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Welcome to Breaking News Trinidad and Tobago
Sunday, June 25 2017 @ 11:32 PM AST

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More heavy rains to come over next five days

Forget what the politicians say, heavy rains and flooding are coming to Trinidad and Tobago over the next five days, according to international weather forecasters.

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Happy Fathers Day - Be a leader!

Photos and story by Omardath Maharaj, Agricultural Economist

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Former EFCL Corporate Secretary not the only one unavailable to respond

Annesa Rahim, former corporate secretary, now senior legal officer of the Education Facilities Company Ltd, is not the only one unavailable to respond.
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Barbados borrows US$34 million from IDB

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Beaton, Port of Spain, June 2017.

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Bahamas Petroleum to list new shares

By way of announcements on 14 June 2017 and 16 June 2017, the Company has announced that it is proposing to raise £2.8 million (before expenses) through a placing of 280,000,000 Placing Shares at the Placing Price of one pence.

Further details of the terms of the Placing are set out below under the heading “Details of Placing” and “Use of Proceeds”. 110,000,000 of the Placing Shares are being placed pursuant to existing authorities granted to the Directors by clause 6.4.4 of the Company’s Articles of Association whilst the remaining 170,000,000 Placing Shares are being placed conditional, inter alia, on the passing of the Resolution being proposed at the EGM.

The Firm Placing is conditional, inter alia, on First Admission (which is expected to become effective with dealings in the Firm Placing Shares to commence on or about 21 June 2017); and the Conditional Placing (inclusive of the Director Placing) is conditional, inter alia, on Second Admission (which is expected to become effective with dealings in the Conditional Placing Shares (inclusive of the Director Placing Shares) to commence on or about 17 July 2017). The Placing has not been underwritten.

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IMF: Belize economy expected to return to positive growth this year

The economy is expected to return to positive growth in 2017. Output is estimated to have contracted by 0.8 percent in 2016, reflecting a continued slowdown in oil production and setbacks in agriculture, including destruction of crops by Hurricane Earl. The current account deficit decreased slightly to an estimated 9.4 percent of GDP in 2016, while unemployment increased to 11.1 percent in September 2016, from 10.2 percent a year earlier. The external deficit reduced December 2016 gross reserves to US$377 million, or about 4 months of import coverage. Financial sector reforms continue to bear fruit, with the consolidated banking sector’s gross NPL ratio declining to 9.8 percent (2.2 percent net of provisions) in March 2017, due to legacy loan write offs and restructuring, while the reported capital adequacy ratio is stable, at 23 percent. Private sector credit declined by 3 percent y/y in December 2016, despite ample liquidity in the banking system. For 2017, growth of 2½ percent is projected, reflecting a rebound in the primary sector combined with continued strong growth in tourism, supported by improved airlift (additional and less expensive flights), better marketing, and new FDI-financed projects. The current account deficit is expected to narrow to 8 percent of GDP in 2017. Inflation is projected to increase slightly to just over 2 percent in 2017, in line with price developments in major trading partners.
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IMF: Aruba’s growth is weak but expected to recover gradually

SOURCE: International Montery Fund (IMF)

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NLCB pays for security detail for its chairman

Acting Finance Minister Stuart Young yesterday in Parliament confirmed that National Lotteries Control Board (NLCB) Chairman Marvin Johncilla had private security retained for him at the expense of the NLCB.

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Trinidad & Tobago govt pays close to US$10 million per month in rental of empty buildings

This is what makes Trinidad & Tobago a paradise for corruption. The Auditor General has been flagging this for years and nothing has been done.