Archive for the 'Finance' Category

A Stunningly Bad Appointment

By Dr. Selwyn R. Cudjoe
July 17, 2015

Dr. Selwyn R. CudjoeOn July 16th the Express reported that Mr. Jwala Rambarran, governor of the Central Bank, appointed Dr. Sandra Sookram to be a deputy governor. It was a stunningly bad decision; a continuation of the demonstrated incompetence Mr. Rambarran has shown since he became the governor in 2012. Such an appointment represents Mr. Rambarran’s continuing practice of sidelining strong competent people and elevating weak and incompetent acquaintances from which he can expect no challenges.
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Questions about that $60m theft

Express Editorial
May 11, 2015 – trinidadexpress.com

TheftIt is not enough for Finance Minister Larry Howai to say that he expects all of the $60 million stolen from the National Energy Corporation’s account at First Citizens to be recovered. What is needed is prosecution of those who stole the money and full accountability from officials of the two State enterprises who were entrusted with managing the $60 million in public funds.
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T&T suffers big blow

By Asha Javeed
May 02, 2015 – trinidadexpress.com

DownTrinidad and Tobago has suffered a big blow to its status as the place to invest in the Caribbean after international agency Moody’s downgraded the country’s credit rating from stable to negative.

Moody’s on Thursday downgraded Trinidad and Tobago’s Government bond rating and issuer rating to from Baa1 to Baa2.

The ratings are used and considered by international investors looking to do business in T&T.

Moody’s justification for the downgrade, which happened on Thursday, are:
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Moody’s just downgraded T&T’s credit rating

trinidadexpress.com

FinancialMoody’s Investors Service, the credit rating agency that conducts international financial research on bonds issued by commercial and government entities on Thursday downgraded Trinidad and Tobago’s government bond rating, and issuer rating to Baa2 from Baa1 and changed the outlook to negative from stable.

According to Moody’s, the key drivers behind the downgrade are:
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Behind the promise of a causeway

By Michael Harris
April 27, 2015 – trinidadexpress.com

CausewayEXTRACT:

But there are more serious issues behind the promise of a causeway.

First of all while there is no question that the UNC did “tief” the PNM promise, we do have to ask ourselves why this particular promise. One answer has to do with what the Government is doing to the Chaguaramas peninsula. According to Planning Minister Bhoe Tewarie, the Government’s plan is to “monetise” the peninsula.
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Al-Rawi: Bounce dog, take it to hospital

Newsday : April 22 2015

PNM Senator Faris Al-RawiIF YOU KNOCK down a person or an animal, you will have to stop and take them to a hospital or doctor, even if they are unconscious, PNM Senator Faris Al-Rawi said yesterday as he balked at the provisions of new motor vehicle and road traffic legislation.

Speaking during debate of a bill to introduce a new suite of road offences and to implement a Motor Vehicle Authority to replace Licensing Office, Al-Rawi said the legislation was far too voluminous to be considered on the Senate floor.
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PM’s Address to the Nation on the Economy

Prime Minister Kamla Persad-BissessarMy fellow citizens, ladies and gentlemen, good evening.

When we last spoke on the eve of the New Year, 2015, I made a commitment to have this conversation with you.

My commitment came about because of growing turbulence in the global energy sector, and the impact of lower oil prices on economies such as ours.
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Patriots built bank

By Raffique Shah
April 06, 2014

Raffique ShahThe cavalier manner in which certain senior officials at First Citizens responded to the legitimate concerns of citizens over aspects of the bank’s Initial Public Offering (IPO) exposed them as not knowing their own history, or caring about public trust that is critical to the success and survival of such institutions.
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There’s is No Solace in the Land and Building Taxes Regime

By Stephen Kangal
September 11, 2013

Stephen KangalThe heart and soul, indeed the single most important determining factor in the calculation of the quantum of property taxation for each property is the year in which the requisite rental value -driven valuation was completed and applied. Finance Minister Larry Howai alluded to the fact that by the time residential properties are brought to book again by 2017 the relevant requisite up-to-date valuations will have been completed.
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Yes, Prime Minister, a fiasco

By Winford James
June 12, 2013 – trinidadexpress.com

Dr. Winford jamesNEVER mind Jack Warner’s denial, Prime Minister, it is a fiasco. Warner is focused on the rest of the Cabinet blaming him for it, despite acknowledging, in his usual convenient way, the doctrine of cabinet responsibility, but that is a red herring: it is still a fiasco. You could have said “bacchanal’’, “disaster’’, “catastrophe’’, “debacle’’, “shambles’’, “farce’’, “mess’’, “foul-up’’, or “screw-up’’. Yes, “screw-up’’. Everybody knows your government has been screwing up—monthly, weekly—but I’ll take the Italian word and its conservative figurative meaning: “failure in a performance’’.
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