Archive for the 'Finance' Category

Destiny in our hands

By Raffique Shah
January 27, 2016

Raffique ShahAs a nation, we can do nothing about the plunging price of oil except watch with alarm as crude slides below US $30 a barrel.

Even if we ramp up production, which has fallen by approximately 50 per cent over the past decade, it will make little sense. At this point, it might be better to leave the oil in the wells rather than sell it for peanuts.
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Citizens to pay more for food

No more VAT for 1,300 businesses

By Richard Lord
January 11, 2016 – guardian.co.tt

Colm ImbertFinance Minister Colm Imbert reads the price of oil from his cellphone while Prime Minister Dr Keith Rowley looks on attentively during the sitting of Parliament yesterday. PHOTO: MARCUS GONZALES

While an estimated 1,300 businesses will no longer have to pay Value Added Tax (VAT) from next month, thousands of citizens will have to dig deeper in their pockets to buy several items, such as rice (except parboiled and boiled), flour (except all purpose and wheat), coffee, orange and grapefruit juices, mauby, tea and tomato ketchup.
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‘do so ent like so’

By Raffique Shah
December 29, 2015

Raffique ShahI am surprised that so many people are surprised by the termination of services-firing, suspension, the euphemistically-couched “sent on administrative leave”-of several senior government officials, the most prominent being Governor of the Central Bank, Jwala Rambarran.

Clearing the politically-constructed State-stables of partisan appointees is a ritual that occurs every time a government changes.
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Why Jwala had to go

By Anthony Wilson
December 26, 2015 – guardian.co.tt

Jwala RambarranAt its weekly meeting on Wednesday, Cabinet took a decision to request the President to terminate the appointment of former Central Bank Governor, Jwala Rambarran, in accordance with sections 12(e) and 12(g) of the Central Bank Act, Finance Minister Colm Imbert said in a statement on Thursday.
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The Pathology of the Firing of Jwala

By Stephen Kangal
December 25, 2015

Stephen KangalThe pathological obsession of the PNM with pre-maturely removing Jwala as Governor of the CBTT has caused them to act in a most irresponsible, reckless, arbitrary and vulgar manner at this the season of goodwill and peace on the earth of Trinbago. T&T is plunged into an air of sadness and deep cataclysmic foreboding. A lamb has been led into the slaughter again even when birth is being celebrated universally.
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Govt axes Rambarran

By Renuka Singh
December 24, 2015 – guardian.co.tt

Jwala RambarranCentral Bank Governor Jwala Rambarran has been fired. The T&T Guardian confirmed that Rambarran was dismissed by the Minister of Finance, Colm Imbert yesterday.

Word of this unprecedented dismissal came late last night, but only one day after Prime Minister Dr Keith Rowley said that a Government “ought to have confidence” in any Central Bank Governor. That comment and his refusal to give any ground to Rambarran made clear that he did not have any confidence in the Governor.
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Whey the money really gone

By Raffique Shah
December 14, 2015

Raffique ShahCentral Bank governor Jwala Rambarran was the unlikeliest man to kick the hornets’ nest, but that he did when he named the firms that used the most foreign exchange (forex) over the past three years.

Amidst a cacophony of complaints from businesses and individuals about being denied adequate sums of forex for legitimate uses, Rambarran went on the offensive by identifying the 18 biggest users.
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Ecology of Central Bank’s Governor Disclosures

By Stephen Kangal
December 12, 2015
Updated: December 13, 2015

Stephen KangalThe ratio dicendi identified by Governor Jwala Rambaran for the historic and unprecedented disclosures of the highest users of the scarce, rapidly dwindling and vital stock of FOREX over the past three years may be summarized as high and compelling public interest, potential threat to the integrity of the sensitive and fragile current financial system and the CBTT’s own core remit as clearly set out in statutes and objects.
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Recession was predictable

By Raffique Shah
December 07, 2015

Raffique ShahThis recession did not creep up on us like the proverbial thief in the night.

It was long in the making. In fact, from as far back as the global financial crisis of 2008-2009, when Clico collapsed and the price of oil plunged from a brief high of US $140 a barrel to $30, informed, patriotic citizens were warning governments to go easy on the wild spending, to set aside more savings in the Heritage and Stabilisation Fund, to wean the population off dependency on subsidies, and most of all to diversify the economy from its over-reliance on oil, gas and petrochemicals.
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Imbert: PP raided NGC of $14b cash

…Used Green and Unemployment Funds as collateral

By Richard Lord
December 05, 2015 – guardian.co.tt

Colm ImbertFinance Minister Colm Imbert says the former PP government raided the National Gas Company (NGC) of almost $14 billion in cash. He made the claim while presenting three motions for debate in the House of Representatives yesterday.

The motions seek to increase the ceiling for government borrowing by $50 billion under the Development Loans Act, External Loans Act and the Guarantee of Loans (Companies) Act.
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