Sat, 22, Aug, 2020 07:01:00 GMT PNP promises 10,000 tertiary scholarships valued at $3.5 billion

THE People's National Party (PNP) has put forward a First in Family programme in its manifesto released on Thursday, proposing that one child from each family that matriculates into a tertiary institution is guaranteed a scholarship.The Opposition party's manifesto was launched ahead of next week's national debates and the September 3 General Election in a bid to woo prospective voters.

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Fri, 21 Aug 2020 19:15:13 +0000 Abinader will announce this coming Monday the measures to rescue Dominican tourism

IN CONJUNCTION WITH THE TOURISM OFFICE     Next Monday, August 24, President Luis Abinader and the tourism cabinet will announce measures to rescue the sector considerably affected by the Covid-19 pandemic since it is the primary economic and job source in the Dominican Republic. The Minister of Tourism offered the information, David Collado, who explained that in the last ten years, tourism generated foreign currency for the country for more than 58 billion dollars. He said that now the new challenge is to promote the tourism sector, which is currently in very precarious conditions since tourism represents 15% of the Gross Domestic Product ( GDP ). Also, he said, it provides more than 300 thousand jobs directly, but last July, only 13% of the visitors who came to the […]

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Fri, 21, Aug, 2020 07:01:00 GMT Record melt

GREENLAND lost a record amount of ice during an extra warm 2019, with the melt massive enough to cover California in more than four feet (1.25 metres) of water, a new study says.After two years of minimal summer ice melt, last summer shattered all records with 586 billion tons (532 billion metric tons) of ice melting, according to satellite measurements reported in a study Thursday. That's more than 140 trillion gallons (532 trillion litres) of water.

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Fri, 21 Aug 2020 00:22:58 -0500 Sagicor X Fund writes down $7.5b of assets

Market investors have already priced in a slower-than-expected recovery for hotel investor Sagicor Real Estate X Fund, which this week posted widening losses of $3.6 billion for the April-June quarter. The company wrote down assets in the quarter,...

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Thu, 20 Aug 2020 17:58:08 +0000 Sed de Justicia will file a complaint against former ministers Gonzalo and Pepín in DR

The non-partisan civic organization, Sed de Justicia, will file a criminal complaint with the Attorney General next Monday against former MOPC ministers Gonzalo Castillo and Ramón Pepín, for allegedly irregular handling in the purchase of hot asphalt concrete valued at more than RD $ 19 billion.   Santo Domingo, DR   The non-partisan civic organization, Sed de Justicia, will file a criminal complaint against Messrs. Gonzalo Castillo and Ramón Pepín, former Ministers of Public Works, for the alleged irregular handling of over 19 billion pesos in the purchase of hot asphalt concrete. The complaint will be delivered to Judge Miriam Germán Brito at the Attorney General’s Office’s headquarters next Monday, August 24, at 10:00 in the morning by a non-profit entity commission. The organization’s interest is that exemplary penalties be […]

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Thu, 20 Aug 2020 05:56:49 +0000 Central slips into depression

The Point Lisas Industrial Estate has been an important staple in the country’s revenue generation with real major economic injections starting in the 1970s. It has been home to about 100 national and international companies in the petro-chemicals, chemicals, oil and gas, power generation and allied sectors. The global economic downturn has however contributed to significant changes in the operations of the estate, with even some companies such as ArcelorMittal and Central Trinidad Steel Ltd (Centrin) closing up shop and moving out. Together both companies terminated nearly 1,000 employees in 2016. Other companies such as Yara Trinidad announced in December 2019 their plans to shutter due to economic shortcomings and unfavourable global ammonia prices. Nutrien, Methanex and Methanol Holdings (Trinidad) Ltd meanwhile have idled some of their plants until further notice. An Independent Commodity Intelligence Service (ICIS) report for the 2020 second quarter stated that the Canadian company Nutrien has undergone major setbacks due to weak global prices. [caption id="attachment_842111" align="alignnone" width="1024"]

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Wed, 19 Aug 2020 19:34:36 +0000 15 billion pesos more allocated to Public Health to fight virus in DR

The Government announced today that it allocated an additional 15 billion pesos to the Public Health budget to combat covid-19, which to date has left 1,481 deaths and some 87,123 infected in the country so that the application will be increased of tests from 3 thousand to 7 thousand daily. The response plan to the coronavirus’s spread was led by President Luis Abinader and Vice President Raquel Peña and coordinated by the Health Cabinet. The head of state said that this action must involve the entire country. “We all have to participate, and that is why I ask the president of the Medical College, Waldo Ariel Suero, to accompany us in this great task to combat the pandemic.” He said that there will also be an education plan and that […]

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Wed, 19 Aug 2020 12:03:33 +0000 New Dominican Government announces new measures against Covid-19

Through the Health Cabinet, the Government, headed by the vice president, Raquel Peña, will announce today new measures to strengthen the fight against covid-19. To this end, the vice president held a meeting yesterday with part of the cabinet and representatives of the World Health Organization (WHO) and the Pan American Health Organization (PAHO). Also, the Minister of Defense, Carlos Luciano Díaz Morfa, participated. Despite measures adopted so far, the cases of those affected continue to increase, which has motivated to strengthen the fight against the pandemic. In his inauguration speech last Sunday, President Luis Abinader reported increasing the health budget to more than 66 billion pesos in the first four months of government to attend to this emergency. Abinader’s administration would work to forever transform the health care model, […]

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Wed, 19, Aug, 2020 07:01:00 GMT Stewart's Automotive buys AMECO from American parent for $3.3 billion

The family-owned Stewart's Automotive Group has bought local-based fleet management, automobiles, industrial equipment and automotive products company AMECO Caribbean from its American parent company, Fluor Corporation.The sale price is said to be US$22 million ($3.3 billion).

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Wed, 19 Aug 2020 00:10:17 -0500 Poultry company CB eyes year-end start to production from The Nest

Caribbean Broilers has already expended three-quarters of the US$120-million ($18-billion) expenditure planned on its production facility in St Catherine, called The Nest, but says COVID has hampered progress on the project. Still, the poultry...

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Tue, 18 Aug 2020 05:15:13 +0000 ‘Pay out $50m grant for hoteliers’

The Tobago Business Chamber is calling on the incoming PNM administration to urgently begin disbursing the $50 million grant promised to hoteliers and guesthouse operators months ago. In March, Finance Minister Colm Imbert announced the grant facility to help Tobago hoteliers upgrade their properties during the covid19 lockdown. On May 20, Chief Secretary Ancil Dennis revealed that small guesthouse operators were to receive $24 million, while small properties and hotels would get $22 million and $4 million respectively. However, in a WhatsApp voice note on Monday, the chamber's president Martin George said hoteliers are yet to receive their allocations. "The hoteliers, the guesthouses, the villas, they have all complained and, so far, not one single member has indicated that they have gotten any grant or any part or the promised $50 million allocation that the Government spoke about." George said the non-payment of the $50 million would be devastating for not just workers in the hospitality sector but also suppliers, farmers and fishermen. Many Tobagonians who were temporarily laid off during the three-month national lockdown on non-essential activity still have not received salary relief and rental assistance grants, he said.

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Mon, 17 Aug 2020 18:00:10 +0000 Dominican President Abinader says this conscious economic recovery is not so easy

SANTO DOMINGO.- President Luis Abinader said he was aware that economic recovery is not easy, since the fiscal deficit increased this week by about 25 billion pesos. He argued that the levels of public debt, even before the pandemic, had reached the limits of recklessness, after noting that the State’s consolidated debt had doubled in the last decade. In his swearing-in speech, Abinader stated that there had not been an increase in the well-being of citizens in the recent past, but there has been an increase in public debt and deficits. “This is the scenario we are facing today, that is the balance that we have found, a balance that we are firmly committed to reversing, improving the quality of spending and eliminating waste and corruption,” said the president. Social […]

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Mon, 17 Aug 2020 14:35:27 +0000 Column: Multiple Choice, Airport, Gambling, More

[Opinion column written by Shadow Legal Affairs Minister Scott Pearman] How are you with multiple-choice? Try this one: which of the following things is the biggest threat facing Bermuda? Is it: [A] Bermuda’s flat-lining economy; [B] The COVID-19 global health pandemic; [C] Bermuda’s eye-watering Government debt [with newly increased ‘ceiling’ of $3.5 billion]; or [D] […](Click to read the full article)

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Mon, 17 Aug 2020 12:52:39 +0000 Profit up 21% for Lasco Manufacturing

Profit after taxation rose 21 percent from $282 million in the first quarter of 2019 to $342 million in 2020 at Lasco Manufacturing as revenue rose 4 percent from $1.78 billion to $1.84 billion. Other income fell 114 percent, from $17 million to a loss of $2 million and administrative and other operating expenses came […]

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Sun, 16, Aug, 2020 07:01:00 GMT Barita reports increased Q3 profits despite COVID-19 disruptions

Barita Investments Limited has reported increased net profits amounting to $2 billion for its third quarter ended June 30, almost $1 billion more than the previous quarter and a 40 per cent increase when compared to a similar period in the previous year.The financial entity said these improved earnings were achieved despite the disruptions caused by the COVID-19 pandemic which has significantly impacted global economies and financial markets.

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Sun, 16, Aug, 2020 07:01:00 GMT Barita reports increased 3Q profits despite COVID-19 disruptions

Barita Investments Limited has reported increased net profits amounting to $2 billion for its third quarter ended June 30, almost $1 billion more than the previous quarter and a 40 per cent increase when compared to a similar period in the previous year.The financial entity said these improved earnings were achieved despite the disruptions caused by the COVID-19 pandemic which has significantly impacted global economies and financial markets.

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Sun, 16 Aug 2020 05:56:21 +0000 Trini-Lebanese survivor recalls Beirut blast

On August 4, Janelle Zakour found it "unbearably hot and too still to be indoors," she told Newsday. There was a blackout, which was not unusual, in Beirut, where she lives. "I couldn't take the heat any more and headed up the road to a coffee shop in Hamra to cool off with lemonade and attempt to charge my phone. "As expected, there was no electricity there either. My fiancé followed me not long after." Just after 6 pm they felt something like an earthquake, which lasted a few moments. "Everyone in the garden with us looked at each other, confused. It was the longest five seconds of our lives. "Then came the loudest sound I've ever experienced. And the world rocked. I was thrown completely backward from where I sat and was briefly deafened. I could barely hear my fiance screaming at me to move," Zakour said. [caption id="attachment_841306" align="alignnone" width="1024"] MAIN PHOTO ON PAGE 16Rows of destroyed trucks and buildings are seen at the site of the August 4 explosion that hit the seaport of Beirut, Lebanon on Saturday. -[/caption] Immediately after

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Fri, 14 Aug 2020 20:14:54 +0000 Ramnarine, Bharath: Back to work

FORMER PP government ministers Kevin Ramnarine and Vasant Bharath on Friday said it is time to put the general election in the past and get back to the country's business. With the election over, Ramnarine said, the new PNM government "faces serious challenges brought on by the covid 19 virus and the economic depression." He said the economic contraction which TT experienced this year "is likely to be the worst since 1983 when the economy contracted by over ten per cent." Ramnarine said the Government's first issue is the management of cash. "The Government needs to find $1.5 billion per month to pay wages of public servants. "Overall, I estimate that the country needs around $ 42 billion to operate, and that does not include monies for the PSIP (Public Sector Investment Programme)." He believedTT's revenue for 2020 and 2021 "will be around $30 billion for each year." Ramnarine said this meant "running deficits of greater than $ 20 billion, considering the revised 2020 expenditure." Saying Government must find money to keep the economy ticking, he said, "That can only come from borrowing and tapping the HSF (Heritage and Stabilisation Fund)." He also said Government has to get the private sector investing again, whic

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Fri, 14 Aug 2020 12:05:14 +0000 Dominican journalist wins a court round in US$195M graft case

Santo Domingo.- Maybeth Rodríguez, the sister of Attorney General Jean Alain Rodríguez, on Thur. said she has dropped the charges of slander against the journalist Marino Zapete. The confrontation between the communicator and Rodríguez arose after Zapete’s complaint about the alleged involvement in the company Grupo Asimra, SRL, which would have received more than RD$1.0 billion pesos from the Ministry of Public Works as a contractor that supplied asphalt. In a letter addressed to the presiding judge of the Fourth Criminal Chamber of the National District Court of First Instance, Rodríguez states that no sentence, “no matter how fair, could change the imaginary that has been formed” around her case. She said that the decision was taken against the recommendations of the jurists who accompany her, aware of the consequences, […]

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Fri, 14 Aug 2020 05:01:55 +0000 ‘Trinidad and Tobago won’t borrow for borrowing’s sake’

THE Prime Minister has said the government has never borrowed for the sake of borrowing but to keep the country on an even keel. Speaking on CNC3’s The Morning Brew on Wednesday, he said if the government had not borrowed from international lenders in 2016, the economy would have collapsed, as there was a revenue gap of billions of dollars. He said if loans had not been taken, public servants would have been laid off and this would have had a knock-on effect on the economy. He said government plans to get out of the poor revenue situation it is in by generating additional revenue streams, both from the energy and non-energy sectors. He said there would be significant changes and improvements going forward. Dr Rowley said the government did the best it could to maintain the economy during the covid19 crisis. “We understood we had to shut down the country and this would affect the economy. The finance minister came out with packages, first for the business community so there could be liquidity, then for people so they could buy food, medication and other essentials. The social services machinery didn’t have the capacity, so we reached out to local government and churches, etc., to assist. "You wouldn’t hear about the people who have been

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Fri, 14, Aug, 2020 07:01:00 GMT Barita's $9-billion APO opens on August 26

Barita Investments Limited goes to the local equities market on August 26 with an additional public offering (APO) to raise upwards of $9 billion.

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Fri, 14 Aug 2020 04:53:55 +0000 Rowley: Refinery sale not ‘rah-rah’

THE Prime Minister said government will only sign a contract for the sale of the Pointe-a-Pierre refinery once it is satisfied with the negotiations and if it is in the best interest of the public. He advised the Oilfield Workers Trade Union (OWTU) to put aside its “rah rah” style of negotiating and put on its corporate cap as this is a billion-dollar investment before them. Prior to the election the union had demanded government sign the agreement with its fully owned subsidiary Patriotic Energies and Technologies Co Ltd, before August 10. OWTU’s president general Ancel Roget, also accused the Rowley government of having a disinterest after it engaged the union only to secure votes. Dr Rowley in a wide-ranging interview on CNC3’s The Morning Brew on Wednesday, said, “This is corporate business. “I hope the union could transition since they have indicated a willingness to get involved in this billion business, that they would make the transition from the ‘rah rah’ to sensible negotiations where both parties are served because the refinery, if it is restarted, will be in the national interest. It would be in the hands of the private sector and once it is operating, we are all better off if it is op

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Fri, 14 Aug 2020 05:01:55 +0000 ‘TT won’t borrow for borrowing’s sake’

THE Prime Minister said the government has never borrowed for the sake of borrowing but to keep the country on an even keel. Speaking on CNC3’s The Morning Brew on Wednesday, he said if the government had not borrowed from international lenders in 2016, the economy would have collapsed, as there was a revenue gap of billions of dollars. He said if loans had not been taken, public servants would have been laid off and this would have had a knock-on effect on the economy. He said government plans to get out of the poor revenue situation it is in by generating additional revenue streams, both from the energy and non-energy sectors. He said there would be significant changes and improvements going forward. Dr Rowley said the government did the best it could to maintain the economy during the covid19 crises. “We understood we had to shut down the country and this would affect the economy. The finance minister came out with packages, first for the business community so there could be liquidity, then for people so they could buy food, medication and other essentials. The social services machinery didn’t have the capacity so we reached out to local government and churches, etc., to assist. You wouldn’t hear about the people who have been helped though

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Fri, 14 Aug 2020 04:53:55 +0000 Rowley: Refinerysale not ‘rah-rah’

THE Prime Minister said government will only sign a contract for the sale of the Pointe-a-Pierre refinery once it is satisfied with the negotiations and if it is in the best interest of the public. He advised the Oilfield Workers Trade Union (OWTU) to put aside its “rah rah” style of negotiating and put on its corporate cap as this is a billion-dollar investment before them. Prior to the election the union had demanded government sign the agreement with its fully owned subsidiary Patriotic Energies and Technologies Co Ltd, before August 10. OWTU’s president general Ancel Roget, also accused the Rowley government of having a disinterest after it engaged the union only to secure votes. Dr Rowley in a wide-ranging interview on CNC3’s The Morning Brew on Wednesday, said, “This is corporate business. “I hope the union could transition since they have indicated a willingness to get involved in this billion business, that they would make the transition from the ‘rah rah’ to sensible negotiations where both parties are served because the refinery, if it is restarted, will be in the national interest. It would be in the hands of the private sector and once it is operating, we are all better off if it is op

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Thu, 13 Aug 2020 15:29:55 +0000 Dominican exports fell 7.97% during first half

Santo Domingo.- Total exports from the Dominican Republic fell 7.97% during the first semester of 2020, compared to the same period of 2019. The data is contained in the Trade Magazine published by the Customs Directorate, which indicates that during the first half of this year total exports reached US$4.5 billion, about US$390.22 million less than in the same period of 2019, when the activity reached US$4.9 billion. The document indicates that for the period of January – June 2020, 57.20% of exports belonged to the free zone regime, 39.04% to the national regime, 3.56% to temporary admission and the remaining 0.21% to re-export.

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