their pensions and severance, said OWTU Chief Education and Research Officer Ozzy Warwick.
'Workers are very angry. They cannot take any press release about money to the bank or grocery. They will stay there as long as it takes. Where is that money they claim they made to workers?'
The workers were on the compound up to late last night.
Warwick was referring to a press statement issued by Petrotrin yesterday afternoon, outlining the billions paid out to terminated workers, and explaining why some payments were being withheld.
Petrotrin: $2.7b in exit payments
Petrotrin yesterday stated in a release that it had disbursed $2.7 billion in exit payments to its employees, but some employees would have to wait until Monday for the funds to reach their accounts.
The release added: 'The payments disbursed comprised $1.8 billion in termination packages; $201 million for outstanding vacation; $560 million in back pay; $150 million for medical and other benefits; and $55 million in payments for outstanding promotions. All 3,400 permanent employees will receive exit payments and 1,229 or 55% of the company's temporary workers received ex gratia payments.
'Chairman Wilfred Espinet said: 'This is a difficult time for all concerned and we hope that everyone affected is able to establish a positive and secure future for themselves.''
Given the size of the disbursement and the mix of payments, the funds would not reach all employees accounts before midnight on November 30.
To avoid delays in disbursing the payments, Petrotrin has withheld the employees' potential tax liability and placed these funds in escrow. The company will remit the withheld funds once employees have satisfied the Board of Inland Revenue that their taxes are up-to-date.
'Following the closure of operations, the Company will continue to ensure that affected persons and their families will have access to support services for the next six months – services include stress management, change management and financial counselling.'
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Single employee for Guaracara Refining Company Saturday 1st December, 2018 – Trinidad Express Newspapers
THE Guaracara Refining Company is to have one employee.
But the 'core' (Petrotrin) company, the Heritage Petroleum Company, has hired 39 senior and middle managers, 16 of whom were former workers of Petrotrin, Energy Minister Franklin Khan said yesterday.
He said the remaining 23 employees at Heritage were new to the company.
Khan was responding to an urgent question from Couva South MP Rudy Indarsingh in the House of Representatives. He said Paria Fuel Trading Company has employed three senior managers, two of whom were former Petrotrin employees and one was new. He said nobody has been employed with Guaracara Refining Company Limited 'because that company will be the custodian of the refinery assets and there would be very limited employment in that company. There will just be a custodian and that employment will take place very shortly'.
Khan disclosed that while there were no one employed with Guaracara, a third-party service contract had been awarded and therefore there was staff monitoring and supervising and doing maintenance work at the refinery 'as we speak'. The award given via a public RFP was won by Damus Limited.
Asked about the terms and conditions of the employees at Heritage and Paria, Khan said they should be confidential.
Asked whether employees who contributed to the Petrotrin Employees Pension Plan were all given benefit statements prior to the date of closure, Khan said individual benefits were issued to all employees prior to the closure date (November 30). He however was unable to say whether these benefit statements had been audited. He said the retirees were receiving their benefits.
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Guards abandon Petrotrin posts Saturday 1st December, 2018 – Trinidad Express Newspapers
AMALGAMATED SECURITY SERVICES has taken charge of securing the assets of Petrotrin.
The Express was told Amalgamated was scheduled to take over at 6 p.m. yesterday.
However, the estate constables working with Petrotrin walked off the job before 3 p.m. at facilities across south Trinidad.
For several hours, anyone and everyone had access to the facilities.
The security switch forms part of the Government's decision to shut down the debt-ridden refinery operations at Pointe-a-Pierre. The Heritage Petroleum Company Ltd, which will deal with exploration and the Paria Fuel Trading Company, which will be involved in energy trading, will come on stream soon after.
However Petrotrin estate police officers are concerned.
The Express was told that officers, including those at the gates, have to be International Shipping Port Security (ISPF) trained.
'They (Amalgamated officers) don't have the competency to conduct certain legal requirements to be ISPF-compliant. The only unit that has been given authority by the Trinidad and Tobago Coast Guard to operate on the sea is Petrotrin police. We are all patiently waiting to see what is next,' one officer said.
Concerning operations at the Marine Unit, the Express was told by a former officer, 'You have to have an emergency plan, among other plans, to give to the Coast Guard to approve the port and without that approval, you can't do any trade with any US port.'
While it was said that there may be an attempt to use the present plan, it however does not include Amalgamated Security Services to operate on the sea. Initiatives were said to be in the process of being fast tracked as the new company will have to provide a plan to the Coast Guard.
However, the concerns were dismissed by Robert Bauer, Amalgamated's Group Marketing Manager who said, 'Every requirement for this job is met. We are properly oriented and trained for the job.'
Petrotrin police: We are specially trained The Express was told that unlike the new officers, Petrotrin estate police consists of detectives who were specially trained with the Inter Agency Task Force. 'We can secure a crime scene and also have bomb search technicians and even a certified deep-sea diver, a shooting team and certified drill and firearm instructors,' a former officer said.
The specially trained officers collected monthly salaries of $14,000 for a constable, $16,000 for a corporal and $18,500 for a sergeant. They were stationed at Guayaguayare, Penal, Forest Reserve, Santa Flora, Pointe-a- Pierre and Point Fortin.
The Amalgamated officers will be working for between $18 to $24 per hour.
While some of the officers were offered positions with Amalgamated they said that the salaries were not commensurate with their skills. 'We have so many roles and responsibilities,' one said.
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5 charged with fraud Saturday 1st December, 2018 – Trinidad Express Newspapers
THE level of fraud in the flood relief programme is 40 per cent, Prime Minister Dr Keith Rowley said on Thursday night.
He said the early 'rough assessment' was that some $25 million was required for relief claims following extensive flooding in the country recently.
He said the next thing he knew was that 'because of the ease with which we were facilitating the claims made by those who were affected', the Minister of Finance informed him that $84 million had been paid out in flood relief.
He said subsequently the Minister of Social Development informed him that there were claims amounting to $118 million.
'But in the meantime the police reach and the police start picking up those who were tiefing the money that was meant for the least of the apostles. (On Thursday) I asked the Minister what has been done with respect to the audit because right now the Ministry of Finance is auditing that (programme)...Because as the outpouring of sympathy grew in the national community, like the scampishness grew equally.
'The Minister of Family Services told me that when they audited, having dealt with the claims as expeditiously as possible so as to bring relief as swiftly as possible, and the public service was handling that, they discover that the level of fraud in that programme was 40 per cent.'
Speaking at a PNM meeting at City Hall in Port of Spain Thursday evening, Rowley said: 'That is now a matter for the Ministry of Finance and the audit and the police. Because there are people amongst us who have accepted that misconduct of that nature is normal. That is what I have been saying. People are telling their children, 'we don't mind if the government tiefing as long as we getting something'. That is becoming our society. For heaven's sake, reject that!'
Five charged
Fraud Squad officers laid charges against five people who allegedly defrauded Government of thousands of dollars in relief funds meant to assist those directly affected by the recent nationwide flooding. The charges were laid on Thursday, bringing to 13 the number of people who have so far been charged with participating in the scam.
Among the five is an employee of the Ministry of Social Development and Family Services who was among a group of nine that recently appeared in the Port of Spain Magistrates' Court charged with the offence.
Even though the charges were laid on Thursday, the accused were not taken to court yesterday. Instead, officers said they will make an appearance in the First Court on Monday morning. The offences for which they are charged are alleged to have taken place between October 25 and November 13 in Port of Spain.
So far, the State has distributed close to $84 million to more than 5,000 families that were directly affected by the flooding.
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Court orders Elias to repay Imbert $46m Saturday 1st December, 2018 – Trinidad Express Newspapers
AFTER close to 19 years of legal battle, the Appeal Court has ordered that contractor Emile Elias repay Finance Minister Colm Imbert a mammoth $46 million stemming from a breach of contract lawsuit that was filed by Elias, involving work done by Imbert's company on the Grenada National Stadium in 1997.
The order was made by a three-judge panel, at the Hall of Justice in Port of Spain, after the court overturned a previous ruling delivered in the High Court last year in favour of Elias.
Initially, the contractor was seeking approximately $17 million which he said was owed to him after Imbert's company [National Stadium (Grenada) Corporation (NS)] reneged on a contractual agreement during the construction of the stadium.
Last November, a High Court judge ruled in favour of Elias, ordering that the Finance Minister pay $44 million, inclusive of interest. That money was being held in escrow at the Unit Trust Corporation until the completion of the matter.
But in the latest ruling, the Court of Appeal panel, which comprised Justices Peter Jamadar, Nolan Bereaux and Charmaine Pemberton, reversed the previous decision, ordering Elias to repay the $44 million, plus $2 million in interest. That payment is to be made within 42 days. In addition to the $46 million, Elias was also ordered to pay Imbert's legal costs in defending the claim. The lawsuit was brought by Elias against Imbert's construction firm, ICS (Grenada) Ltd, Clico Investment Bank (CIB) and NS, which was formed by Imbert to hold lease to the stadium in Grenada.
Elias claimed that during the course of the works, the company refused to carry out some of its contractual obligations and also refused to repay the $17 million.
'Long, winding and chequered history'
In delivering the 60-page ruling, Justice Pemberton described the matter as one that had a 'long, winding and chequered history', which was heard in various courts in Grenada, Carriacou, Petit Martinque and Trinidad and Tobago.
The judge said there was no trust created for the benefit of ICS which would have granted rights to it capable of being assigned to NH. She went on to say that ICS acquired no rights under the facility agreement that was assigned to NH.
'It would therefore be that NS, the other entity named in the facility agreement and the entity charged with administering the obligations to finance the project, will be entitled to any remaining fund since they were incorporated by ICS, as the arm and responsible authority for providing financing of the project.'
Pemberton said there were no other possible beneficiaries to the funds generated under the facility agreement, and since CIB made no claim to the funds, the only other party to the agreement was NS.
'NH is not contemplated as a beneficiary to these funds. If NH was to benefit from the funds generated under the facility agreement, that needed to have been stated clearly in the facility agreement,' she said.
Attorneys Simon Hughes QC and Annabelle Sooklal appeared for Imbert while Alvin Fitzpatrick SC, Lesley Ann Lucky-Samaroo, Shiv Sharma and Adrian Byrne appeared for Elias.
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Rice farmers referred to Fraud Squad Saturday 1st December, 2018 – Trinidad Express Newspapers
INFLATED claims for compensation due to flooding by some rice farmers have been referred to the Fraud Squad, Agriculture Minister Clarence Rambharat said yesterday.
In a news release, the minister addressed accusations by some farmers in Central Trinidad that Government's failure to issue compensation, for losses suffered following massive flooding around the country on October 21, is threatening their livelihoods.
During a small protest outside the Ministry of Agriculture, in Chaguanas, on Wednesday, the farmers lamented a series of problems facing the industry and said Government could further destabilise it by failing to compensate them.
This has been challenged by Rambharat, who said some claimants appeared to have nearly doubled their acreage in applying.
'Following the October 2018 flooding, I personally visited rice farmers in Chaguanas West accompanied by Ganga Singh, MP, the ministry's Caroni County officer and the extension officers attached to that area,' Rambharat said in the release.
'Before and after that visit and my meetings with the rice farmers that day, the ministry's Caroni office conducted visits to affected farmers and has been receiving flood assistance claims. 'Claims submitted by certain rice farmers from Chaguanas West and surrounding areas have been questioned by the officers. 'For the Bejucal area where the ministry's records show that 1,100 acres are cultivated in rice, claims have been made for 2,200 acres.
'Farmers who are recorded as having less than 100 acres under cultivation have claimed 700 acres.' Rambahart said multiple claims have been made for one parcel and some farmers claimed for parcels of land which they do not cultivate.
'These matters are being investigated by the Caroni County office and none of these inflated claims will be submitted for consideration for flood damage assistance,' the minister stated, adding that the decision to question the inflated claims was 'at the heart of the small gathering outside the ministry's head office in Chaguanas on Wednesday, November 28'.
'I have since referred the matter to the Fraud Squad of the Trinidad and Tobago Police Service,' Rambharat said.
Claims regarding treatment by the Agricultural Development Bank (ADB) by one farmer at the protest, Richard Singh, were also highlighted by Rambharat.
'On June 12, 2018, in response to two motions on the adjournment filed in the Senate by Senator Wade Mark, I addressed several matters relating to Mr Singh, the ADB and payments to rice farmers by the National Flour Mills. I debunked all the misinformation in the public domain,' Rambharat said.
'In response to the more recent matters, I refer to my June 12, 2018 response in the Senate, when I said that Mr Singh received a $3.1 million loan from ADB.
'I can now say that in October 2018 the loan was restructured, the accounts are all up to date; the renewal included a six-month moratorium so that interest is due March 31, 2019; and thereafter the loans have semi- annual payments so that the next instalment will be due September 30, 2019.'
Rambharat said he disclosed the information in the public's interest, 'so that ADB as a financial institution is not put to risk'.
'I am satisfied that ADB has gone beyond the call to address the needs of Mr Singh,' Rambharat said.
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South contractors to fix potholes for free Saturday 1st December, 2018 – Trinidad Express Newspapers
CONTRACTORS are also fed up with dealing with potholes and have joined the 'voluntary pothole relief' project to provide assistance.
Owner of Lora Construction Ltd, Ramnarine Rajaram, will from tomorrow start pothole patching from Debe to Penal Rock Road.
Speaking with the Express, Rajaram said from tomorrow until Christmas, as a means of giving back to the community, his company will team up with two other companies to fix potholes.
Rajaram said the repairs will be along the main roadways from Fun Splash Water Park in Debe, then along Lalbeharry Trace, the roadway leading to the Digity Volcano, Rochard Road and Rock Road in Penal.
He said he wanted to do this after seeing the distress a young woman endured after her vehicle went into a pothole.
'She was driving in Debe, near the Fun Splash area and there was a big pothole. She went down in it and her whole front tyre ripped off. That is distressing for anybody. And it was time for us to do something, to really give back in the community,' he said.
Rajaram said all the material will be purchased by the companies and 15 workers have already volunteered to start the work tomorrow.
He said the pothole repair will be a benefit for not only the community but for him and his family who also utilise the roads.
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Flow to cut channel line-up Saturday 1st December, 2018 – Trinidad Express Newspapers
CABLE provider, Flow, is removing several channels from its channel line- up.
The company announced yesterday that effective 11.59 p.m. December 31, it will no longer air nine channels in its Caribbean markets.
They are: National Geographic, Fox Soccer Plus, Fox Deportes, Nat Geo Wild, BBC America, CGTN, Fox Sports Racing, Fox Sports 2 and Big Ten 'While we regret that these changes have become necessary, we remain committed to providing our customers with the very best value and viewing experience possible, and we are working closely with our international partners to continue to deliver the finest content,' Flow said in a media release yesterday.
The company informed its Evo service customers that between December 1 and February 28, they will have access to a 'free preview' of two newly added channels-Discovery Theatre and Discovery World.
It said additionally, AVS service customers will benefit from several updated features such as a new and improved user interface, a transformed on-demand service, along with a convenient replay feature that allows viewers to restart any show that is already in progress.
Flow stated that its award-winning Flow-To-Go App, which is free to download for both iOS and Android users, is also now loaded with over 100 live channels, including exclusive content such as the Premier League.
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Cost of roads to rise Sunday 2nd December, 2018 – Trinidad Express Newspapers
And the price of cooking gas will be subsidised by Government to stay the same.
Lake Asphalt, the State-owned La Brea company, will have to find a business model to keep it in business.
These are just a few of the immediate impacts the shutdown of the Petrotrin refinery will have in the short term.
The Sunday Express understands that the supply of bitumen - a black, viscous mixture of hydrocarbons which is an end-product from the refinery but a key product in the paving of roads - was cause for concern upon the closure of the refinery as it affects two things: the supply of bitumen which could impact on the cost and rollout of roads and the fact that bitumen is Lake Asphalt's main business.
The Sunday Express was told that bitumen moved from $19 a gallon two weeks ago to its present price of $28.75 a gallon, a 42 per cent increase.
In 2017, on average, 200 gallons a day were used on roads - and that was not a year when key infrastructure roads projects such as the Manzanilla highway extension even began utilising bitumen.
The Sunday Express spoke to several contractors who said the rising cost will impact the price of roads.
One contractor explained that to import bitumen, contractors must have storage facilities.
'Bitumen is 50 per cent of the cost in roads and at the moment there is a high demand for it, so cost will increase. Lake Asphalt has already increased its prices so that will affect the cost of doing roads,' one contractor said.
Energy Minister Franklin Khan told the Sunday Express yesterday: 'Road paving is critical to the Government. It will have an impact on the cost of road paving going up but we will try to minimise it.'
Buying bitumen
Khan said Government had applied to the Council for Trade and Economic Development, an arm of Caricom, to review the tariff on importing bitumen. At the moment, that tariff is 30 per cent.
Bitumen can be sourced from Suriname, Barbados and Jamaica.
But Khan said contractors can import from anywhere.
Works and Transport Minister Rohan Sinanan confirmed that he called a meeting with key contractors with asphalt plants and the Ministry of Energy to discuss with them the provision of bitumen. In his view, bitumen accounts for 30 per cent of the raw material for roads.
He explained that Lake Asphalt had enjoyed a virtual monopoly in the supply and sale of bitumen but that the Government had taken a decision to open the market to now allow contractors to import it to meet their needs.
Sinanan noted that Lake Asphalt had increased its price but it was a market-driven price, given that it was now importing bitumen from Barbados to supply the local market.
'I have spoken to some contractors who have said they can get bitumen here for $18 a gallon. If that can happen, then it should not affect the cost of roads,' he told the Sunday Express.
Asked about fixed contracts such as the $400 million Manzanilla highway project which was awarded to contractor Kall Co, and whether there is the possibility of variations to those contracts now that the cost of bitumen will increase, Sinanan said contractors will have to prove that the cost of the bitumen increased.
Furthermore, he explained that his Ministry is engaged in competitive tendering, which forces suppliers to compete on price, and not fixed price tendering which existed before.
In this scenario, contractors would be competing for jobs and the taxpayer benefits from better prices, he said.
'I expect market forces to impact on the prices but I don't anticipate the costs of roads to go up,' he said. When questioned on whether the importation of bitumen would impact on limited foreign exchange, he pointed out that oil was imported to refine so this would in essence be a re-distribution of foreign exchange.
State to subsidise LPG
To keep the cost of cooking gas stable, Khan said Government will subsidise it by $300 million.
The Government will source LPG from Phoenix Park Gas Processors.
He explained that Petrotrin had previously absorbed the cost of the subsidy with the Government paying a part of it.
In 2017, the subsidy on LPG was $242 million with $167 million being absorbed by Petrotrin and $75 million by Government.
In this instance, Government will pay the subsidy directly to Phoenix Park.
Lake Asphalt's future
Lake Asphalt's chief executive Roger Wiggins conceded that the closure of Petrotrin would be the loss of a significant supply source as Petrotrin had been the company's sole local bitumen supplier.
'Upon the closure of Petrotrin's refinery, Lake Asphalt will acquire higher quality bitumen from other reputable suppliers,' he told the Sunday Express.
Wiggins doesn't believe it's the end of Lake Asphalt as a company.
'Bitumen is an integral part of Lake Asphalt's product/marketing mix. The company will remain in the bitumen marketing and distribution business,' he said.
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SFC makes 50% jump Sunday 2nd December, 2018 – Trinidad Express Newspapers
ACTIVITY on the first-tier market increased by 64.51 per cent on a total of 2,523,811 shares crossing the floor compared to 1,534,172 shares traded in the prior week.
The value of shares traded more than tripled, up by 201.69 per cent to $56,911,919.46 from the previous week's value of $ 18,864,348.63.
JMMB Group Ltd (JMMBGL) was the volume leader this week capturing 15.27 per cent of the market activity or 385,494 shares traded and has been in the top three for the past three weeks.
In second place was Sagicor Financial Corporation Ltd (SFC) with 11.59 per cent or 292,622 shares traded followed by NCB Financial Group Ltd (NCBFG) with 10.30 per cent or 259,921 shares traded.
The indices ended the week in a mixed territory. The Composite Index increased by 2.40 per cent or 30.00 points to close at 1,278.09. The All Trinidad and Tobago Index decreased by 0.25 per cent or 4.20 points to end at 1,691.10. The Cross Listed Index closed at 116.79, up by 8.26 per cent or 8.91 points and the Small and Medium Enterprise Index closed at 100.00. Last week there were 11 stocks advancing and six stocks declining, while four stocks are at their 52-week high and seven stocks at their 52- week low.
The major advance was SFC up 50 per cent or $3.50 to close the week at $10.50, its 52-week high. In second place was NCBFG with an increase of 11.44 per cent or $0.80 to end at $7.79 which was its 52-week high. In third place was L.J. Williams Ltd B (LJWB) up 7.14 per cent or $0.05 to close at $0.75.
Massy Holdings Ltd (MASSY) was the major decline, down 4.46 per cent or $2.06 to end at $44.14, its 52-week low. For the second consecutive week One Caribbean Media Ltd (OCM) was in second place, down by 2.31 per cent or $0.26 to close at $10.99, its 52-week low. In third place was Prestige Holdings Ltd (PHL), down by 2.00 per cent or $0.15 to end at $7.35.
There was no activity on the second-tier market last week.
On the TTD Mutual Fund Market 752,232 CLICO Investment Fund (CIF) units traded with a value of $15,173,915.06. CIF's unit price closed at $20.20, an increase of 0.40 per cent or $0.08. Also, 1,357 units in Calypso Macro Index Fund (CALYP) traded with a value of $21,508.45. CALYP's unit price ended at $15.85, unchanged from last week.
CinemaONE Ltd (CINE 1) on the Small and Medium Enterprise Market, closed at $10 with no shares traded this week.
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'Careful who you listen to' Monday 3rd December, 2018 – Trinidad Express Newspapers
RESPONDING to public pressure and media attention, the Government hastily convened a news conference last week announcing they had decided to take the 'unusual' step of releasing the much sought-after Sandals MOU.
At the news conference were Minister Stuart Young and Sandals deputy chairman Adam Stewart and CEO Gebhard Rainer.
The news conference consisted of a sales pitch by Adam Stewart of Sandals, environmental assurances, and included a series of allegations made by Young, in particular, regarding information published in this newspaper, and general aspersions aimed at critics of their plans.
Foremost of these was their assertion that the graphic depicted on the front page of the Express showing the footprint of the Sandals resort in Buccoo was 'false', and '100 per cent fictitious', according to Stewart.
Young said: 'Sandals has just told us (at the news conference) someone created a fictitious document, a completely false drawing that is in no way condoned or associated with the Government or Sandals.'
That graphic in fact forms part of the CEC application file to the EMA by the Government's special purpose company Golden Grove-Buccoo Ltd. Their 'Preliminary Master Plan Study' graphic is on the last page of their CEC file and forms page three of a letter dated September 13, 2018 to the EMA.
That CEC application and letter with the graphic were sent to this journalist by the CEO of the EMA, Hayden Romano, at my request. It is in the public domain of the EMA library.
Immediately after that news conference, Sandals and Young were contacted by the Express and told that in fact the 'fictitious' drawing was from their own CEC application file. Sandals' response was swift, unlike all previous attempts at eliciting any comment at all.
In a press release Sandals said it 'wishes to reiterate that the document which was highlighted during the press conference was not part of the original package of drawings presented to the Executive team for submission to the Environmental Management Agency (EMA)'.
'Following the press conference we received a message from Mr Mark Meredith that he was given a copy of said document from the EMA itself, and what we have since discovered is that this was an incomplete template which was never meant to be part of the final submission to the EMA, and which was never seen nor presented to the executive team nor the Government of Trinidad and Tobago.
'We are grateful that since the press briefing, it has now been brought to our attention that this drawing, which is in essence an incomplete sketch, was somehow included in the submissions to the EMA.'
Sandals wanted to emphasise 'that ALL drawings at this stage are not to be taken as factual documents; they are all conceptual documents which will be informed and guided by the EIA, which will then inform and guide all final designs as to what is appropriate for the particular site'.
They could not explain how a document bearing the logos of Sandals and Beaches and called a Preliminary Master Plan Study had found its way into the CEC application. Nor did they explain how such a 'drawing' had been drawn up at all, given it was so inaccurate.
In fact, there is another graphic of Sandals Buccoo resort that Sandals wheeled out at the end of the conference which they have sent me. They say it's the 'real' plan, one of the first impressions created to illustrate space allocation. It features a 'Future Sunset Bar & Grill' plonked right at the end of No Man's Land. Sandals, however, has denied anything will be built on No Man's Land except a toilet.
Minister Young has labelled critics with genuine concerns about the Sandals project in Buccoo as 'naysayers', and 'noisemakers and national nuisances who want to provide the public with false information and distorted reality', and warns, 'be very careful where you get your information from'.
He is absolutely right about being careful who citizens should listen to, as the fiasco regarding the Sandals graphic illustrates so well.
Both Mr Stewart and Mr Young said they had not been given a chance to comment and have their say. This is also untrue. An extensive e-mail of questions about the Sandals project was sent to Adam Stewart and Stuart Young on November 12. A further e-mail was sent on November 13 to Stewart to see if he had received it, along with a supplementary e-mail on that day with questions regarding sewage and the Buccoo Reef.
No response from either ever materialised.
At the news conference, Young went on to say he 'was in complete shock' when he saw that the project cost was estimated at $8 billion, as reported in the Express. That the newspaper was reporting that that figure was tied in with the airport expansion, and he gave it as an example of a deliberate distortion of the truth. In fact, the newspaper report gave the airport expansion figure as an additional cost. No mention was made of a marina, contrary to what he said.
What was actually reported was that '$7–$8 billion, or at least three times that figure' was the amount estimated for the cost of the resort by Emile Elias, chairman of one of the largest construction companies in the country.
The Express reported that, according to our sources' estimates, the figure of $2.7b quoted by the government's own special purpose company for the resort cost in their CEC application would cover construction of the rooms only. All the other resort costs would be on top of that, hence the $7–$8 billion figure.
Young and Stewart also professed to have no idea where the figure of 925 rooms came from. They need to look in their own CEC application and they'll find it.
The MOU states 820 rooms.
Let us remember too that no input on this project has been offered to Tobagonians but they will get their chance, after the fact, with the EIA consultations.
Stewart and Young did not address the varied and real concerns that comprised most of the four-part Express series. These were from those people contacted in Tobago and around the world. They included marine scientists from three continents, tour operators in Tobago, Canada, the US and UK, tourism professionals and hotel owners, tour guides, birders, and those concerned about building a resort in a Ramsar-listed wetland and marine- protected area.
Nothing was heard about respecting Trinidad and Tobago's national and international obligations, the treaties signed, the Ramsar Convention, or the country's own National Environmental Policy, and the National Wetland Policy that states 'no net loss'.
Instead, what we see on page three of the MOU is this paragraph: 'Secure the expeditious processing of all approvals as may be required by Sandals for the development and operation of the Resorts.'
In a subsequent telephone conversation with the Express, Sandals' CEO Gebhard Rainer said: 'Everything is dependent on environmental approvals and following the laws of the land. We are very transparent and will be guided by the EIA. Full stop.' He added that no time limit was set on securing the approvals. If it took two years it took two years, which he acknowledged it could.
The EMA previously refused Angostura permission to build on the peninsula, and disallowed the removal of mangrove, with setbacks enforced 30 metres from both sides of the peninsula, which left Angostura with no land to build on. How is Sandals, with its far more extensive proposal, expected to succeed where their predecessors failed?
Rainer reiterated that everything depended on the environmental approvals. The letter of the law.
If the EMA refused permission to build the Beaches resort alongside the Bon Accord Lagoon and on the peninsula, would they still go ahead with the Sandals All-inclusive resort on the Golden Grove estate? Or was it all or nothing? Rainer said it would all depend on the commercial viability of that scenario.
Sandals' CEO Gebhard Rainer made the following comments about some other issues raised:
Beach access: The public would have access to No Man's Land and the peninsula, all the way down Buccoo Beach to the village. 'There are no private beaches in Tobago,' he said.
Over-water suites and access to the Nylon Pool: The final decision on where they would be situated, and whether they would exist at all, was still to be confirmed.
Golf course: Sandals waters its courses with grey water. The course did not necessarily have to be exclusive; it could be open to guests and could be nine or 18 holes.
Magdalena Grand: They were not offered the option by the Government of taking over the loss-making establishment.
Staff recruitment: No, they would not poach top staff from existing Tobago hotels and accommodation establishments; they have a 'non-poach policy' wherever they set up. Training of T& T nationals would be provided.
Food supply: Made aware of Tobago's food dependency, and Trinidad's flood-impacted agricultural sector and policy of turning arable land to built development, he stressed it was an evolutionary process that had worked in Jamaica and given time it would do so here.
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TTPost welcomes letters to Santa Claus Monday 3rd December, 2018 – Trinidad Express Newspapers
THOUGH the company is going through a digital transformation and restructuring right now, to rely less on print mail and more on courier services, one old letter writing tradition is being encouraged.
The Trinidad and Tobago Postal Corporation (TTPost) is assuring children it will deliver letters to Santa Claus and is encouraging that they write to him.
Asked what happens to letters to Santa Claus, TTPost general manager, sales and marketing Carl Ramdeo said: 'Yes, we receive letters to Santa Claus. We were told by Santa Claus not to reveal how he will be responding. We receive letters from kids all over the country, and we have a mechanism so that we can respond to them.'
'Yes,' TTPost product manager for Courier and Express Service George Nicholas Martin added. 'Through Hummingbird Express, we have a direct link to the North and South Poles,' he said, adding that the company has all Santa Claus' bases covered.
Ramdeo further added: 'I am a firm believer. I still believe in Santa Claus. He brought me many, many happy days as a child growing up. We want to say to the children all across the country that we wish them all a very, very merry Christmas, and we want them to continue to believe there is a greater force out there, something to believe in, but yes, we do get a lot of mail coming in from kids around this time of year.'
No assurances for TTPost jobs
The executives were speaking at a press conference at TTPost's flagship retail shop on St Vincent Street, Port of Spain, to announce transformation at the company as it struggles with declining print mail volumes. Amid transformation, should TTPost workers' kids ask Santa Claus to preserve their parents’ jobs? 'The postal sector is experiencing some significant shifts in the industry and TTPost is no different. We are feeling the impact of those changes. The question is when something is changing what choices do we have, and how do we respond to the change,' said TTPost chairman Eula Rogers.
Asked if she could give workers any assurances there would be no lay-offs as the company restructures, she said: 'I can't give any assurances either way. I'm not saying either way. We are looking at a new organisation. It means then that the business is moving a lot toward e-commerce and we're talking about logistics as well.' Asked to clarify if then TTPost was considering laying off workers as several State-owned companies have done over the last two months, she said: 'No, we are not looking at that. We are looking to train our people and to equip them for the new business we're going into.' TTPost currently employs 1,015 people.
She said the objective is to make TTPost profitable as it has never been. She said TTPost was mandated to become profitable since the changeover from the General Post Office (GPO) to TTPost in 1999. Asked how much money TTPost is losing, she said management is working on bringing audited accounts up to date this year, as the Government- owned company has not published audited accounts since 2014. She confirmed with TTPost managing director Richard Saunders the company receives an annual subvention between $75 and $79 million from taxpayers every year.
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Refinery to hit the market Monday 3rd December, 2018 – Trinidad Express Newspapers
OFFERS for 'either the sale or lease' of the State-owned oil refinery at Pointe-a-Pierre which ended all of its operations on Friday 'will be evaluated by a team of experts', says Energy Minister Franklin Khan.
As for who will have the final say on a new owner or who will be granted a lease for the refinery, Khan told TV6 News over the weekend, 'Cabinet will make the final decision.'
And according to Khan, a 'broad-based international' search for a new owner or lessee of the refinery is to commence 'in less than' 30 days.
He was responding to questions from TV6 News on Saturday via WhatsApp about the refinery which has been placed under Guaracara Refining Company, one of four subsidiaries that have replaced the oil refining, production and fuel distribution operations of Petrotrin.
TV6 News asked Minister Khan how soon would the refinery at Pointe-a- Pierre be sold or leased.
'In less than one month there will be a broad-based international RFP (Request for Proposals) for the refinery and a data room is being established. Offers for either the sale or lease of the refinery in Pointe-a- Pierre will be evaluated by a team of experts after which a decision will be taken in the best interest of the country,' Khan said.
Asked if he is able at this time to say who will comprise that team, Khan said, 'The team has not been identified as yet.'
This is all part of the restructuring of the State-owned oil company that will now operate as Trinidad Petroleum Holding Company which will have four subsidiaries.
Also responding to questions from TV6 News via WhatsApp on Saturday, Finance Minister Colm Imbert said 'the refinery has been mothballed for the time being pending its lease or sale'.
TV6 News sought answers from Imbert about claims by some Petrotrin employees on Friday that they had not yet received their severance payments as they received termination notices.
'What I can tell you is that we at the Finance Ministry arranged for $2.6 billion in cash to be deposited in Petrotrin's bank account by 1 p.m. yesterday (Friday) and I checked and was told it was there before I came to Parliament,' Imbert said on Saturday.
Petrotrin has said it disbursed $2.7 billion in exit payments to its employees on Friday, but added that some of its former employees will have to wait until today for the funds to reach their accounts.
Imbert told TV6 News Petrotrin 'has not been wound up'.
'It will remain as a company to handle its current obligations and liabilities. It's just no longer in the business of oil exploration and production and/or refining and marketing. Oil exploration and production will now be handled by Heritage Petroleum and fuel importation and distribution by Paria Trading,' Imbert said.
TV6 News asked Imbert if Trinidad Petroleum Holding Company and its four subsidiaries which will include Petrotrin 'to handle its current obligations and liabilities' only.
'Yes. However, in order to operate these companies, they are using a combination of senior managers and contracted services for the time being, while recruitment of middle managers and technical staff continues,' Imbert said.
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Concern as Petrotrin Sports Club left in limbo Monday 3rd December, 2018 – Trinidad Express Newspapers
MEMBERS of the Petrotrin Sports Club at Guaracara Park, Pointe-a-Pierre, have expressed concerns over the future of the club following the winding down of the State-owned energy company.
On Thursday, Tracey Caesar, one of the club's management committee members, told Express that management at Petrotrin had failed to communicate to members what will become of the club, though the decision to close the company would ultimately lead to the club's closure.
'There has been no formal notification and efforts via our chairman have failed to get any kind of confirmation from management, who continue to state that they haven't gotten any word from the board.
'Additionally, senior staff members at the Corporate Communication Department have been saying to us, they hadn't gotten any directive from management,' Caesar said.
He said the sole reason the club will be closed is that, similar to the Petrotrin Staff Club, its secretary manager is an employee of Petrotrin whose job position falls under the bargaining unit of the Oilfields Workers' Trade Union (OWTU).
'According to information passed on to us, the secretary managers have been given termination notices effective December 1, 2018. If these persons are terminated then the club cannot function because they would have no locus standi. Thus, they will have no financial status, will not be able to transact business on behalf of the club, such as the ordering and receiving of goods, and they will no longer be authorised to collect the keys to the club.
'In light of all of this, the company is not saying anything to the members of the club.
'The sad part is that while the company owns the real estate, the assets of the club such as the chillers, the gym, table tennis board, among other items, belong to the membership. So we end up in a position where the company is going to shut the club with the members' assets in it. Who is going to be responsible?'
Caesar said that while the club members and its management committee have been terminated, being employees of Petrotrin, the club workers, who are employed by the club, have not been terminated simply because the club's management haven't heard anything from the company regarding its status.
'Petrotrin has left the club devoid of leadership, ensuring that it will be closed with the termination of its secretary manager and management committee, and the members are in a quandary as to what becomes of their assets and their rights.
'They have a right to fraternise and socialise because they have paid dues and the club's dues are from January 1 to December 31. So having paid dues for the entire year and the company cuts if off from December 1 without even a notice, that's a breach of the members' rights. The company is depriving the members of their rights to socialise and enjoy what they would have paid for.'
Caesar said some of the membership are considering a class action lawsuit against Petrotrin.
'They have failed to advise management of a way forward and have acted high-handedly and have placed the members of the club in jeopardy because the Pointe-a-Pierre Staff Club, which will be closed as of tomorrow (Friday), has dinner and wedding bookings for the entire month of December.'
Stating that Naparima Girls' High School had a booking for a Christmas Dinner on Saturday, with tickets having been sold at $200, Caesar said no one will be available since the manager has indicated he will be dropping off the keys at security before taking his exit of the company.
'He has no job so that means nobody is going to come to open up the club because no one is authorised to do so,' Caesar said.
Meanwhile, Cyril Coolman, senior corporate communications officer for the club, said any statement on the termination of personnel attached to company's clubs is unfounded. 'Based on the information I have, no one from that department have been terminated.'
Coolman said requests for further details should be addressed to Gillian Friday, manager, corporate communications. Calls to her phone went unanswered.
However, a senior official, who spoke on the condition of anonymity, verified that no decision was made regarding the club.
'I really don't know. We have been trying to get a position without success. We are hoping that between now and tomorrow things are a bit clearer,' the official said, but did not confirm or deny if any of the club's personnel were terminated.
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Moves to arrest problems at GPO Friday 30th November, 2018 – The Antigua Observer
The Ministry of Works says every effort is being made to have the operations of the General Post Office return to normalcy at the earliest opportunity.
It stated yesterday in a press release that initial inspection of the building was led by Minister of Works Lennox Weston and a senior team from the Ministry of Works, looking at concerns relating to specific Occupational Health and Safety issues which led to the recent work stoppage.
Ministry of Works Permanent Secretary Clarence Pilgrim has stated that the ministry has put a coordinated two-tier plan in place.
According to him, in order to renovate the building, the working day would be shortened so that the repairs will be effected in the afternoons after 12 p.m. He, however, noted that locating a temporary home to house the General Post Office Headquarters within the city environs is proving to be a challenge
“We are presently looking at two buildings and if successful we will have to make the necessary arrangements. These buildings are privately owned so we would need the permission of the owners to move forward,” Pilgrim said.
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BVIPA to issue contracts using new database, registration encouraged Friday 30th November, 2018 – BVI News Online
Months after central government created a database of contractors who would then be hired to carry out home repairs across the territory, the BVI Ports Authority (BVIPA) have employed a similar method to issue BVIPA- related contracts to businesses and individuals.
This method will be done through an initiative called the Contractor Registration Form whereby individuals will fill out and submit the form to be entered into the ports authority’s database. This database then qualifies them to be considered to win BVIPA contracts.
Project Manager of the BVIPA, Marquese Maduro, said the Contractor Registration Form initiative is not only for construction-related contracts.
“It (the initiative) is also for goods and services. So, for example, providing furniture, providing windows and doors … There are a variety of different things,” Maduro said.
He noted that the registration form has provisions for businesses or individuals who provide ‘speciality services’ such as plumbing, tiling, etcetera.
The BVIPA project manager further noted that persons must have a trade licence to register. And in outlining one of the reasons for the initiative, Maduro said: “Before, if we needed works done, we would go out [and procure persons] based on whether it be my knowledge [of them], the director’s knowledge, or maybe [based off] recommendations from the port”
“What we’ve found is that, over time, you would reuse contractors based on that familiarity … [But] you would always have persons come up to you and say ‘hey, I see you guys are doing this, I see you guys are doing that, you didn’t call me up and give me a job’,” he explained.
In the meantime, only printed forms are currently available for contractors to register. Those printed forms are located at the BVIPA offices in Port Purcell.
Maduro said the Ports Authority hopes to have forms available electronically in the near future.
“I’m hoping by next week at the latest, we’ll have it online where you can print it, and a little after that there’d probably be [an option] where you could fill it out online and submit it via email or print it and bring it in,” Maduro said.
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Cabinet leases Blunder Bay! Private developers to build 5-Star Resort Thursday 29th November, 2018 – Virgin Islands News Online
Virgin Gorda could soon be home to one of the world’s foremost five-star luxury resorts, at Blunder Bay, North Sound.
The decision to have a luxury resort constructed at the location was made public today, November 29, 2018, when government released its ‘Cabinet Decisions,’ taken on November 21, 2018, last.
According to the now, public document, the Virgin Islands (VI) government—at its Cabinet level—decided, in principle, to finalize negotiations for the purpose of entering into a Development Agreement.
Luxury Branded
It was noted that the agreement would be inked for a lease with Blunder Bay Development Corporation Limited for the building of a luxury branded, five-star, resort at Blunder Bay, North Sound, Virgin Gorda.
A precondition however, would include a termination clause and performance bond negotiated with the Developer.
The information released did not specify the amount for which the property would be released or special concessions on the table for negotiations.
Lamberts Imports
Meanwhile Cabinet also decided that the Hotel Aid Licence for Elizabeth (Lambert) Beach Resort Ltd be amended to include an additional list of items for importation in accordance with the Hotel Aid Ordinance (Cap 290).
This would allow the struggling resort to import a wider range of items under special conditions.
The Cabinet Meeting was chaired by His Excellency, Governor Augustus J.U. Jaspert and saw Deputy Premier and Minister for Natural Resources and Labour, away on private business.
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$23 million in contracts signed for ongoing works in Roseau Valley Thursday 29th December, 2018 – Dominica News Online
The government of Dominica has signed contracts amounting to $23 million for ongoing works in the Roseau Valley.
Contracts for drainage works in Morne Prosper were signed at a ceremony held in that community on Wednesday.
“The government has signed with work ongoing in the Roseau Valley Constituency alone, contracts totalling over $23 million just for road works,” Prime Minister Roosevelt Skerrit said while addressing the ceremony.
He continued, “I am not talking about scholarships that we are giving to students from here, I am not talking about transportation allowance we are giving to students from the constituency, I am not talking about health support for our people who have health issues, I am not talking about small business money, I am not talking about how much money we spend thus far…”
According to Skerrit, his government will continue to spend more for home repairs or for new homes that are being constructed in the Roseau Valley.
He said works are ongoing in Cochrane amounting to $11.1 million.
“Not work or contracts to be signed, work have already started with contracts signed,” he stated. “Wotten Waven, $3.4 million with the construction of the new Bailey Bridge and the improvement to the access to the Bailey Bridge.”
Skerrit explained that it cost in the region of $3.8 million to remove tarrish from one area to transport to another.
He mentioned that in Laudat, it cost $1.6 million just for one intervention, “and there will be some other interventions in Laudat going up to the school and other parts of Laudat.”
Meanwhile, Parliamentary Representative of the Roseau Valley Constituency, Dr. Collin McIntyre, said the government plans to transform Morne Prosper into a city.
“Right here in Morne Prosper you are not only going to get the drains which we will be signing today and your ridged pavements but we are going to turn Morne Prosper into a City and we are going to give it street lights as well,” he said.
He added, “When I speak I don’t play games, I am a serious man, when I say something I mean it.”
McIntyre stressed that the meeting wasn’t a political one.
“This a meeting to talk with the people, but I want to make sure you differentiate between who is real and who is not real…,” he remarked. “I understand the politics of before but we have to look at the politics of now and moving forward.”
He told residents no to gamble with their future.
“At the end of the day we want you to compare what you have and listen to those pie in the sky type projects, fellas coming and cannot even buy you a drink at functions and come and mop your drinks that we have been putting there for you and I want you to understand who are the serious folks,” McIntyre noted.
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New Smart Health Centre officially handed over in La Plaine Friday 30th November, 2018 – Dominica News Online
The community of La Plaine now has a new Smart Health Centre.
This health centre, which was officially handed over on Wednesday, is expected to enhance primary healthcare and the delivery will be in quick and short time.
The project was financed by the Department for International Development (DFID) through Pan American Health Organization (PAHO) and the government of Dominica costing roughly $1.6 million.
“Your government is ensuring that services can and will be delivered from this health facility in spite of the natural hazards that confronts us,” Parliamentary Representative of the La Plaine Constituency, Petter Saint said while delivering remarks at the ceremony.
Saint Jean continued, “We now have a facility that should be able to withstand a category 6 hurricane since it withstood Maria.”
He said however, not just the physical building or infrastructure “but importantly the amenities and equipment.”
Saint Jean indicated that he had been advised that presently there is reduced water consumption.
“The state will now realize tremendous savings that can be out to the provisions of other medical supplies for the people of the La Plaine Health District,” he noted. “Reduced electricity consumption and importantly to ensure that we reduce vulnerability during natural hazards.”
Meantime, Deputy Prime Minister Reginald Austrie said the longest journey begins with the first step, “and we have taken that first step.”
He said should a disaster strike, the people of La Plaine know that there is a Health Facility that they can depend on, “they can count on.”
Austrie thanked the contributors of the project for their tremendous support.
Some of the new features of the Smart Health Centre include two additional rooms, hurricane resistant windows, a back-up generator, a fire alarm system and a radio communication system.
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New owners close $1.25 billion financing to restart USVI refinery Sunday 2nd December, 2018 – Caribbean News Now
Limetree Bay Ventures has closed a $1.25 billion financing to restart its refinery located at Limetree Bay, St Croix, US Virgin Islands. The company is undertaking the project in conjunction with the tolling, supply and offtake agreements that it executed with BP Products North America earlier this month. The common equity in Limetree Bay is owned by affiliates of ArcLight Capital Partners, Freepoint Commodities, and a leading sovereign wealth fund.
“The closing of the financing provides the resources necessary to complete the refinery restart,” said Brian Lever, president of Limetree Bay Refining. “We have 1,300 workers currently involved in the project and expect a significant ramp in activity over the coming months as we prepare for restart by the end of next year. We are very grateful to the broad team that has made this possible.”
Daniel Revers, managing partner and founder of ArcLight, added, “We are excited to continue building Limetree Bay into an environmentally compliant global energy hub in the US Virgin Islands.”
The financing comprises $550 million of preferred equity and a $700 million term loan.
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ECCB confirms receiving Republic’s application to acquire Scotiabank 24 hours after public announcement; begins review Sunday 2nd December, 2018 – Caribbean News Now
The St Kitts-based Eastern Caribbean Central Bank (ECCB) said on Saturday that it had received an application from the Republic Financial Holdings seeking regulatory approval to acquire the Bank of Nova Scotia’s operations and businesses in the Eastern Caribbean Currency Union (ECCU) one day after the announcement of the acquisition.
“This application was received on Tuesday, 27 November,” said the ECCB in a statement.
The ECCB stated that, pursuant to the Banking Act, the ECCB has commenced its review of this application.
“In this regard, the ECCB has held initial discussions with the Central Bank of Trinidad and Tobago and the Bank of Guyana. These regulators will collaborate on the review of this application. The ECCB will also confer with the Central Bank of St. Maarten and Curacao,” said the ECCB, adding, “It should be noted that the ECCB already regulates Republic Bank since it has an operation in Grenada. Republic also has a stake in a bank in Saint Lucia.”
The ECCB also stated that it has come to its attention that there is some speculation that Republic’s acquisition of Scotiabank’s operations in the ECCU could lead to the depletion of the foreign reserves that back the EC dollar. Such speculation is unfounded and unhelpful.
“The ECCB is clear and resolute about its mandate to protect the EC dollar and wishes to make it abundantly clear that it will continue to maintain very high levels of foreign reserves as it has done for the past 35 years,” the ECCB said.
It also stated that the proposed acquisition has prompted discussion about the ownership of banking assets in the ECCU.
“At present, 55 percent of banking assets are owned by three Canadian banks and Republic Financial Holdings and 45 percent of banking assets are owned by indigenous (national) banks,” and “the proposed acquisition, if approved, would not fundamentally change that ownership distribution, as 55 percent of the banking assets would be owned by two Canadian banks and Republic Financial Holdings and 45 percent of the banking assets would continue to be owned by our indigenous (national) banks.”
The ECCB said that, from time to time, there will be changes in ownership of banks.
“Indeed, the proposed transaction is the latest in a series of consolidation moves by the Canadian banks. It is distinctly possible that there could also be some consolidation moves among indigenous (national) banks. Citizens and residents in the ECCU should come to expect these developments as part of the banks’ response to both global developments and competition in the ECCU banking space. Indeed, the ECCB continues to encourage indigenous (national) banks to cooperate and consolidate to ensure the interests of the people of the ECCU are best served,” the ECC stated.
It referred the public to the ECCB’s Consultative Paper on Consolidation of National Banking Sector in the ECCU published in July of this year.
“Citizens of and residents in the ECCU are encouraged to remain calm and stay abreast of developments in the banking sector,” the ECCB said.
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Cayman Airways takes delivery of the first Boeing 737 Max 8 in the Caribbean Friday 30th November, 2018 – Caribbean News Now
Cayman Airways took formal delivery of its new Boeing 737 Max 8 aircraft from Air Lease Corporation (ALC) on November 28, 2018, at a ceremony in Seattle hosted by Boeing to mark the occasion.
“This year, as we celebrate 50 years of safe and reliable service, we take great pride in introducing the first Boeing 737-Max 8 to our fleet,” said Fabian Whorms, president and CEO of Cayman Airways. “Over the next 20 months, we will be adding three additional Max 8 aircraft while retiring our existing Boeing 737-300 jet fleet. Following a competitive public tendering process, the unique lease structure and terms offered to Cayman Airways by ALC, has afforded Cayman Airways the ability to be the first B737-8 MAX operator based in the Caribbean, and we look forward to a strong working relationship with ALC.”
“ALC is pleased to announce this new Boeing 737 MAX 8 delivery with Cayman Airways today,” said Steven F. Udvar-Hἁzy, executive chairman of Air Lease Corporation. “With this new MAX 8 and the additional three aircraft set to deliver from ALC, Cayman Airways is successfully modernizing its fleet with the most technologically advanced, fuel- efficient aircraft to enhance the airline’s overall operations, maximize customer comfort and bring a new standard of excellence for travelers to and from The Cayman Islands.”
“In 2014, we purchased our 737-300s as the first step of our fleet modernization plan. That purchase was made with the expectation to retire those aircraft within 3-5 years and the aim of replacing them with a new fleet capable of cutting fuel consumption and maintenance costs, while offering greater opportunities for revenue growth and enhanced customer experience,” said Philip Rankin, chairman of the Cayman Airways Board of Directors. “In 2016, our business case demonstrated that the Boeing 737 Max 8 was the preferred aircraft, but was expected to be out of reach financially. However, the unique terms and pricing of the successful proposal from ALC made these aircraft a logical replacement choice for our retiring B737-300s compared to any other available mission- suitable aircraft, be it new or used.”
As part of its fleet modernization plan, Cayman Airways is replacing its four 737-300 aircraft with the MAX 8, offering 30 percent more seating capacity while achieving up to 30 percent savings in fuel costs. The airplane incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets, and other airframe enhancements to improve performance and reduce operating costs.
The new Boeing 737 Max 8 is expected to arrive on Grand Cayman on Friday, when there will also be a customary celebration for its arrival.
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