Moontown

By —Aretha Welch

The local banking sector needs to find innovative ways to use excess cash in the local financial system to encourage entrepreneurs to take out more business loans, Finance Minister Winston Dookeran has said.

Speaking at the Greater Tunapuna Chamber of Industry and Commerce’s “Meeting Our MPs” business forum on Wednesday night, Dookeran called on the private sector to take immediate action.

He said if the country’s financial sector and entrepreneurs did not work together more closely, the extra money which investors had would be invested overseas instead of here at home.

He said: “We cannot have excess liquidity remaining idle…such liquidity in our banking system will end up outside our shores.”

Wednesday’s forum was held at the Centre of Excellence, Macoya.

He said the country’s major economic problem was how to make the economy competitive again, as wrong spending and cost overruns had already put the country into a hole.

Dookeran said to ensure that the economy did not “under-perform” for several years, his ministry was creating a stimulus package.

He said the fact that there was no demand for business loans showed that there might be a shortage of confidence in the local economy.

Commercial banks should aim to change the ratio of business to consumer loans in the banking system to one which showed a higher percentage of money being borrowed to fund business start-ups and expansion, he added. (Trinidad Express)

By Anna Ramdass anna.ramdass@trinidadexpress.com

By year’s end every vehicle on the nation’s roads will have to be equipped with a new high-tech number plate which will only be issued by the Motor Vehicle Authority, says Works and Transport Minister Jack Warner.

Warner said this new number plate will have a special micro chip which will help in the fight against crime as police would be able to quickly access vehicle and owner information.

In addition, these new plates will allow police to catch those who break traffic laws and therefore parking tickets, tickets for breaking the red light, etc, will be mailed to the owner of the vehicle.

The plates, he said, will come complete with Radio Frequency Identification (RFI) which will allow police to read them from 30 feet away.

Warner spoke of the modernisation and transformation of the Licensing Authority which will now be known as the Motor Vehicle Authority and which will be completed by the end of November.

He acknowledged that this plan was initiated by his predecessor, former transport minister Colm Imbert.

Warner said the cost for this initiative currently stood at $120 million for new hardware and software as well as professional services.

The cost to relocate the head office to Frederick Settlement is yet to be determined.

He assured that no jobs will be lost in the transformation process.

Warner said the new licence plate will be manufactured by a foreign company and issued only by the Motor Vehicle Authority.

He said the plates, which could be customised, will come in 16 different classifications including private, commercial, new/used vehicle dealers, off road, trailers, construction among others.

New drivers licences will also be issued under the new system.

Warner said sub-offices will be located in Port of Spain, Arima, Sangre Grande, Rio Claro, Princes Town, Chaguanas, Tobago, Siparia and Point Fortin.

He added that legislation to ban cell phones while driving is also in the cards. (Trinidad Express)

By Andy Johnson Jamaica

Prime Minister Kamla Persad-Bissessar announced yesterday that Trinidad and Tobago will contribute J$50 million to launch a Jamaica Children’s Life Fund.

She made the pledge at a function yesterday to commemorate the operations of a new kiln and an operating mill at the Carib Cement Plant, just outside the airport in the capital city of Kingston. The money will come from Trinidad Cement Ltd and Carib Cement.

The modernisation and expansion project for Carib Cement involved US$177 million and an investment involving TCL. Carib Cement is part of the TCL group of companies.

The announcement was a gesture to kick off what she said at the Caricom Heads of Government Summit on Sunday about wanting to go forward with a pan-Caribbean Children’s Fund along the same lines of the Children Life Fund that is to be established in Trinidad and Tobago.

Jamaican Prime Minister Bruce Golding, speaking at the function, praised the investment in the Carib Cement’s expansion and modernisation “as an investment in the possibilities of Caricom”.

The two leaders were scheduled to hold bilateral talks later yesterday following which they were to hold a news conference.

Among the issues to be discussed would be the deal between both governments for the future of Caribbean Airlines and Air Jamaica.

The deal had been finalised just weeks before the May 24 election. (Trinidad Express)

By Ria Taitt Political Editor

The courts will soon have the power to forfeit the property of gang members.

And persons found guilty of harbouring anyone who has committed a gang-related offence will be fined $150,000 or five years imprisonment.

As the Government moves to deal with gun and gang related crime, Minister in the Ministry of National Security, Subhas Panday, yesterday announced that legislation would be tabled in Parliament designed to deter gang-related criminal activity.

Speaking at yesterday’s post-Cabinet briefing at the Office of the Prime Minister in St Clair, Panday detailed some of the provisions of the bill which would require a special majority in which the support of the Opposition and the Independent element in the Parliament would be required.

Any person who becomes a member of a gang or professes to be a gang member would be tried indictably (not called upon to plead) and given 20 years hard labour, he said.

And the penalty is harsher if the person is a police officer or a member of the protective services. Such a person who is found to be a gang member would be given 25 years hard labour, he said.

Any person who aids, abets or in any way assists in the commission of a gang-related crime will face a whopping $500,000 fine or imprisonment for 20 years.

“We want to deal with gang warfare in schools, so we are sending a message to those young gang members that anyone within 500 metres of a school, recruits to a gang a person whom he knows or suspects is a child, commits an offence and is liable to a fine on summary conviction to 15 years,” Panday said.

Panday said persons found with bullet-proof vests, firearms and ammunition for the benefit of a gang, would be fined $400,000 or serve 15 years hard labour.

Noting that many gangs were trying to recruit young people, he said anyone who harbours a person whom he knows or suspects is a child and a gang member would be on summary conviction be imprisoned for 15 years.

Because firearms are the preferred weapon for gang members, Panday said the Government intends to amend the Firearms Act, which would put the burden of proof on the accused. “The minute the police arrest you for possession of a firearm, you are deemed to be in possession of it, until you prove your innocence,” he said. “Dangerous times need serious legislation,” the Minister said, conceding that there was no precedent for this provision.

Panday also said the penalty for firearm offences would be increased: 20 years hard labour for possession of firearms, while there would be stiffer penalties for transferring, selling or importing it.

Panday said Government also intended to set the Firearms Appeal Board in place. “We don’t want anyone to be possessing firearms illegally…We don’t want you to say ‘I have an (illegal) firearm to protect myself’,” he said.

Previously if one was convicted for a domestic violence offence, their firearm was automatically taken away. Now the Commissioner of Police has a discretion in this regard, “because the kinds of offences that now constitute domestic violence, such as economic hardship”.

He said Government would also be amending the Bail Act so that if someone is charged with a gang-related offence there would be no bail for 120 days. “And if you are suspected of a gang-related offence, the police can arrest you and keep you in custody for up to five days without charging you,” Panday said. “The reason for that is that there are spikes in the crime at certain times of the week and the police need that power to protect persons from themselves and from other persons,” he said.

“We hope that all of us will be singing from the same hymn book which is to save this country,” he said, adding that Government would be talking with all the parties in the Parliament.

He said Government was particularly concerned with firearm and gang-related offences and it felt firm and decisive measures were required. (Trinidad Express)

Barbados’ economic prospects this year are far from bright, according to Moody’s, a major Wall Street credit rating firm.
The experts there have warned that if things deteriorate then it may find itself on the list reserved for those states whose credit rating could be lowered.
“Ratings are relative expressions of risk,” Moody’s stated in an economic analysis of the Caribbean published yesterday.
“Countries whose key debt metrics are out of line with peers include: the Bahamas, Barbados and the Cayman Islands. Moody’s has observed the greatest deterioration in debt levels in these countries.
“Rating downgrade could result if there is additional deterioration in Government debt indicators as a result of poor growth prospects or the inability to undertake substantive fiscal adjustments.”
The Wall Street firm explained that despite its troubles Barbados still had an investment grade credit rating of Baa3, along with Bermuda, Cayman Islands, the Bahamas and Trinidad and Tobago.
Moody’s forecast that Barbados’ fiscal deficit and its debt profile would remain high, at least for this year while its economy was expected to expand by less than one per cent compared with Trinidad and Tobago two per cent growth and three per cent deterioration in the Cayman Islands.
In addition, it warned that as in the case of the Bahamas, the Cayman Islands and Bermuda, Barbados’ offshore financial services sector which was already under pressure could suffer a greater setback.
“A multi-year, sustained drop in demand for offshore financial services could have a devastating impact on economies such as the Cayman Islands and Bermuda (where the exposure is greatest) and Barbados among others,” it warned.
As for tourism in the Caribbean, the industry was facing increasing competition from low-cost destinations in Central America and given the economic conditions in Europe, a strong recovery wasn’t on the cards this year, a situation that could propel the strong economic headwinds facing the islands. (TB) (Nation News)

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Tammy Edwards offering Maxine Allamby, Sherida Beckles and Arlene Holder a taste of Instant Fishcakes.(Picture by Sandy Pitt)

Food, drinks, and even massages were on hand for patrons of the third Food and Beverage Expo at the Lloyd Erskine Sandiford Centre yesterday.
Local and international entities presented their goods and services at the showcase hosted by A&R Tempro, Stokes & Bynoe and Brydens Distribution.
Patrons were allowed to sample exotic cheeses, meats and local foods as chefs prepared dishes on the spot and offered recipies for those interested.
Danielle Brome, marketing coordinator of Brydens Distribution said that more than 3 000 persons were expected to attend the two- day event.
She said the expo allowed the distribution agency to promote several of its new products to the general public.
Kathy Peters of Brydens Distribution stated that it was the perfect chance to expose the brands to all.
Marketing manager of Stokes & Bynoe, Peter Ellis, said he was pleased with the opportunity to showcase and there was a “very good response to the products on display.” (FM) (Nation News)