Sun, 25 Oct 2020 16:00:16 +0000 The ABA favors the Central Bank’s measure to increase funds by RD $ 40.0 billion to boost Dominican economy

Santo Domingo, DR The Association of Commercial Banks of the Dominican Republic (ABA) valued as positive the measure announced by the Central Bank to increase the Quick Liquidity Facility by RD$40,000 million, to channel resources to the productive sectors Miymes and homes at competitive rates. The ABA understands that, through refinancing, restructuring, and new loans, it will continue supporting the different economic activities impacted by the pandemic. The ABA stated that such resources, coming from the availability of Short Term Repos that expired and are available to be placed again by the financial intermediation entities, will allow access to banking resources with lower interest rates and better payment compliance terms. Likewise, he indicated that the multiple banks maintain their commitment to support the country’s main productive sectors and the general […]

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Mon, 26 Oct 2020 04:08:54 +0000 Reparations?

REGINALD DUMAS THE CARICOM website says that the mandate of the Caricom Reparations Commission (CRC), established by the heads of government in 2013 with a ten-point action plan, is “to prepare the case for reparatory justice for the region’s indigenous and African-descended communities who are the victims of crimes against humanity (CAH) in the forms of genocide, slavery, slave-trading and racial apartheid.” These communities, the website continues, “have a legal right to (such) justice;” those “who committed the crimes, and who have been enriched (therefrom), have a reparatory case to answer.” In this regard, European governments are especially targeted. They were “the legal bodies that instituted the framework for developing and sustaining (the CAH)…(and they) served as the primary agencies through which slave-based enrichment took place, and as national custodians of criminally accumulated wealth.” A long list of European governments’ sins is then given, but the website concedes that these governments have persistently objected to the CRC man

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Sun, 25 Oct 2020 00:13:49 -0500 Key aiming for double - Targets twofold growth for premiums, market share

Key Insurance Company, a subsidiary of the GraceKennedy conglomerate, aims to double its revenue to $2.7 billion in five years, arguing that its rights issue will set the stage by providing the capital needed to grow its important motor portfolio....

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Sun, 25 Oct 2020 04:09:13 +0000 Caroni East MP tells Deyalsingh: ‘Look at the science on covid19

Caroni East MP Dr Rishad Seecharan is urging Health Minister Terrence Deyalsingh to “look to science” before making predictions that a “safe, effective and available vaccine may release us from the grip of covid19.” He noted the first vaccine safety trials began in March and ten of those have reached its final stages of testing. But he said, “The US Food and Drug Administration told coronavirus vaccine developers it wants at least two months of safety data before authorizing emergency use, a requirement that would likely push any US vaccine availability till December 2020, for the earliest. The question is, will there be enough vaccines, in the tune of billions of doses to be able to give equitable distribution of vaccines throughout the world?” He said the UNC acknowledges TT’s down payment towards its share of the COVAX facility, “a mechanism designed to guarantee rapid, fair and equitable access to covid19 vaccines worldwide, is a positive step.” But, he said, “The down payment is based on vaccinating 20 per cent of the population, of whom three per cent will healthcare and frontline workers, and the remaining 17 per cent being people 60 and older and adults with underlying conditions and co-morbidities.”

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Sun, 25 Oct 2020 04:09:13 +0000 Caroni East MP tells Deyalsingh:

Caroni East MP Dr Rishad Seecharan is urging Health Minister Terrence Deyalsingh to “look to science” before making predictions that a “safe, effective and available vaccine may release us from the grip of covid19.” He noted the first vaccine safety trials began in March and ten of those have reached its final stages of testing. But he said, “The US Food and Drug Administration told coronavirus vaccine developers it wants at least two months of safety data before authorizing emergency use, a requirement that would likely push any US vaccine availability till December 2020, for the earliest. The question is, will there be enough vaccines, in the tune of billions of doses to be able to give equitable distribution of vaccines throughout the world?” He said the UNC acknowledges TT’s down payment towards its share of the COVAX facility, “a mechanism designed to guarantee rapid, fair and equitable access to covid19 vaccines worldwide, is a positive step.” But, he said, “The down payment is based on vaccinating 20 per cent of the population, of whom three per cent will healthcare and frontline workers, and the remaining 17 per cent being people 60 and older and adults with underlying c

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Sat, 24 Oct 2020 18:21:54 +0000 NFM chairman: TT has opportunities to boost local food

NATIONAL Flour Mills (NFM) chairman Nigel Romano said public conversations about TT's food import bill, offer an opportunity for partnerships which could boost local manufacturing and jobs. Romano said this when asked to comment on Trade and Industry Minister Paula Gopee-Scoon's statements about the food import bill and approximately $1 billion being spent annually on importing cereal. Gopee-Scoon made these statements in her contribution to the budget debate in the House of Representatives on October 13. The budget was passed in the House on Thursday. As to whether her reference was to breakfast cereals or cereals with respect to grains such as wheat or corn, Newsday was informed by government sources that Gopee-Scoon could elaborate further on that issue when the Senate debates the budget. That debate began on Friday. On October 13, Gopee-Scoon estimated the food import bill to be approximately $5.67 billion. As a government minister and government senator, Gopee-Scoon has the opportunity to speak in the budget debate in the House and in the Senate. Romano said NFM does not import flour. "We import grain which is used to manufacture flour. Our products are generally about 40 to 50 per cent local content." NFM's flour products includ

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Sat, 24 Oct 2020 13:58:55 +0000 Imbert: Committee reviewing WASA, will report next month

FINANCE Minister Colm Imbert said a high-level committee is currently reviewing the Water and Sewerage Authority (WASA). He was piloting the budget debate in the Senate on Friday. He said it was unacceptable that citizens did not have access to a supply of water. The committee reviewing WASA will make its recommendations at the end of November, he said. He stressed that the country can no longer afford to subsidise WASA to the tune of $2 billion annually. Imbert said the 80 per cent debt-to-GDP ratio, caused by fiscal and social support for covid19, was manageable and affordable. He added the plan was by 2023-2024 to return to the previous level of 65 per cent. On the $500 million injection into agriculture, Imbert pointed out that it is a 70 per cent increase over the budgetary allocation, and the increase demonstrated Government's commitment to accelerating the sector. He said the plan was to improve food security, mitigate the impact of shortages and increase the contribution agriculture makes to GDP. He listed the grants that had been provided to support the vulnerable during the pandemic. He also commended the private sector for providing close to 18,000 laptops and tablets as part of Government's "adopt a schoo

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Sat, 24 Oct 2020 12:09:50 +0000 Dominican Republic economy shows real signs of recovery

Central Bank has RD $ 40 billion for low rate loans   Santo Domingo, DR The Monthly Index of Monthly Economic Activity (IMAE), an indicator of September’s economic behavior, closed at -5.6%, five times less than the contraction of -29.8% of last April, which reflects the recovery that the economy is reaching, despite the effects of the pandemic. In a speech on the occasion of the 73rd anniversary of the Central Bank of the Dominican Republic (BCRD), the governor of the monetary entity, Héctor Valdez Albizu, to which he said he had dedicated 45 years of working life, highlighted the result of the IMAE and the recovery by the expansionary measures taken by monetary policies, in coordination with the Government’s actions to make the effects of the pandemic less severe. […]

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Sat, 24 Oct 2020 05:17:12 +0000 PAHO Latin America, Caribbean 2nd-highest for adolescent pregnancies

LATIN America and Caribbean are the second in the world for adolescent pregnancy rates with 60.7 births per 1,000 girls between the age of 15 and 19 according to data gathered between 2015-2020 by the Pan American Health Organization (PAHO) and the United Nations Family Planning Association (UNFPA).. October 18-24 is the inaugural Adolescent Pregnancy Prevention Week in the Caribbean, commemorated by PAHO and UNFPA. Pregnancy during adolescence can have far-reaching negative and irreversible consequences for both the young girl and her child. Each year in the region, five out of every 100 pregnancies occur in girls under 20, and 2 million children are born to young mothers between 15 and 19 years. With an estimated adolescent fertility rate of 60.2 per 1,000 girls 15-19 years, the Caribbean sub-region is below the overall rate. However, Dr Sonja Caffe, PAHO Regional Adolescent Health Advisor, said in a joint release from PAHO and UNFPA that there are wide variances between countries. Caffe said, “The rates range from 100.6 in the Dominican Republic to 82.6 in French Guyana, 90.1 in Guyana, to 17.2 in Grenada. High demand for family planning among adolescent girls in the Caribbean and substantial differences among age grou

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Fri, 23 Oct 2020 20:31:38 +0000 FEDA announces it will convert Tamayo municipality into the banana capital

The director of the Special Fund for Agricultural Development (FEDA), Efraín Toribio, announced that he would make the municipality of Tamayo, in the Enriquillo region, the capital of banana cultivation and production in the country, by starting the planting of about 30 thousand tasks in the municipal district of Santana, of the municipality of Tamayo. He said that in coordination with the Agricultural Bank and the FEDA, they will have financing of 300 million pesos at zero rates of the 5 billion pesos of the Guarantee Fund provided by President Luis Abinader to support national agricultural production. The official spoke at the head of beginning the planting of 30 thousand banana tasks in the Municipal District of Santana, Tamayo municipality, Bahoruco province. The director of the FEDA assured that the […]

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Fri, 23 Oct 2020 15:46:18 +0000 Dominican Customs collects US$1.5B to Sept.

Santo Domingo.-  Dominican Customs on Fri. said it collected RD$23.8 billion in the last two months, about RD$540 million each day, or above the daily average during the state of emergency. During the emergency period, the daily average of collections ranged between RD$330.94 and RD$492.16 million, prior to the current administration. The collections reported by Customs in September topped RD$11.2 billion. It said that during the January-September 2020 period, revenues totaled RD$85.6 billion (US$1.5 billion).

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Fri, 23 Oct 2020 00:19:09 -0500 Parade of airline losses for American carriers

Airlines are piling up billions of dollars in additional losses as the pandemic chokes off air travel, but a recent uptick in passengers, however modest, has provided some hope. American Airlines on Thursday reported a loss of US$2.4 billion and...

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Fri, 23 Oct 2020 00:18:51 -0500 Walter Molano | Nigeria: More than an oil play

OP-ED CONTRIBUTION: EMERGING MARKET ADVISER Nigeria has emerged as the largest economy in Africa, with a GDP of slightly more than US$400 billion in 2019 and a population of almost 200 million. This makes it a country, with roughly the population...

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Thu, 22 Oct 2020 14:14:30 -0500 GM to build third electric vehicle plant

General Motors plans to spend US$2 billion to convert its Spring Hill, Tennessee assembly plant into a third site in the United States to build future electric vehicles. The Detroit automaker also says it will spend another US$153 million to...

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Thu, 22 Oct 2020 11:49:27 +0000 US$336M+ payment to Odebrecht ‘illegal’

Santo Domingo.- The non-partisan civic movement Participación Ciudadana labels as illegal the agreement between the State Electricity Companies (CDEEE) with the consortium Odebrecht-Tecnimont-Estrella, through which a payment of more than US$336 million was agreed, in addition to the amount contracted for the construction of the Punta Catalina Power Plant. In a request to the Attorney General’s Office to investigate the total amount paid to the consortium for the construction of the plants, Citizen Participation warns that payments not contemplated have been made and that they exceed the amount of the contract. The document on its website indicates that the contract for the construction of the plants was signed for US$1.94 billion, but that, according to official statements, ended at US$2.54 billion, an increase of US$509 million, “which leads to conjecture […]

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Wed, 21 Oct 2020 12:25:21 +0000 Dominican Gov. revenue fell 8.5% to Sept.

Santo Domingo.- Revenue by the three main Dominican Gov. collection entities fell 8.5% between January and September 2020, when Customs posted the sharpest decrease. During the first nine months of the year, Customs, Internal Taxes (DGII) and the National Treasury collected RD$451.4 billion, a net reduction of RD$41.7 billion, compared to the same period of 2019. Customs revenue was RD$18.7 billion less between January and September, from RD$104.3 billion that it collected in the referred period of 2019, to RD$85.6 billion this year, according to the DGII report. Likewise, Internal Taxes collections fell 12.8% to Sept.

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Wed, 21 Oct 2020 00:06:19 -0500 DHL commands more than half of $8b courier market

DHL Jamaica holds the bulk of the US$53.5-million ($7.8 billion) import parcel market, inclusive of the movement of business bulk online orders and even friendly care packages, according to the Fair Trading Commission, FTC. “DHL is the market...

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Wed, 21, Oct, 2020 07:01:00 GMT Vaccine storage issues could leave three billion people without access

GAMPELA, Burkina Faso (AP) — The chain breaks here, in a tiny medical clinic in Burkina Faso that went nearly a year without a working refrigerator.

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Wed, 21, Oct, 2020 07:01:00 GMT JMMB Group to accelerate digitisation

Jamaica Money Market Brokers Group Limited (JMMBGL) is continuing to digitise its operations in an effort to keep growing its balance sheet, which now stands at $400 billion, with its focus firmly set on a $9-billion profit target.

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Tue, 20 Oct 2020 22:47:06 +0000 TT signs trade agreement with Chile

Caricom and Foreign Affairs minister Dr Amery Browne said the signing of the general framework agreement for the partial scope trade agreement between TT and Chile will allow for deepening, widening and enhancing of bilateral ties between the two countries. Speaking during the ceremony on Tuesday, Browne said the signing of the agreement represents four years of active discussions, negotiations and compromise. “It also symbolises a pledge on the part of both countries to continue working assiduously towards the finalisation of the substantive partial scope trade agreement. From my time as TT’s chief negotiator in the discussions leading up to where we are today, I am personally aware of the concerted efforts made by all parties to bring us to this stage of the process." He thanked Trade and Industry Minister Paula Gopee-Scoon and her team for their input, as well as Chilean Ambassador Juan Anibal Barria Garcia. “TT is truly grateful for your sustained pursuit of our shared objective, as it reassures us that the significant value we place on our relationship with Chile, one of our most important trading partners in Latin America, is reciprocated in kind.” [caption id="attachment_852926" align="alignnone" width="1024"]

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Tue, 20 Oct 2020 21:14:54 +0000 Gonzales: Greater efficiency needed at public utilities

PUBLIC Utilties Minister Marvin Gonzales underscored the need for the entities under his charge to demonstrate greater efficiency in the delivery of their respective services to the population. Gonzales made this point before the Standing Finance Committee of the House of Representatives approved a $1,944,382, 285 allocation to his ministry on Monday. Owing to the covid19 pandemic, Gonzales said, "Access to a reliable water supply, electricity, sanitation and telecommunications services in our homes and economic spaces, is now an acute necessity to sustain lives and livelihoods as we transition to the new normal and the economy is set on a path to recovery." After noting the ministry's budgetary allocation was approximately 31 per cent less than its 2019 allocation, Gonzales observed, "The cost to an organisation on inefficiency and mismanagement is extremely high." Against that background, he declared, "It is absolutely imperative that our utilities strive to eliminate all inefficiencies and perform at much higher level of operational efficiency." Gonzales added, "Strategic action must be taken to maximise existing resources and achieve greater cost effectiveness." Responding to questions from Opposition MPs, Gonzales said no decision had bee

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Tue, 20 Oct 2020 18:23:54 +0000 Duke: PSA will resist any plan to cut WASA staff

Public Services Association (PSA) president Watson Duke is warning the Government that his associatiion will resist any possible staff cuts at the Water and Sewerage Authority (WASA). At a press conference at the association’s Abercromby Street, Port of Spain headquarters on Tuesday. Duke said, “When you all are coming for WASA, prepare the morgues for us. We are not willing to just close up shop and call it a day.” Duke said the morgue was the only place a man would chill out on the ice and do nothing, but as long as they are alive they will put up resistance. “We are prepared.” He began by saying that he was provoked by listening to Public Utilities Minister Marvin Gonzales during the Standing Finance Committee on Monday. Duke was dissatisfied

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Tue, 20 Oct 2020 06:36:55 +0000 Farmers denied opportunities

AGRICULTURE Minister Clarence Rambharat on Monday said people are being denied the opportunity to become involved in agriculture because people occupying agricultural lands are not using them for that purpose. Rambharat made this statement before the Standing Finance Committee meeting in the House of Representatives approved a $695,267,700 allocation to his ministry. Deliberations on this allocation took almost three hours and 20 minutes as Opposition MPs asked similar questions repetitively. Leader of Government Business Camille Robinson-Regis and Finance Minister Colm Imbert had to intervene to explain how the committee works. Rambharat said, “In this fiscal year, we have to focus on enforcement.” He explained this was necessary because people who have been allocated land for agricultural processes have not used that land for agriculture Referring to the two-acre agricultural plots allocated under the Caroni VSEP, Rambharat said the Estate Management Business Development Company has allocated 3,134 of these plots in seven areas in Trinidad. These areas include Caroni, La Gloria and Felicity. But he disclosed, “Of those 3134 parcels, only 512 have been shown to have any type of agriculture on it.” Rambharat added this has

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Tue, 20 Oct 2020 06:41:06 +0000 Clarify the $1b in cereal imports

THE EDITOR: The Minister of Trade has recently revealed that the current level of cereal imports is a staggering $1 billion a year, which has understandably raised a huge furore. Why are we importing so much corn flakes, especially when breakfast cereals are manufactured here? I am amazed that no one has taken the time … Continue reading Clarify the $1b in cereal imports The post Clarify the $1b in cereal imports appeared first on Trinidad and Tobago Newsday.

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Sun, 18 Oct 2020 12:32:12 +0000 U.S. Officials Thank Bermuda Police Service

The Bermuda Police Service was recently recognised by American officials for their role in the investigation of an alleged $2 billion tax fraud by tycoon Robert Brockman. The statement from the U.S Department of Justice said, “According to the indictment, Brockman, a resident of Houston, Texas, and Pitkin County, Colorado, used a web of offshore […](Click to read the full article)

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