Trinidad News, Tobago News

Welcome to Breaking News Trinidad and Tobago
Wednesday, May 24 2017 @ 11:01 PM AST

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'What do they mean?' - Imbert does not understand calls for diversification

Key takeaways from a live, televised interview with Trinidad & Tobago Finance Minister Colm Imbert last night on CNC3 by Golda Lee-Bruce:

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What it would take to buy Republic Bank

Finance Minister Colm Imbert, responding to Opposition Senator Wayne Sturge, late in the Senate last night (after 2:00 am on May 16, 2017), said it is not true that London-based HSBC bank is coming to Trinidad & Tobago to attempt to buy Republic Bank.

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Bermuda Govt guarantees US$25 million of loan for new 122-room luxury hotel

Pending is the "execution of a Government Guarantee on behalf of Hotelco Bermuda Holding Ltd, part of the Desarrollos Hotelco Group in relation to loans to finance the development costs & related expenses associated with the construction of the proposed St Regis Luxury Hotel, Casino, Spa & Golf Resort in St. George’s," Bermuda Finance Minister Everard Richards said in a government statement May 12.

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The Bahamas swears in new PM, Attorney General, Finance Minister


Dr. Hubert A. Minnis sworn in as Prime Minister May 11

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Cayman Islands pays ~ US$730k for new fire truck

From the Cayman Chamber of Commerce:

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'Where the $30 million gone?'

Key takeaways from the reading of the March 2017 minutes of the board of directors of state-owned Telecommunications Services of Trinidad and Tobago (TSTT):
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Govt overspent 40% more than it said it would in first half of fiscal 2017

Government's deficit in the first half of fiscal 2017 was 40 per cent more than it said it would be back in September last year when Finance Minister Colm Imbert read the national budget in Parliament. Put in simple English, Government overspent (exceeded its revenue) by 40 per cent more than it said would overspend (and therefore create a deficit) in first half of fiscal 2017 (October 2016 to March 2017).

Also, though the country is not officially 'going to the International Monetary Fund (IMF)', it is going to the World Bank and proposes to borrow another US$300 million from another multilateral, the Andean Development Bank or CAF. These were underlying statements in a coyly phrased mid-year budget review Imbert read in Parliament in Port of Spain yesterday (May 10).

He said: "It is important to note that through careful management, government expenditure for the half year was also 14 per cent lower than projected. In the six months of the fiscal year, we had projected to spend $27.3 billion, roughly half of the approved budget of $53 billion. We actually spent $23.5 billion, or $3.8 billion less than projected. The reduction in projected expenditure was both in respect of capital expenditure where disbursements amounted to $1 billion, compared with the budget projection of $2.7 billion for the half year, and recurrent expenditure, which was $2 billion less than projected."

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Education Minister Garcia confirms his advisor hand delivered $510k cheque for contractor

Trinidad and Tobago Education Minister Anthony Garcia confirmed that his advisor hand delivered a cheque to facilitate payment to a contractor who completed work on a Malick school in the Morvant/Laventille area.

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Mothers support local agriculture

by Omardath Maharaj, Agricultural Economist

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Cayman Islands approves 6, denies 1 for Special Economic Zone

The Special Economic Zone Authority (SEZA) of the Cayman Islands Government approved six companies to operate in its Special Economic Zone, SEZA said in minutes released today.